Archive for July, 2010

It’s official – we bought a new home!

I suppose this is a bit of an introduction post, for the past 3-4 weeks Ilona and I have been battling the banks, CMHC and the seller for this house.  It’s been a non stop barrage of document signing and faxing, but as of the 22nd of July, we can officially say that we’ve purchased a new home.  We had talked about purchasing a second property to live in, while converting our existing condo into an income property, however it was our agent Allan who convinced us to put all our eggs in one basket, and go for a duplex or triplex, which would be easier to manage since we would live on site.

We found this “gem” in downtown Ottawa, located on James street, just a couple of houses west of Bay Street.  The location is amazing, the house is quite large and already split up into a triplex, but like any old house it needs some work.  This blog will document both photographically and in text, the updates, renovations, and craziness that we’re sure to encounter while we go about fixing up the house.  Our short term goal is to re-do the first floor apartment, which we will live in, while maintaining our 2 tenants on the upper 2 floors.

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Below are some photos of the exterior, the property as well as the apartments on floor 1 and 2, unfortunately we don’t have any photos of the 3rd floor apartment.  Closing date isn’t until October 1st, so stay tuned for more posts.

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