Bought my first property !!!!

[Igor Tomic]

Hi everyone. First I wanna say thank you all for the great amount of info and from saving me by analyzing one of my properties which was a bad deal. I got a new real estate agent which has big portfolio himself and understands numbers.

I bought my duplex in a class C neighbourhood. In Canada we don't have war zones :) Home inspection went great (all new electrical, plumbing is good, Everything is by the book etc). It is going to need a new roof in the spring and some bathroom work (new ceiling and ceiling fans). It has tenants in. Family on the upper has been there for 10 years and from what I got from them they are not planning on moving any time soon. Bottom tenant used to live in the other house which current landlord owns. He said he never had a problem with them otherwise they wouldnt be moving in. They just moved in Feb 1. No contract and are month to month.

I got the house for 100K and are going to take 10K on top for the home improvements.

Upper is rented for 700 nothing included and bottom is 950 all included but we are going to put the cap on utilities at 250/mth. Tenant is ok with that but will get it in writing. Property tax is 1620/yr

Now after the new roof gets done, bathrooms finished (from the 10K extra) there won't be any big things to do. Furnaces (2006,2007), hot water tanks owned (2010,2011).

Anyway I am getting keys on march 27 and are super excited to finally pull the trigger. I was getting into that analysis paralysis mode :)

Thanks again to everyone and Josh and Brandon thnx for the podcast. Really learned a lot!