From Lyne and I door knocking in this area, we learned that the federal government was investing $700 million to create the Atlantic Science Enterprise Centre just down the street (which would make it Ottawa’s largest investment in Atlantic Canada since the confederation bridge). Situated just minutes away from downtown and University of Moncton, we thought this property was a keeper!
However, everything that could’ve gone wrong with renovating a house, happened with this project… break-ins, vandalism, police reports, reno going over budget, hidden knob and tube issues, pest infestation, the list just goes on.
We had to fire contractors, improvise and find last-minute solutions, talk to the police at 2 am, board up the windows, step on dog droppings in the backyard every time we visited… we had to bend over backwards to get this project completed.
Thankfully, we found our power team members throughout this process, and they got the job done. Shoutout to my amazing project managers @dadbodpropertymaintenance and their team.
Purchase Price: $120,000
Fair Market Price as is: $150,000
After Repair Value: $210,000
Cash-Out Refinance: $72,000
Profit from BRRRR: -$3,368
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