D
Deleted member 50930
Guest
We got outbid 50-100k on everything. All the wfh people thinking it is permanent ...
|
|
|
COVID and the housing market
- Thread starter mimico_polak
- Start date
Priller
Well-known member
That's pretty much where we are, and yes, almost all the flips are identical crap. Grey and white, white and grey. Now the flippers are going nuts because value is impossible to find, so they're paying renovated prices for unrenovated houses...
Understood. My buddy had the same issue in the GTA, so he settled on the 4 bedroom condo in Guelph by the university. <500k and you can build equity as students pay the rent. 1 bedroom for him, and 3 students for the other bedrooms.
Doesn’t work for everyone, be he is still on the FIFO job that we worked on together, so it’s the perfect time for him.
So long as there are students and there is someone to cover the rent. At that price the mortgage is easily covered by a single or double house income.
Yup. Lots of flippers are moving further and further out of the GTHA. @Mad Mike found a good system.
one of my neighbours years back (10-12) stopped flipping in the GTA because you could no longer get good value at the time. So he did Cambridge, Guelph, maple, Barrie and Alliston.
This is also why a lot of the flips are garbage with horrible workmanship and materials. Cheapest bidder wins, and then they get squeezed further and some are happy they even get paid.
bigpoppa
Well-known member
sure seems that way, sales force announced they're making it permanent, spotify as well
Mad Mike
Well-known member
Get her a cat.
Mad Mike
Well-known member
I used to have toy bins in my kids rooms to make it easy for them. I also had a big red industrial Rubbermaid garbage can I kept in the basement. If they didn't clean up, I'd haul Big Red up to their room. The rule was everything left out after 2 hours was going into Big Red then to Value Village.
Big Red never left the house.
Dogs are more fun. Can’t seem to convince the wife though.
With a cat you get to replace the upholstered furniture every year. With a dog, it's the lawn.
I’ll take the dog. Allergic to cats.
Mad Mike
Well-known member
I think small city Ontario is where you go now to flip. The houses are smaller so the reno costs lower, you don't need Pella Windows, Toto toilets and Ikea kitchens with laminate counters are still fine.
I'm heading up to Timmins in a couple of weeks with a fistfull of cash. Here's an example of what I look for: I believe this property will go for about $50K Check out this listing. $20K needs to go into it, basic kitchen $4000, trim/doors/paint $3500, 2 bathrooms $6000, flooring $3000, and misc $3000. The result will compete with something like this Check out this listing. Sell it and pull out $40-50K.
Or keep and rent. Rents for a place like this are in the $1200/mo range. Post reno it could be mortgaged for $100K, you can pull out $30K in cash (after covering initial costs), carry that mortgage PIT for about $600/mo. Add contracts on mechanicals for $75/mo and you have a little over $500/mo in income.
Rince and repeat.
Mad Mike
Well-known member
Dogs are like having a 2 year old for 15 years and they can't look after themselves. You can leave a cat with food, water and a litter box for a week and when you come home none of your furniture, or flooring will need to be replaced.
Try leaving a dog for 24 hours.
moarmoto
Well-known member
Wow.
$799,000 listed, sold for 1.014 mil.
housesigma.com
I live in this area, few hundred meters away. Looks like I can at least sell mine for around 900k
Sent from my M2007J20CG using Tapatalk
$799,000 listed, sold for 1.014 mil.
HouseSigma
housesigma.com
I live in this area, few hundred meters away. Looks like I can at least sell mine for around 900k
Sent from my M2007J20CG using Tapatalk
I’ll have to log into it as I don’t have an account. Got a screenshot for a quick glance?Wow.
$799,000 listed, sold for 1.014 mil.
HouseSigma
I live in this area, few hundred meters away. Looks like I can at least sell mine for around 900k
Sent from my M2007J20CG using Tapatalk
ifiddles
Well-known member
this just popped up in my FB feed...in Oakville for those of you looking...didn't look too hard at the listing, so no idea what it's like...
www.98brockunit6.com
98 Brock Street, Unit 6
www.98brockunit6.com
If a real-estate agent posts a listing without a price or location, it should be fair game for any member of the public to punch them. Fack me. Well trained, earn their money my ass. Post pics and make everybody else actively acquire the potentially useful information.this just popped up in my FB feed...in Oakville for those of you looking...didn't look too hard at the listing, so no idea what it's like...
98 Brock Street, Unit 6
I think we will find very little of being forced back into offices. If it works (wfh) while the company needs it how do they justify pushing people back in afterwards? All it takes is a couple companies offering wfh and that’s where people will go forcing the other companies to follow suit.
Sent from my iPhone using GTAMotorcycle.com mobile app
Priller
Well-known member
Edit: deleted screenshot out of privacy concerns...
Last edited:
moarmoto
Well-known member
Sorry, didn't realize it needed an account (it's free).
But looks like Priller was kind to post up a screenshot.
It's your average 3bd freehold townhouse, around 1500 - 2000 sqft (if including finished basement) with 1 garage.
Sent from my M2007J20CG using Tapatalk
|
|
|
|
|