East 26th St, Hamilton

The End Result Is A Unicorn

The End Result Is A Unicorn 150 150 admin

A final review of the East 26th project

What a cool project that is now just humming along. We get a lot of gratification from being able to convert properties that are in need of a facelift into something viable that people can call home. This is one of those projects! We had some really neat creative elements to this deal in my opinion. One major one was lowering the concrete slab in the basement to make sure we had enough headroom to build a unit that met the building code requirements. Another was creating a custom composite beam in the basement doorways so that once again the headroom could be salvaged. Often having to make decisions on the fly and troubleshooting different ideas can really bog down a project. Our team was on point and we just kept humming along nicely. Now we have a 3 bedroom upstairs and a nice 2 bedroom in the basement all with brand new finishes. On this BRRRR we and our partners pulled out a surplus! We call those deals unicorns because they don’t happen often, but when they do man are they sweet! So of course we had no choice but to celebrate over a nice steak dinner. How can you not celebrate when you get paid a large sum of money to own a newly renovated cash flowing property?  Let us know if you want to learn more about this process!

CLICK HERE LINK TO SEE MORE PHOTOS OF THE FINISHED PRODUCT: https://bit.ly/3ce3MQ5

Description of work: Detached bungalow on the Hamilton Mountain bought in a distressed scenario and converted to a duplex

Purchase Price: $270,000
Total Costs to Finish: $135,000
After Repair Value: $575,000 
Partner Money Left in the Deal: $50,575
Positive Cashflow: $283/mo

Total ROI: INFINITE

Note: A negative amount left in the deal is actually a surplus!
Imagine getting paid to own a newly renovated cash flowing property 

Doing things right.

Doing things right. 150 150 admin

Protecting your Investment.

It’s fair to say that protecting your investments are high priority to any investor. When it comes to real estate investment, protection can take many forms, of course a main one being insurance for the property. Most property will have one policy during construction, and another for when the property is complete and ready for tenants. The second major way to protect your investment is during the construction phase, identifying problem area’s and future problematic area’s and fixing them right of the get go. Yes sometimes these repairs can get costly, but in the long run saves you thousands of dollars when these issues create more damage.

On this property we noticed some issues in the basement concrete, while your average investor or flipper may just do a quick patch job and hope for the best, we don’t take chances, which is one company policy our joint venture partners really appreciate. The original cement slab had cracks and divots that were not quite a problem yet but could be extremely problematic in the up coming future. Instead of playing the odds and risk having to address the issue later, we handled this one head on. We had the old concrete ripped up and poured a new slab for a crisp smooth finish, addressing any water and foundation issues in the process.

Pre-renovation Photo’s

Pre-renovation Photo’s 150 150 admin

Pre-renovation Photo’s

East 26th St, Hamilton

This property closed late last week and we can not wait to get started. As you can see we have a lot of cosmetic updating to do, but over all this property is in better shape then the ones we usually dive into.