Messages

1

General / Re: Soliciting Home Owner

« on: April 19, 2007, 12:45:06 PM »

thanks frank.  good points.  i just wouldn't want them to see through a veiled attempt.  you would have to be very sincere in asking about a lost puppy for example and i am not good at stuff like that.  i would have thought that being forthright would be the best course of action.  what are the disadvantages of asking outright or sending a letter and then dropping in?

the situation i have is a home in a neighbourhood that has newer estate size properties in excess of 425k (current figures).  in the older section of this neighbourhood there are 40 year old 950 sqft side splits in various states of disrepair.  some are starting to be renovated but very few.  the potential i believe is tremendous.  the house i'm interested in is in rough shape from what i can see and was purchased by the current owner for under 200k 2 years ago.  it abutts a property twice it's size with a beautiful new home.  it looks odd at the moment with this property in disrepair and junk strewn about.  it appears the current owners are not motivated or take much pride in ownership.  this lack of motivation on one hand scares me to thinking that these people just wouldn't be up for a move.  on the other hand they may be less likely to get off their butts to list and money may talk.  i just think the actual lot itself is amazing.  oh what to do...

2

General / Re: Soliciting Home Owner

« on: April 18, 2007, 07:24:11 PM »

Thanks for the info guys.  Frank, you say you never start off by saying "do you want to sell your property"?  If that's not the case what do you do?  Do you knock on the door and comment on their garden shed, truck on blocks in the front yard, or dazzling display of crab grass?  I say that tongue in cheek but how do actually get to that point?  I was initially going to send a letter and then follow up with a knock on the door to introduce myself.  I just don't know how to get to them with the least amount of suspicion.  Frankly if someone came to my door and offered a price my immediate response would be to get a current appraisal and if i was interesed in selling to consider an agent and get priced accordingly.

3

General / Soliciting Home Owner

« on: April 16, 2007, 12:52:49 PM »

Hi All,

This is a little off topic.  I am wondering if anyone could share some experiences/tips on soliciting owners of properties not on the market.  We have a few properties in mind (fixer uppers on real estate we like) that we would like to try this strategy on and am just looking for some do's and don'ts.  These properties are not, to the best of my knowledge, in forclosure situations or in an unpaid taxes situaton.   What is the best way to approach these people?  Letter/phone call/in person?  How do you start the bidding?  At assessed value?  At a given percentage above assessed?  What are people's experience with this?  How do you "sell" it to them that this might be a good approach?  Any info is appreciated...

 

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General / Re: Teaming Up

« on: January 25, 2007, 01:56:44 PM »

Gap,

That sounds interesting... I would be interested to hear more about this.  Especially with regards to the plan of subdivision and how it falls into the Greenbelt Plan and intensification studies.  I am a planner by trade and am always on the look out...

5

General / Re: Water Access

« on: September 11, 2006, 04:05:42 PM »

80K???  Are you serious?  I never would have thought it would go that high.  I'm glad I got out of that process before shelling out coin on title searchs, etc...  I was thinking in the mid-high 30's as well but after what I heard I decided to let it go. 

my wife keeps telling me that we can rent a cottage for a month every summer for 50 years cheaper than buying/building one and still have money left over for a trip/year.  she's right but it's just not the same as owenership...  not the same at all.  one day.

6

General / Re: Water Access

« on: August 29, 2006, 02:58:45 PM »

Rob/Frank

Excellent posts.  I've officially pulled out of the process for this one.     Or have I?

A local up there knows this property very well and is well acquainted with the surrounding land, roadways, lake, and its residents.  He said it is a nice enough property aesthetically...  once you are there.  His opnion that the size, grade and access problems do not make it worth much - "to him".  I take this with a grain of salt since he lives close by, going on 30 years, on a lake, with over 900' of frontage that he bought for a laughably small amount in the 70's.  So pretty much everything to him is overpriced up there.  If you have not experienced it, the local mentality up there is a different animal.  They can not understand why people pay so much for property. 

