Messages

1

Questions and Answers / Re: A quick question requires quick response - appreciated

« on: March 02, 2010, 03:59:19 PM »

Hi folks,

I had a court-ordered lein on a property for $20,000 with 3% interest per month, compounded monthly, plus legals.  When the property had a buyer, I had to agree to remove the lein before the deal could proceed.  My lawyers costs were calculated in advance, added to the amount of the lein, and I signed off. I got my money, lawyer got paid, buyer of property got the property, and the seller got squat.  Everything was put on paper through the lawyer.  I was informed by my lawyer that the sale CANNOT proceed until the lein is removed, on paper.  If something goes wrong with the sale, the lein would have been placed back on the property.

Good Luck

2

Professionals / Re: Anyone doing infloor radiant or solar heat+power?

« on: February 14, 2010, 10:54:03 AM »

I have some knowledge with in-floor radiant.  What type are you looking at doing? Electric, hot water in poured concrete, hot water through floor joists???

3

Property Information / Re: Greater Napanee

« on: September 07, 2009, 12:03:43 PM »

Thank-you Ernestbidder. Very well said.

It is very rude of people to make posts so that they can call people names such as "idiots or morons".  No one knows the reason for someone to make an unusually high bid.  Assessed value has nothing to do with the actual value of a piece of property. It is simply a number assigned by MPAC to assist in the collection of taxes.  The actual value of the property is up to the individual trying to buy. 

Worldjohn, and others, should keep their hurting comments to themselves.  Let's try to keep this fun, and hopefully make the occasional profit if that is your intention.

4

Questions and Answers / Re: Selling Land

« on: May 12, 2009, 10:44:01 AM »

Hello Everyone,

I am in the process of buying an adjoining lot where I live.  The seller is a 7 hour drive away and does not wish to come here to do the transaction.  My lawyer told me that the seller MUST have a lawyer at his end to sign the documents or he would not be able to do the purchase.  This is to prove that the seller actually owns the property and to prevent the tremendous amount of fraud occurring in the real estate business.  The fraud is getting worse because of electronic filing.  I always wondered about how you could have your own house sold without you knowing it.

Happy Bidding to Everyone

5

Announcements / Re: Problems Accessing the forum

« on: March 20, 2009, 09:55:08 AM »

Cochrane?  Isn't that the place with the albino moose in the hotel?

6

General / Re: Teaming Up

« on: January 10, 2009, 10:15:38 AM »

$45,000. In Vienna. It was a power of sale. The bank started out at $89K. The price continued to drop and when I got it the listing price was $55. The RE agent suggested I put in $45 and they took it. She told me after that they just turned down $47 the week before. I got lucky.

7

General / Re: Teaming Up

« on: January 09, 2009, 01:34:34 PM »

Morning Frank,

Thanks for the response. My mortgage broker warned me of the 5plex and larger. Gets into the commercial end of things and the rules change. That is my plan also, making this my retirement income.

We have a line-of-credit now but in the process of bringing it up to the max. The bank wants to charge me $500 to do this. I refused to pay their exorbitant fee and we are still battling over it. Should have it all worked out today. Is $500 normal to put a charge on title?

Thanks

8

General / Re: Teaming Up

« on: January 09, 2009, 11:11:31 AM »

Hello Everyone,

I have been watching with interest the many varied comments that have been made in the "teaming up" but now "pros and cons of investing" and have finally decided to comment.

I lost my job trucking within the auto industry and have decided to go on my own into the income property market. I have other skills but refuse to live in a tent in the bush, thank-you very much. We bought a house 3 years ago for $45K (POS, not tax sale) with tenants which has done us well. It allowed us to pay off our mortgage and now have a $200,000 secured line-of-credit that I would like to use as leverage in placing cash offers on du,tri and fourplex properties. Offers that are conditional upon financing seem to scare away sellers in todays market. Once my cash offer is accepted, I would work with my mortgage broker, pay off the line-of-credit with a mortgage on the income property and do it again. No CMHC, lower purchase price, save money. Right? Anyone wishing to throw a wrench into my plan, please do so.  Free advice gratefully accepted.

