Investing in real estate

Another Home Saved.

Another Home Saved. 150 150 admin

A final look at the Garfield project

So we are finally completed and I’m not going to lie, this property posed several challenges for us. Sometimes houses need saving and this one was in need of one big time. From changing out the led water line, to having to re-sister all of the joists because so many were completely compromised to our furnace giving up and the list goes on. Now we stand in front of a newly renovated, cash flowing 3 unit property that we originally bought for 340k and now refinanced for 715,000!!! Despite the budget overruns, the headaches, and the “what the hell did we get ourselves into” self-talk conversations, we still managed to turn this property into a real winner. 

The property now has a 3 bedroom unit and 2-1 bedroom units with enough parking in the backyard. Literally everything has been updated in this property with no stone was left unturned. 

We are happy, our partners are happy and the tenants are happy. What more can you ask for? And of course we do love our partners. We are already in the process of finding our next deal to do together! Give us a call if you have ever thought about investing in real estate!


Description of work: Changed this mixed use 2-1/2 storey single 
family home into 3 separate units (2x1bedroom & 1x3bedroom)

Purchase Price: $340,000
Total Costs to Finish: $250,000
After Repair Value: $715,000
Partner Money Left in the Deal: $41,575
Positive Cashflow: $455/mo

Total 1 Year ROI: 110.11%

Note: partners will have all their money out in 
less than 1 year! 

Before and After

Before and After 150 150 admin

A small comparison for a big job!

This project was one of our biggest learning curves when it came to city permits. We had many set backs but are thrilled to finally see the finished and fully permitted project. These before and after photo’s are spectacular you can see how we take the feel of the home into consideration while planning out these projects.

We removed the wall on the main floor and created this large open concept living area. As this project is a buy and hold and we are looking for long term tenants to fill the unit we added as many cost effective desired features as possible.

When we picked up this home the upstairs was made up of mostly bedrooms, but as investors we could see the properties full potential Turning the up stairs and loft space into a 2 +1 Bedroom unit. While doing so we had to put in a fire escape accessible from the second floor, which inspired the additional outdoor deck that the tenants of this unit will be able to enjoy.

We will say that the lessons and experienced gained here have already helped fast track and improve other projects we have on the go.