|Back of house with basement entry|
We became real estate investors in 2009. Since then we have slowly grown our portfolio to 3 units. Until this time we have always looked at small nice single family homes. This is where we step into what will hopefully be a more lucrative type of investment and we explained that in our last post Bungalow to Duplex!
Putting in the offerWe put our max offer and our agent presented it this way. The offer was not accepted and they countered $10K below the asking price so we decided to walk on 13 Jan. On 15 Jan the sellers agent asked us if we would consider submitting the offer again because the seller (the bank because it is power of sale) would like to review it again. So in went the offer with the only change being the possession date due to the quick closing. After a non-revocable period of 48 hrs and it being a bank they signed back on the 19th of Jan and we agreed on the 20th.
Awaiting the InspectionNow that the bungalow is conditional we are getting our ducks in a row and finding a good architect/designer for the basement apartment and a contractor to oversee the renos. I had originally planned to do a lot of the work myself but considering I work full time and would only have the evenings and weekends for this reno and after figuring out what it would cost a month to have the property empty or at least partially, we decided on a contractor. If there is an opportunity for me to get in there and get dirty I will still take it but for now I am leaving it up to the experts. The home inspection is booked and we look forward to meeting with our awesome inspector on the 24th of Jan and once we have completed that we will start planning for everything else so that we can be prepared for our 9 Feb possession date.
Stay tuned for more updates!