All Forum Posts by: Luc Boiron

@Meti Kay It sounds like you should be able to keep it on budget, as long as you have priced out that heating unit. Not sure what type of condo you are getting, but some would replace a broken window for you out of your maintenance fees, so might be worth looking into.

This place sold for $285,000. A bit of an older building in an ok area, not close to downtown but close enough to transportation.

Good luck!

Lots of people invest in rentals in and around the GTA. Some simply speculate, some find great deals, or some make great deals. There are many strategies that can still work in this market.

The condo was just under 1,000 sqft, 2 bed, 2 bed. Floors were about $2.85 (CAD) at Lumber liquidators, they are a floating bamboo engineered floor. Great colour. Install was about another $1.2-1.4 psqft.

@Meti Kay Don't buy a deal to flip because you think the value will be going up. Make sure you take a good look at what was done in the unit next door to make sure your finished product will be as nice, or nicer.

I never put in carpet, I actually put in engineered bamboo in that condo.

Your costs seem reasonable for the work you plan, so it looks like a good deal!

If you want to see a 3D tour of the condo I did, here is a link: https://gallery.vrlisting.com/3d-model/802-2550-la...

@Meti Kay Your profit is slightly on the low side, but it doesn't look bad if your estimate on the $295 is conservative, and you believe you could do even better.

Make sure you are accounting for all numbers. In my market, Land Transfer Tax is a b*tch that eats into deals. Financing is expensive - it sound from your holding costs that you likely are getting a traditional loan for it to be that cheap. Keep in mind that if you were doing this deal with private financing you wouldn't be able to make the numbers work, but using bank financing to keep that down is a way to help you make the deal work.

How confident are you in the $15-20k reno? Do you have someone who can do it?

Double check all your numbers. Will you be getting insurance (liability at least, I know it's a condo)? I reno'd a property that was 2 bed 2 bath and the reno was around $30k, and that was a pretty good price. It was fully done though, both baths, kitchen, paint, baseboards, all floors, etc.

Overall my opinion is that it sounds pretty decent, just make sure you're not missing any major costs.

@Kenneth Noronha Next time! It's a great place to meet people. I actually met someone I'm doing a flip with now at @Ming Lim 's meetup. I fond when you get the real estate bug, it's nice to have people who share the same passion to chat with.

@Matt Geerts I sent you a PM. My presentation on flipping is a new property every month, and it just breaks down costs and profit, and shows before and after pictures. I don't mind sending it to you.

@Peter Davies I agree with @Matt Geerts about the long distance investing.

If you are in Ontario, nothing wrong with investing here. But if you're doing it from BC, you're better off finding a small town in BC with more affordable home prices to invest in.

@Michala Vander Ploeg I was looking at properties in North Bay several years ago. I think there's some decent cash flow opportunities there. I only very briefly looked into student rentals there, and didn't find it much more appealing than around colleges elsewhere in Ontario (and student rentals are very management intensive).

I did find that normal rentals (houses or small multi) did have very good rental rates to purchase price ratios. Also, most of the stuff available for rent is really crappy - you don't need to rent the most luxurious places, but rent something clean and in decent condition, and you should get great rents.

Hello RE investors in the GTA!

Tomorrow night is our next monthly meetup to chat about REI in Ontario.

The meetup can be found at: https://www.meetup.com/Toronto-Real-Estate-Investo...

The event is tomorrow night at 6:30pm to 9pm.

I hope we can have a big turnout of BP members.

The meetup is at the Royal LePage Terrequity office at Queen's Quay and Yonge, there is no fee to attend, and no sales pitch. It is simply a meetup for investors to chat about real estate, help each other, and grow as professionals.

I plan on running through the example of a flip by showing one I have recently worked on or am purchasing. We will also have a presentation by James Grantis, the Managing Director of Equity Lenders Mortgage Administration. He will explain how it works to lend your money through their platform as second mortgages, or how to obtain private mortgages for your own investments.

After that, we will discuss real estate generally and and any questions people have.

I hope our local investors will be able to make it!

@Ming Lim @Yuse Segura @Claude Boiron 

@Robert Gunther I had a similar ventless unit for a while. It wasn't feasible to run an exhaust vent in the older condo that wasn't built with en suite laundry, so this was the alternative I installed. It worked well, just took a long time to do a load. An advantage was that if your clothes could be tumble dried, you could simply turn it on to wash and dry, and it would go through the whole cycle without needing to move anything from the washer to the dryer.

The disadvantage? The full wash/dry would take almost 4 hours. I would often just start a load when I went to work so it would be done when I got home, so it wasn't too big a problem.

Personally, I like them for spaces that have limitations. I believe you can find some ventless units for around $1,500.