Your missed provincially run casinos
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COVID and the housing market
- Thread starter mimico_polak
- Start date
The greatest money launderer out there....outside of real estate flipping.Your missed provincially run casinos
Priller
Well-known member
A quick visit to McMansion Hell will do your head in...
I know. My house has some of that stupidity.
without building it myself, it is so hard to avoid. My wife is not into old haunted houses and I would spend all my time and money restoring it so it made sense to buy something reasonably modern.I would never knowingly buy anything that has been flipped as by definition they hide whatever they can to maximize profit. My house has california knockdown in the basement which looks nice but the didnt insulate the rim joist first or run conduits anywhere to allow wiring. Gah. I hate ripping out thousands of dollars worth of material to fix hundreds of dollars worth of problems that they skipped. The previous owners paid to have it done for themselves but didnt know enough to ask the right questions.
I've mentioned it before but my previous realtor (son of a ***** you want in your corner) did this as a business atop the real estate, and also short term interest only loans to contractors (where he'd keep the house if they didn't pay) and he always told me 'the 500-700k market is the best, the people don't know **** and they're all trying to get rich, so buy a **** house, put some lipstick on the pig and flip it in 2 months. Easiest money you'll ever make'...I know. My house has some of that stupidity.
I would never knowingly buy anything that has been flipped as by definition they hide whatever they can to maximize profit. My house has california knockdown in the basement which looks nice but the didnt insulate the rim joist first or run conduits anywhere to allow wiring. Gah. I hate ripping out thousands of dollars worth of material to fix hundreds of dollars worth of problems that they skipped. The previous owners paid to have it done for themselves but didnt know enough to ask the right questions.
Ever since then, every house we look at and see that it's fairly freshly renovated, I start digging through all the closets and nooks and crannies (laundry room behind the furnace is the best place) and see what's left behind. 8 times out of 10...they literally just finished the renovation, and the materials they used are still in the house. You'll see how cheap the flooring, paint, tiles and everything else is that they used.
I prefer to buy a house that hasn't been renovated. Sure it'll cost...but you know you're doing it once and not fixing ******** sloppy work.
BigEvilDoer
Well-known member
Be happy you’re not in Windsor... Houses go up for about 65% expected sale value. You want $300K? Post for $200K.
It’s stupid dumb, but it’s the norm down there.,
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Mad Mike
Well-known member
Ever been to Windsor? Everyone is happy the're not in Windsor.
BigEvilDoer
Well-known member
And that’s exactly why we’re flipping down there.
The buy in cost is about half of KW. Allows for a bunch of stuff without needing banks.
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Mad Mike
Well-known member
I have been looking at flipping lately - seems to me Sudbury, North Bay, Kingston, and Timmins (small centers) have nice inventories of flippable houses. I don't think I'd risk Peterborough, Belleville, Thunder Bay or anything in SW Ontario -- too much of their economy's are based on low value industry -- not enough buyers to sustain long term runup on prices.
I’ve considered it but with full time work, kids and the like it’s difficult. Especially far enough out that you need to take big time off work. The GTHA is way too expensive to buy in and start.
I considered buying on assignment but don’t know enough about it yet to make an informed buy.
Mad Mike
Well-known member
I'm working on one with my kid right now. We cleaned up an abused rental property he picked up for less than the price of an F150. After 3 dumpsters of cleanup it's value has more than doubled.
I'm focused on Timmins, mainly because that's where the kid lives. you can pickup small places for $70-100K, put 25 in and be in the $160-$200 range if you know your neighborhoods. Nice think about the small centers is the houses are often small, so basics heavies like roofs, porches, siding and even flooring are not expensive to reno.
Another trick I used to flip inexpensive places is to give potential buyers a down payment. If the market price is $200, list the place for $220 and swing a deal to give the buyer 10K to help with the DP.
AllistonGT
Well-known member
Yes. But at present stairs like those are not really in style.
I think stairs like that, same as all good craftsmanship will always be in style.
I love a set of stairs that is in an old mill I got to explore. Nothing fancy but worn down 3/4" from more than 100 years of workers passing over them. Amazing. Obviously not that hard to build but how do you try to replicate that? Belt sander is cheating and wont look right. You could try to run up and down a million times with sandy shoes to get the process cooking but that is a lot of work. You also need to start at least part of the time with you other foot so the wear isnt exclusively in a zigzag.
Priller
Well-known member
This is a total derail (and a wee bit of a one-up, for which I'm sorry), but I was lucky enough to be in Rome when the Scala Sancta stairs had the wood covering removed for the first time in nearly 300 years. The marble is so heavily grooved from 1,400 years of pilgrims climbing it on their knees that it's more like waves than steps:
(I'm overweight and have bad knees from work stupidity, so climbing them was absolute agony, which I suppose is kind of the point if you're Christian like myself. There were little old nuns, though, who were clearly pros and zig-zagged through the crowd like a BMW 3 Series on the 401. Regardless of religious belief, sharing a human experience that goes back to the 4th century is a powerful thing.)
We sold end of June 2020 with asking price just a bit higher than I figured we would get. Not one offer under asking and it sold at $32k over asking. We're just outside GTA but most offers including buyer were located outside GTA. What I found weird, and it's a first for me after selling 3 other homes, is that almost all offers came with personal cover letters from buyers saying who they were and why we should pick them to sell to.
D
Deleted member 50930
Guest
Well sadly, the letters are a great idea. You don't have another 100K to throw at the house to try to get it so you go with what you got and hope the letter helps you out. I wrote one for a house that was taken off the market before we had a chance to see it, but my wife didn't get a chance to deliver it before we had to accelerate the program and bought something else.LOL I heard about this too.
The state of the housing market is so frustrating
So my bid of 100k less than others will be selected because of a letter? I’m sure it’s unlikely but have heard of it happening.LOL I heard about this too.
The state of the housing market is so frustrating
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