Steven Wilson Rental Property Deal

Rental property Details

Property City: Kitchener
Purchase Price: $158,000

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Case Study

How did you find and structure the financing of this deal?

Purchase cash and borrowed form family paying interest on moneys borrowed. We financed the renovation portion. After renovations were done and rental lease available we got the house appraised and mortgaged the property at 2.45% for 5 yrs. Property was appraised at 200, 000.

Provide a summary of the repairs and improvements you made to the property.

Replaced carpet with laminate and replaced all vinyl flooring with tile. Re- did the kitchen, backsplash, granite counter, stainless steel appliances, new cupboard doors and raised the the cupboards up. Updated all light fixtures added pot lights to the great room and kitchen. New bathroom with vanity, toilet, tiled bathtub/shower combo.

How did you find a buyer for the property if you sold it?

We rented the property and started advertising before we had it completed, took possesionin may and had it rented for Aug 2. 1 year lease 1300 / month plus utilities. Held showing nights, 2 per week for the rental and pushed all renters to those nights so it looked like it was a very desirable property.

What are some of the major lessons learned that you would like to share with other students that they can learn from?

When getting a property appraised always ask for more than you need.

Shout Outs & Testimonials

Remember what your end goal is. We realized we had a rental opportunity and decided to go in that direction rather than try and sell the property and use the profits to get a rental later.

Before & After Photos