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On 17/03/2017 at 7:45 PM, Thinksno said:

Buckhorn Lake Estates just east of the Narrows on north side. 

That was the huge three buoys houseboat rental fleet HQ years ago. We are almost neighbour's,  our cottage is 10 mins up the road or 15 min boat ride. I'll have to pop in one weekend. We have some catching up to do.

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6 hours ago, Puzzleboy said:

You make money, if you could buy the same house, in the same area, for less money.  Hard to do.  :)

I'm sure everyone understands that.

But you can bank money if you sell high, and buy for less in another area if it doesn't cost you to commute.

Selling or renting out my property is part of my retirement plan.

 

Around here, you can sell at the south end of Kitchener (401 access) and move to the north side of Waterloo (extra 15 minutes to 401) and pocket some money.

My neighbour and I are still not in agreement on what his property is worth (been going back and forth for a year now). I'd buy for what I think its worth but he has a much higher value in mind. He expects to get more than his asking price in the add. I think he's $50k high. Time will tell.

https://www.realtor.ca/Residential/Single-Family/17885164/523-Sawmill-Road-Woolwich-Ontario-N2J4G8

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The only way to tell for sure, is to float it on the market and see what comes in.... tell him the fees and hassle alone (buyers backing out, etc.) is worth the delta you're discussing. 

I could have bought my neighbour's lot for $400k privately (just chatting over beers) a few years ago.  No fees, realtors etc.  He sold it on the market for 500k, and now there's a new house there worth about 1.5. 

Silly me....

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7 hours ago, Puzzleboy said:

The only way to tell for sure, is to float it on the market and see what comes in.... tell him the fees and hassle alone (buyers backing out, etc.) is worth the delta you're discussing. 

I could have bought my neighbour's lot for $400k privately (just chatting over beers) a few years ago.  No fees, realtors etc.  He sold it on the market for 500k, and now there's a new house there worth about 1.5. 

Silly me....

Should have, would have, could have.

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8 hours ago, Puzzleboy said:

The only way to tell for sure, is to float it on the market and see what comes in.... tell him the fees and hassle alone (buyers backing out, etc.) is worth the delta you're discussing. 

I could have bought my neighbour's lot for $400k privately (just chatting over beers) a few years ago.  No fees, realtors etc.  He sold it on the market for 500k, and now there's a new house there worth about 1.5. 

Silly me....

He came to me a year and a half ago. I offered $400 on a private deal. He said he needed $450. I said no.

He listed it in June last year. I put an offer through the realtor of $425 no conditions knowing they wouldn't accept. They came back with $465. I said no.

We had a conversation in his backyard. He said if I came up to $440 and we got rid of the realtor we'd have a deal. But since I put the offer in through the realtor we'd have to wait at least 3 months. I said I had already gave my top offer and I'd prefer to go through the realtor as then I would have an easier time getting a mortgage. Without the realtors I would expect to pay less. He dumped his realtor after 6 weeks. I was their only offer.

He came to me in January to say he was listing again. If I brought $450 before the realtor got involved it was mine. Once the realtor gets involved he said he wouldn't taken offers under $465. Well, now he's listed for $459 thinking he's going to get a bidding war but that doesn't always work. You have to have a house/property that people want.

The house is super small, old furnace, old A/C, stone foundation from the 1840's, roof is over 10 years, windows over 10 as well, kitchen is old but clean. Its a rental unit with up coming maintenance or a tear down. You can't put an addition on because its in violation of current setback limits. Its a tear down, build a new house type deal.

I thought about it for a month, watched the market in the area, talked to a realtor and a couple others in the business and decided not to make an offer. I will wait it out. I still feel he can't get any offers over $400 even in a hot market because the market is not buying what he is selling.

Its been up for over a week now, no sold sign yet.

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1 hour ago, ArcticCrusher said:

Should have, would have, could have.

Yep. House for sale by my mother's 7 years ago. Young couple had bought it in 2007. They paid $325 for it, market was strong here with Blackberry.

He lost his job in 2009. They put the house up but the market had fallen and it just sat. At $260 they had no offers. The bank ended up with it. They dropped the price to $229.

My mom had been watching. She says "Come on, you and I buy it. We fix it and rent it out until the market gets better then sell."

I hesitated and it sold. It needed a kitchen, bathroom, laundry room, new deck and a bunch of paint. The market was shit because Blackberry was cutting staff and the market was flooded with houses.

The couple who bought it paid $220. They fixed it up. It sold last month for $445.

Shoulda, coulda.   lol

 

I'm just not a gambler. When the market is low, it feels like it will never come back. When its high you're just wondering how long it will be until it drops and how far.

