Investment Property: Buy only When the price is below the market value - Warren Buffet

Not long ago I read a book about the billionaire Warren Buffet and he says in it that you buy a property, only, when the selling price is below the real market value. And he went on saying that we have to be pacient and wait for the right opportunity, and always live within our means.

So, the Real Estate selling prices in Toronto (Canada) are not falling as they are in the USA, but with such low interest rates being presently offered by the lenders in general, my wife and I, too, had to take advantage of the great opportunity that popped up in the market.

We bought an Investment property located south of Rogers, West of Dufferin that was being sold by a Bank under Power of Sale. It's a property with a Detached Home with 3 units (3 kitchens, 3 washrooms) with 3 separate entrances, an independent laundry and 2 possible parkings. A few renovations are needed but we are really taking care of it (wheeping tile, water service, few new appliances, painting, new faucets, new doors...) in order to preserve the great value.