All Forum Posts by: Jason C.

@Ned: how low?
@Ibrahim: agreed.
@Tyler: It's seems like mostly a factor of the sellers age and not having the energy to fix it up. Plus it is a tough rental market here in Windsor.

I don't have the time or experience to rehab the place myself.
Both units are vacant.

Also, can someone please explain why he would want to do vendor financing? What's in it for him, assuming he just wants out.

Analyze this:

http://windsor.kijiji.ca/c-real-estate-houses-for-sale-DUPLEX-2-UNITS-EACH-WITH-2-BEDROOMS-W0QQAdIdZ384870985

I looked at this downtown duplex, it needs a full cosmetic rehab.

Owner has had it for over 30 years, no mortgage owing.

He showed me an expired listing for $159,000 last year, it didn't sell.

He has it listed above for $110 but as he was showing me around he said he will give it to me for $90k. It's a pretty big place. Once cleaned up it could rent for $1500 plus utilities. All separate meters.

As I was leaving, I said I would think about it, he said "Okay, make it $85,000."

I said, thanks Joe, I will let you know.

He called me a couple of days later and left a voice mail asking me to call him back.

Any advice on this?

@Michael: My written goal is as follows:

1) Learn real estate investing
2) buy and hold for cash flow and retirement wealth

@Nathan: My personal mortgage on my residence is 2.25%. Canada is a little more conservative with lending criteria. We just eliminated 30 year mtgs, now it's a 25 year max. Taxes on a basic duplex are about 1500 to $2000 a year. Required down on a non residence is 25%.

This particular duplex needs a basic cosmetic rehab. Based on what i've learned just today in this forum, I wouldn't feel comfortable paying over $75k for it.

What a great educational site this is. Thanks everyone for your comments.

My wife's dad has a duplex with a mortgage of $90k and it's probably worth about that. Total rents are $1200 / month including utilities.

What do you think?

@Michael: also thanks for the welcome. I'm really glad I found this site. Its a huge level above just reading books.

My main preference is buy-and-hold for the long term wealth building / retirement.

I have a pretty good idea what properties are worth retail. My city has high unemployement and very low property values.

My biggest challenge to get started would be how to find and identify a duplex that is priced below market value. How do I do that?

@Don: great tip. I would love to try that. It sounds too easy.

@Ned: thanks for the welcome. This is exactly my desire... getting from thinking to knowing. Even when I've crunched the numbers, there are always doubts about the variables of a property. You can't exactly predict future repairs or vacancies.

@Michael Thanks, I appreciate teh advice. I may start a thread about how to evaluate a market such as Windsor, which has a population decline, high vacancy and very low prices. I'd like to invest in duplexes with a buy and hold strategy for cash flow.
Thanks again.

Hello I'm new here. I want to learn real estate investing. I've read several books on the subject and have looked at dozens of properties but i still don't feel well enough prepared for the task.