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

house was next door to one of my other houses. Owner saw me renovating and wanted out. was a rundown illegal duplex. gutted everything, rebuilt 2 beautiful apartments. 3 bed upstairs. 2 bed downstairs.seperate laundry, granite countertops and big windows . spent 70$k to renovate everything. 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

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

Was nextdoor to another house I was working on. Talked to the owner and he wanted out. He had enough of being a landlord

How did you finance this deal?

Bank mortgage

How did you add value to the deal?

Renovated into a legal duplex

What was the outcome?

Refinanced at 625. Got all my deposit and most of my reno money back

Lessons learned? Challenges?

Basement flooded. Learned to put in sump pumps in all my basement apartments

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

Yes