All Forum Posts by: Jefferson Bautista

As the title says, has anyone bought a court ordered sale in Canada?

This unit I am looking at is an apartment in Vancouver BC selling for $600K and is completely trashed with piles of trash and kitty litter bags tossed in the closet. 

Has anyone bought anything like this - a hoarder's house as a court ordered sale?

Hi all,

I recently found a mentor in my area that is willing to help me out with my first flip. But are they trying to help too much or are they expecting something in return beyond the normal scope? 

I just had my first offer accepted for a flip project on a condo and I told my mentor how its going. They're also a real-estate agent but would only be representing me during the sale as my family member is representing me during the purchase. Their commission is normal for my area but they said they would be willing to run the entire reno project in addition to doing the sale in the transaction. Am I missing something or is there a catch? Personally I don't like receiving too many favors as it may create a liability in the relationship that I may not be able to "re-pay." Maybe I'm being to cynical? 

Thank you!

Thank you @Brad Jacobson and @Nick Vazquez this really clears up my confusion

I see some REIs sending multiple offers per day but how do you do so without getting in legal trouble? I talked to my agent and they say that it’s recommended that 1 offer is sent per 24 hours because if 2 offers are accepted at the same time and I decide to only go with one and back out the other then I’m at risk of getting sued. 

I need advice on an apartment in the Vancouver Canada Area and planning to do a fix and flip but here's the issue:

I'm still looking for my first deal. This building was built in 1994 and the asking price is $632,000 (assessment of $597,000) for a 800 sq ft unit. It has purple carpets, green walls in the entire unit except for sun yellow walls in the kitchen. Things that will be done is replacing to s/s appliances, quartz counters but cabinets will just need new hardware. 

***Comps before price drops from Euro-conflicts: Jan 1 - Apr 31***

The 2 closest comps are buildings on the same street built in 1993 and '95. They have the same sq footage but the difference is they both had been newly renovated and had sold at $700,000 (list prices of $600,000)

***Comps after price drops from Euro-conflicts: March 1 and onwards***

The only closest comps are 2 other sold listings of buildings that were built in 2008 for 700 sq ft units that sold for $700,000 and still have their modern-ish look of that era. The rest of the sold comps are either from 2015 or 2022 with 700 sq ft units sold for $815,000.

The active comps are even less comparable with all units from 2022 for a 700 sq ft unit at $815,000.

The government Property assessments are only available for the 2008 and 2015 units and their asking/sold prices are generally 60-138k above that. For example, a 2008 unit with assessment $632,000 sold for $695,000 (List price of $699,000). Another example: a 2015 unit with assessment $647,000 sold for $785,000 (list price of $749,000) 

The key points of why I am considering this deal but at the same time unsure are:

1) Unit is the largest in the area that has been active since after March 1, with 800 sq ft compared to the other newer but smaller units
2) Unit is the cheapest in the area by $28,000 below a current active from year 2022
3) Unit will need replacing floors and kitchen which can be pointed out during negotiation, but at the same time means greater renovation costs
4) Unsure because there are no very close comps 

5) Unsure because the only very similar comps were those from before the conflicts and so prices may have dropped significantly

6) Also interest rates are rising and are set to rise some more in Canada by June so prices may drop even more

So my questions would be:

Will the numbers make sense?

Is this too risky for a 1st timer?

How much below asking should I offer if I choose to do so (at or below assessment value)? 

If there is any detail that is unclear or missing that would be needed to determine the ARV please let me know.

Also I am unsure if there is a way to reply to comments so I might just edit this post with details as commenters suggest.

Thank you for taking the time to read this!

Personally in the Greater Vancouver area Detached residential has been cooling down and staying on the market for 2weeks or more but condos and apartments are still getting 5+ offers over asking and selling within 1 week or 1.5 weeks on the longer end.

Hi everyone, Alicia Marks made a post on the general forum asking about any changes in the market. But it lacked any Canadian investor's insights and mostly contained comments from our fellow Americans. So let's see what is happening in Canadian Real-estate, whether residential, attached, detached, commercial or anything else, especially as BOC announced looming interest rate hikes what are you noticing?

Hi everyone, I'm going to be doing my first flip this month and I'm located in Vancouver Canada. It will just be a cosmetic lipstick on the pig style rehab (no structural, electrical, plumbing, etc) as its going to be done in an apartment unit. I have no experience in construction so was wondering what would the best option be if I'm only looking to replace kitchen cabinets, counters, floors, painting, light fixture, vanities, appliances?

What I want to prioritize is speed and decent quality while still optimizing costs (in that order) as I want to get the unit (700sq ft) done within 1 month and do the same at least once a month.

Thanks!

Im not from the states but looking to do my first fix & flip in Vancouver Canada in an apartment/ condo. How do you go about creating a SOW exactly? Thanks for all your input!