All Forum Posts by: Igor Tomic

i have a friend that used to live in detroit (now he is in windso ontario). He owns few properties around detroit and loves it. Great cash flow. Its all section 8. Buys cash and fixes up cosmetics. Says it never vacant. Also its harder to get bank repos , prices are going up and more people are in the game. Thats all i know. Hope it helps

i noticed that mix properties like that have property tax 3 times higher then just residential. I think you mist have that comercial space rented to have cash flow. I dont know if usa is same as canada. Im in canada

It saved me from investing into bad deal. Over 100K

Can someone please tell me do utilities go in 50%?

Example if someone is renting duplex for 800 inclusive each unit, so do I count my monthly cash flow 1600/2 minus mortgage or do you count after you pay utilities. 

Lets say utilities are 200 per month so it is 1200/2 minus mortgage

Thanks

thank you all for great advice. I really appreciate it

@Kyle H. From what I understand even if I buy a house I can't raise rent to the tenants that are living there right now. When I try to rent it to someone else I can put any price I like. I really can't do anything until their lease is up. Like I said as long as I can cut down my present house expenses by 500 a month I'm happy

@Kyle H. There is one other fourplex on the street and everything else is SF homes. Nothing is for rent. Not too many rentals in the area. You have everything close to home (shopping,bus,movies,gas etc). It has been on market since june and they got few offers. One was 100k so agent didn't even present it, one for 300k which was accepted but guy didn't get financing and today they are getting offer not sure for how much. I was told that it has never been vacant for more then few weeks. They have one guy living there for four years and two new that just signed a lease. One this summer and one last week. Last one has been there for a year or so but doesn't even live there. Only pays rent so she can keep an address for the kids school.

We went to see the property and to me it looks very nice (the best looking so far). There is not too many for sale and the other ones are in the bad area and in a lot worse condition. All rented tho. Price varies from 200k to 350. 

I'm really surprised that rents for 625 since usually 2 bedroom in Windsor goes from 700-1000. I'm assuming because you pay your own hydro and heat is electrical. There is a lot of properties for 750+ utilities  

Man i destroyed the post. Sorry guys. Still trying to figure everything out

 @Bram Spiero thanks . Just figured out how to tag you :)

@messege @Bram Spiero thanks . Just figured out how to tag you :)