* House underwent a gut renovation.
* Previously neglected by the owner, so it was in poor condition with deferred maintenance at the time of purchase.
* Larger-than-usual upfront expense caused by the renovation scope, but all went towards the increase of the property value.
Closing Costs $10,632
Pre-Launch Costs $6,593
Initial Supplies $1,356
The property's prior owner stopped paying the mortgage on the property, so he didn't invest much into the upkeep of the property. As such, although the property itself had a strong foundation and lots of things to like about it, the interior was falling apart. So, we essentially went ahead with a cut renovation.
We've replaced the entire kitchen and redid 2.5 bathrooms. In the living room area, we took down some of the wall to open up the space and make it more welcoming. We've then updated all of the bedrooms.
The end result came out to be a really large, spacious modern house in a lovely neighborhood close to the subway and downtown.
Due to the extensive renovations, it took us around 3.5 months from starting to work on the property to furnishing it.
If you’re looking to launch your own short-term rental properties or want to be involved in larger syndications that we organize, reach out and let’s set up a chat.