Updated almost 5 years ago on . Most recent reply
Single family long term hold.
Investment Info:
Single-family residence buy & hold investment in Welland.
Purchase price: $175,000
Cash invested: $25,000
3+1 detached single family home.
Rents at 1900m
What made you interested in investing in this type of deal?
It was our primary Rez.
How did you find this deal and how did you negotiate it?
Private deal. Friend needed to sell
How did you finance this deal?
20% down, conventional bank loan
How did you add value to the deal?
Freshened up the exterior. Painted doors, foundation, gardens, new deck in front, new 600sq ft concrete pad in the back yard.
Finished basement with laundry and bathroom family room and 4th bedroom.
What was the outcome?
This house has so much equity, which has helped us buy our current primary res and offered us a large loc.
Lessons learned? Challenges?
Bought at 175000, appraised in 2021 for 520000. Used the appraisal to refi with a loc for the next deal.
Most Popular Reply
