I bought my first investment property in 2016. Since then I’ve bought about one investment property per year. By utilizing the BRRRR strategy, (Buy, Renovate, Rent, Refinance, Repeat) I’ve been able to use the equity from my previous investments to fund the purchase of more properties. Aside from one flip, (which wasn’t the intent when I purchased) all of the properties are long term buy and hold properties. These properties generate returns from debt pay down, cashflow and forced and natural appreciation.
|Maple Ridge st, Youbou||3 plex|
|Quince St, Prince George||Single family home|
|Redwood st, Prince George||Single family home with suite|
|Strathern St Port Alberni x2||2 four plexes side by side (8 units)|
|Strathern St, Port Alberni||Single family home with suite|
|Tamarack St, Prince George||House with suite|
|Vine St, Prince George||House with suite|
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”!
It’s hard to say no to a decent house for $94,500! After $5,000 for minor renovation and holding the property for 18 months, I decided to sell, generating a 150% ROI on my investment in 18 months. That’s an annualized return of 100%!
This house isn’t in the greatest part of Prince George, but it sits on 3 city lots and is zoned for multi family, which makes it a great holding property. It generates some cashflow, but the long term value will be holding the property until it’s suitable for a developer to build on the property.
Managed to grab 2 small multi family units on a street I already own a house on.
Most units are under rented, but we got a good enough deal on the properties that they won’t be negative cashflow for long. Once a few units are turned over, the property will perform fairly well. Once all the units are turned over (which might take a year or two) the cashflow will be very strong.
Looking forward to getting to work on the newest addition to the portfolio!
This was a newer house (2007 build) with an unfinished basement. A one bedroom suite was finished and now the property cashflows well. After the suite was put it, the property was refinanced and most of the initial capital investment was taken out.
Since the purchase, the area has seen substantial increases in property prices, which has pushed the ROI on this property well above our expectations!
This was my first full gut renovation. Refinanced in 2017.
My first straight up investment! Refinanced in 2018.