Property ONE

First property ever bought: Western Canada in 2002. This was where it all started back in 2002. Several subsequent purchases were leveraged off of this original property. We purchased a pre-sale unit for $149,000 in Western Canada after saving diligently for 5% of the builder's purchase price.

We recently renovated the 659 sq foot unit adding beautiful hardwood flooring and slate tiling, along with crown moulding and baseboards. We re-mortgaged it once, and did some equity take-outs recently to create down payments for other better cash flowing properties elsewhere. Our tenant actually did the renovation work, and we discounted his rent to below market value for the tenant for one full year.... by crediting the tenant $100 each month for 12 months for the work (and managing the unit while he resides in it entirely by himself).

We opted to go negative cash flow on this property as the objective was to use the equity as means to transfer it to a cash flowing property in a smaller market elsewhere in Canada. The negative cashflow was offset by positive cashflow in a smaller Canadian city in Ontario. Note the negative cashflow, this is becoming a challenge.... would love to see positive cashflow soon.