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Home » Buy and hold real estate investing properties » Rental House » We bought a house! Rental property number 1

Buy and hold real estate investing properties Rental House

We bought a house! Rental property number 1

If you’ve been following me for a while, you might know that we’ve been looking for a property to start some official real estate investing. It had always been my plan to do a house flip, but I couldn’t quite find a property I liked, and as a beginner real estate investor we weren’t ready to take a risk if the numbers didn’t work.

Then something switched and I decided to pursue a rental property that we could fix up a bit, add some sweat equity, then rent it out.

Then up popped this lovely little two bedroom, one bathroom bungalow in the town of Morrisburg, Ontario. We made a very nice offer with no conditions and a quick closing date, and this renter friendly home in a great community is now ours! (with a lot of help from our lovely real estate agent)

There is a bit of cosmetic work to do on the house, but that just wouldn’t be me if we had bought a house that was ready to go. I will give you a tour and give you a quick idea of the plans we have for our rental property

*Update: we finished renovating this house in December 2019 and it has been rented ever since. Check out the final house tour*

Kitchen

This house was built in the 1950s, and I’m pretty sure the kitchen is still original. At first I thought we could keep the cabinets and just paint them, but we decided it would be better just to replace the whole kitchen. The laundry machine is in the corner, so once we get that out of there it doesn’t make sense to try and save the cabinets.

We’re planning to close in this large window and replace it with a much smaller window. This way we can extend the cabinets to add some more storage. The window will need replacing in the near future anyways, so it makes sense to do it all at the same time.

Living room

We’d love to take the wall down between the living room and the kitchen, but we still have to evaluate if it’s worth the time and money. There’s a weird door there too that doesn’t really need to be there. The carpet is pretty stinky, so that will all go. The half wall by the front door will come down, but I’m planning on keeping the wall paneling and just painting it.

rental property kitchen update a rental property living room with panelling update an old living room update a living room with wood paneling

Storage room

The storage room is the first room on the right going down the hall. It is very tiny, and the previous owner used it as a storage room. We would like to make this the laundry room and have the washing machine moved from the kitchen to this small room.

Bathroom

Across from the storage room is the bathroom. The carpet will definitely go, as well as the wallpaper, tiles, and wood toilet seat.

rental property investing rental property investing old bathroom that needs updating

Bedroom one

This bedroom just needs a paint job, new trim, and new flooring. I’m not sure yet if I will be keeping the orange curtains…

BRRRR investing fixing up a house for a rental real estate investing

Bedroom two

The second bedroom is very similar to the first bedroom. All it really needs is paint and flooring and trim and it will be fresh and new.

real estate investor rental property morrisburg ontario

Exterior

The outside of the house needs a good cleaning. I’ve love to paint the front door and shutters a different color. The roof will need to be done within 5 years, but that won’t be part of our initial renovation for this rental property.  All of this we plan to finish in the next 6-8 weeks. If you want to stay up-to-date with our progress, please sign up for email!

rental property

 

 


RENO TIMELINE

We finished renovating this house in December 2019 and have had it rented ever since. If you’d like to look at all the stages of the renovation, check out the following links

  • Demolition: Week 1
  • Laundry room plumbing: Week 2
  • Wall removal: Week 3
  • Prep for painting: Week 4
  • More demo and some flooring: Week 5
  • Electrical and plumbing upgrade: Weeks 6 & 7
  • Drywall: Week 8
  • Paint: Week 9
  • Flooring: Week 10
  • Exterior: Week 11
  • Trim and closets: Weeks 12 & 13
  • Kitchen and bathroom progress: Week 14
  • Kitchen back splash: Week 15
  • Final Rental Property House Tour

 


2 Comments

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Reader Interactions

Comments

  1. Jeannie says

    August 13, 2019 at 10:28 am

    Cute house. It will be adorable when you are finished. Keep the orange curtains! HAHAHAHA!

    Reply
    • Jessica Vanderveen says

      August 13, 2019 at 10:56 am

      Maybe they will look less orange once I paint the walls a neutral color!

      Reply

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Welcome! We are Tony and Jessica Vanderveen, and are accidental real estate investors in Ontario. Find out how you too can create long term wealth, while maintaining your work life balance. Find out more...

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