I have built my own house and shops over the years. I am much better at swinging a hammer and twisting wrenches than reading the financial post. Someone suggested going to Edward Jones, which I did. She recommended to not borrow to invest in stocks, bonds, mutuals, etc. If I wanted to try smaller amounts ($10-20K) after I own properties, that is fine, but stay away from bigger $$$. That was good to hear. We had some investments ($30K) a couple of years ago with a "financial counsellor" at TD bank. What a joke. Withdrew everything and now very glad that we did.

Great site. Lots of info. Best of luck to all.

9

General / Re: Locating Crown Land

« on: December 25, 2008, 12:36:33 PM »

Hello,

http://crownassets.pwgsc.gc.ca/

Above is the link to the crown assets distribution centre. I don't know if they sell off land, but you can give it a try. They often have some cool stuff they are trying to dump.

Good Luck

10

Questions and Answers / Re: Lawyers

« on: March 08, 2007, 10:35:50 AM »

I am far from an expert on lawyers, but I have dealt with a few.  I have finally found what I think is a good one for the jobs I need to do,  good luck with your search.

A lawyer is there to do what you ask of him/her, nothing more, nothing less.  They will do that and then advise you of anything else that should be done, and if you want them to do it.  If you feel confident about doing title/execution searches, by all means, do it yourself.  In my township, I can walk up to the counter and pay the $38 to each department (zoning, health, building,etc.) and get hard copies of all the information and take it to the lawyer for his review,  or review it myself.  The choice is yours.  You don't need to pay a lawyer $300 / hr. to do that for you.  You can get the same information verbally, for free, but get the hard copies!!

I agree with Frank, $1200 is a bit much.  $500 plus disbursements is a good number for the average property.  It doesn't matter if it is a vacant lot for $4000, or your dream home for $400,000.  The searches need to be done.  You could be buying the hidden tire dump under the $4000 lot that will cost you $400,000 to clean up.

Banks will insist on a lawyer if you get a mortgage.  Title insurance is a good idea,  but again, it is up to you.

Like the saying goes,  "He who defends himself in court has a fool for a client".

11

General / Re: Location

« on: February 26, 2007, 10:22:39 AM »

Hi Dave,

It sounds like you are in much the same position as me.  I am starting some training to bring my lapsed licenses back into use.  Cash flow will be tight for a few months, but we couldn't turn down the 5-plex.  Income properties may not make the same money as a good job,  but at least we will have a little more control and security.  Good retirement income ( I hope).

Good luck,

Ben

12

General / Re: Location

« on: February 24, 2007, 09:28:05 AM »

Hi Dave,

I have been visiting this site for about 6 months,  but have never bid on a property.  I  just happen to see the tax sale listings in the local paper and started asking questions.  This is a very helpful and informative place to get answers.  I  (and wife) put an offer on a 5-plex in Langton that was accepted yesterday, so bidding on any tax sale stuff is totally out of the question til the dust settles.  Maybe later if something comes up locally.  I tend to browse the real estate rags and look for bargains.  Are you looking for anything specific, or something in the proper price range?

13

General / Re: Location

« on: February 22, 2007, 10:55:16 AM »

Hi,

I lived in Norfolk  (just north of Courtland) for many years, but now live in Tillsonburg.
Wazzup?

14

Announcements / Re: Tillsonburg listings

« on: February 16, 2007, 10:23:41 AM »

Hello,

Thanks for the detailed response to my questions.  That should answer the email that I got from the person that got one of the Tillsonburg lots.  No matter how the subdivision process is done, it seems to be quite a hefty task.  I am curious to see how this one makes out.  There has already been some comments in the paper about too much development going on in Town.

Later...

15

Announcements / Re: Tillsonburg listings

« on: February 14, 2007, 01:26:15 AM »

I received an email from someone that bid on, and got, one of the Tillsonburg properties.  Congratulations.  He had a couple of questions to which I have no answer, maybe someone here could help. How much for property taxes the way it sits now?  I would think no more than $200/year, but I could be way off.  How does the property get serviced?  Does the developer, or the Town, put the roads in?  Or do they work together?  I was told a while back that it costs about $30,000/lot to service (gas /electricity/water/ sewer) in a situation like this.  If that is the case, purchase the lot for $7000, + servicing = a good profit.  Lots would go for $50K min. in that neighbourhood.  Does the individual property owner contact the developer and pay them?  Any help with these questions is greatly appreciated.

Thanks.