2/2 Condo with attached garage and storage

[Tyson Head]

Investment Info:

Other fix & flip investment in Vernon.

Purchase price: $205,000
Cash invested: $40,000
Sale price: $255,000

2/2 Condo unit with attached garage that we purchased from the revenue from a live in flip we completed. Purchased it so we had a place to live until we found some where else. Original intention on renting it out afterwords.

What made you interested in investing in this type of deal?

Easy rental options, familiar with these types of properties. Very unique design as it had an attached garage.

How did you find this deal and how did you negotiate it?

My wife found it on the MLS when I was away at work. Her and our realtor put an offer in and it was accepted before I was even home. The first time I saw the unit was when I was moving into it.

How did you finance this deal?

We used the cash that we made from selling our live in flip foreclosure home for the down payment then a traditional mortgage for the remainder.

How did you add value to the deal?

We put a new coat of pain in the areas that needed it, painted the kitchen cupboards and that was about it.

What was the outcome?

After living in the unit for half a year we didn't agree with how the strata (HOA) was organized and managed. We felt that there was going to be a lot of repairs needed in the future and wanted out before the levies start rolling in.

Lessons learned? Challenges?

Always review strata documents and learn about how the things that you can't control can affect you. We felt like the unit was going to cost us in the long run so we quickly took advantage of the rising market values and turned our planned buy and hold property into a fix and flip.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Just with our usual real estate agent.