Updated over 4 years ago on . Most recent reply
210 Scott St W. | Strathroy, Ontario
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $223,000
Cash invested: $18,000
Single Family Bungalow, Basement has Granny Suite.
House hacking
Canada Ontario Not Michigan
What made you interested in investing in this type of deal?
Had to move out of Grandparents house. Had to find a home to accommodate both me and mother.
How did you find this deal and how did you negotiate it?
Found it on realtor.ca,
Negotiated only by price. Owner wanted 232,000, offered 215,000. Their agent called back with a counter offer of 223,000.
How did you finance this deal?
Conventional Loan through bank.
How did you add value to the deal?
After purchase, self rehabbed by:
painting the whole house, brand new floors downstairs with modern baseboards, modern appliances, brand new concrete patio, all led lighting throughout the house, new cabinets and counters in both bathroom and kitchen downstairs.
What was the outcome?
Property appraised along side the housing market to be around $350-$399K.
Lessons learned? Challenges?
Could have purchased the house for a cheaper price point for more equity.
If I did more research, owner was a motivated seller due to him moving out of province because of a job.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
If you are in the London/Strathroy Ontario area,
Would highly recommend:
The Landstras & Kevin Kingma of Platinum Key Reality (Real Estate Agents)
Linkedin:
https://www.linkedin.com/in/stacey-landstra-5745b910/
https://www.linkedin.com/in/john-landstra-22445391/
https://www.linkedin.com/in/kevin-kingma-b3590064/
Lisa Mcphee (Mortgage Specialist RBC
Linkedin: https://www.linkedin.com/in/lisa-mcphee-6a4624a2/)
Most Popular Reply
Nice work! I was actually born and raised in Ilderton, not too far from you.