Hello from Saint John,NB

[Jason Gaunce]

Hey other NB Canada Investors!!

Jay here, my spouse and i bought a duplex in lower west Saint John and i am in the middle of renovations of our first BRRRR. It has taken longer than orginally planned but we knew before we started that that could happen, cheap old buildings don't always as planed.

When we bought in Feb of this year the upstairs unit had the previous tenant moved out the end of December and the lower unit was rented to not the greatest tenants but hey they paid the rent. I started renovations on the upstairs unit and they had the opportunity to buy a house eent to own so they moved out the first of June. And my father went into the hospital and was going to need a new place to live and i thought the lower unit, but it had a stand up shower ans he needs a tub, so dig a litter deeper int the bathroom and find mold and water damage. So i ended up tearing the bathroom out and everything on that wall to the roof, luckily the upstairs unit was a 1/2 bath that im changing to laundry over the lower unit bathroom. So it started to be a sh!÷ show lol.

So i am partway through repairing the damage. I am doing the majority of the work myself. I have been a tradesman all my life and my father was a mason and uncles carpenters and i was always working with them whenever needed. I have tried to hire some help with not great luck, execpt my electrician, he has been great.

So i thought i wold break the ice and tell you about me and because i would like to find people thatt are local to chat with or eventually set up a group meetup .

Oh yeah i am doing this all with Chronic lyme disease, 2 young children and a very understanding spouce lol

The method I used to choose which property was the 4 quadrant analysis.

Income minus expenses equals cash flow and then figuring how much or a mortgage payment could be afforded to make sure there was still decent cash flow after the refinance of the BRRRR. Then took the other side of the quadrant and figured the max amount of expenses for renovations to make sure that fit within my numbers of comparables in the area