All Forum Posts by: Samson Tse

I've never used speedysearch before but yes, you can do your own title search at local land registry office thru Teranet.  It's not much cheaper though.  I believe Teranet also has writ search which is basically an execution search.

@Gilbert Dominguez

 Very true and your assessment is pretty dead on.  I think it is best for me to pass unless the price comes down substantially.

@Jon Kepler

 You are absolutely right on the repair part and that's really one of my biggest concern.  There are a lot of things that needs to be fixed including roof, plumbing and mold.  At this price, there is no way for me to fix all of them in the near future and I really have no desire to be a slumlord. 

@Zach Adams

 True, I should ask for more than 1 year

@Roy N.

That's a good idea. LOI don't need to be drafted by a lawyer right? I'm trying to find some samples online.

It's pretty amazing that you received feedback after 1.5 years.  I never really imagined that will happen.  Thanks so much for the tips!

 That's not likely... it's a private sale right now, I think she will just get a realtor and test her luck.

Thanks for all your input!

Hydro/Water is Electricity/Water, for us, the same company service both so the bills are lumped together.

I guess at this point, I'll see if there are more flex in the price, otherwise it's time to move on.

Thanks for all the feedback.  I don't think $224 per month will cut it.  It's easier to just go drive for Uber for a few hours.  haha

Ya, the other direction not the old Victorian on Campbell.

Hmm, after the vacancy adjustment, increase in maintenance/repair to 10% and including the management cost of 10%, the monthly CashFlow before tax is only $224.....

@Roy N.

Haha, no it's not on Peter St., although I did look at a house there but couldn't pull the trigger due to the neighborhood.  Are you from Windsor?

The property is actually on the opposite side of the university, so it's bad but not that bad. Within the 1km radius, there are a lot of student population. 

I'll up the vacancy rate for sure.  Thanks so much!

@Aaron Montague

Yes, they are all 1/1s (I'm assuming 1/1 means 1 bedroom, 1 bathroom)

Each unit brings in from 425-600 but the current owner is showing me 2 of the units with rent $600 and $700 which I brought it back down to $550 to get the adjusted Gross Annual Income.

Monthly mortgage payment is around $700 per month with 25% down for 20 years @ 4%.

Yup, BEFORE TAX means before personal income tax.

Expenses are broken down in my spreadsheet but I just included the whole number for simplicity.

Gas: $2,469

Hydro/Water: $6,212

Landlord Insurance Quote: $3,200

Property Tax: $3,859

Internet: $945

What's HOA?

Maintenance/repair cost: $840 (probably will increase this if you are saying $200/month)

I did not include management fee, I guess I should put that in.

Thanks for the vacancy tip, I'll adjust it to 8.1%