Krusty 0 Report post Posted October 18, 2005 I am also in Ontario (Newmarket). I am meeting a lawyer tomorrow night to review some contracts as well as create a Joint Venture agreement. I have found a private investor with deep pockets who is interested in buying and rehabbing or buying and selling on contract. I will let everybody know the results of my lawyers meeting. Thanks, Russ Share this post Link to post Share on other sites
rpoissa 0 Report post Posted October 18, 2005 Finally registered! Been lurking and posted a couple of times. I am Rob from Barrie, ON. Doug helped me out quite a bit in last year or so. Lived up by arctic circle until last August. Since then bought 2 townhouses with a partner and RTO'd them. Thanks for all the great posts so far and looking forward to more. RobP Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 18, 2005 Lived up by arctic circle I imagine your wardrobe is a bit different than mine? This thread is starting to grow. Will I be needing an Immigration Officer to moderate the board now? Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted October 18, 2005 MC, ever heard of polar bare dipping? Speedo's are as common on the tundra as they are on the beach Russ, great work finding that investor I hope it works out for you, let me know if I can be of any help. This is GREAT! Canadian's as far as the eye can see on the best bar-none investing forum. The more we work together the more creative investing will be accepted in Canada and the more deals we'll make. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 18, 2005 MC, ever heard of polar bare dipping? Speedo's are as common on the tundra as they are on the beach No, can't say that I have. Personally, I'd be worried about, uh, shrinkage, if you know what I mean. . . Share this post Link to post Share on other sites
Krusty 0 Report post Posted October 18, 2005 MC...us Canadians are not used to a life without shrinkage!Doug...thanks, I will let you know how it goes... Share this post Link to post Share on other sites
MichaelJS 0 Report post Posted October 18, 2005 Birdie/Darren, So you prefer selling on lease option rather than straight renting. I can understand that from the perspective of less maintenance hassles. One question I had... If you're selling on a lease option, I'm guessing you're dealing with single family homes for the most part as opposed to apartment blocks. Since it's harder to find tenant/buyers for lease options than straight renters, and since you have to do a number of deals to approach the volume of buying an apartment (say 15-20 units), is it MORE work to find deals and tenant/buyers for lease options than it is to buy an occupied apartment? Granted there will be far less maintenance headaches with lease options. I figure if the apartment is big enough, you could afford a property manager or pay one of the tenants to handle this role. Any thoughts on the workload of doing multiple lease option deals versus buying and managing an apartment? Share this post Link to post Share on other sites
rpoissa 0 Report post Posted October 18, 2005 Polar Bear dipping? How about polar bear wrestling? Share this post Link to post Share on other sites
rpoissa 0 Report post Posted October 18, 2005 MC, You might dress a little different for this windchill. Keep in mind this is in Celsius. Convert to American degrees and you get -99.4 F !! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 18, 2005 Wow! With that kind of temperature, I guess shrinkage is the last thing I'd be concerned about. Share this post Link to post Share on other sites
Guest Guest Report post Posted October 18, 2005 And with all you Canucks on board, not a one of you has found the time to get the Admin a bottle of Canada's finest?! Michael, where are you located in FL? I have a place in St. Pete's I'm talking about maple syrup. What were you thinking of? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 18, 2005 I'm in the Fort Lauderdale area. We see lots of Minnesota and Canada license plates here, come winter. Then, in the Spring, all the SnowBirds fly north once again. . Share this post Link to post Share on other sites
Birdie 0 Report post Posted October 18, 2005 Birdie/Darren, So you prefer selling on lease option rather than straight renting. I can understand that from the perspective of less maintenance hassles. One question I had... If you're selling on a lease option, I'm guessing you're dealing with single family homes for the most part as opposed to apartment blocks. Since it's harder to find tenant/buyers for lease options than straight renters, and since you have to do a number of deals to approach the volume of buying an apartment (say 15-20 units), is it MORE work to find deals and tenant/buyers for lease options than it is to buy an occupied apartment? Granted there will be far less maintenance headaches with lease options. I figure if the apartment is big enough, you could afford a property manager or pay one of the tenants to handle this role. Any thoughts on the workload of doing multiple lease option deals versus buying and managing an apartment? Let's see I will try and answer your question. I already own the Apartments, and I would not sell them on a lease purchase basis. Loss of control without loss of liability would be the main reason. Yes, you would have to do more volume, but not a lot more. Here in Regina, Apartments are worth about $40,000 per unit. Average house prices here are about 100K. I am sure the ratios are similar in your neck of the woods. Apartment dwellers are VERY labour intensive tenants. They own no tools, and very seldom will just take care of something themselves, they fight amongst each other, they move much more often, they play their stereos late at night, they generally are just less self reliant people overall, blah blah blah. You get the picture. I do like multi-unit properties, but they are a lot of work. It is not just collecting cheques I can assure you. Finding a tenant buyer for a lease option is a lot of work/hassle , but it has a definite beginning and a definite end. Owning and renting an apartment complex is an ongoing amount of work that never ends until you sell it. You could hire property managers, but they are very expensive, and they generally do a crappy job as well. Think about it. Does the property management company care if your apartment is vacant? Do they care if they tenant they rent your apartment to is a scumbag who will pay you late all the time and trash your place? My opinion is if you want to own multi-unit dwellings, you will need to do your own management a least for the first few years. Does that answer your question? Share this post Link to post Share on other sites
RGB 0 Report post Posted October 19, 2005 Hello everyone.I am located in Toronto, Ontario and our company invests in the Niagara Region.It is good to know that there are other Canadians on this board. Thanks,Peter Share this post Link to post Share on other sites
PokerNutter 0 Report post Posted October 20, 2005 Another Canuck here checking in....I'm from Mississauga. Been really busy with non-RE related things but hope to be back in service soon. Good to see other Canadians dabbling in creative real estate as well. Share this post Link to post Share on other sites
