Messages

1

Properties for sale / Re: Off topic - financing

« on: February 23, 2011, 07:56:23 PM »

There are private financing companies that many builders/developers use which understand the real estate game and are more flexible than major banks. Try Rose Corp., Wells Fargo, MCAP, and Tricon for starters. My advice is to make sure your proforma numbers are accurate and you have a decent IRR to negotiate with these lenders... Feel free to contact me through private msg if you have specific questions.
Pawel

2

General Discussion / Re: Dev fees when getting a builiding permit

« on: February 10, 2011, 05:01:36 PM »

All municipalities pass a development charges by-law (sometimes at both the local & regional levels) and each of their fees can vary. So unfortunately yes you have to check. In rural municipalities, this is a fairly new practice but their fees are much lower from urban areas.

You may want to look into the actual development charges by-law, becuase some have clauses that may be beneficial to your property. For example, if you are building on a property where there used to be a house (in the last 10 years usually), then you may be able to avoid paying any DC's if you can show tthe municipality a demolition permit or prove that a dwelling existed.

Good Luck!
Pawel

3

General Discussion / Re: Occupied tax sale purchase

« on: October 22, 2010, 03:44:03 PM »

RE: Process of removing occupants

My understanding of legally removing previous owners involves contacting the sheriff and requesting the occupants of the dwelling to be removed. The occupants will first be given a notice by the sheriff which states the crown's intent (I believe it is 60 days notice to vacate the dwelling). If there is no appeal of reasonable extension by the occupants, then the sheriff can legally enter the house to have the residents removed.

My only question is whether at the time of title transfer into your name, do the rules of the Landlord Tenant Act come into effect? If so, this would add another 60 days of non-payment by the "tenants" prior to being able to contact the sheriff. I'm pretty confident that the Act would be applicable, but if anyone is familiar with the legalities or has dealt with this in the past it would be helpful to know...

4

Questions and Answers / Re: Mortgage on Tax Sale

« on: October 20, 2010, 01:50:47 PM »

While directly obtaining a mortgage on a tax sale is basically impossible, there are ways around this. The first one I purchased (being young and more risk-adverse) I used a line of credit. Fortunately, I lucked out and was able to convince private investors to finance me for future purchases. Always purchase these types of properties under a corporation (it is not worth the personal risk). And once you purchase a piece of land in full payment, you can then use the bank to take out a mortgage on the purchased (in full) tax sale to bank-roll the next acquisition. I am probably not as wealthy as some other members on this board but everyone has to start somewhere...

5

Announcements / Re: Potential major land use change around Toronto

« on: March 12, 2009, 03:29:44 PM »

Good posting Dave. The Greenbelt Alliance is a working committee for the Ontario Greenbelt that is shooting for the stars but won't hit the moon. The proposals they have for expanding the Greenbelt are very aggressive, however they are in direct conflict with many of the Regional growth scenario's that are currently in the works (ie. Durham, Simcoe, etc.). Without a doubt, some lands will be included in the Greenbelt expansion, but not to the extent shown in the map.

6

General / Re: Land O Lakes Region - how to bid?

« on: January 09, 2009, 03:40:46 PM »

Dogma:
Interesting that you are focusing on that area. I guess I now have some competition  
Kidding aside, land up that way is is comparitively inexpensive. It is a beautiful area. Not yet recognized like other cottage locations. Like farrouck just mentioned, you may be waiting a few years before anything that way comes up. I would suggest looking at MLS - There are a few lots over an acre on O'Donnel Road selling for around 10-12k. Also, some landlocked parcels selling for about 500 dollars an acre. Some great deals if that is what you are into.
In terms of real estate agents, the two main contacts for that region are Chris Winney and Michael Hunt. Word of advice - always contact the municipality prior to purchase..

7

Questions and Answers / Re: Title Search, Name Search Etc..

« on: November 20, 2008, 03:46:06 PM »

Instead of using lawyers, title searchers are also an option. They are generally cheaper, however the downside to using their service instead of a lawyer is that they are not legally liable for the information they provide you.

8

General / Re: Kawartha Lakes Tax Sale

« on: October 27, 2008, 12:41:54 AM »

Hey Dave,

I missed this sale. What were the results of the Lindsay properties?

9

General / Re: Kawartha Lakes Tax Sale

« on: October 20, 2008, 12:16:59 AM »

Has anyone got any wind of environmental contamination on the two industrial lots in Lindsay? I'm a little hesitant to make a bid because of this issue. I have spoken to the neighbouring property owners, and their answers are keeping me nervous / a little agitated. I know the tax sale is soon so any feedback would be appreciated.

10

Property Information / Town of Whitby

« on: October 17, 2008, 01:53:58 PM »

The municipality has two properties up for tax sales:
The first property is on Glen Hill Drive. Very nice neighbourhood with well maintained homes. The neighbours on both sides have pools. Homes in this location typically sell in the mid-300k range. I'm not sure if the home has been used as a rental property, but it looks like the owners has done minimal upgrades to the exterior of the property.
The second property is located on Boychyn Drive, and is a remaining lot in a plan of subdivision that was never completed because there is a large lot to the east that held out of the original subdivision. There are two options to get a building permit on this property: 1. Convince the land owner to the east to sever a small portion of his lot to create a lot that is large enough to meet the municipal zoning provisions for a dwelling, or; 2. Purchase one of the homes right next door and combine the lots and build a pool or a detached garage.

11

Property Information / Bobcaygeon

« on: October 15, 2008, 09:18:15 PM »

Just thought I would also share my visit to Bobcaygeon: Very nice Town. Alot of tourists near the Locks; nice view. Random observation - alot of stray cats in the Town.
The tax sale is landlocked, and I have yet to get a word from the municipality if the unopened road allowance will be lifted at any time in the near future. Near the tax sale there are some new bungalows being constructed, and what seems to be a vacent build site of a 3-storey condo near the locks. Not sure what went wrong with that development, maybe a failure to secure financing. I tried to walk in to see the site but I was not sure if I found the exact location - all forested land. This sale may be one worth its value if you are willing to wait for the road to be opened up.

12

Property Information / Re: Pontypool

« on: October 15, 2008, 03:15:12 PM »

It is in Oak Ridges Morraine which maybe difficult to get a building permit for

Yes - The property will be subject to site plan control with the municipality, and may also require proving that no adverse impact will occur if a well and septic were constructed. Will need to hire an environmental consultant for this, if the municipality requires it.

13

Property Information / Pontypool

« on: October 14, 2008, 01:56:00 PM »

FYI -

Drove to Pontypool this past weekend to check out the tax sale on 'Old Cottage Lane'. It is a one-way road, and was conveniently blocked by a neighbours car. When I tried to drive in and around the car, two neighbours came out of their homes (with a couple of less than friendly dogs) and told me to turn around, because the lot "has already been sold". So needless to say, I wasn't even able to see the property. Seems like a very private small community.. who own aggressive dogs. Good luck on this one!

14

General / Re: Town of Kearney

« on: September 29, 2008, 02:42:07 PM »

Being a municipality, they are civil servants to the public and are required to provide information to the public. If I call and ask "what is the zoning, where is the property located in your municipality, etc etc"... they are required to inform the public. There are obvious limitations to what information is given out but most of the information about properties we look for is general public information.

15

General / Re: London Ontario Tax sale..Why not to buy commercial

« on: September 11, 2008, 08:25:01 PM »

City Of North Bay
wants successful purchaser to sign waiver regarding environmental conditions.

That is very interesting. A new role of red tape to add to the tax sale process..