Messages

1

Questions and Answers / Electrical safety inspection - What are the dos and don'ts?

« on: June 22, 2014, 06:52:06 PM »

Hi,

Have an electrical safety inspection on our first property. Since the place had been vacant for a few years.
My question relates to the condition of the house. It is a big dump (lot of junk and garbage still
Inside). There is also some superficial damage to the dry wall etc. Does all this make a difference? Has anyone had any experience with an inspection like this in similar conditions. Junked place etc etc.

Any insight would be helpful.
 

2

Introduce Yourself / Re: New kid on the block looking for some help and advice!🐊

« on: June 14, 2014, 04:10:56 PM »

Please wait until you get your deed. Hydro is always my first choice - they can usually tell you if there is currently consumption, and if indeed the hydro is still connected. You will need to talk with hydro staff to get the billing into your name anyway, so they are likely to be very helpful. The previous owner's arrears are not your responsibility! Once you have your deed it is a good idea to meet the neighbours and gather as much information as possible - I once bought a Kingston house owned by the top dog in Satin's Choice. The Sheriff will only act to enforce a court order, once you have gone through the long and expensive procedure to get one. If it was the North Dumfries house that sold on the same day that you mentioned then you may want to discuss the issue of the furnishings such as the dining room suite, and the correct procedure to protect yourself.🐊

Thank you g2020. About talking to Hydro. Appreciate the heads up on that.

If there are furnishings/belongings inside the house but it has not been lived in for a while how would that be dealt with? Who has the right's there in your experience?

The previous owner/occupant(tenant etc.) or the current owner?

Not looking for legal advice just the experiences you might have had or heard of.  Anything is helpful.

Again, thank you for the continued support.

3

Introduce Yourself / Re: New kid on the block looking for some help and advice!

« on: June 14, 2014, 04:27:38 AM »

Thank you pjdd.

The city officials were fairly certain the property is vacant too!

What sources would you suggest for more information apart from the Sherrif's department?

4

Introduce Yourself / Re: New kid on the block looking for some help and advice!

« on: June 13, 2014, 06:42:59 PM »

Thank you all for your words of wisdom, support and laughter.

No longer a 'wanna be' investor. Just won our first bid and we're in the game.  

Hoping for continued support and insight from all of you along the way. It's exciting and scary to be here but more exciting than scary! Thankfully.
Esp. knowing that we have such great minds to learn from along the way.

Just have a quick question about access to the property. This one is 'most' likely and looks vacant. According to the city officials we could just go ahead and get the locks changed. Has anyone here had any experience with this kind of a situation? Any information would be helpful and appreciated.

Over and out for now as need to get a lot done and time to catch up on some much needed rest and down time from all the excitement that has been building up!

Have a good weekend y'all.

5

Property Information / Re: 67 park row north hamilton

« on: June 04, 2014, 03:42:28 PM »

I saw the before and after pictures (2008 and 2011) of this property and the roof was definitely changed and the outside drive updated. Not sure about fire damage since my novice eyes in a quick drive by did not notice anything!

6

Introduce Yourself / Re: New kid on the block looking for some help and advice!

« on: June 04, 2014, 03:39:47 PM »

Thank you all for sharing important information. I have learned much in just these posts.

I am not entirely discouraged and will change strategies to affordable investments instead of not.

Spoke with "Son of a broker" and the he lends against equity in your principle residence.

Thank you all again. Much appreciated.

7

Introduce Yourself / New kid on the block looking for some help and advice!

« on: May 29, 2014, 08:58:19 PM »

Good day to all.

I am a new "wanna be" tax sale investor who has been following the tax sales for a while now. Discovered this goldmine of a website recently and jumped for joy. 

I have a few questions about some recent experiences I have had with regards to attempting a tax sale purchase. More specifically the recently concluded Hamilton tax sale where 67 Park Row N and 978 Hwy 5 were the top contenders (for obvious reasons). Both got cancelled.

We have 20% down (deposit) + some extra for other costs and approached our bank (TD) to procure financing. After getting all info about tax sales (no appraisal possible etc.) we got a big fat NO! Blanket pre-approval for non-tax sale property was done though!

Approached Home trust  for it's 'B' products on the advice of bank and mortgage broker. What an awful experience that turned out to be. Bad interactions with "underwriter". After hearing the tax sale deal and 45 minutes of explanations he says "I don't FEEL like approving this mortgage!!!"

So, now the big question.

Where does one go for financing?
I am looking for specific names and contact details please. Private lenders (Companies or individuals) who will not shy away from a viable tax sale.   
I reside in the Greater Toronto Area and am very happy to drive most anywhere.

Any other advice on do's and dont's is very very welcome.

Looking forward to learning more and finally making the leap to "bought" instead of standing in the sidelines.