All Forum Posts by: Lisa Lavie

Welcome to BP Christian! There's a plethora or knowledge on this site. :)) Do you typically invest in your area or throughout Montreal?

I have a rental property in Montreal that I purchased a year ago as a foreclosure. Upon purchase, tenants already resided in it & we signed a lease for a year. When they were approaching the end of their lease (last month), they gave me notice that they would be terminating it as they couldn't afford it anymore.

I purchased the property for 160K which is a lot lower than market value. In the condition that it was in, it would have sold for 220K.

Instead of doing the bare minimum to the property, I decided to do a lot of upgrades to the property so that I could then raise the rent & also attract a certain type of tenant. I spend 20K & now the house is gorgeous & it now rents for 300$ more than what I was previously renting it for.

Seeing that this is my first rental property makeover, I have a hard time drawing the line as to what I should renovate & what I should keep as is. Even though it's not my main residence, I tend to go all out as if it were. (Maybe that's not a bad thing)

Can you please give me some insight as to what you would have done in this situation & what the pros and cons are.

Thanks soooo much!

Lisa

(I was able to finish renovations in 3 weeks & found new tenants who love the house)

Hey Andrew,

If you could flip it for 250K, that sounds great! I purchased a foreclosure that was originally on the market in Montreal for 199K.... A few weeks had gone by & no one put in an offer. They ended up dropping their price to 179k. I then came in with an offer at 161K (Which is the address of the house, I acted like I was superstitious and that I wouldn't offer anything higher than that LOL) they counter offered with 169K & I came back in again with a hard 161K... and it was accepted! So you really never know how things could go. 

If it stays on the market for a few months, they'd probably reduce the price, but you may risk losing the property. Seeing that you already put an offer on the table at 170K, I'd say stick with that if you feel that it's a great deal regardless. Just make sure that you have someone inspect the house to make sure that the structure is sound. On the other hand you could also say that in doing all of your calculations, you realized that you're going to have to spend more in renovations than you previously thought, in which case you'd now like to offer 165K (without conditions)

I wish you the best of luck with your purchase. Please keep us posted! :)

Lisa

Love it... Thanks for the heads up! :D

 Thanks so much David. I appreciate it! :) Definitely gonna keep on plugging way over here. So excited for the future! Good luck with all of your investments also :)

 Good for you!!! Definitely keep me posted. Would love to hear how things progress on your end. A lot of people don't think about an exit strategy if things don't go according to plan, but one has to be in place :))

 That's awesome!! Just checked out your page. I'd like to eventually get something in the price range your dealing with that cash flows a lot. Do you have a mailing list that you could add me to when GREAT properties in good areas come on the market?

 How much work does the house need? What are the comps in the same area for a 3/2 house?

 Good for you Tiersa, that's great! Please keep me posted. I wish you the best of luck with your future investing :))

 If you could get me a notary to close the deal properly that will charge me 25$, I'll give you a hundred heheheh :)