Messages

1

Property Information / Re: Grey Highlands 80 acres...Retirement plans crushed again.

« on: April 16, 2021, 06:18:52 AM »

I have no clue how many bids as I logged off for 30 minutes . But I'm guessing well over 50

Winner 810, Second 601  then say a dozen  from 521 to 250 .piles of 160 to 220....then the ridiculous 25 to 75

810 is high if investment or farm pricing but a good deal if this is to be a family home.  1500 ft driveway and you are on top of a 100 ft hill.   There was gas line on the street so you can have a real nice setup.

NEXT......

Where did you get the results? I was driving away and had bad reception. I wasn't the high bidder, but I would like to see the results for fun.

2

Property Information / Minto

« on: March 31, 2010, 02:54:06 AM »

Does anyone have the results/backstory? Seemed like a hell of a deal on the first glance, but I had to much going on to look into it. Did I miss the deal of the year

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Properties for sale / Re: South Bruce

« on: March 29, 2010, 08:40:06 AM »

Yes, the big island would be a dream to own; but I would place the chances of that at nil. As far as camping - I'd pass - too windy I bet. If there is a protected cove to leave a boat over night, I'd sleep on the boat - but I don't see why I'd pay to own the island to do that once or twice a year. There is a nearby island not much bigger where someone put up a dock and what looks like a Bunkie. Perhaps it does make sense to some people. If there were a couple trees, I'd think about it, but a small piece of rock... Even If you put a house there it would feel odd I think. Maybe if you like painting sunsets over a lake?

4

Properties for sale / South Bruce

« on: March 23, 2010, 10:43:55 PM »

Took me an hour to figure this out (not being a gold member at the other site), but here's Island 41B. It's the tip of the penis-looking thing. There could be some moss there and perhaps a docking spot for a dinghy between it and the adjacent Island 41A. Can anyone think of any good use of this island?

http://maps.google.ca/?ie=UTF8&hq=&hnear=Toronto,+Toronto+Division,+Ontario&ll=44.79717,-81.341679&spn=0.006349,0.009989&t=h&z=17

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Properties for sale / Re: Do these numbers make sense?

« on: March 05, 2010, 05:30:48 PM »

The property I have here http://taxsaleproperty.org/forum/index.php?topic=816.0 gives me $400 cash each month with my current high mortgage rate at 5.75% and low downpayment initially put in. Except the old a/c unit was replaced a couple of years ago it hasn't given me much headache so far. With the potential price surge because of the upcoming new Ivey Business School nearby, it sounds a better deal, doesn't it?     

Sure it does, but it's a smaller town multi-unit and those do seem to offer the best returns. I now use a quick eyeball method: take sale price and divide by income. Feel free to apply this to yours and mine for fun. I did find a few 4+plexes in smaller towns that are way beyond our numbers - about twice as good; but running a 5-plex seems like much more work.

I had a pleasant extra on the mortgage front: my mortgage payments start almost two months after closing - I do get the rent though . Note to self: always close in the beginning of the month.

6

Properties for sale / Re: Do these numbers make sense?

« on: March 03, 2010, 11:52:33 PM »

I'm a bit surprised by all the negative opinions on this. I'm feeling pretty ok about it.
My final purchase price was 179k.
My net cash flow is $200/month with this tenant (I'm locking in for 5 years at 3.79%, with 35 years amortization - 3.15% for CMHC insurance). My investment is under 14k (down payment + closing). After 5 years I will have 162k left unpaid on the mortgage. Presuming I sell for purchase price + 10% in 5 years (196k); I will have grossed 32k total (200*60 + 196k-162k-14k). From this, I take away 5% commission (9.8k), 3k misc legal costs, 8k in vacancy and repairs (total of 20.8k). I get 11.2k net return on my original 14k investment in 5 years. Granted there is work involved, but this being one family unit, I hope there won't be that much. If the resale value goes up by 15% in 5 years, my return on the 14k would be 21k in 5 years. I guess that's the gambling part of it. If the resale value goes down, I guess I'm screwed .

I looked at other properties near Toronto, and none made as much sense unless you're looking at 2+ units (which is more work and costs more to get into). In small towns in the middle of nowhere, it looks like you can get higher returns from multi-units, but the distance can be a big price to pay I think.

7

Properties for sale / Re: Do these numbers make sense?

