Second property bought - Western Canada December 2003. One year after purchasing and closing Property ONE, we were living in Property ONE as owner occupied residences as stated on our mortgage application when we decided to invest in a second presale unit in an adjacent building being built. It was December 2003, over one year after our first ever purchase. Our intention all along with Property TWO was to rent it to tenants - at that time fundaments were pretty good in Western Canada, unlike today. Market rent for this 685 square foot unit was $1150 a month and at purchase price of $171,000 it pretty much covered mortgage expenses, condo fees and property taxes. Like Property One, there was equity take-outs to make use of the equity to invest in other better cashflowing opportunities. Properties ONE and TWO represent the growth component of our real estate portfolio.
No comments:
Post a Comment