zerggross 0 Report post Posted December 18, 2007 The average home price in Toronto is about 380-390k. so i've always called the ads that has around 400k or less. there are a bunch of 900k or million dollar houses here that i never call. i've heard that some people do L/O with those. How is that possible? it must have different TBers. do you run the same ad "Rent to own?" or maybe run it on a different type of newspaper Share this post Link to post Share on other sites
MichaelC 160 Report post Posted December 18, 2007 The price of the property doesn't change the concept of a lease purchase. The differences are that you definitely won't want to do a sandwich lease on a $1M property. I imagine having a vacancy and having to make that monthly payment might be more pain that most of us want to tolerate. So go with a CA on these higher end homes. No liabilities, but you can still earn a nice payday on that option money.And another big difference is that your marketing time and effort will increase. The market for interested and qualified prospects for a million dollar home will be significantly less than for a $350K home. Aggressive and creative marketing, along with some necessary patience will be needed. Share this post Link to post Share on other sites
West Coast Girl 1 Report post Posted January 19, 2008 The average home price in Toronto is about 380-390k. so i've always called the ads that has around 400k or less. there are a bunch of 900k or million dollar houses here that i never call. i've heard that some people do L/O with those. How is that possible? it must have different TBers. do you run the same ad "Rent to own?" or maybe run it on a different type of newspaper The average home price in Toronto is about 380-390k. Geez, where IN Toronto are you talking about? From what I know, there aren't any single family homes or Townhouses directly in Toronto in that price range, except in the burbs, way out in the burbs! Regardless! I would NEVER do a lease option on a million dollar home EVER! Way too much risk! I would incorporate a totally different exit strategy here, but ONLY if the homeowner is flexibly, but most importantly very MOTIVATED! Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted January 19, 2008 It's definitely a good idea to keep the average price as a rough ceiling for your L/Os. The average price in Kitchener-Waterloo is about $285-$290k, and I'm currently going up to $300k. It's tempting to push it to $400k because there are a lot of houses in that price range and they sit longer. But the payments could be painful as MC mentioned. Share this post Link to post Share on other sites
Jason (AL) 1 Report post Posted January 19, 2008 Man, I'd love to do a couple of CAs/monthwith those prices. Depending on where my horsefalls over, I can expect my average pricesto be anywhere from $40k-$150k. Share this post Link to post Share on other sites
phil43 0 Report post Posted January 19, 2008 Man, I'd love to do a couple of CAs/monthwith those prices. Depending on where my horsefalls over, I can expect my average pricesto be anywhere from $40k-$150k. Wow, Jason! $40k might buy my bathroom here in California Phil Share this post Link to post Share on other sites
Jason (AL) 1 Report post Posted January 20, 2008 I'm keeping a positive perspective on that. Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted January 20, 2008 I heard that you guys are paying $40k for a latte in SoCal, no? Jason, don't forget that around here we have to pay for socialized medicine. So after it's all said and done we probably get the same on a $300k CA that you get on a $100k CA. Speaking of socialized medicine, since you guys might be getting it come November. My advice... get sick or injured as often as possible. There's nothing worse than paying for some dumbass to go to emergency 10 times a day for a headache, while you never need to see a doctor. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 21, 2008 I heard that you guys are paying $40k for a latte in SoCal, no? Jason, don't forget that around here we have to pay for socialized medicine. So after it's all said and done we probably get the same on a $300k CA that you get on a $100k CA. Speaking of socialized medicine, since you guys might be getting it come November. My advice... get sick or injured as often as possible. There's nothing worse than paying for some dumbass to go to emergency 10 times a day for a headache, while you never need to see a doctor.Not to worry. Hillary has a healthcare plan that she has been working the kinks out of for 12 years now. Share this post Link to post Share on other sites
randian 0 Report post Posted January 21, 2008 Not to worry. Hillary has a healthcare plan that she has been working the kinks out of for 12 years now. I'm sure it's great. After all, she doesn't have to pay for it. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted January 21, 2008 Not to worry. Hillary has a healthcare plan that she has been working the kinks out of for 12 years now. I'm sure it's great. After all, she doesn't have to pay for it.Oh ye of little faith. It takes a village. Share this post Link to post Share on other sites
randian 0 Report post Posted January 21, 2008 Oh ye of little faith. It takes a village.That's what I'm afraid of. Share this post Link to post Share on other sites
-Tony- 0 Report post Posted January 22, 2008 Not to worry. Hillary has a healthcare plan that she has been working the kinks out of for 12 years now. I'm sure it's great. After all, she doesn't have to pay for it.Oh ye of little faith. It takes a village. What? To raise an idiot..... Share this post Link to post Share on other sites
