All Forum Posts by: Lee Jackson

Thanks to everyone for the interest and input!   I accepted a conditional offer this morning!!!   

This happen quick when you let it!

Thanks
Lee

There have been many updates over the last few years.

Roof - 2016,  Furnace and A/C - 2017, Main floor bath - 2012

Both units refreshed this year. Currently the Main floor is vacant - do to refresh.

805 Stocker Rd. Peterborough ON K9J 5T2
Income Annually - 2017
Main floor $17,400, Lower $11,400
Total Income $28,800

Expenses
Hydro - $4,633
Gas -  $1,530
Internet - $840
Insurance $1,080
Propery Taxes $3,240
Total Expenses $11,323
Net Operating Income $17,477

Main Floor KitchenMain Floor BathMain Floor Master Bedroom with Laundry

Main floor living roomBasement KitchenBasement Bath / laundryBasement living room - gas fireplace

Basement bedroom

Hey Roy N.    Yes, Peterborough has been going up.   There isn't much inventory below $350,000.  And rents are nuts...

Hey Mathew.    Welcome to BiggerPockets!   There is so much to learn from on this site!  The podcasts are a great place to start.  

 I am from the Peterborough area, so if you ever have any questions, just ask!   

Lee

I am having troubles uploading pictures...  I will try again asap!

805 Stocker Rd. Peterborough, ON Canada   $329,900

Great Single Family, with legal Basement Apartment!

Main Floor 3 bedroom, 1 bath  $1500

Lower 1 bedroom, 1 bath  $950 

Both units recently updated.  

Utilities, Laundry and Internet included.

Taxes $3200

Main floor to be tenanted soon.  

Very low Vacancy rates in Peterborough!  Excellent income!

Message me for more information!

That' great!!

Hi Matt,     That's a good question, I am in a very similar situation.    

Sorry I don't have an answer for you, I would love to find out though. 

   From anything I have been told / learned.   You only pay tax on 50% of your gain...  so I am only guessing, but you would only pay tax on half of your $90k...    unless you lived in the property for a period of time, within the last so many years...

And unfortunately I do not believe that there is a Canadian version of the 1021 exchange. 

Not much help here...   

Hi Justin,    I have a little knowledge of the Peterborough and Kawartha's area.    I've owned a single family which is set-up as a duplex, for the last 10 years or so.   I found BP a year or so ago, and they have me really itching to get in gear to get more properties.  Peterborough is a great place to invest, tons of potential to find deals, there always seems to be a surplus of good tenants.  You can pretty much use any strategy, as there are different type of areas.      I believe the 407 extension has already started bringing in people from the Durham and GTA regions.    Also, with the  University and College...  lots of potential.

If you have any questions, please don't hesitate to contact me.

Thanks

Lee

 Hi there @Kristina Schmitt

Unfortunately, I was too late. Someone else bought the property.

I have made other offers on some potential seller financed deals. They all fell through as the numbers did not meet my requirements.

I also had another offer in, the seller was doing a lease option style of seller financing called "Agreement of Sale"... also fell through. Seller ended up wanting to keep the buildings, as his interest rate / tenants were great. He was offering 4.5% on a 5yr lease/mortgage, and even a potential second as a downpayment @ 7% interest only. It met my requirements too.

So, needless to say, I am always looking for potential buys.

It is never going to hurt to ask. make an offer that works for you. remember, with seller financing, pretty much everything is negotiable....

Best of luck.