Well…. We Got it! There was a bit of a bidding war and we actually had to pay $200,500 and the asking price was $200,000. We own a 2 bedroom loft  penthouse suite in Port Coquitlam now! We ended up paying $2,500 over asking price but it’s a great deal. Considering people are selling 1 bedroom units in the exact same building for $200,000. Our 2 bedroom should have been sold for around $220,000. Overall I am happy with the purchase, now we need to get it rented!

I put it on Craigslist last night, asking $1600 for rent. I got 1 email so far, I reposted the ad this morning so my ad can appear at the top of the list.  I have to get the place inspected as well, but it should all be fine. We went through the condo “minutes” (a log of all meetings of the strata council), to see if they discussed any problems with the building at strata council meetings. The minutes were fine, nothing wrong with the building (no leaky condo problems especially).

One thing I found out that was interesting, is that since this a penthouse suite, we can actually build a bedroom where the outdoor patio area is located (see pics in my last post). I have NO intention to build another bedroom, way too much work however it’s good to know that it is allowed for.

A couple things I plan on doing to the loft:

• install laminate flooring where the carpet is now (carpet is a bit rough)
• paint the walls with some light modern colors

The better shape your rental unit is in, the better type of renters you will attract. If you place looks like hell you will be in for hell from your tenants. A good rule of thumb is to decorate as you would your own home, treat it as if you were going to move in.

I already told my realtor to be on the lookout for another 2 bedroom but there is nothing else out there compared to what we just bought. I mentioned looking into Surrey for condos (they are cheaper there), however she said that the quality of tenants are worse in Surrey, hmm. We will see, I have this on my plate for now. Next month is Christmas, we will see if we find something before Christmas. Anyways that’s all to report for now.