Another great property that our agent brought to us. This property was on the market for a long time and many of our investor friends looked at it and passed the on the development opportunity.
We used rent-to own method to buy this property.
Our agent negotiated a great price, and we started with renovating the main floor and closing off the basement. After the refinance we were able to return all our money spent on the renovation, and we started working in the basement. To create more space in the unit, we lowered the entry to the unit and shorten the stairs to the basement. After the basement unit renovation was complete, we were able to refinance the property once again, and pull all the money for the second time.
This property has a large lot and has great potential for the further development. We are planning to construct a coach house in the backyard of 2963 Penny Drive in the nearest future.