I also have a strong feeling that this one will go for market (give or take).  And market for me defeats the whole purpose for engaging in this process in the first place.  As someone mentioned, with a good agent and some contacts, you can still get similar property for reasonable value within 2.5 hours of the city that would require a whole lot less work and that is not water access.  I guess that doesn't have the same cache however.

I do find this site contadictory in many ways.  Not in a bad way.  It is a place where you want to go to for advice and information but who out there, in any business venture for that matter, wants to aid the competition.  I think this site is great for the actual listings, the processes involved, research tools and just plain discussion.  BUT, when it comes to actual properties being bid up on I think it would be absolutely foolish to listen to anyone on this or any other site.  Me included in the above.  Research is best done on your own.  Saving a few bucks and some time by getting opinions from others is NO substitute for doing it yourself...

Good luck all...

7

General / Re: Water Access

« on: August 28, 2006, 04:18:51 PM »

60 ?  Wow - that's quite a turn out.  I'm very curious to see how this one ends up?  I've heard there has been tons of interest from my contacts up there as well but I didn't hear 60.  I still can't understand why the assessed value of this one is so high though.  The frontage is only 55 ft and the rear lot line is around 30ft.  It's a steep sliver.  I would imagine there will be an awful lot of bids in a very narrow range on this one.  Ahh, elusive waterfront...

8

General / Re: Water Access

« on: August 25, 2006, 06:32:47 PM »

Has anyone been to that property???  All info I have received has said the area is STEEP...

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General / Re: Water Access

« on: August 24, 2006, 02:19:31 PM »

That method does work but in many cases but you have to be very careful about the topograhy and the associated work/cash involved with such topography.  Research, research, research.  I looked at a water access that was close to an existing road but the grade was out of control.  Talking to local County contacts they said it would pretty much require dynamite to level it to an acceptable degree.  That doesn't even take into account of getting appropriate permissions to build private roads.  Who own's the land?  If Crown will they grant permissions?

Gap - What has been your experience in dealing with the MNR on issues like private road construction.  It was my understanding that this has recently become much harder for approval.

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General / Re: Water Access

« on: August 23, 2006, 02:11:45 PM »

Very good post speedfreak.  It is all about perception.  One thing that I have found out about this tax sale business is that the biggest challenge is to seperate emotions from the investment side of things.  I've only been at this awhile and have yet to succeed with a bid but I can definitely say that it is tempting to get carried away in the competitive nature of the business.  It's addictive and sometimes you want to win just to win.  In the end it is really all about the research and taking smart calculated risks without the emotion.  The only exception to this rule should be if you find a property that is truely what you want and plan on never selling it.

11

General / Re: Water Access

« on: August 22, 2006, 06:57:44 PM »

Those are all very good points Frank.  I guess it depends on each persons situation and the resources available to them in the area.  But even if you had the perfect situation you wouldn't want to overpay.  If you decided to ever sell you would end up having a tough time recouping your investment.  The only scenario where I guess this would be a win-win is if you intended on keeping the property for the long haul.

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General / Re: Water Access

« on: August 22, 2006, 06:03:20 PM »

They may much less desireable but there has been considerable interest in the ones available.

I guess it all depends on taste.

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General / Re: Water Access

« on: August 22, 2006, 04:31:54 PM »

What is Karma?

14

General / Re: Water Access

« on: August 22, 2006, 04:07:52 PM »

And that is the conundrum.  Mainland facilities.  Lack of that really can decrease value.  I guess you could always throw on your boots/snowshoes and do some bushwacking.   

15

General / Water Access

« on: August 22, 2006, 03:52:20 PM »

Anyone have any idea of the demand on water access only properties?  I'm interested in one, but just mildly.  It strikes me that these would scare off a lot of people due to access issues for future use, reno's, building, etc...

How have these typically been viewed in the past?  I guess islands are a whole different kettle of fish though.

Thanks!

BTW - Great and informative site.