Hello! my first property i picked because it needed alot of TLC on a middle income neighbourhood close to everything. This is my first property i've boughten on my own, my father was the one who always did projects like this. I bought it for 141k when all other comps for this area were 178k - 185k. All this house need was a new bathroom, new lighting, some paint, and lots of other small fixes, which I didn't have to hire out because I learnt all these kind of repairs from my father from previous houses. Altogether all the fixes including new carpet everywhere cost me $7700. I learnt alot from this experience, because I didn't know much much all the other charges would be. (Like a realtor and so forth). Altogether, this part time experience will only net me a profit of 10k - 14k. ( I found a nice realtor who is doing it for less comission and I'm planning to use again ). Although I'm not really a person to look to at the moment for a lot of experience, I know everything I did wrong and how this next property will be much more profitable. Oh, i found this house by a realtor i met with that knew what I was looking for.
I've been currently looking at some duplexes and/or triplexes in the east end which i've researched and heard that prices in that certain area are pretty sustainable and are expected to stay that way for some time. I'll be renting out the one unit and living in the other until I've completed the tlc necessary and paid for my upcoming wedding! I'm also currently looking for some opportunities in JV. After I build more equity in my principal residence I plan to buy and rent out. What are you currently looking for or working on?
