Maple Ridge st, Youbou

Investment Details

  • Property Type: 3 plex
  • Purchase: April 2021 - Present
  • Purchase Price: $525,000 ($50,000)
  • Current Value: $725,000
  • Revenue: $3,800

About the Investment

Non-conforming 3 plex in Youbou (Lake Cowichan area).

The property was under rented when we purchased, but one tenant turned over naturally and one tenant moved into a retirement home. Now with 2 of the 3 units at market rent, the property cashflows well.

In order to get the deal, we needed to get financing for one year from a “B” lender at 11% interest, but once the property was stabilized we got a good appraisal and were able to refinance for a much more reasonable rate and get most of our capital out. Another successful “BRRRR”!

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