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TREMENDOUS CASH FLOW POTENTIAL - Prosper Inc Success and Prosper Inc Success Coaching

We found a triplex in Port Colborne, askingprice $49.8K.  It was described as in need of finishing of the upper 3 bedroom appartment.  At the showing we saw that the whole upstairs was almost empty with bare, see-through walls.  We asked a contractor to look at it and he estimated we needed $60K to fix it up and make the place a fourplex.  

We offered $35K on June 15.  After some offers back, we got $41K accepted on June 21.  We got a 1st mortgage for $30K approximately from the National Bank and a second from a private lender.  In total, we got 100% financing.

In the time we closed, one of the tenants moved out and we still have to find somebody else.  We have payments of $253.44 per month for the first mortgage and $175 for the second.  Rents are $500 including bills and $560 including bills (this is the vacant one).  So the cashflow at the moment is not too high but there is potential for the future.

Then we found 2 small houses.  The power of sale.  Both vacant.  One 3 bedroom and a 2 bedroom.  The 3 bedroom is nice and ready for occupancy, the 2 bedroom is small and needs some work or we can rent it out cheap to somebody who doesn't care too much about that.  

The askingprice was 70,000.  We started offering 35,000 and after some negotiating back and forth we got them for 45,000.  We financed these privately through Barry Mills again for 100 %.  We can rent them out for $580 and $380 probably. (We still have to find renters but I think we have two interested).

In between we've got a few other offers on a triplex in Fort Erie and a house in Kinnearstreet accepted but we rejected them later after further inspection.

We are waiting for a third mortgage on 300 King street , Welland, and then this one will close too. This is a 21 plex (small appartments, it is a former hotel) with a bar and a restaurant on the mainfloor (was a nightclub). We offered $230,000 ,this was the askingprice. Barry Mills had the whole financing almost in place for us before we even knew about this.  We have to fill a few more rooms and the two downstairs bar and restaurant but then there will be a very good cashflow here.

Barry is also working on a commercial building what will be renovated into a 21plex , for us.  The address is downtown St. Catherines and there is another building we are interested in in St. Catherines what will be a 8-plex.

In the mean time our Niagara-on-the-Lake property is getting really nice with new roof, windows, bathroom, kitchen etc. 

André & Angelieke V.

Vineland, ON, Canada