Listing/selling house Privately via For Sale By Owner(MLS) - Questions
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Posted on: 23-07-15 11:20:10
Quote:
Originally posted by adamthorat
I think happywoman36 is house rich & cash poor ..he he.
None of her properties are cash positive..whatever she gets from her renters goes towards her MTG, Property taxes, Maintenance & Utilities.
She has equity on paper, but no liquid cash..she is getting too greedy & over leveraging herself ..she has to slow down her buying spree or you can get head over heels too fast.
2-3 investment properties are MORE than enough ..anything more & you won't have peace of mind & will be hard to manage ..although you will be rich on paper..net asset value
hey.. why are u dragging me everywhere AT? I am an accountant + business minded so, I keep myself safe from all areas. With my quick decision making, I can take 100k overnight anytime.
How do u think am ready to buy 1-2 properties in USA? So... please leave me out of discussion. There are several ways, in which people can make money if they are willing to take risk. Now take example of truecondos or Danforth condos, all they are asking is $5000 to book and $5000 after one month and $30000 by end of dec- Mar and project will be completed in fall 2017. Now if I invest $30000 now and sell the property end of 2016 and make a profit of $40-50000.
Second way of making money in RE is what Chinese are doing... buy old properties, renovate it and sell for $100-150K profit within 3-6 months. They are benefiting from all sides.... labors, contracting as well as Realtors.
Third way of making money is buy old house and keep it for 2-3 yrs y staying in it and sell it when market is right and at peak and make 100-200k.
If I were in FP position, I would rent out condo whereby I have to worry about $1000-1200 pm (all inclusive) 2-3 BHK till market goes down ( which will be when I leave for USA permanently.
] say another 1-2 yrs. till then, invest in properties and sell and make money till that time and buy bigger detached house in prime area with all the profits u made in 2 yrs. -----------------------------------------------------------------
Revenge can be bitter sweet, but if u sit back and watch, KARMA can be pure entertainment.
Quote:
Originally posted by febpreet
That's why I am saying it won't crash - at least not in GTA and Vancouver. If I won't buy now, in 3 years waiting for the crash/correction to happen, I will be looking at the same house for $850-900k. Too scary.
Besides, I am not looking for the investment, rather a place to call home. I am also planning to pay down mortgage as fast as I can, so I can spend the rest of years in peace.
U need to put lots of efforts to search for a house which is within ur budget. Dundne se tho bhagwan mil jata hai, phir ghar kya chige hai FP. send me ur location with postal code and I promise u, I shall find u best house within ur budget.
-----------------------------------------------------------------
Revenge can be bitter sweet, but if u sit back and watch, KARMA can be pure entertainment.
Realtors have hidden and auction market with them. They know house for sale 15-20 days before it's listed in the market. (MLS) Now realtors and their companies have entered market. They are buying properties and selling just like Chinese. So, never underestimate them or their efforts (Job), They work very hard just like u and me to earn commission. Sometimes after showing 100's of properties, deals don't click for them so, imagine their time, gas and car maintenance. They also have to feed their families just like u and me.
here are few properties worth looking at :-
http://v3.torontomls.net/Live/Pages/Public/Link.aspx?Key=645e62d5bdd845df95e1d5459b49f2a6&App=TREB
27 STAVELEY CRESCENT IN ETOBICOKE LISTED FOR 499K
http://v3.torontomls.net/Live/Pages/Public/Link.aspx?Key=d7ec4a0b26684c0fae698762c04ec685&App=TREB
-----------------------------------------------------------------
Revenge can be bitter sweet, but if u sit back and watch, KARMA can be pure entertainment.
Quote:
Originally posted by dimple2001
Quote:
Originally posted by febpreet
My last offer of $700 was toppled by another and higher one.
$700k !!!!!! What kind of home do you get for that price? I mean, I understand it is a detached home; however, what kind of square footage, no. Of bedrooms, yard, etc.? I am truly intrigued and disturbed, at the same time.
Province: BC
City: Cloverdale, Surrey BC
Price of the house: 700k (it's the new normal here)
Sq. Ft: 3800 (Built), 6000(Land). 3 Level - 4 BRs + 3 BRs in Basement. Elementary school is within the neighborhood and 6-7 houses away. Athletic park is one block away with a tennis court, soccer, baseball fields. All in all, a desirable and nicer part of town (something like Mississauga).
