Messages

1

Questions and Answers / Re: Becoming a Landlord

« on: April 21, 2007, 01:45:11 AM »

A house will always rent out for the right price. You'll need to do your homework and see what other houses are for rent in the area in question and see if you can afford to rent it out for what their renting for. My experiance has been only in smaller towns and for the most part I would strongly recomend it. You'll always have issues croping up, but so long as you can set yourself up in such a way that when these issues do crop up your ready and able to deal with them. (both physically and emotionaly).  You'll agree that being a landloard is very rewarding. I would however recomend giving some seriouse thought befor buying a property that is any distence away from home. This comes back to setting your self up right If you get a call at 7pm on Sat. night of a long weekend from your tennent saying they don't have any hydro, what do you do?
Any way the what if and or buts aside there are plenty of things you can do to minimize the risk, money and headaces. You can't however eliminate them.
If you want to talk send me an Email and I can give you a few tips that I'v picked up over the years. I'm no pro. but I do have some experiance.
Rich 

2

Questions and Answers / Re: Writ Excecution Vs. Title Check

« on: March 26, 2007, 11:09:38 PM »

I was under the impresion that a "writ of exicution" was a search done on an individal, namely the listed owner/s of the property. And the "Title Search" is actualy searching the property for any liens against it?

3

Questions and Answers / Re: How do I "find" the property?

« on: March 13, 2007, 07:14:27 PM »

Hi Mike,
There are plenty of maps out there and plenty of ways for you to locate the properties your interested in, the most logical place to start would be the city, town or township municipal office that is having the sale. They would know where they are and likely have maps showing their location.

4

General / Re: getting started ?

« on: February 22, 2007, 06:24:01 PM »

Hi Joe,

I'm no expert by any stretch of the imagination, I would definitely defer to Rob or Frank  with regards to hands on info. That having been said It's been my experience that it's really hard to give advice in general terms as every property has it's own and often unique issues.
Simply put the process starts with your finding a property that is of interest to you. Then you need to determin it's value to you. Then you need to see if you can get it for some where between the min. tender and the value you put on it.
There are plenty of things that will affect your calculations, but so long as these extra expenses combined with the min. Tender don't exceed what it's worth to you then you submit your tender and hope the property isn't worth that much to anyone else.
As mentioned there are plenty of things that need to be checked Title, Writs, Environmental Concerns, Previous use and Set Backs to mention just a few.
I suggest that if you find a property your interested in contact one or two of the folks here on the site and ask them for help Frank and Rob both helped me out with the 33 acres in Trenton. At one point I had given it up as a dead end property but through digging I determined that there was the potential to make money on it after all.

Rich

5

Property Information / Re: Quinte West

« on: February 21, 2007, 07:27:53 AM »

What he told me was that so log as it sold for close to fair market value, and he used the assessed value of 55,000 as an example he said if it goes for 50,000 they wouldn't quibble over a few grand and they will release the property if however it sells for 16,000 they would have a prob. with that and the successful bidder would need to cough up the difference to the Gov. prior to them releasing it.
I bid 42,000 but was out bid by 2 others.

6

Property Information / Re: Quinte West

« on: February 20, 2007, 03:29:50 PM »

Well, that's a good question.

All I can say with all certainty is that when I called Canada Customs and Revenue (or who ever it was that had the Writ Of Execution against the owner) the gentleman I talked to said that even though this guy owed the Gov. a lot more money then what this lot was worth they would be agreeable to postpone the execution on the lot if it sold for "close to fair market value". He seemed very reasonable and explained that they work for us the "Tax Payer" and that they would be held accountable if they let this property go for a fraction of the "fair market value" but that they didn't want to tie up the property by wanting to get $500,000 for a lot assessed at$55,000. He could only speak for the Bellville office so don't assume this to be Gospel in the future. Do your home work.

7

Property Information / Re: Quinte West

« on: February 19, 2007, 09:46:11 PM »

To any one interested the tenders were opened today and the results are as follows:

07-01 Older house down town..........1st) 32,900 , 2nd) 31,100.
07-02 Old store................................32,100 only tender but didn't didn't meet min. bid of 52,000+/-.
02-03 nice house ............................ AS previously posted redeemed.
02-04 33 acres with crown lien of over 500,000......sold for 1st) 60'001, 2nd)52,356.

I heard the name Ken mentioned a couple of times was that you Ken?

8

Property Information / Re: Quinte West

« on: February 10, 2007, 01:20:20 PM »

Yes thank you Ken,

Our private conversation was very enlightening for sure. Thumbs up to you.

Rich

9

Questions and Answers / Re: commercial zoning

« on: February 08, 2007, 05:54:17 PM »

Thanks Guys.

10

Questions and Answers / commercial zoning

« on: February 07, 2007, 09:53:12 PM »

Hey all,
Does a property having commercial zoning have more or less value then a similar one that doesn't? Generally speaking.

11

Questions and Answers / Re: How to base you bid amount?

« on: January 28, 2007, 07:44:41 PM »

First you need to decide what it would be worth on the open market. Once you do that, you need to decide what it's worth to you. Then you put your bid in, keeping in mind that the closer you are to the "open market value" the better your chances get of winning. In this market you won't likely get any thing off value for pennies on the dollar. How ever like any auction you never know what a property will go for. Hind sight will be 20/20 but if you believe the property is worth $30,000 and you bid $15,000 but you would have been happy getting it for $20,000 you'll wish you had bid the 20g, however if you bid the 15g and get it......... In a nut shell mesha there is no way of knowing. Base your bid what it's worth to you.

I would be surprised if builders didn't bid on these properties.

12

General / Re: Minimum Tender

« on: January 26, 2007, 01:45:58 AM »

Probably any accumulated back taxes that have been added on to the total taxes owing since the time that they calculated what was owing. Could be months since the calculations were done till the actual sale.

13

Questions and Answers / Re: john beck....?

« on: January 23, 2007, 01:44:29 AM »

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?

14

Questions and Answers / Re: john beck....?

« on: January 15, 2007, 01:37:41 AM »

There's probably a lot more to that properties story then they're letting on.

15

Property Information / Re: South Frontenac property

« on: January 05, 2007, 02:13:19 AM »

I't doesn't sound to exciting.