Mississauga Fix and Flip

[Natalija Necajev]

Investment Info:

Single-family residence fix & flip investment in Mississauga.

Purchase price: $220,000
Cash invested: $75
Sale price: $520,000

I Bought a rundown apartment with my partners, designed, renovated and sold, all in 3 months period;

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

The deal was really good, one in a million; The apartment is in the popular area in the center of Mississauga, Canada.

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

We managed to get this deal on the tax sale.

How did you finance this deal?

My partners and I invested with the equity line of credit.

How did you add value to the deal?

We did a total rehab of the apartment: replaced the flooring through the apartment; replaced the kitchen; added an opening with a bar between the kitchen and the living room; removed glass separation for the solarium and made dining room; repurposed a storage room to office space; a total renovation of the bathroom; all closets painted and door replaced;

What was the outcome?

Sleek looking apartment; it was hardly one day on the market

Lessons learned? Challenges?

It worked well working in the team and dividing the workload; A bit challenging working with the contractor. We are still looking for a good one;

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

Yes; We worked with Gagan Duggal and Nick Thind; They are great to work with; Helped us to get the deal too