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Property Information / Belleville Properties
« on: July 13, 2007, 04:41:04 AM »
Anyone looking into the Belleville properties have anything to share?
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General / Re: Minimum Tender
« on: January 27, 2007, 02:44:38 AM »
The minimum is based on the taxes owed when the tax certificate gets registered, with additional amounts for tax accrued until the time where the ad is placed in the community newspapers for the prescribed period of time. LTT can be calculated by checking the various calculators including the one on the website www.canadianfinancialfreedom.com. There are also websites of real estate lawyers that have a LTT calculator on them. The additional amounts are taxes and interest accruing from the date of the advertiising and tender package creation to the date of the sale. It's usually not a lot of additional money as the sales are 4-6 after the ad is placed.
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Questions and Answers / Re: john beck....?
« on: January 17, 2007, 04:02:15 PM »
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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Properties for sale / 3 bedroom winterized home in beautiful Lake of Bays
« on: December 16, 2006, 05:24:39 AM »
We are selling our 3 bedroom home just outside of Dwight in the beautiful Lake of Bays area of Muskoka. It's a small home but beautifully laid out with 3 bedrrom (2 double bunks and 1 queen bed) with a large renovated washroom and tastefully renovated family room/dining room open concept Muskoka Room, complete with woodstove to keep you toasty warm during the cold season. This home is completely renovated with hardwood floor and gorgeous ceramic tiles. Although from the outside it looks like a small cottage in the country, inside it looks like a new condo...
There is a new roof, full and completely new septic with new electrical and year round water, new woodstove and electric baseboard heating. There's also a bunkie and a firepit. This property is 1 km away from Haystack Bay Marina for summer water sports, and a few kilmetres from Hidden Valley Ski Resort for winter skiers. It's also close to winter snowmobile trails...Check out our website at muskokaleasetoown.com. It's selling for 155k and it's also on lease to own.
There is a new roof, full and completely new septic with new electrical and year round water, new woodstove and electric baseboard heating. There's also a bunkie and a firepit. This property is 1 km away from Haystack Bay Marina for summer water sports, and a few kilmetres from Hidden Valley Ski Resort for winter skiers. It's also close to winter snowmobile trails...Check out our website at muskokaleasetoown.com. It's selling for 155k and it's also on lease to own.
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Properties for sale / Re: Building Lot for Sale in Lake of Bays, Muskoka
« on: December 16, 2006, 05:12:53 AM »
Just an update...I sold this wonderful little lot a few months ago for close to asking price. But, now I'm sorry - almost wish I would've kept it. Anyways, at least I made someone else happy - they got a great little deal.
Thanks again for this website being here!
Thanks again for this website being here!
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Questions and Answers / Re: Rent To Own
« on: December 14, 2006, 09:57:26 PM »
It's actually called Lease to Own. They don't actually own it until the end of the term, but the tenants pay a downpayment (small) and then more than the monthly amount of market rent to be mortgageable at the end of whatever term you agree to...at the end if they don't want it, all that extra money is yours...AND, your house is well taken care of during the 'rental' period - as they treat it like their own.
If you want further info, you can email me admin@canadianfinancialfreedom.com. We are an investment club and educators for real estate investment...you can get info from our website or be in contact with someone to get more help for free!
If you want further info, you can email me admin@canadianfinancialfreedom.com. We are an investment club and educators for real estate investment...you can get info from our website or be in contact with someone to get more help for free!
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Questions and Answers / Re: $10 & more bid pkgs, no online pkgs, no deeds for days & weeks
« on: December 14, 2006, 09:54:09 PM »
That's actually good - because if the winning bid doesn't pay, you're the ONLY one in line to win!
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Questions and Answers / Re: Can your deposit be more than 20% of the bid price?
« on: December 14, 2006, 09:52:23 PM »Yes - the rules say 'at least 20%'. Watch for rounding off and the decimal point...I always add a few dollars above my 20% just in case my calculator is off and I've missed it. You could lose out for a fraction of a cent! Better safe than sorry.
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Announcements / Re: Niagara Falls
« on: December 12, 2006, 06:01:24 AM »
It's actually a beautiful home in an amazing area, but unfortunately it was a crack house, which had broken pipes - creating lots of mold. Now, the fire guy is on a spearhead to get the property torn down. But there's no tear down order, just a whole bunch of work orders, which would require perhaps tens of thousands of dollars of cleanup (environmental - as there are needles and blood stained clothing in the building); it's considered a biohazard.
If you had some deep pockets, you could lowball the the offer (not many people will bid on it), pay the cost for the environmental cleanup, then rake in some possible markup on resell.
If you had some deep pockets, you could lowball the the offer (not many people will bid on it), pay the cost for the environmental cleanup, then rake in some possible markup on resell.
