05/05/2021
565 Wilson - this was a true buyer success story.
Flashback to February when the market was starting to heat back up again in that under $650k price point...
T&J came to me wanting more space. They had bought pre-con at Yonge & Eglinton about two years ago, and quickly outgrew their 1+den when WFH became the reality for all of us.
They decided to refinance that condo, pull out equity & use that on a down payment for a larger space, while keeping their smaller condo as a rental property (step 1 of building wealth through real estate... a topic for another day!).
We didn’t even have the chance to go out on showings and get to know each other better before we came across 565 Wilson, with 2 beds and 2 baths. A sneaky one, sitting on the market 76 days, very plain camera-phone listing photos, at first glance we quickly passed it over but with a second look, I realized it might just be perfect for them.
Yes, there was a catch. With an uncooperative tenant living there who hadn’t paid rent in nearly a year, we weren’t allowed into the unit to even see it!
But there was something intriguing & we decided to make an offer on it, sight unseen. Our offer was accepted (at below market value!) and so the process began.
Between managing to get in to inspect the unit, not know if the tenant would even move out by the closing date, and finding out about flooding, improper renovations, and more, I was so impressed by how calm & level-headed T&J were throughout the entire experience.
We ended up having a relatively smooth closing and they were excited to get in for some DIY renovations.
The replaced the entire floors & baseboards themselves, painted the unit, got a new washer & dryer, and a few other fixes. All in, they spent under $7000 on the fix-ups.
They’re into this property for $599k + Renos (let’s call it under $610k). They were over the moon when the same unit 4 floors up sold for 685k one month later!!
T&J are a success story because they saw a gem amongst the rubble, stayed positive, were willing to put in some elbow grease, & best of all, had confidence in their realtor to navigate this process. Thank you for your trust T&J, let’s do it again soon!
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