Ontario Tax Sale Property Forum
Tax Sale Forum => Questions and Answers => Topic started by: stepan on January 14, 2007, 10:05:00 PM
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Hello , my name is Stepan and I am new to tax sale properties . I heard it on an infomercial about John beck's guide (www.johnbeck.tv) . The infomercial stated that i could buy great properties for $800-$8000(examples were mostly in $800-$1500 and they were nice homes) . This seems a little far-fetched for me , is it really true?
P.S I am looking for property's near or in Toronto
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You can buy great properties between $800 and $8,000. None will have a home on it, and none will be near Toronto.
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wow thanks for telling me :) they showed me a 3000square foot house sold for 8000but i guess they tried to scam :(
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There's probably a lot more to that properties story then they're letting on.
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The US market is very different. Even in America deals like that are 1 in a 1000. If it was that simple, he wouldn't be wasting time selling motivational tapes and books.
From what I’ve seen of the Ontario market, you can get a property with a home for 20% to 30% under actual value. For properties without a structure you may get a slightly better deal since you’re investing lots of time jumping through hoops (maybe even gambling) for sewage/building permits (unless your buddy/family member works for the local authority).
Another thing to consider is that it’s easy for the soon to be evicted occupant to trim 30% of a property’s value when they know they’re about to be turfed by the sheriff. Imagine what you could do to your home with a couple weeks warning before they dragged you out of it.
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wow thanks for telling me :) they showed me a 3000square foot house sold for 8000but i guess they tried to scam :(
Infomercials tend to show things in the best light possible. It is possible to get a home like that but with a bidding process in place that price is going to raise. But depending on where the property is located, it may not rise that much. Remember though you need to pay the back taxes as well.. Which could end up being more than the winning bid.
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I have bought a house for $12k in a small city in Ontario on a tax sale and did very well with it.
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I'm thinking of starting up an info-mercial on how to get rich quick. I will call it, start up an info-mercial on how to get rich quick and get people to send you money - I'll then send them a piece of paper saying ' start up an info-mercial callled how to get rich quick'.
I can't believe how people fall for these things.
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Just consider it another possible source of info. Whether you get it from John Beck or the guy next door. It's what you do with the info. that will decide whether it was worth what you had to pay for it????