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Houses For Sale in Calgary - Under $25K

UTCVenturesLtd

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Jan 9, 2008
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Go to www.mls.ca and see...
Catch is that they have to be moved... a house only! At the lake project where we are building our "flip" cabin, a number of people have gone and purchased old homes to be moved onto their lake lots and remodelled. (Most of them seem to have regretted not building a new one from scratch or a rtm - ready to move home)
I was thinking about it as a future project with some JVs. A $15K house, the house move around $15K to $20K to a small town outside of Calgary or any major city where you can find a lot. $40K for the lot and add $25K for reno work, $20K for the basement and sell for $200K+... (my disclaimer: using figures off the top of my head)
Has anyone done that type of real estate investing?
 
That`s funny, I know just the guy. His name is Lionel Ravin and he does just what you are describing. He buys raw land, divides it into large lots, moves old houses from Calgary and puts them onto a brand new basement and sell acreage properties. I am sure it is not as simple as that but that`s basically his trade. As far as I know he is not a REIN member but maybe you could look him up in the phone book.
 
I bought an older house a little over a year and a half ago on an acreage just outside of Stettler (east of Red Deer) and moved it into town (onto a new lot $35K). I put it onto a new foundation with the intent of putting a suite in the basement. I reno`d the upstairs significantly--new kitchen new bathroom, new flooring, new windows, new shingles, new siding (over styro insulation) new electrical panel, some new insul/drywall new lights and doors and new paint. Of course the basement was completely new including furnace and water tank. I paid 10k for the house and about 9k to move it. By the time it was all said and done, I had about 165k into it. Took me from Oct. to May to reno. Did most of the work myself after work. Wasn`t sure it was worth it all, but I was lucky enough to be in a rising market. Rents out for $900 up and $900 down. To top it off I have since built a double garage which I rent out for $350 incl utilities. I was able to get it appraised for 250k and took out an interest only home equity line of credit. That makes it positive cash flow just over $700/mo. Yeah, now I think it was all worth it! Downside is I didn`t know my family for a few months, and the town has changed it`s bylaws to NOT ALLOW any older homes to be moved into new areas!!!!

I think you have to be able to get the house and land for almost nothing (at least the house) to make this type of thing worth while. Of course that depends on your proximity to the city (but then your land cost is a lot higher!) Just thought I would share my positive experience with you.
 
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