« on: February 14, 2010, 06:45:07 PM »

More liability then just financial - I'm not sure I understand - do you mean moral? I didn't check for CO2. This is something the home inspector should have thought of, but didn't... I bought the house already; gonna head out to home depot and find some CO2 sensors I think - smoke detectors too as there are none working there! Thanks Dave.

The math (although not super high ROI) does work for me and if I still feel good about it in 3 months, I'm going to consider getting more like it. Now the question becomes locked in or variable 25 or 30 or 35 etc. And is there such a thing as a 10-year locked in mortgage - I think I'd like one of those now .

Sorry for high jacking the board with a non-tax sale topic.

8

Properties for sale / Do these numbers make sense?

« on: February 12, 2010, 05:20:18 AM »

I have a notion that there is a fair bit of real-estate wisdom that can be tapped into on this board and would like to ask for opinions on a property I am buying, and perhaps hear something I would not have come up with on my own.

The property:
Townhouse in Pickering - no maintenance.
Purchase price 182k
Built in 1970s
Tenant (family) pays 1275 + utilities (other properties like it are available for 1100, but not many available)
I'm putting 5% down
Property tax $2600
Last owner purchased for 136k in 1999

I'm hoping to hold onto it for 5-6 years without having it cost me much and sell it.

I know the margins are not high and that at 6% interest rate it will only pay for itself while at 7% it will cost me over $150/month. That's if nothing breaks and the tenant stays. I've seen properties advertised here that provide much better returns, but perhaps they had more hidden costs and would require more work...

Property will need a new roof in 3-4 years and has an issue with heating - no ducts and baseboards have been removed - the entire 3-level home is being heated by one gas furnace (fireplace type) on the middle floor. Tenant says it's not too bad, but obviously air doesn't circulate well at all. There is also a certain crookedness to the lower stairs and floor that is not a structural problem, but does make the place look weird when you enter.

Any thoughts you may have on the subject would be appreciated. I am mainly interested in the math of it and whether this is a good investment. May be a vote?

Thanks

9

General / Re: Anyone have a land Patent?

« on: December 11, 2009, 10:17:48 PM »

HAHAHA Well put.

Here is an idea: settle a remote part of Antarctica (there is a little unclaimed land left I think) and instruct your snowy grand-children to claim squatters rights and autonomous statehood somehow

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Property Information / Re: Tay ...or Why would a perfectly good waterfront lot be forgotten and left to die

« on: November 18, 2009, 04:09:58 AM »

Sorry to revive this, but why would a town continue to tax an unbuildable, worthless lot as if it were the same as the neighbouring lots? Seems counterintuitive. Taxes and assesment on a worthless lot should be lower no? If you owned it, could you not ask for a reevaluation?

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Property Information / Re: Tay ...or Why would a perfectly good waterfront lot be forgotten and left to die

« on: November 09, 2009, 09:21:38 PM »

It has not occurred to me that you would not be alowed to dump fill, but if you were, you would still not be 15 meters away from 176 unless you dumped on the ajesent lot as well.

12

Member Experiences / Re: Talking to the Owner

« on: November 02, 2009, 03:56:45 AM »

You should open your own PI firm PFM:). BTW, if you have PFM for your plate, I've seen your car near my office.

Thanks for the heads up on the GIS thing, I found the Tay one very informative. Couldn't find the Georgina GIS.

A question on Tay: how is it that all the other cottages sitting at 176 could build while we couldn't?
A question on Georgina: Is the abandoned nursing home too good to be true?

Questions are directed at the board in general, not just PFM.

Sorry about hijacking the thread; in my defence, it seems to have already been hijacked.

13

General / Re: Muskoka Lakes tax sale - what's going on?

« on: March 18, 2008, 01:13:59 AM »

Oups, never mind - I only had to log in to see it.

14

General / Re: Muskoka Lakes tax sale - what's going on?

« on: March 18, 2008, 01:12:44 AM »

I wonder what happend to the google map that Jayz attached?

15

Questions and Answers / Fake leases/agreements - How to assess the risk?

« on: February 15, 2008, 11:02:09 AM »

This may be a silly question, but here goes:

I read in one of the threads about a case where the owner could come up with a fake 20-year lease/agreement (supposedly signed before the tax sale) with someone in his family. The caveat there was that you would end up being a landlord who cannot evict, gets practically nothing for the property, and has to take care of it.

My question is how to distinguish situations where this could be a real risk from those where this couldn't happen.