Ontario Tax Sale Property Forum
Tax Sale Forum => Questions and Answers => Topic started by: Newinvestor on June 08, 2013, 05:29:49 AM
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Hi everyone,
As my name states I am new to tax sale properties and looking to make my first purchase. Currently I have my eye on a property that is located in a neighbourhood that is generally classified as bad. It does have a couple good things as well. I am however concerned about a few things, some of which just may be unnecessary exagerations of my over active imagination. I have listed below things that concern me. I hope the seasoned investors can give their input.
- current owner/tenant causing enough damage before they leave that the repairs cost more than what I would be able to sell it for once its repaired
- tenants/current owner refusal to leave
- possible high retrofit costs that again would cost more than what I could sell it for
- current owner/tenant get mad over the tax sale of the property and return to cause us harm or damage the property while under renovations
- theft and damage during renovations since no1 will likely be living there
I also want to ask about taxes I pay when I sell this property. I would like to buy and sell more properties but I am just getting my toes wet and learning the ropes. I read in another forum about 50% cap gain I have to pay. I am not sure what that means and pretty much confused about about the taxes. Should I be incorporated or just buy normally. I don't know if I will be buying another property this year. It all depends on the property cost and availability and if I make money off of this 1.
That's all I can think of at this moment. Appreciate your help.
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As a new member, with serious intentions of buying, your first action should be to read all the postings on this forum, which will be a fairly good education, and will answer some of your questions. Certain questions tend to be asked over & over again, so some answers have been posted numerous times.
Happy reading.