First Purchase Made! Multi-Unit Hamilton, Ontario, Canada
Proud to announce we purchased our first multi-family home (triplex):
-Purchase price: $320,000
-Needs some improvements in each unit (kitchen, bathroom cosmetic modernization) likely to be in the neighbourhood of $20,000 total
-Estimated rental income: $3150
-Estimated expenses: $2259 (this is a very safe estimate)
-Cash flow = $1090
-Meets the 1% rule and well above 50% rule
Feeling a little anxious (given it is our first deal) but very positive about the breakdown of the deal. All-in-all a great learning experience and hopefully the first of many deals.
Feel free to comment, provide feedback on the deal. All thoughts are welcome!!
-Joe