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All Forum Posts by: Michael Stole

Michael Stole has started 70 posts and replied 208 times.

Post: Recommendation of a title insurance provider

Michael StolePosted
  • Real Estate Investor
  • Ottawa, Ontario
  • Posts 217
  • Votes 14

Can any one recommend some title insurance providers in Ottawa? Thanks.

Post: Sheriff Sale

Michael StolePosted
  • Real Estate Investor
  • Ottawa, Ontario
  • Posts 217
  • Votes 14
Sorry to hear that, but that is the necessary cost of learning by doing. Everybody pays it, more or less.

Post: Appraisal comes in at exactly the purchase price

Michael StolePosted
  • Real Estate Investor
  • Ottawa, Ontario
  • Posts 217
  • Votes 14

Thanks for all the replies.

My another concern is that when I sell the house later on, a low appraisal value may give me an headache.

Post: Will you remove these walls in a classic center hall house?

Michael StolePosted
  • Real Estate Investor
  • Ottawa, Ontario
  • Posts 217
  • Votes 14

Here come the floor plans that I draw. Any other suggestions on changes on the structure of the house?

Main:

Second level:

Basement:

Post: Chicago buy and hold

Michael StolePosted
  • Real Estate Investor
  • Ottawa, Ontario
  • Posts 217
  • Votes 14
Originally posted by Jim Tiernan:
Jon, I purchased a couple turnkey properties from Mack Companies in the SW Chicago burbs. I have been very happy with them. They buy REOs, gut them rebuild them and then tenant and manage them. Unfortunately they don't have any inventory now as a hedge bought hundreds of properties from them about six months ago. And Mack is supposed to provide them 500+ properties a year for then next few years.

Good luck,

Jim

I am thinking of buying and holding in Chicago as well.

Jim, is this company called American Homes 4 Rent? They are buying crazy in mid west and rent them out.

Post: Why do agents make so little on average?

Michael StolePosted
  • Real Estate Investor
  • Ottawa, Ontario
  • Posts 217
  • Votes 14
Originally posted by Mark Ferguson:
I would estimate it is more like 10% of the agents do 90% of the business. There are a ton of ways to make money as an agent. If you are a hard worker, smart and run it like a business you can do very well. Many agents make hundreds of thousands of dollars a year when they get going with a team to help them out.

This is a highly competitive job. You have to be smart, diligent and aggressive, just like any business.

Post: Will you remove these walls in a classic center hall house?

Michael StolePosted
  • Real Estate Investor
  • Ottawa, Ontario
  • Posts 217
  • Votes 14
Originally posted by Stephen Masek:
Those are probably load bearing walls in the corridor.

Thanks. I will have an engineer come to check. Even for load bearing walls, what I learned is that I can still remove or cut them as long as I put beams above.

Post: Appraisal comes in at exactly the purchase price

Michael StolePosted
  • Real Estate Investor
  • Ottawa, Ontario
  • Posts 217
  • Votes 14
Originally posted by Bryan H.:
That's the problem with guru's selling everyone on paying 'below market' prices, buying with '20% equity built in', or paying '50 cents on the dollar'.
Typically, when you buy off the MLS, what you pay is the full market price for the property. You CAN buy properties that need work, but you are still paying full market price for it. When you repair & resell, then you sell at market price.

This one will be my primary residence, so lower appraisal is good on the other hand since I pay less tax. But this just makes me question my analysis.

Post: Will you remove these walls in a classic center hall house?

Michael StolePosted
  • Real Estate Investor
  • Ottawa, Ontario
  • Posts 217
  • Votes 14
Originally posted by Michael Stole:
This is a classic center hall house. The stair faces the entrance, with the living room on the left hand side and dinning room and kitchen on the right hand side. I will try to draw a floor plan and upload later on.

My question is will you remove these walls to make it open space (shown in the pictures)? Wall 1 separates living room from the hall way, Wall 2 separates hall way from the dinning room, and Wall 3 separates the dinning from the kitchen.

If walls are removed, you will be able to see all the rooms from the main entrance, so will definitely lose privacy but enjoy much more open space.

[img]http://www.flickr.com/photos/62438301@N05/9456726004/[/img]

[img]http://www.flickr.com/photos/62438301@N05/9453943285/[/img]

Have to cover some area in the picture to protect the privacy of the current owner.

Sorry the pictures do not come out right. Tried but still could not fix it.

But if you click on the links you are directed to the pictures.

Post: Will you remove these walls in a classic center hall house?

Michael StolePosted
  • Real Estate Investor
  • Ottawa, Ontario
  • Posts 217
  • Votes 14

This is a classic center hall house. The stair faces the entrance, with the living room on the left hand side and dinning room and kitchen on the right hand side. I will try to draw a floor plan and upload later on.

My question is will you remove these walls to make it open space (shown in the pictures)? Wall 1 separates living room from the hall way, Wall 2 separates hall way from the dinning room, and Wall 3 separates the dinning from the kitchen.

If walls are removed, you will be able to see all the rooms from the main entrance, so will definitely lose privacy but enjoy much more open space.

[img]http://www.flickr.com/photos/62438301@N05/9456726004/[/img]

[img]http://www.flickr.com/photos/62438301@N05/9453943285/[/img]

Have to cover some area in the picture to protect the privacy of the current owner.