COVID and the housing market

mimico_polak said:
Wow....I like it. Wish I could afford it! LoL

www.realtor.ca

Check out this listing

3656 SAWMILL VALLEY DR, Mississauga, Ontario L5L2P6
www.realtor.ca www.realtor.ca
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Haven't you heard? Real interest rates are negative. Mortgage interest is less than inflation so the more you borrow, the better you do. It will probably be that way for years (at least as long as JT's reign of terror).

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Also think of all the money you will save on gas and oil in your lawnmower. I have no idea why municipalities let people get away with 100% hardscape.
 
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mimico_polak said:
Another one I like...

www.realtor.ca

Check out this listing

3526 PITCH PINE CRES, Mississauga, Ontario L5L1P8
www.realtor.ca www.realtor.ca

Outside of this random ducting that wasn't covered for some reason...

View attachment 53258
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If they are going to leave the duct there like an unzipped fly, at least turn it into a steampunk light fixture (I know you aren't supposed to run wiring in ventilation ducts but that doesn't stop most dumb renovation ideas).
 
So exactly 1 year now since thread was started...Anyone have regrets? Should you have bought your neighbors house that you thought they were crazy getting their asking price one year ago? Could you have made a hundred grand or two on it this year? (assuming you had the extra cash for a second home, and not sell primary residence) Not talking about your primary going up in value.

About 4 years ago one of my customers bought a second home to renovate or rent at the bottom of Walkers line near lakeshore and within the time she submitted offer, took possession (3-4 months) she had already re sold it for 100k more and didn't even open the front door (650k-750k at the time) I thought she hit the jackpot. Now same place prob worth 1.5 or so? Second buyer is the one who hit the jackpot if they held onto it.
 
Mikedezo44 said:
So exactly 1 year now since thread was started...Anyone have regrets? Should you have bought your neighbors house that you thought they were crazy getting their asking price one year ago? Could you have made a hundred grand or two on it this year? (assuming you had the extra cash for a second home, and not sell primary residence) Not talking about your primary going up in value.

About 4 years ago one of my customers bought a second home to renovate or rent at the bottom of Walkers line near lakeshore and within the time she submitted offer, took possession (3-4 months) she had already re sold it for 100k more and didn't even open the front door (650k-750k at the time) I thought she hit the jackpot. Now same place prob worth 1.5 or so? Second buyer is the one who hit the jackpot if they held onto it.
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That path could have worked. In the interest of mental health, I am not interested in owing seven figures even if it has a chance for a quick payoff. With the rapid price escalation, the harder problem for me is maintaining leverage. Ideally, I'd like to keep the house around 50% leverage (with the money invested) but that's starting to become a scary amount of money. Market swings can put you six figures behind in a day.
 
Mikedezo44 said:
So exactly 1 year now since thread was started...Anyone have regrets? Should you have bought your neighbors house that you thought they were crazy getting their asking price one year ago? Could you have made a hundred grand or two on it this year? (assuming you had the extra cash for a second home, and not sell primary residence) Not talking about your primary going up in value.

About 4 years ago one of my customers bought a second home to renovate or rent at the bottom of Walkers line near lakeshore and within the time she submitted offer, took possession (3-4 months) she had already re sold it for 100k more and didn't even open the front door (650k-750k at the time) I thought she hit the jackpot. Now same place prob worth 1.5 or so? Second buyer is the one who hit the jackpot if they held onto it.
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The list of places I did not buy and cry in my sleep , about is fortunately longer than the list of places we did buy that should not have. That said my primary beer drinking pal sold his Oakville south house 3 yrs ago for 1.8m , its an easy 3 now. But he wanted out , got out and is sitting on a nice bit of cash.
Me, I dont want to be that deep in on real estate, I've owned more than one house a couple times , Im good missing a bit. I sleep at night.
 
Mikedezo44 said:
So exactly 1 year now since thread was started...Anyone have regrets? Should you have bought your neighbors house that you thought they were crazy getting their asking price one year ago? Could you have made a hundred grand or two on it this year? (assuming you had the extra cash for a second home, and not sell primary residence) Not talking about your primary going up in value.

About 4 years ago one of my customers bought a second home to renovate or rent at the bottom of Walkers line near lakeshore and within the time she submitted offer, took possession (3-4 months) she had already re sold it for 100k more and didn't even open the front door (650k-750k at the time) I thought she hit the jackpot. Now same place prob worth 1.5 or so? Second buyer is the one who hit the jackpot if they held onto it.
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I wish I had my finger on the pulse of the place next to my daughter as they share a common driveway. She could have rented the house but with no parking. It would stop some of the PITA parking issues she has while creating income and building equity.

It would also allow her to merge the lots if she won a lottery and could build her mansion on a double lot. That would not be money effective. The two properties are worth $1.5 ish together and throwing in a million for a new build doesn't make sense. It's not a $2.5 million hood.

Low leveraging is OK but no leveraging is better.

One issue is, in today's market, how do you establish prices on a one to one sale? History and COLI mean nothing.

P.S. Through my daughter I have become aware of faults in the house and it needs a ton of handyman hours. The bedroom receptacle where one would plug in an alarm clock doesn't work unless the closet light is on. Water seepage, holes in soffits, bats, ants, etc. I don't want to be a slumlord and some of those are biggies. I assume the wiring is K&T. When I fix things I don't want MimicoPolak to say I'm like the guy that fixed his place.
 
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Since I'm the regretful one here...my ONLY regret with RE over the last few years is selling our 6-plex.

I understand that we couldn't buy a house without selling that place.

But seeing what we sold for, and the amount of rise that rents were going up by since then...makes me cry a little at night.

I know it was for the greater good for our family, but we could've made that townhouse work for a few more years.

I'll never have another shot at a 6-plex like that...Mimico/New Toronto...by the Lake...basically 600k left on the mortgage with rents jumping heavily...

I'm going to be drinking tonight lol
 
crankcall said:
He is on busses rolling our neighborhood , I'm sure he's an ok fella , but Jesus he looks creepy with the makeup
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Have you looked at his rural listing 2337 Paugh Lake Road Madawaska.

I get neck cramps from doing head shakes while reading realestateese lingo. "Little Round Lake", more like pond. 18 Acres of boating with half of it being through pond scum. The pictures are like home sweet home to a red neck survivalist, complete with your own fire truck.

Do you need building permits up there.

The best selling point isn't mentioned. It's near the Wilno Tavern, where I had the biggest pierogi I ever saw. Seriously. It was the size of a softball.
 
Mikedezo44 said:
So exactly 1 year now since thread was started...Anyone have regrets?
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I have:

no-ragrets-temporary-tattoo-2663.jpg
 
nobbie48 said:
Have you looked at his rural listing 2337 Paugh Lake Road Madawaska.

I get neck cramps from doing head shakes while reading realestateese lingo. "Little Round Lake", more like pond. 18 Acres of boating with half of it being through pond scum. The pictures are like home sweet home to a red neck survivalist, complete with your own fire truck.

Do you need building permits up there.

The best selling point isn't mentioned. It's near the Wilno Tavern, where I had the biggest pierogi I ever saw. Seriously. It was the size of a softball.
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$4M??? I was looking through the pictures and thinking it was a few hundred k tops. What a pile of poop.
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