Old house option is not going to suit everybody and in every market. You will be living in fear what is going to breakdown next.

I think you will need to have some insight into this business and probably handyman type of person to get into this business of buying old houses, fixing it and reselling it later. Otherwise only building material stores and contractors are going to benefit.

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Originally posted by rajcanada

Old house option is not going to suit everybody and in every market. You will be living in fear what is going to breakdown next.

I think you will need to have some insight into this business and probably handyman type of person to get into this business of buying old houses, fixing it and reselling it later. Otherwise only building material stores and contractors are going to benefit.

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I can take 100k overnight anytime.

Madam, I think you used a figure of speech anytime.

It is difficult (if not impossible) for anyone and everyone to even make $ 1000 overnight. If so, there are so many people who are much cleverer than you, who can make money and no chance will be left to you.

I have been in the housing industry. It is not so easy to flip? You have tax liability and also I have heard that the cost associated with flipping and the hassle is much more than the profit that you can make. Say for example, you buy a $200K condo from the builder. You pay the processing charge and book it. After 6 month, the condo can move to $ 220 K (and never more than that). To transfer that to another person, the hassle may cost you more than 10-15K. So you are left with $ 5K profit at such a delicate deal. I knew people who bought absolute condo's at Mississauga for $ 175K and were concerned that even after 6 months, the price was just flat (2010).

Buying a old house and renovating is not a desi's cup of chai. A handy man is more apt.. If you buy such a house, you have to identify the changes and then hire the appropriate trade people to do renovations. Say for example, you buy a old house for $ 380K. You renovate and do the basement etc.. You might have spend $ 70K in it. It will not fetch you more than 475K or 500K. There are chinese to do it. Beside, you have to shell out 380K , hold the investment till the house is renovated and then sell it. In the meantime, you have to pay $ 70K from your own pocket. your credit history takes a hit. Only when a customer moves in you get your cost back. HST is gone. Broker fees is gone. You will hardly make a profit.

As far as I have seen, I have seen some types of RE profits done by desis :
1. Buy in a new development for cheap. As the development grows / city grows, propery value grows. Sell one day and move to a cheaper area and pocket the profit.

2. Buy and live in a new development for cheap. Rent out area. Buy another new subdivision property far off (just book). By the time the developer is giving you the property, it might have appriciated 20%. So sell and pocket the savings.

3. There were people making profits in booking and flipping condo's in 2009-2012. Not sure if it is still hot and possible.

Murali

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TK,
Sorry to say, but you are out of touch with the current reality in GTA. HW36 is not talking about appreciation in 5 digits...6 digit appreciation is a norm in GTA and surrounding areas in the last 2-3 years. So if one has good relationship with a real estate agent who works on 1% commission, one can still make good money.

Why advertise, when you DON'T want to sell ? You are getting $ 50,000 more than the market price..don't you want to sell at that price ?..that too without a RE agent, so you save commission .
You advertise & then get more than the market price & then you take down the ad ??..what's the point ?

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Originally posted by happywoman36

We don't need realtor to sell properties now. Property market is very hot now, properties which are not renovated (as is condition) are selling overnight for 500-550k.

I posted ad in kijiji for condo and detached home and posted 25000-50000 more than market price. I got 50-80 calls that, I had to remove my ad within 24 hours.

After one week of removing my advt, still realtors are harassing me with calls telling that, they will gv more price than listed in the advt. They have atleast 20-25 customers who are looking for a detached home.

A guy frm Montreal offer me 200k without even looking at my condo. Another 1-2 yrs, then it's right time, to sell. From now onwards till dec 2017, it's time to sell. Even if u buy now, u will mke min. 100-150k by end of 2017. Make money now and invest in USA market.

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I agree with HW that you don't need Realtor these days in order to sell a detached house. Home owners are minting money, trust me for I am seeing it the first hand.

Hi,

I have a question to those that live in a completely white neighborhood. I mean, there are no Desi people in the neighborhood, barring some here and there. How's the day-to-day experience and dealings?

I just saw a house, which is very good, though a bit old but priced ok and within limits. Looks pretty good, and built on a huge lot. The house is in an above average neighborhood (borderline Posh). I am thinking about putting an offer. However, my wife wants to live in a mixed neighborhood. She is educated and a Professional, but her rationale is to have a mixed (mostly Desi) upbringing for our son; lest he would start living his life like the White guys, among white people and follow the most western lifestyle once he grows up. Although, I don't have any issues with it and fine even if he does so, as being a good human being is all that I want from him. I think she is paranoid that he may start living a complete western lifestyle and might leave us to live separately . Even after trying to persuade her that it entirely depends upon our friend circle and the environment at home, she is just adamant. To me, at this point of time, finding an affordable house is the key and priority, which I am not able to. All the Desi areas are way over the mark and even if I am able to obtain the mortgage, one jolt at the job, I will find myself struggling to make ends meet. I really don't want to go back to my struggling days after achieving this good lifestyle.

Can someone please guide me as to how I can best handle this? I can understand where she is coming from, and that my parents might not as well be comfortable living among majority Whites, but I have very few/limited options. All decent houses in Desi areas are not less than 700k. Stretching that far would simply is out of question even if I pay a good chunk of down payment.

Please advise.