Please note, this is the new normal here in the City of Surrey (Suburb of Vancouver), which is home to the largest South Asians in the Province. It's getting out of hand, in literal terms. What they are doing is this. Desis, that bought houses 10-12 years ago for about $200-200k are selling it for $650k. Considering they have already paid off their minuscule mortgage, they now have about >$500k in hand after selling their existing homes. They are now moving to the nicer neighborhoods, and jacking up the prices as they can easily put down about 50% down-payment on the $800k house. It's pretty common to see the house is sold even before it comes into the market. I am experiencing it every damn day. So, a commoner like me put down an offer on the house that has already received a better one. I can't go beyond that price (already stretched up), and the house is gone. What left are the tinier houses in a crappy neighborhoods.
I have a decent job here, so can't move back East. Besides, my wife is not cooperative with the 'move to Toronto' decision even if it saves us a considerable amount of money and even greater career choices. As they say, FML.
To make matters worst, people are sitting on their houses and waiting for the prices to go even further up. This reduces the inventory. Now, one house comes into the market and is sold before the Realtor puts up his sign in the front yard. There is very little inventory of decent houses in decent neighborhoods and that cost less than $680k anymore.
I saw a house yesterday listed for $680k and was looking promising. My realtor called the selling agent and in turn he was told the house will not be shown unless they receive an offer of no less than $720. Desi owner, desi Realtor.
To sum it all up!
Quote:
Originally posted by happywoman36
Quote:
Originally posted by febpreet
That's why I am saying it won't crash - at least not in GTA and Vancouver. If I won't buy now, in 3 years waiting for the crash/correction to happen, I will be looking at the same house for $850-900k. Too scary.
Besides, I am not looking for the investment, rather a place to call home. I am also planning to pay down mortgage as fast as I can, so I can spend the rest of years in peace.
U need to put lots of efforts to search for a house which is within ur budget. Dundne se tho bhagwan mil jata hai, phir ghar kya chige hai FP. send me ur location with postal code and I promise u, I shall find u best house within ur budget.
Bhagwan mil jaatey honge, par aaj ki date mein ghar nahin (at least in the lower mainland, Metro Vancouver).
Quote:
Originally posted by happywoman36
Quote:
Originally posted by adamthorat
I think happywoman36 is house rich & cash poor ..he he.
None of her properties are cash positive..whatever she gets from her renters goes towards her MTG, Property taxes, Maintenance & Utilities.
She has equity on paper, but no liquid cash..she is getting too greedy & over leveraging herself ..she has to slow down her buying spree or you can get head over heels too fast.
2-3 investment properties are MORE than enough ..anything more & you won't have peace of mind & will be hard to manage ..although you will be rich on paper..net asset value
hey.. why are u dragging me everywhere AT? I am an accountant + business minded so, I keep myself safe from all areas. With my quick decision making, I can take 100k overnight anytime.
There are several ways, in which people can make money if they are willing to take risk. Now take example of truecondos or Danforth condos, all they are asking is $5000 to book and $5000 after one month and $30000 by end of dec- Mar and project will be completed in fall 2017. Now if I invest $30000 now and sell the property end of 2016 and make a profit of $40-50000.
Second way of making money in RE is what Chinese are doing... buy old properties, renovate it and sell for $100-150K profit within 3-6 months. They are benefiting from all sides.... labors, contracting as well as Realtors.
Third way of making money is buy old house and keep it for 2-3 yrs y staying in it and sell it when market is right and at peak and make 100-200k.
If I were in FP position, I would rent out condo whereby I have to worry about $1000-1200 pm (all inclusive) 2-3 BHK till market goes down ( which will be when I leave for USA permanently.
Good tips. Yes, some of the people are doing it here. It requires a bit of effort, plus the old house that you'll buy might give you some pains down the line and always be a headache until you fully renovate or build it afresh.
I am not quite an investment savvy. May be, I can try this route if nothing else works. I am anyway looking for rental accommodation in case I won't be able to find a better option.
Thanks.
Hey FP,
I would say keep your options open for older houses as well.
Just make sure basement is not already finished(so that you ll have clear view of how the base of house looks like) and get proper inspection done.
Usually such houses stays in market longer and will not have multiple offers.
Usually these houses are in mature neighbourhood with good yard. if you are saving 100-150k now, then you can use that money in future to make necessary upgrades.
If a house looks good after 50-60 years then nothing gonna happen in next 20-30 years.
