Updated over 7 years ago on .
Oshawa house investment 1
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $249
Cash invested: $50
Sale price: $600
Bought dumpy single family house. Built a basement apt and had the house registered with city. Rent up for 1350plus util. Basement for 1200 plus util. Refinanced last year for 525.
What made you interested in investing in this type of deal?
Buy fix rent refinance
How did you finance this deal?
Refinance my personal house. Bought in cash. Renovated. Refinanced to 80ltv and used money to buy 2 more houses
How did you add value to the deal?
Built basement apt. Legalization of 2 unit
What was the outcome?
Good profit after Reno. House still cash flows.
Lessons learned? Challenges?
Evicted first upstairs tenant. Basement flooded.