All Forum Posts by: Tim Ward

One of my former tenants is on the way to becoming a licensed electrician. He said he was capable of running all the wires, but to find an licensed electrician to sign off on it was going to be difficult and you'd still need that licensed guy to pull the permit.

Anyhow... the electrical is the least of my concerns. I just need to find the money to hire the people to get the work done.

What's your definition of "real nice"? If I had been able to get it done I was going to have a 2008 interior in a 1900 frame. I have a friend who sells granite counter tops and imports kitchen cabinets. I was getting a deal on those things which would add a nice value to the building.

That's another problem... I'm disabled and wouldn't be able to do much myself. My role from the time of purchase has pretty much the deal finder and people manager. The wiring is mostly old knob and tube and the city has already disconnected the power to the building prior to me purchasing it. It'll need to be a licensed electrician that will need to get a permit and the city will be inspecting I've been told.

I called all the ones in the yellow pages and a bunch that I had been given as references from friends and family. Most of the ones from the yellow pages never returned my call or showed up. I finally got an answer from one electrician that the reason that happened is that there was so much work going on locally that they can pick and choose their jobs.

I ended up with about 4 quotes and there was a huge range of pricing.

I love the way you think... but I sometimes feel like I'm on another planet!
Its actually listed for $80,000 right now and no offers yet. Its absolutely amazing how no one sees the potential (I've often wondered if I'm the crazy one and these people are seeing something that I can't see). Every single one of the buyer agents have to come to me to get the keys. After every showing its the same thing.... "its a big job". I've come to the conclusion that the majority of people in this area are looking for that easy flip... get in... put some lipstick on the pig and get out! The fact that the power is disconnected to the building is a huge part of the "its a big job". If the power was still on to the building I have no doubt that someone would have snapped it up right away. I also have no doubt that it will sell eventually. The location is good and the apartments are easy to rent in my other building, next door.

Another common thing that I keep hearing is that any of the serious buyers are tied up in other projects and I'm mostly getting the first time flippers looking to catch the wave of a good market.

I'm having a hard time finding hard money lenders in Canada that would do the kind of loan that I need. I found one that looked promising, but their starting loan was $1M.

Hi Everyone!

I have a 5800sq ft, 4 unit apartment building in New Brunswick, Canada that I bought a couple of years ago. The building is quite old and has lots of old/dated wiring that has made it un-rentable until it is rewired.

With all my quotes... I'm looking at about $90k to $100k to renovate the building. There is mortgage of around $60k that I assumed as part of the deal on the building. Upon completion it should have a sale value of $300k and upwards of $400k if we make it a 6 unit building.

I don't have enough equity in my other building to cover my costs and I've been spreading the word whenever I can to let people know that I'm open to ideas. I really need to get this place fixed and/or out of my hair.

What would you do? Does anyone on here have any advice that would be related to my situation in Canada?