All Forum Posts by: Account Closed

Well I actually approach it the same way as I do when trying to find a seller. When I do my Contractor interviews, I explain how we do not hire or let just anyone into our network. Express how big of an opportunity it will be as you are entering a circle of top realtors, lawyers and investors. This usually excites the great Contractors and scares the CRAP out of novice Contractors! If they know that YOU know your business then it sends a clear message of 'no nonsense' allowed. Of course ask for the usual suspects: Liability Insurance, Licenses etc...(but remember only Licenses and Insurance do equal GOOD!

Hey everyone, the market up here in Toronto, Canada is booming with new build condos that are shoe box size and very expensive. With that leaves us a redevelopment opportunity to offer a newly renovated space double the size and 30% less the cost to new home buyers. We have set our business plan to do 5 this year and we are into number 2 already so lets see! I have shared a before and after of our standard Kitchen cutout we use as a template for each project..

Has anyone dabbed in this space and what insight can you share?

I'm with J. Scott on this one... I prefer to pay a bit of a premium to a Licensed GC with Liability and Workmans Compensation which is mandatory here in Toronto, Canada. One fall or injury will debilitate your business plan.

Hello all! I am excited about being part of the BP community! So doing a 2bed 2bath condo reno/flip and always like putting custom glass doors in my showers. Part of me now thinks leaving it up to the buyer may be a better option? Thoughts? Would you include that expense in your experiences? Thanks!

We buy property from MLS and if you watch your numbers and set a desired profit it will work out. Its all about getting the right team together. My agent and lawyer work together which helps me save in closing costs. Build the right team and MLS can work. AND Don't be too greedy, sometimes the small profits are sweet...

Thanks for some awesome feedback from all of you! A lot of great points to consider. Brand and product reputation is very high up on my business plan.

Hello all! I am excited about being part of the BP community. I have completed several fix and flips and have always waited for the reno to be 100% complete before hosting any buyers. What are your thoughts on trying to market a buyer while the renovation is in process and maybe allowing them to select finishes etc..of course it would have to be a firm offer before that point... Thanks and look forward to your shared experiences:)

Hi Danny, tough decisions to make. Great area but New condo market in TO is very tricky with so much inventory. Renting out is always a good plan B. Also be careful with the HST, the CRA are really cracking down on new condo flippers so I would budget to give up another 13%...keep us updated.

Exciting time for you and congrats! Be cautious of flips with pools. Margins can be tight and a pool can be devastating to a flip. Keep your eyes on every penny and should be fine. As a rule I avoid homes with pools but thats my personal preference. Have fun and enjoy the process!