We love our buy and hold properties and we love to fix and flip, so what could be better than putting those two loves together? Like a fix and flip we find undervalued properties and add value through renovations. One of our favorite ways to accomplish this is to add a legal second suite. Instead of selling, we then remortgage, pulling out part or even all of the initial investment money. We then hold the property. Our tenants pay down the mortgage and put money in our pocket every month as our property appreciate in value.
FIX AND FLIP
We don’t do a lot of fix and flips because the right deals are hard to come by. But when we do, it is well worth it. We market for deals ourselves and buy privately which saves money. We choose family homes in family friendly neighbourhoods with mostly cosmetic work to be done.
After the renovations are complete we list slightly lower than other comparable houses to insure a quick sale. This is why it is so important for us to purchase at discounted rates. “You make your money when you buy.” This is a great way to make good returns within a few short months.