All Forum Posts by: Andrew B.

Also there is many viewings booked so I may need to act fast, the market is nuts

I'm looking at buying my first home (for myself to live in). I went and looked at it and it checked out pretty good for what I'm looking for, It does need work but the price reflects on that.

It needs new

Windows
Tub Surround and bathroom updates
Laminate Flooring (about 350 sqft (guess)
Carpet in bedrooms (3 bedrooms)

The whole house is 980SFT (bungalow) has a new roof in 2007 with 25 year warranty.

Now the issue, It does have cracks in the foundation, The realtor said the homeowner nows this and will pay for it, it will be in the contract that it will be fixed before I take possession (inspection before and after tomake sure it was done correctly)

Im just scared he will attempt to do it himself or hire a buddy that owns a company and do a real cheap and ****** job, Should I worry about this?

Should I get an estimate from a structural repair company and take it off the cost of my offer and get it done myself? Any other ideas?

There is also cracks in the garage floor that pop up, The only thing I see it as a tripping hazard because I've seen it in most houses around here, Should this concern me much? The house was built in 1968

Thanks Guys

Hmm I just can't understand it then?

Gross Rents: 1420

Utlities Expenses: 0
Insurance: 55 month
Taxes: 100 month
Misc Repairs;100

Total Expenses 255

1420 - 255= 1165

Mortgage: 975 a month

Cashflow: 190/month

Taxes are $1173.13, tenants pay $710.00/month = $17040.00/yr, Insurance is $697.68, tenants are on a lease with a 60 day notice required, Tenants pay all utilities including hot water tank rental. Which is $34.61 quarterly.

This a 2 unit building (each 3 bedrooms), Selling for 144,000 but I could get it for 134,000.

Just because the tenants pay utilites how does that change things?, because it obviously doesnt work with the 2 percent rule or 50 percent gross rents. But I see a 345 dollars cashflow before repairs a month?

What am I not seeing or is it an ok deal? I know you wont like it Mike but I cant find a duplex for under 100K like you can :P lol!

Thanks Guys

Hey Guys (Didnt know where to post this)

Just curious how much you guys pay or would pay for a Landsscape company to cut grass and take care of the outside of the property. Im thinking of starting a small landscape company to take care of condos and apartment buildings .Does 50-55/hr sound reasonable.?

Including Pressure washer to clean sidewalks and siding (if needed). Aerator, lawn tractor , weed wackers and hand mower.

Once a week would usually be needed?

Any opinons on other services needed or anything?

Asking 63,000
Offer 35000
get at 43000?

Question:

VERY VERY rough guess how much it would be to strip the house and rehab a 4 bed with this square footage and details?

Thanks

Property Profile
Property Type: Commercial/Residential
Property Style: 1 1/2 Storey
Bedroom(s): 4
Bathroom(s): 1
Kitchen(s): 1

Possession Date: December 05, 2007
Next Open House Date: n/a

General Information
Property Size: 1200 sq.ft.
Lot Size: 36x96
Property Age: 70
Municipal Taxes: 1200
Maintenance Fees: 0

Owner's Description
This riverview property currently has a residence but is in a commercially designated area so the potential is limitless (3 story structure can be built to property lines). The current building was inhabited till Oct 9/07 but is in need of extensive renovations. It needs pretty much everything except , the structure, siding, a bathroom & water heater.

Interior Information
Appliances: None
Floor Covering: Carpet, Hardwood, Laminate, Linoleum
Basement: None
Bathroom: Bath Tub
Upgrades:
Features:

Exterior Information
External Facing: Vinyl Siding
Garage: None
Garage Spaces: 0
Driveway Details: None, Lots of street parking. there may also be room to put in a small side drive with the current building
Parking Spaces: 0
Location Details : Close to All Services, Highway Access, Lake/Pond/River, Near Park, Near Schools, Recreational/Community center, Water View, Country Community
Exposure: North

Thats what I figured mike but hard to say its the "best" deal I've found in my area.. I'll keep looking!

Thanks

http://www.mls.ca/PropertyResults.aspx?Mode=0&Page=1&vs=Residential&ret=300&sts=0-0&beds=0-0&baths=0-0&bt=1&aid=3918&MapURL=%3fAreaID%3d6582&mp=0-0-0&mrt=0-0-4&trt=2&of=1&ps=10&o=A

Possible rents 750 LOW to 900 HIGH

Repairs needed - "Hole in wall interior" and "soffit and facia work"... I imagine some painting aswell.

Its a pretty ugly house if I have to say myself

But I figure I can get it for 70K

Whats your take on this?

Its an out of town investment too, My hometown actually where all my family lives...

http://images.mls.ca/listings/reb100/highres/8/20764081.jpg

Was thinking about a dollar store as well...

Finding something where employees were already in place and a manager etc. would help out alot..?

These places selling for 150k are claiming a NET return of about 100k a year, but even if they are ********ting and its half of that, isnt it still pretty damned good?

Guys I always wanted to buy my own little business

I've been looking on the MLS and such and most seem to cash flow alot , like you can get easily 40 percent gain on your money in the first year.. I also know you will need to work daily for a while until you are established enough to just let the biz run itself but In all honestly I think buying an established business from a person retiring or such is a good idea and VERY good cash flow?

Im thinking resturant, bar, clothing stores, etc etc..everything im considering at the moment...

What do you guys think, With some hard work and dedication is it really risky????

Thanks