All Forum Posts by: Matt Geerts

@Eddy Brasser 2.29%. I am accounting for repairs and paying condo fees. Utilities are on the tenants. Flow is just over 200.

I WISH I could get 10 fricken % but in London St Thomas you basically don't even have a line in the spreadsheet for appreciation unless you are already in an upper crust neighbourhood. My own personal residence is up 13% total after 8 years, and 0% in the last year.

@Peter Crisp 

Thanks a million for that post! I wonder if I can contact someone in London or St Thomas to find out when this might happen here.

This will need confirming, but I am pretty sure their last day to redeem is the day the tenders are opened, then it is owned by the highest bidder. 

I can someone confirm that the minimum tender is solely for the back taxes and utility leins, not fair market value?

Peter, post back what you think of the Windsor list tonight. I know nothing about that town so there is no way I'd jump in. I am just curious if these are sort of undiscovered gems or if dozens of people are bidding. I'd love to be there for the tender opening one day.

Are tax sales a seasonal thing? I had looked at the Ontario Gazette 1 or 2 issues ago and saw a few properties up, but now looking at the latest edition there's a HUGE list of tax sales. Windsor is ripe for the picking, though I have no idea what their market is like. Here is a link to the gazette edition:

https://files.ontario.ca/gazette_docs/ontariogazet...

It is a real shame that these are hidden tenders and not a "courthouse steps auction" but that may lead to some people scoring some unreal deals. Ottawa and St. Catharines have some nice properties up. Huntsville, if land there is worth anything (tourists, vacation properties) there are some nice options.

I know that I posted vaguely about this in the past, but this latest issue has sparked my interest.

If anybody here has ever completed a tax sale in ontario I'd love to discuss it.

Hey @Account Closed that you are in a VERY enviable position! Since you know how to swing a hammer and you won't be home all the time anyway, you can always buy a 4-plex and move into the worse unit to fix up, or ask the previous owner which tenant is the biggest pain in the *** - kick them out and move into their unit and fix it up.

I'm just "down the road" in London and we're getting some traction here with a very eager group of BPers, so feel free to join us for a meet up or pick brains on the forums.

@Matt McKee Yes, St. Thomas is ripe for BRRRR if you can find the right mix of buyer and worn-down building. You MUST watch out for old iron sewer lines that are full of oak branches and will need a 12k demolition. You MUST watch out for galvanized plumbing that can cost you a bunch to replace or you won't get insurance (or at least high rates). Wet basements happen. You can pretty much expect to install windows, so a good window guy would be nice.

@Matt Smith I know the town reasonably well, but you better believe I'm coming over for barbecue!

Well, here's my take on your question - they don't follow the 1% rule in general, but you don't want to invest "in general". You want to find amazing deals and crush them. These area available in London, but they aren't plastered all over MLS and they may require a special buying opportunity and some rehab. If it seems like you're finding a place easy and having an easy negotiation, you're probably not getting a deal.

Have a chat with @Tyler Bruce about Kingston. He's done some awesome work!

And I don't mean to kick you out of this thread or anything, but start a thread about investing in Kingston and see who comes out of the woodwork!

Hi @Mona Azad

I organized the meetup and I am brand new to the game myself! I've just bought a single unit, and since I saw that my biggest weakness in real estate is networking I grabbed the bull by the horns and posted a meet-up.

You're like six hours away, so I promise you're better off starting your own local group that coming all the way to London to attend ours! If you happen to be travelling on our meetup day, we'd love to have you.

Can I get some consensus on Tuesday night being a good time? Nobody schedules anything on a Tuesday, right?