- Joined
- Apr 10, 2008
- Messages
- 107
Hello fellow REIN members! I just wanted to share with you 2 short successes I ve had, thanks to what REIN has taught me.In my short investing career, some of the best advice you can follow is get great property management.I was lucky enough to find that in Orillia with Tom and Michelle Thorn at Ethical Property Management. Any of you who went on the bus tour probably drove by that run down triplex near the water with a for sale by owner sign on it. It was hideous.The house had a huge sag in it and no one wanted to touch it....I was interested and my property managers went thru it with me and a local contractor....we realized it wasn`t that bad.I was nervous about buying it...but they assured me all would work out....so I bought it.They handled the renos, and Carrie at EPM had the units rented before all the work was done!I ll share some numbers, I bought it for 70k, put 40k into it with legals and carrying. I had the property appraised for 170k. I was able to pull out all my initial investment $$ in the refinance. The place now cash flows nicely giving me an excellent ROI.All this took place in the last 2 months! [/size] With their help I did the same thing on a single family home...again, place was reno d and rented before it was completed. I bought the house for 80k, have about 27k into it with legals and carrying and had it appraised at 150k. Once again, I was able to pull out all my initial investment $$ in the refinance. It also cash flows nicely. ght:100%">It s been an amazing experience, and the key is to stick to the system, and find good people to work with. I wanted to share it to show people there are some amazing deals out there and give a big thanks to Tom and Michelle at EPM. Good luck to all!