To buy or to wait ?
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Quote:That property looks like a serious dump !
Originally posted by tamilkuravan
Good Idea Chandresh!
As per this linkttp://www.yourhome.ca/homes/article/509446 you can even find houses for $1.75 + $850 for taxes and Town's clean up charges. Even the labd must be worth more than $ 851.75 (US).
I am sure that in 30-50 years, It will be more than 100,000 US$.
It will be someone's full time job for next several months to fix it up for humans to live in (and comply with property codes, etc.).
Right now, I suspect, even dogs don't p*** there.
But yes, this is a good time for real estate investment in the US in general.
Good, solid properties are going very very cheap if you have the cash.
Eventually, property values must turn around and the profit on a half-decent house will beat anything you can make in the stock market hands-down.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Quote:
Originally posted by pratickm
Quote:So these were speculative properties?
Originally posted by chandresh
No, I bought and sold it within the same year. Infact one I sold within 15 days of my taking the possession, and the other one after 5 months!
I still live in my primary residence for last four years!
Do you mind sharing how you managed to get a higher price within a matter of 15 days (in one case) and 5 months in the other case?
Did you do any upgrades, enhancements, touch-ups, etc?
Yourself or contracted out?
Not quizzing you - just asking
Simple Pratik - all I did was book(buy) new properties - one in Milton and one in Bradford, two of the areas I thought the growth would be. Just before I was supposed to take possession, I hired an agent for each of these properties. One of the agents was the sales manager of the office I bought the property from whose office was half a km from my property and the other one was the same agent that I had used to buy my own house.
What I am trying to say is that if I had stayed away from the market following Rahul's rhetoric for two years, I would have missed out on making this money! According to him the prices were not going to go up after end of 2006 or so - and that is when I had decided to buy these properties!
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Chandresh
Advice is free – lessons I charge for!!
Location: God's own country
Posted on: 01-10-08 17:50:57
Quote:
Originally posted by chandresh
What I am trying to say is that if I had stayed away from the market following Rahul's rhetoric for two years, I would have missed out on making this money! According to him the prices were not going to go up after end of 2006 or so - and that is when I had decided to buy these properties!
Milton I agree. It must have been damn cheap in 2006. Milton may even go up after 1 or 2 years. It is a hot area + they are building tons of houses there.
Bradford - I am not sure that it is a growth area. It was a huge risk but glad that you made a profit even in that
Again Rahul's saying was based on Vancouver and Calgary. I donot think that anyone from Ontario took his sayings seriously....
But it is a huge gamble / risk in buying for flipping right now, under the current Canadian market conditions. BC and Albertans may get burnt the most but Ontarian's would get burnt a little less.
Again, all in MHO.
Peace by TK
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I am a Gents and not a Ladies.
It's all about Timing.
Someone who flipped before middle of 2007 made money or someone who bought long time back made money.
2005 (earlier)-middle 2007 was great time to buy/fix/take 40 yrs mortgage on 0 down and flip in 6 months.
But there are tons of people who bought at peak price (middle or last half of 2007) or book the condos for flipping purpose, now they are sitting in middle of no-where. They are already near to 50K loss and rent can not cover monthly cost. A lot of them are taking lawyer’s help "how can they avoid condo possession.”
I never thought buying for flipping as I know it's on the edge and flipping can be risky when I moved to Canada.
chandresh: What is your advice or read on market in future?
Quote:
Originally posted by tamilkuravan
Milton I agree. It must have been damn cheap in 2006. Milton may even go up after 1 or 2 years. It is a hot area + they are building tons of houses there.
You bet - I live in Milton and I have witnessed first hand the insatiable greed of the developers, the builders and the town officials who have approved such permits.
I have seen the town go from a quiet, safe, family-friendly place to chaotic and uncontrolled in the last few years.
They have essentially built huge houses on so-called "deep lot" plots, like sardines in a can - with no backyards or lawns.
Now they have started building on the edge of the Niagara Escarpment, selling those houses as "premium" nature lots.
And the sods who are buying these at artificially overinflated prices don't realize that in about a year, all they will be able to see is the rear fence of someone else's backyard.
But oh well, what do I care.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
But Rahul, with all due respect, you been saying for the last 2 years that the prices are not going to go up and it did
Quote:
Originally posted by rahul_singh23
It's all about Timing.
It alway is - whether it be real estate, or stock, or jobs, or whatever. So what's new that you are telling us.
However, what I am saying is that you thought in these last two years that it is not the right time to buy, but I felt it is........I read the timing differently than you did.
Quote:
Originally posted by rahul_singh23
Someone who flipped before middle of 2007 made money or someone who bought long time back made money.
I flipped in May 2008 - not 2007 - just 4 months ago!!!!
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Chandresh
Advice is free – lessons I charge for!!
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