Dream on! 300K for a multi unit property in Toronto? Stop worrying about your friend and look at something in Hamilton.....and hope your gf doesn`t dump you!

QUOTE (tbarcier @ Nov 30 2009, 06:43 AM) It was mostly realtors trying to snatch them up and geez were they mad! It even got physical. It was ONLY for realtors. And the media, of course. Well played by X2.

QUOTE (TodorYordanov @ Nov 29 2009, 12:28 AM) Thanks Cam. But you are a REIN member, there must be something "funny" going on... Are you sure I am not $700 in the negative on this deal? You are squeezing a coupla hundred per month with a long amortization, a very low interest rate, high LTV...

QUOTE (TodorYordanov @ Nov 27 2009, 11:39 AM) No, its` P&I for 35 or 40 year amortization. 35 or 40???? You`re not sure which? Am I on drugs?

QUOTE (TodorYordanov @ Nov 27 2009, 11:00 AM) 130,000 mortgage - cost per month $390 Really? Is that interest only?

QUOTE (bizaro86 @ Nov 26 2009, 02:47 PM) Now, given that I`ll paint it anyway when she moves out, would you buy the supplies for her to paint it herself? I`m a bit concerned about getting a quality job done, because if its terrible I`ll still have to paint it when she moves out, so I wouldn`t be...

QUOTE (invst4profit @ Nov 23 2009, 12:52 AM) It is a common arrangement. To avoid taxes. To save on reno costs/quality. To suck maximum $$ out of a deal. It`s no wonder average people have to overpay. At what point do agents cross the line?

QUOTE (investmart @ Nov 20 2009, 05:25 PM) The banks are still better than us doing that kind of analysis. it`s easy looking now at what happened in the past but no one expected this number of foreclosures. the banks learned from this too. just put the minimum possible. it may still be a lot of...

QUOTE (MikeMcC874 @ Nov 19 2009, 08:38 PM) If a property is zones R2 (duplex) but has been used as a triplex continuously since that date they cannot force you to conform R2. If continuously used as such. I had a similar issue with a `legal non-conforming commercial` unit. City was reluctant to...

QUOTE (CaesarPua @ Nov 19 2009, 10:50 AM) It appears they lived in the actual unit themselves and wanting to reduce their property taxes had it changed to single family. That`s what I figured. Yet they didn`t convert the space.....and probably still rented it out, right? Bad move.

QUOTE (manojsingh @ Nov 19 2009, 12:34 AM) Is there any way we can get this information from bank that this cheque will not bounce. Post-dated? Impossible! Sufficient funds today does not equal sufficient funds next week.

QUOTE (invst4profit @ Nov 18 2009, 01:21 PM) On the other hand if 4 tenants is OK with you and your three present tenants agree tell him you are going to start charging him rent. If only that was allowed!

QUOTE (Goodstuff @ Nov 18 2009, 07:06 AM) I`m afraid this may be disturbing the two other women, having a male in the house all the time. Or they might not mind. Ask them! Is your concern for the 2 other tenants or the `guest` mooching your bedroom?

QUOTE (CaesarPua @ Nov 17 2009, 04:42 PM) Hi everyone, I am looking at a property that was previously a legal non-conforming duplex back in the 1980`s. If it changed to a single family residence in 1996 (still contains 2 kitchens and separate entrance though), can it now revert back to a legal...

QUOTE (invst4profit @ Nov 17 2009, 10:31 AM) In my opinion the income is pulling down the value of this property and as such I would be making a much lower offer even though the price per door does not seem too bad. Odd? Wouldn`t the 1% rule make this property a contender even at 600K?

QUOTE (Runman @ Nov 17 2009, 02:05 AM) Hey everyone,I was hoping you guys could let me know your opinions on these numbers.Property located in an ontario metropolitan area. Listed at 452,500 10 units Gross operating income: 73932 less vacancy (5%) 70235.70 less expenses NOI 30429.94 Taxes...

Good answers! I would only add: Make sure that there is not another source of water/moisture. - leaks or overflows from unit(s) above - water getting behind tiles or stall - gutter, downspout, grading or foundation issues.

Is the quote a signed contract? How much of a deposit is the cheque? Make some calls. You may find your options are limited....or not. December can have some warm days.

QUOTE (Nicola @ Nov 2 2009, 05:24 PM) Hello, I have discovered from my PM that a (flat) roof we were supposed to have re-reroofed in the spring/summer has not been done. She can`t seem to get a hold of the roofers. Can anyone recommend a good roofer for a flat roof in central Toronto...

QUOTE (Trizzy @ Nov 9 2009, 09:05 PM) So if what you say is true about Condos, why would any logical person ever invest in them? Simply just for resale? I could use some elaboration. I am not keen on the idea of renting out rooms within a shared house. I see firsthand the quirks and liabilities...