Turnkey buy and hold in Calgary, Alberta

[Anthony Therrien-Bernard]

Investment Info:

Single-family residence buy & hold investment in Calgary.

Purchase price: $424,900
Cash invested: $84,980

I bought this property mostly renovated in 2015 in the heat of Calgary's real estate market but I knew this was a good deal and good long term hold property, I made an offer only a few hours after the property was listed on the MLX and ended up in a bidding war with 3 other buyers which I won by having the most flexible terms (apparently I was not the highest offer). This property had a very nicely renovated main floor, an illegal basement suite and a heated oversize garage. I have since legalized the basement suite by adding interconnected smoke alarms, sprinklers in the mechanical room and applying for development and building permits.
Location: Huntington Hills, Calgary
Rent: Main Floor $1325 Basement Suite: $950 Garage: $300 Total: $2575
Net cash flow: $460

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

Long term buy and hold potential

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

Through a real estate agent

How did you finance this deal?

I got the downpayment 50/50 from personal savings and refinance of my previous rental property. Financed with a regular rental mortgage (20% down)

How did you add value to the deal?

Legalized the illegal basement suite

What was the outcome?

Great outcome so far, low maintenance good tenants and decent cash flow