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General / Re: Clarification – What means 20 per cent?
« on: October 26, 2006, 05:50:49 AM »
Don't forget to round up instead of down...I always add 2 dollars or so, just in case my calculator is set for rounding off in error.
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Questions and Answers / Re: Can anyone post some success stories here?
« on: October 22, 2006, 02:09:10 AM »
Uh...I wouldn't say that. True, there is more work in tax sales than other properties, but you're getting something SO far below value that the potential to make a lot of money quickly turning it around (or mortgaging) is there - and usually much harder to come by in the regular market.
For example, I don't think I could've found a house for 12K on a beautiful lot anywhere in Ontario! It was easy to find someone to help me reno it, then reselling at the market rate represents a huge turnaround - especially if you consider the cash on cash return.
With a lot LESS work, I could buy something listed on mls or privately, but not for 12k - or SO far below the market value in any case.
You can make a lot of money in this. I have and will probably continue to do so. Recognizing that it is somewhat of a 'fringe' market that scares other people, or that makes other people shy away 'you can't make much money on it', 'too much work for the value', etc. just makes it more profitable for everyone else who is willing.
For example, I don't think I could've found a house for 12K on a beautiful lot anywhere in Ontario! It was easy to find someone to help me reno it, then reselling at the market rate represents a huge turnaround - especially if you consider the cash on cash return.
With a lot LESS work, I could buy something listed on mls or privately, but not for 12k - or SO far below the market value in any case.
You can make a lot of money in this. I have and will probably continue to do so. Recognizing that it is somewhat of a 'fringe' market that scares other people, or that makes other people shy away 'you can't make much money on it', 'too much work for the value', etc. just makes it more profitable for everyone else who is willing.
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Member Experiences / Re: adverse possesion
« on: October 20, 2006, 03:47:20 AM »
Yeah - can you imagine what you would have made if you still had it now? Does it make you think of trying again? Sometimes what seems like a trap is actually just a trap because of the way you're looking at it.
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Questions and Answers / Re: Can anyone post some success stories here?
« on: October 15, 2006, 11:34:45 PM »
Have I seen you on the rk website?
Anyway, yes you can make money in tax sales - but it's riskier than buying the traditional way - and it requires more homework (due diligence), and is not generally 'cash flow effective' - more like the value added approach. You have to 'see something' in a property and add the value, then resell.
I bought a lot up north near a city but on the outskirts for $6k (5 acres). I put a small house on it (pre-fab) which i got a direct line of credit for, then listed and sold it for $20+ more than the costs.
I bought a small, dilipadated looking house in a small Ontario city last year. My friend renoed it for the approx same value, (total cost to both of us about 25K, we relisted and sold for 68k - a total capital gain of approx 40K (which we split). Not bad for a year (that was just the tax sales), and I haven't really put in the 'driving effort' for the rest of the ones I've seen around.
Re: Hamilton. Have you checked the value of similar pieces of land in downtown Hamilton that are empty commercial lots, or have property on them. (Subtract the rough cost of buildling an equal property - if the answer is much higher than the lot which has the burned building, then it's a good deal. You could also check the assessments, or with a commercial agent who might be able to tell you the market value off the bat.
Good luck.
Anyway, yes you can make money in tax sales - but it's riskier than buying the traditional way - and it requires more homework (due diligence), and is not generally 'cash flow effective' - more like the value added approach. You have to 'see something' in a property and add the value, then resell.
I bought a lot up north near a city but on the outskirts for $6k (5 acres). I put a small house on it (pre-fab) which i got a direct line of credit for, then listed and sold it for $20+ more than the costs.
I bought a small, dilipadated looking house in a small Ontario city last year. My friend renoed it for the approx same value, (total cost to both of us about 25K, we relisted and sold for 68k - a total capital gain of approx 40K (which we split). Not bad for a year (that was just the tax sales), and I haven't really put in the 'driving effort' for the rest of the ones I've seen around.
Re: Hamilton. Have you checked the value of similar pieces of land in downtown Hamilton that are empty commercial lots, or have property on them. (Subtract the rough cost of buildling an equal property - if the answer is much higher than the lot which has the burned building, then it's a good deal. You could also check the assessments, or with a commercial agent who might be able to tell you the market value off the bat.
Good luck.
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Questions and Answers / Re: Hamilton
« on: October 15, 2006, 05:27:43 PM »
Can you tell us what you found in Hamilton in more detail?
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British Columbia Tax Sale Properties / Re: About British Columbia tax sale properties
« on: October 15, 2006, 05:37:29 AM »
I's somewhere else in this forum, but it's bdc-canada.com. Also, I neglected to say that one should also do a formal search called a Writ of Execution on the property in addition to the title search for your due diligence.