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5th Property at 25 Years Old!

Discussion in 'Success Stories' started by Tyler - Picket Fence Properties, Aug 15, 2017.

  1. Tyler - Picket Fence Properties
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    Tyler - Picket Fence Properties Member REIN Member

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    We’ve just completed the renovations and refinance of our 5th purchase and are thrilled with the results. With the refinance we were able to secure 80% LTV of appraised amount with a readvanceable HELOC attached to the property. This powerful tool will allow us to recapture the principal portion of our payments each month to use for subsequent aquistions! Here are the details:

    Location: Edmonton area
    Purchase Price: $250,000
    Renovations & Holding Costs: $44,057
    Legal, Inspections, Refinance Fees: $2,500
    All In: $296,557

    Refinance amount: $420,000

    Created Equity: ($420,000 - $296,557) = $123,443

    Returned Cash: ($420,000 *.80) – ($296,557) = $39,443

    In addition to adding $123,443 to our net worth we were able to get our ALL of our initial investment PLUS have $39,443 towards our next purchase! Time to get to work!
     
    CalvinTruong, Marnie, Sharon9 and 4 others like this.
  2. Tina Myrvang
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    Tina Myrvang Client Care Specialist Staff Member REIN Member

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    That's amazing Tyler, good job!!!
     
  3. Paresh
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    Paresh New Member Registered

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    Hi Tyler, Who helped you to find/buy
    property?I am looking for Realtor in Edmonton Area.
     
  4. Tyler - Picket Fence Properties
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    Tyler - Picket Fence Properties Member REIN Member

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    Thanks Tina!
     
  5. Tyler - Picket Fence Properties
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    Tyler - Picket Fence Properties Member REIN Member

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    Hi Paresh,

    I didn't use a realtor to locate this property, I found it myself. However I can PM you a few names if you'd like?
     
  6. Tyler - Picket Fence Properties
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    Tyler - Picket Fence Properties Member REIN Member

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    Backyard 1.JPG Backyard 3.JPG Upstairs Bathroom.JPG Kitchen.JPG Main Floor Bathroom.JPG Master Bedroom.JPG Bonus Room.JPG Bonus Room 3.JPG Downstairs Living Room.JPG Exterior.JPG
     
    Last edited: Aug 15, 2017
    Tina Myrvang likes this.
  7. Tyler - Picket Fence Properties
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    Tyler - Picket Fence Properties Member REIN Member

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  8. Tyler - Picket Fence Properties
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    Tyler - Picket Fence Properties Member REIN Member

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    For sure! I've attached a bunch above :)
     
    Sharon9 likes this.
  9. Tyler - Picket Fence Properties
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    Tyler - Picket Fence Properties Member REIN Member

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  10. CaesarPua
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    CaesarPua Member REIN Member

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    Congratulations Tyler. Kudos for taking action!
     
  11. Tina Myrvang
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    Tina Myrvang Client Care Specialist Staff Member REIN Member

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    Beautiful home, excellent job on the renos!
     
  12. Marnie
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    Marnie Administrator Staff Member REIN Member

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    Wow! Great work and beautiful renovations Tyler! It's so satisfying to source out these hidden gems, especially when it can be a lucrative venture. Congratulations!
     
  13. Caleb West
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    Caleb West Multi Family Commercial|Collaborative Office| REIN Member

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    We have an investors specific shared office here in Edmonton, I thought you might need a space like this given your massive action in real estate so far that I've seen.

    I am also General contractor here in Edmonton, very investor friendly , financing available and creative options for pricing.
    Hope to hear back soon

    780.288.9638
    Caleb@seedbuilders.ca
     
  14. trevismcconaghy
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    trevismcconaghy Trevis McConaghy, REIA REIN Member

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    I think you are quickly discovering the key to expanding your portfolio. In my mind, it is velocity of money. You need to put your money in, get your money out with 'created cash' and move to the next deal. It starts growing like a tree when you start creating down payment money and cash flow. Well done. Don't forget to submit your 17-3 form and get some recognition, Trevis
     
  15. Tyler - Picket Fence Properties
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    Tyler - Picket Fence Properties Member REIN Member

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    Exactly! We did just that...just took possession on another property and are putting a basement suite in it...day #3 of demo and things are progressing nicely!
     
    Marnie likes this.
  16. Lee Ochoa
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    Lee Ochoa New Member Registered

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    That's so great.
     

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