This property is probably best used as a rental property that is low cash flow, but you buy with lots of equity. The rent will cover the basic expenses at 25% down.
And if you’re looking for a new home, then this is also an excellent opportunity.
The numbers are probably too tight for a flip… but you know your own numbers better than I do.
I’m willing to assign the contract. Or I’ll joint venture with the right partner and do a long term rental. A partner would need to qualify for a $400,000 mortgage. I have flexibility on who does what in a partnership.
QUICK SUMMARY:
-Detached 4 bed, 2 storey, 2 car garage home. (It’s a smaller 4 bed house under 2000 sqft.)
-Built in 2004
-Bowmanville, ON
Needs minor renos:
-carpet is old & ugly.
-roof shingles are showing signs of wear. (Can probably last some more years, but not many)
NOTE: Very close to the proposed Bowmanville GO Train station.
CONSIDER THIS: Were else can you buy a newer detached 4 bed, 2 storey, 2 car garage home this close to Toronto for such a low price?
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