Jackson St Triplex
Description: We spotted this diamond in the rough in the growing Uptown area of Victoria, BC, in late 2019. The picture above was a well maintained, but poorly managed, triplex that had huge upside with a little TLC. We purchased it for $755,000 and spent $75,000 to modernize the upstairs and completely renovate the two downstair suites.
The property cashflow is well over our expected $700/month and as this area continues to tear down old homes and add more million-dollar homes, our investor’s return will skyrocket.
Wilson St 5-Plex BRRR (Buy Renovate Rent Refinance)
Description: 5 minutes to downtown in an up and coming area. It was the bad house on the block. We purchased it with cash for $980,000 and spent $250,000 in renovations.
- Total investment in was $1,230,000
- Was fully renovated and fully leased with market rents within 5 months
- Went to the bank with a like-new asset and received a $1,100,000 mortgage, leaving only $130,000 in the deal which is a 10.5% down payment.
- Property cashflows $3,000/m and is now worth over $1,500,000.
Recently we have received a HELOC from the equity in this property and we are investing this into other deals. Because its “now our own money” (a loan from the back secured but the property) the returns we get from the HELOC investment are an infinite ROI.
“I met Steve and Randy at one of their educational meet ups and could tell by their presence that they were the guys that did their diligence, were hungry, respected, and are smart with their investments. We have since built an incredible relationship and have done multiple investments that continue to exceed my expectations.”
– Our investor on this project