BOC Hits 5% | Page 7 | GTAMotorcycle.com

BOC Hits 5%

Someone claims to have flipped 27 houses in 10 years also claims they cannot afford a seven figure home because of foreign buyers???? Math does not add up....

lol, either total BS on the #27, they flipped all these houses in 1970s, money went up the nose/in the vein/whatever good-time vice, or they are the most incompetent flipper in the history of flipping.... If any of us here had flipped 27 houses in 10 years (nearly three per year) we would be paying cash and spanking the "foreign buyers".

BTW, much of what is wrong in the market now is flipping at rates like this...
 
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backmarkerducati said:
Someone claims to have flipped 27 houses in 10 years also claims they cannot afford a seven figure home because of foreign buyers???? Math does not add up....

lol, either total BS on the #27, they flipped all these houses in 1970s, money went up the nose/in the vein/whatever good-time vice, or they are the most incompetent flipper in the history of flipping.... If any of us here had flipped 27 houses in 10 years (nearly three per year) we would be paying cash and spanking the "foreign buyers".

BTW, much of what is wrong in the market now is flipping at rates like this...
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I don't see anything wrong with legit flipping - it's a business, and bringing the value of a damaged asset back to market value isn't really harmful.

What I don't like is realtors flipping houses they get from distressed sellers. There's way too much of that - I've seen realtors do some really shady things when they find a financially distressed seller. Houses flipped by these folks are a different story.
 
Mad Mike said:
I don't see anything wrong with legit flipping - it's a business, and bringing the value of a damaged asset back to market value isn't really harmful.

What I don't like is realtors flipping houses they get from distressed sellers. There's way too much of that - I've seen realtors do some really shady things when they find a financially distressed seller. Houses flipped by these folks are a different story.
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If flipping was taxed as the business it is, I have much less problem with it. As it has existed for the last few decades, most were under false primary residence declarations and therefore tax exempt. I have a huge problem with that. Also the rampant burying of problems under pretty finishes with roughly zero liability or repercussions. Make no mistake, most flips are still the original dumps requiring extensive remedial work but now you need to destroy all of the expensive finishes to get it done.
 
GreyGhost said:
If flipping was taxed as the business it is, I have much less problem with it. As it has existed for the last few decades, most were under false primary residence declarations and therefore tax exempt. I have a huge problem with that. Also the rampant burying of problems under pretty finishes with roughly zero liability or repercussions. Make no mistake, most flips are still the original dumps requiring extensive remedial work but now you need to destroy all of the expensive finishes to get it done.
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I hear you, and I agree on the tax cheating -- although Rev Can is really strangling that lately.

Cheesed-over rehabs aren't just the domain of flippers -- I've been through countless properties that were spruced up to sell by their long time homeowners, Kevin.
 
FullMotoJacket said:
If only there was some sort of online search engine you could type s o c k p u p p e t into and find out.
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Mad Mike said:
I hear you, and I agree on the tax cheating -- although Rev Can is really strangling that lately.

Cheesed-over rehabs aren't just the domain of flippers -- I've been through countless properties that were spruced up to sell by their long time homeowners, Kevin.
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Now now…I’m not hiding anything with my siding!

What I’m doing is fixing Kevin’s handiwork. I’m sure the next owner will think I’m a Kevin.
 
backmarkerducati said:
They will think you are the same guy that carpets over hardwood.... siding over brick :)
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At least it is hardi not vinyl. Future owner will have a rude surprise if they try to strip it to expose the beautiful brick that some kevin covered up. Between the sections with spalling and the 2000 tapcon holes, the brick has been kevined.
 
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mimico_polak said:
So you made your money flipping and f$@k everyone else now right? Lol Great plan.

The first thing they should do is tax the poo out of flippers who abuse the system. I have seen plenty of homes for 'families' sit empty as they wait for the capital gains exemption to kick in. Let the kid / cousin / uncle / mom / whoever live rent free so the house is a primary residence and capital gains exempt.

Sorry. Flippers are the primary cause of this. Housing has become an 'investment' not a place to live.
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I've run across another side issue with flippers.

A local couple, both in wheelchairs, are looking for a bungalow in an established area. If one comes up and a flipper gets it first it gets a makeover that the couple would likely have to do over again to suit their special needs.

Agressive flippers seem to get at these places fast.
 
Scuba Steve said:
This exactly the agent usually talks down the seller telling them it isn't worth much then they or a buddy buy it.

Sent from the future
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Now let's talk about how RE agents collude on prices....then move on to how MINIMUM 20% of politicians are property investors. It stuns me people think Canada is a free market economy.
 
Agents collude on prices? they look at whats on market in your area , and sold at a similar price, thats the guideline . Then go up a few bucks or down if the market validates that decision. YOU can ask what ever price you want , and some will take your listing . My money will go to property investment , and other places , because historically it a good idea.
@SnazzyBalkan , you flipped 27 houses , your not happy with RE agents or did you broker your own?
 
crankcall said:
Agents collude on prices? they look at whats on market in your area , and sold at a similar price, thats the guideline . Then go up a few bucks or down if the market validates that decision. YOU can ask what ever price you want , and some will take your listing . My money will go to property investment , and other places , because historically it a good idea.
@SnazzyBalkan , you flipped 27 houses , your not happy with RE agents or did you broker your own?
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I was very happy with my RE agents.
 
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