Sold???

It looks like my neighbour at 73 Arlington will have a sold house very soon. While I was at the gym last night, a man stopped by my house and left Graham, my roommate, a note to call him back. The man is buying the neighbour's house and wanted to talk to me about something.

Of course, I called him back right away to discuss the purchase. I mentioned that I originally had been interested in purchasing that side of the house as well when he asked me if I was selling my half of the house. At that point, I told him "no". I just bought the house and was planning to do renovations on my side. This guy was an investor and he was looking to buy both halves like I did. Unfortunately, he has the money to do so, but the news is not all that bad.

I like the fact that the guy is willing to do renovations. I had asked whether or not he was going to continue to rent the property or do a quick flip. He did not know the answer. It doesn't matter. The fact that he will be using a lot of money on his side of the house (he estimated 50-60K) means that the direct comparable to my house will increase in value. If it's a quick flip, I can probably see him re-listing in the spring and setting a new precedent for the value of my house.

Now, his side is very different than mine. Well, not completely different, but with some notable differences. First, I have a living room and dining room on the main floor. He has a living room and a bedroom. Next, I have a larger kitchen due to the fact that he has a small bathroom located on the back portion of his kitchen. Finally, his basement is not finished while I have my second bathroom located there. Therefore, I think my home has two things. First, it has more potential. Second, it will cost less to do the renovations.

I think it has more potential due to the size of the kitchen for example. It is big and capable of becoming a very sellable feature of the home. In the other side, for example, the bathroom would have to be removed to get the same effect. Regardless, if the investor wants to do that on that side of the house, by all means, I hope he does.

These are the days that I love real estate the most. They are the surprises that you don't expect. It gives me optimism and confidence that I am doing the right things with respect to my investment. My "hobby" is getting serious.