 

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13 hours ago, JohnnyB said:

That was the huge three buoys houseboat rental fleet HQ years ago. We are almost neighbour's,  our cottage is 10 mins up the road or 15 min boat ride. I'll have to pop in one weekend. We have some catching up to do.

Sounds good john. 

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1 hour ago, Blackstar said:

Yep. House for sale by my mother's 7 years ago. Young couple had bought it in 2007. They paid $325 for it, market was strong here with Blackberry.

He lost his job in 2009. They put the house up but the market had fallen and it just sat. At $260 they had no offers. The bank ended up with it. They dropped the price to $229.

My mom had been watching. She says "Come on, you and I buy it. We fix it and rent it out until the market gets better then sell."

I hesitated and it sold. It needed a kitchen, bathroom, laundry room, new deck and a bunch of paint. The market was shit because Blackberry was cutting staff and the market was flooded with houses.

The couple who bought it paid $220. They fixed it up. It sold last month for $445.

Shoulda, coulda.   lol

 

I'm just not a gambler. When the market is low, it feels like it will never come back. When its high you're just wondering how long it will be until it drops and how far.

 

Well, I bought homes to rent out in 88 and again in 89 and again in 91.  Together with my brother and family, not to flip but long term holds.  We sold in 2002 and at the time were glad we did.:pan: 

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Yep, it takes balls, like any investment.  It's hard to see when things are on the slide...... Like AC said...... woulda, shoulda................ didn't.

 

4 hours ago, Blackstar said:

Yep. House for sale by my mother's 7 years ago. Young couple had bought it in 2007. They paid $325 for it, market was strong here with Blackberry.

He lost his job in 2009. They put the house up but the market had fallen and it just sat. At $260 they had no offers. The bank ended up with it. They dropped the price to $229.

My mom had been watching. She says "Come on, you and I buy it. We fix it and rent it out until the market gets better then sell."

I hesitated and it sold. It needed a kitchen, bathroom, laundry room, new deck and a bunch of paint. The market was shit because Blackberry was cutting staff and the market was flooded with houses.

The couple who bought it paid $220. They fixed it up. It sold last month for $445.

Shoulda, coulda.   lol

 

I'm just not a gambler. When the market is low, it feels like it will never come back. When its high you're just wondering how long it will be until it drops and how far.

 

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3 hours ago, ArcticCrusher said:

Well, I bought homes to rent out in 88 and again in 89 and again in 91.  Together with my brother and family, not to flip but long term holds.  We sold in 2002 and at the time were glad we did.:pan: 

Rentals can be great, they can also be a nightmare.

I had a buddy who bought 3 student rentals. He owned them for 10 years. He said your year would depend on your tenants. Every spring you'd go in to see what the damage was. Sometimes it would just need some paint and carpet. Other years the wall and doors were full of holes, toilets and sinks broke and garbage every where. He stopped rents to guys by year 3.

 

The Ex and I bought our first house, a semi, in '94 for $114. The neighbour next door bought theirs in '90 for $135.

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We have $200,000 total into ours with property and house built new 9 yrs ago. 

Another listed tuesday two streets over from us, on Lake simcoe conservation authority regulated land. Listed for a little over 600 they got $845,000 by Thursday. We could make a little profit with ours lol.

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7 minutes ago, Puzzleboy said:

How did you build a house on land for $200,000?  Even 9 years ago, houses cost more than that to build. 

Sorry $210,000 total.

$133,000 for our lot stayed in the little 2 bedroom somewhat winterized cottage for a little over a year that was on it. Tore down built new for $75000 complete moved in. I was told at the time couldn't be done on my budget of $90,000. I came in under. 1400 sq ft 3 bed 2 bath cape cod story and half. Full basement. I managed it, did my own plans and design. Did alot of interior finishing my self and shingles. But everything else subbed out. 

 

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6 minutes ago, atc said:

Sorry $210,000 total.

$133,000 for our lot stayed in the little 2 bedroom somewhat winterized cottage for a little over a year that was on it. Tore down built new for $75000 complete moved in. I was told at the time couldn't be done on my budget of $90,000. I came in under. 1400 sq ft 3 bed 2 bath cape cod story and half. Full basement. I managed it, did my own plans and design. Did alot of interior finishing my self and shingles. But everything else subbed out. 

 

At $58 sqft did you mill the lumber yourself? 

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1 minute ago, ArcticCrusher said:

At $58 sqft did you mill the lumber yourself? 

