Ontario Tax Sale Property Forum
Tax Sale Forum => Member Experiences => Topic started by: Sasha on August 29, 2008, 12:30:18 AM
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Okay, put in an offer on a property in Red Lake in May. Taxes owed were 12.5K and property was assessed at around 40K. Run down shed on property, neighbors say it was falling apart on the inside, mold etc... Last minute, property was redeemed. Address is 34 Blende Street. Today, the property is listed with a local real estate agent, totally renovated top to bottom and asking 235K. All new bathrooms, including jacuzzi soaker tub. New floors, ceramics, new kitchen, all completely newly renovated interior and exterior etc... Gorgeous. I smell a private deal. If a guy didn't have enough to pay taxes, how the heck did he come up with the money at the last minute and then at least 100K to renovate (maybe less if he did a lot of the work himself and is a contractor able to get supplies at good prices)? I should learn to keep my mouth shut. Seems like everyone else is making money off the ideas I come up with, and I'm still poor.
Sasha
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Same thing happened to me for a house in St. Catherines last year. It was a brother who bailed the family out and then flipped the house for a nice profit. It can be frustrating but at the same time I understand why people do it. It's a way around the tax sale process. I tried it with the St. Catherines property as well.. :), and thats how I found out what the family's intentions were. Also, one more tip: If you try this, don't expect people to be very welcoming to your offer... or even your phone call!
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I looked into a private deal, difficult to do, lots of legal work involved. Probably a relative. I planned to get the home for under 40K knowing it was assessed at 40K and then knew I'd have to spend at least 50K to renovate. Whoever bought the house had much more money, put a lot of quality work into it. Beautiful jacuzzi (4 Person, corner tub), sauna, ceramics and laminate throughout, oak kitchen cupboards. Small 1.5 story house, but really nice now. Though I'm not sure putting so much into it was such a good idea since the area has a lot of older homes and a nearby streets with mobile homes.
I told quite a few people in town (which is an hour away from Red Lake) that I put a bid in and I told a local realestate agent.
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Seems like everyone else is making money off the ideas I come up with, and I'm still poor.
I told quite a few people in town (which is an hour away from Red Lake) that I put a bid in and I told a local realestate agent.
Never ever ever ..did I mention NEVER discuss business with anyone. Essentially there are two types of people in this world..People who have screwed you...and people who havent screwed you YET.
Business is not just business, Business is war, If you have an idea , never disclose to anyone. If you are going to bid on a property , shut up..
of course if you have a good lead you can share it with me privately..you can trust me , Im not like other people ;D
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I learned my lesson. The persons that I told could have the money to do such a thing and wouldn't have copies of our local paper and wouldn't have known about the sale unless they accessed this site or the Gazette. Our 'local' real estate agent is based in a larger town 2 hours away and wouldn't have know about the sale unless someone told her, many of the persons that I told didn't know or had no way of knowing about the sale or the fact that zoning ammendments in town are allowing a new subdivision to be built 2 streets away of 'upscale houses', work to start in the spring of 2009. They could have found out the same information that I did (if they were actively seeking that information), except I did the 'leg work' and then dropped it in their lap.
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[Business is not just business, Business is war, If you have an idea , never disclose to anyone. If you are going to bid on a property , shut up..
of course if you have a good lead you can share it with me privately..you can trust me , Im not like other people ;D
PFM....a little deja-(http://)vu...I'm sure I've heard you say something like that before. and of course, I am the only other person that can be trusted, so don't for get to share that lead with me as well. 8)
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Of course, you are supposed to keep your mouth shut in deals like these.
the more you talk, the more people start to get involve, and more then once in a while someone else makes the money off the deal you find.
It's always like that,
the best deals are the ones which no one knows, until the title has been transferred. you make tons of money in the deals no one knows about and pennies in which everyone knows about.