Category — Success Stories

I purchased this house with my daughter 12 years ago for $250 000.  She lived there for 7 years while the rent from the ground floor apartment paid the mortgage.  Now, in 2009, both apartments are rented as fully furnished to professionals working on contracts in the downtown core. 

The upper 3 bedroom apartment is rented for $2500 per month and the ground floor 2 bedroom apartment is rented for $2100 per month.  A recent comparable property on the next street over sold for $625 000.  We are happy to hold onto this property because the combined rents more than cover the existing mortgage plus the utilities and has provided a positive cash flow since the beginning. 

There is a comparable property for sale nearby which I would be happy to show and discuss with you.  You could buy it and rent it out with a positive cash flow or you could move in and be living for free while your tenants pay your rent.

Call me for more details.

The owners, first time buyers, purchased this home in September 2005 for $378 000.  They sold it four years later for $429 00 within one day on the market.  Hence, the buyers made $50 900 in just 4 years. 

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July 31, 2009   No Comments