No but I saved a boat load of cash on that too. By not buying at home depot or anything. I went to the manufacturer velcan forest products. They would do house lot for me. They were great to deal with. Putting second story floor down and it rained. Some plywood separate top layer. They came out inspected that day. They Paid my framer to scrape the top layer off the few bad sheets as my roof joists we already on it. Quick Crete  the voids and put down another layer of 5/8 plywood screwed and glued.

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4 hours ago, atc said:

Sorry $210,000 total.

$133,000 for our lot stayed in the little 2 bedroom somewhat winterized cottage for a little over a year that was on it. Tore down built new for $75000 complete moved in. I was told at the time couldn't be done on my budget of $90,000. I came in under. 1400 sq ft 3 bed 2 bath cape cod story and half. Full basement. I managed it, did my own plans and design. Did alot of interior finishing my self and shingles. But everything else subbed out. 

 

$75,000 sound awful cheap to build a full house.

Thats including kitchen cupboards, countertop, plumbing, electrical, bathroom fixtures, doors, windows, drywall, taping and paint.

oh yeah and excavating a foundation for a full basement, footings and block or poured walls.  And poured basement floor.

 

Maybe you should be a general contractor as it sounds like you can do it cheaper then alot others.

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30 minutes ago, Puzzleboy said:

Does the house have tail lights, and a hitch? :)

I used to live in a park and my trailer was 14x72. It was plenty for just me and my son. I'd go back to living that way any day.

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1 hour ago, Blackstar said:

I used to live in a park and my trailer was 14x72. It was plenty for just me and my son. I'd go back to living that way any day.

I used to know a couple that lived in a park near Milton.  They loved it.  Cheap site rental.  Low monthly bills.  More money for beer.  No stressful job required to make big bucks to cover bills.

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14 hours ago, Sksman said:

$75,000 sound awful cheap to build a full house.

Thats including kitchen cupboards, countertop, plumbing, electrical, bathroom fixtures, doors, windows, drywall, taping and paint.

oh yeah and excavating a foundation for a full basement, footings and block or poured walls.  And poured basement floor.

 

Maybe you should be a general contractor as it sounds like you can do it cheaper then alot others.

Yes there was time involved. I spent a year collecting materials. Bought a house lot of windows brandnew from the supershopper $1200. I designed the house around the windows. Got a great deal on most my fixtures from liquidation world. We were going to a crawl space, but for only $2000 more basement guy said he would do a full basement. 

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We live in the middle of nowhere lol btwn Fenelon and Kinmount. The guy was asking $265K and I put an offer in for $238K which he rejected and ended paying $249K. Two and a half acres, bungalow with stamped concrete ( main part of house/ garage) and teak in the bdrm. We've upgraded the kitchen/ main bthrm and now just finishing the ensuite. We also installed a standby genny and upgraded the radiant floor with a boiler. I'm sure we spent a chunk of change in the time we've been here but once said and done we can retire and enjoy the rest of our time. I feel sorry for anybody trying to get started in the GTA with the ridiculous prices

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21 hours ago, atc said:

No but I saved a boat load of cash on that too. By not buying at home depot or anything. I went to the manufacturer velcan forest products. They would do house lot for me. They were great to deal with. Putting second story floor down and it rained. Some plywood separate top layer. They came out inspected that day. They Paid my framer to scrape the top layer off the few bad sheets as my roof joists we already on it. Quick Crete  the voids and put down another layer of 5/8 plywood screwed and glued.

How the heck did you get a lumber supplier to do that?

   You must of been a royal pita. That's a first time I've ever come across a supplier coming through after install and a rain storm. Before yes.I can understand why you make a good front man in retail. Did Rick frame you up? I saw him a year or so ago.

  Velcan is a wholesaler, great pricing and service. One of the few not under the Alpa group......yet

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GTA prices aren't ridiculous, simple supply & demand market.  And we're still cheaper than many of our comparable peers.  Let's hope the government stays out of it. 

But agree, would definitely be tough on a first time buyer. 

 

1 hour ago, smokin george said:

We live in the middle of nowhere lol btwn Fenelon and Kinmount. The guy was asking $265K and I put an offer in for $238K which he rejected and ended paying $249K. Two and a half acres, bungalow with stamped concrete ( main part of house/ garage) and teak in the bdrm. We've upgraded the kitchen/ main bthrm and now just finishing the ensuite. We also installed a standby genny and upgraded the radiant floor with a boiler. I'm sure we spent a chunk of change in the time we've been here but once said and done we can retire and enjoy the rest of our time. I feel sorry for anybody trying to get started in the GTA with the ridiculous prices

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