What is your most destroyed property you have purchased?

[RealtorAssist]

This is my triplex in Winnipeg

http://mymortgageterminator.ca/17th-proper...h-class-living/

Got it for $75k. Bank would not finance it. Had to buy cash. Currently renovating. It`s commercially zoned, but I have TD agreeing to refinance as residential once fully renovated. Will put in 30k to renovate:

2 bedroom
2 bedroom
4 bedroom

split all utilities.

What`s your worst?

Robert Klein
Mortgage Broker, Real Estate Investor,
Co-Founder of RealtorAssist.ca
A: 2465 Bellevue Avenue
West Vancouver, BC, V7V 1E1
C: 778.896.6732 | F:604.648.9701
Email: [email protected]
Last Blog Post: http://realtorassist.ca/blog/what-lowest-m...ment-available/

 

[housedoc]

What a dump!
30 grand including splitting all utilities?
Have you included foundation repairs in your estimate? What about windows? They look pretty bad. It doesn`t get cold in Winnipeg does it?
It clearly has a commercial storefront on it. Is it zoned commercial or legal non-conforming. Will you be converting that space to residential in order to get the residential mortgage?

 

[kir]

QUOTE (RealtorAssist @ Dec 3 2010, 05:44 PM) This is my triplex in Winnipeg

http://mymortgageterminator.ca/17th-proper...h-class-living/

Got it for $75k. Bank would not finance it. Had to buy cash. Currently renovating. It`s commercially zoned, but I have TD agreeing to refinance as residential once fully renovated. Will put in 30k to renovate:

2 bedroom
2 bedroom
4 bedroom

split all utilities.

What`s your worst?

Robert Klein
Mortgage Broker, Real Estate Investor,
Co-Founder of RealtorAssist.ca
A: 2465 Bellevue Avenue
West Vancouver, BC, V7V 1E1
C: 778.896.6732 | F:604.648.9701
Email: [email protected]
Last Blog Post: http://realtorassist.ca/blog/what-lowest-m...ment-available/


I haven`t brought anything this ugly. You are brave.

75K seems like the cost of land. Would it be another alternative to demolish the place and start everything from scratch as oppose to renovating. Just curious on the economics of remodelling versus re-build, or when is a right time to rebuild?

thanks.

Kir.

 

[RealtorAssist]

QUOTE (housedoc @ Dec 5 2010, 07:29 AM) What a dump!
30 grand including splitting all utilities?
Have you included foundation repairs in your estimate? What about windows? They look pretty bad. It doesn`t get cold in Winnipeg does it?
It clearly has a commercial storefront on it. Is it zoned commercial or legal non-conforming. Will you be converting that space to residential in order to get the residential mortgage?

My kind of dump. I have a video of me going through it. It`s pretty funny. It will all be done for under 30k. Will have 2 - 2 bedrooms and a 4 bedroom. I expect total rent of $2100/month with no utilities. A property 1 block up, redone sold for 190k. Will be refinancing and be taking out 40k equity outside of all the money we put in it. So we will be buying this 100k property, by paying ourselves 40k

.

It`s zoned commercial, but I got TD to finance it as residential. To bad I can`t get interest only prime - .7! Those are the best. TD doesn`t have it.

Robert Klein
Mortgage Broker, Real Estate Investor,
Co-Founder of RealtorAssist.ca
A: 2465 Bellevue Avenue
West Vancouver, BC, V7V 1E1
C: 778.896.6732 | F:604.648.9701
Email: [email protected]
Last Blog Post: http://realtorassist.ca/blog/what-lowest-m...ment-available/

 

[RealtorAssist]

QUOTE (kir @ Dec 6 2010, 05:13 PM) I haven`t brought anything this ugly. You are brave.

75K seems like the cost of land. Would it be another alternative to demolish the place and start everything from scratch as oppose to renovating. Just curious on the economics of remodelling versus re-build, or when is a right time to rebuild?

thanks.

Kir.

It`s a 2200 square foot interior. To rebuild even at a 100 per sqft is 220,000. I`m spending 30k to make it nicer then most of the surrounding area. You can get plots in Winnipeg for 20k.

Robert
Mortgage Broker, Real Estate Investor,
Co-Founder of RealtorAssist.ca
A: 2465 Bellevue Avenue
West Vancouver, BC, V7V 1E1
C: 778.896.6732 | F:604.648.9701
Email: [email protected]
Last Blog Post: http://realtorassist.ca/blog/what-lowest-m...ment-available/

 

[housedoc]

QUOTE (RealtorAssist @ Dec 7 2010, 03:22 AM) It`s zoned commercial, but I got TD to finance it as residential.

Because they`re nice?
Or you lied?
How exactly does a commercial property get a residential mortgage?

 

[drbigb]

QUOTE (housedoc @ Dec 7 2010, 07:14 AM) Because they`re nice?
Or you lied?
How exactly does a commercial property get a residential mortgage?


TD will definitely do such... I have a commercial property also with residential mortgage... full appraisal... I certainly didnt hide anything from them... TD is easier to work with, but their mortgages are not quite as desirable... they are collateral charges, rate is slightly higher... they report to credit bureaus(not that I would hide anything) but I would assume many mortgages would lower one`s credit score/rating.

 

[markbrad]

I want to know how you plan on fixing that up for only 30K? I am assuming you are doing ALL the work yourself and not including your hourly wage. Flooring at $3/sqft is $6600, windows would be at LEAST 10K plus install, painting at $2.50 sq ft is $5500, cabinets at the very minimum for 3 units is $6000 plus install, 3 new bathrooms (or fixtures.. tub toilet and sink/vanity) would be $2000 min. That says nothing for plumbing and electrical upgrades, fixing walls and ceilings, installing new light fixtures, towel bars, door knobs, shingles, siding, etc.etc. I am seriously curious dude, cuz I am looking at a house that I thought was a wreck (in better condition by the looks of your pics) and my estimate to fix is closer to 100K

Mark

 

[fumbrunner]

QUOTE (markbrad @ Dec 14 2010, 10:32 PM) I want to know how you plan on fixing that up for only 30K? I am assuming you are doing ALL the work yourself and not including your hourly wage. Flooring at $3/sqft is $6600, windows would be at LEAST 10K plus install, painting at $2.50 sq ft is $5500, cabinets at the very minimum for 3 units is $6000 plus install, 3 new bathrooms (or fixtures.. tub toilet and sink/vanity) would be $2000 min. That says nothing for plumbing and electrical upgrades, fixing walls and ceilings, installing new light fixtures, towel bars, door knobs, shingles, siding, etc.etc. I am seriously curious dude, cuz I am looking at a house that I thought was a wreck (in better condition by the looks of your pics) and my estimate to fix is closer to 100K

Mark


lipstick. You could put lipstick on a pig, but it`s still a pig.

 

[invst4profit]

QUOTE (fumbrunner @ Dec 15 2010, 01:01 PM) lipstick. You could put lipstick on a pig, but it`s still a pig.


This is true but one must keep in mind that there are those out there that can not afford to date (or rent) anything but a pig. Putting lipstick on it helps them forget they are dating a pig.

Depending on the area a lipstick Reno my be the most appropriate approach to a property. It will always be in a lower class area and therefor throwing excess money at unnecessary upgrades is a waste. The tenant class this area attracts would likely have no appreciation for higher class and certainly not likely to want to pay extra for it.

 

[Rickson9]

Nice price. I approve. Good luck and godspeed!