Buy reno rent refinance

[David Steinbok]

Investment Info:

Single-family residence buy & hold investment in Oshawa.

Purchase price: $395
Cash invested: $100
Sale price: $625

This house was next door to one of my other houses. It was pretty trashed. Owner saw me renovating and wanted out. It was a rundown illegal duplex. I gutted everything, rebuilt 2 beautiful apartments. 3 bed upstairs. 2 bed downstairs. With seperate laundry, granite countertops and big windows in the basement. I spent 70$k to renovate everything. It was the nicest reno I had ever done. 2 weeks after my basement tenant moved it, the street flooded and my basement apartment was destroyed. I tore up the floors and 4ft of drywall. Spent 30k to redo everything and added a sump pump to every house I owned. Lesson learned. Refinanced it for $625k and got all my deposit and most of my reno money back