Ontario Tax Sale Property Forum
Tax Sale Forum => General => Topic started by: speedfreeksteve on May 30, 2007, 12:47:00 AM
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I don't recall seeing this many in a long time. Especially almost all within 2-3 hours of Toronto. Lots to go around for everyone. I have my eye on one or two. Anyways, best of luck to everyone this round.
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For those who buy and flip tax sale properties, how much time and energy do you put into fixing them up. In most cases, I suspect the homes are in poor shape. In your experience, do you spend time and money doing repairs or list the home immediately after you have the tax deed in your hand?
JLP
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JLP,
I have bought about 12 properties over the last 4 years. 2 have had buildings. You are right, generally they are in poor shape. I bought a Cottage in Wasaga beach Tax sale about 2.5 years ago. At the time it was pretty much abandoned and had some wiring and plumbing issues. For that cottage I tore out the carpets and flooring and replaced it with laminate. Put tile in the bathm kitchen and back room.
I levelled the floors from the crawl space underneath. Replace a few windows and put Vinyl siding on the outside. Some paint and and furniture and it was a brand new place. All tolled, I figured we spent about 100+hrs on it. We put a lot of work in it but the doubled the value. Most of the materials were bought from salvage stores, the re-store and end of the line flooring and siding companies.
I fine that the profit margin on the buildings are a lot higher than just the raw land. I am currently working on a 500 sq ft cabin that we just purchased and figure that we will spend about $3K and 40 hours to fix it up.