- Joined
- Feb 22, 2008
- Messages
- 469
My old Nanaimo house with five suites isn`t selling on MLS so I`d appreciate your creative ideas.
Listed at $339,900. Gross revenue $2500 a month. After operating expenses and mortgage payments, it breaks even. I`ve owned it since 1997 so want to sell it to get my capital gain out and invest elsewhere. Current mortgage is $80,000 with the new VRM monthly payment of about $775 of which $600 a month pays down priniciple.
The property is in Nanaimo`s Old City, is on a slope, has a nice garden, some sea views, is well maintained and has quiet, long term tenants. I`m replacing the old oil burning furnace with a gas one----a fact that is in the listing info.
I was thinking the ideal buyer would be an owner occupier who`d live in the nicely renovated, two bedroom view suite and have four tenants paying most of the operating expenses.
However some people looking at it, who`ve viewed the financial statements first, are saying they feel intimidated by the size of the property with four other tenants and some are intimidated by the neighbourhood, which is gentrifying with nice houses on the street but still has a drug fringe nearby.
The realtor is a seasoned Nanaimo investor and long time realtor who sells a variety of properties.
Any creative ideas?
Margaret
www.italycookingschools.com
Listed at $339,900. Gross revenue $2500 a month. After operating expenses and mortgage payments, it breaks even. I`ve owned it since 1997 so want to sell it to get my capital gain out and invest elsewhere. Current mortgage is $80,000 with the new VRM monthly payment of about $775 of which $600 a month pays down priniciple.
The property is in Nanaimo`s Old City, is on a slope, has a nice garden, some sea views, is well maintained and has quiet, long term tenants. I`m replacing the old oil burning furnace with a gas one----a fact that is in the listing info.
I was thinking the ideal buyer would be an owner occupier who`d live in the nicely renovated, two bedroom view suite and have four tenants paying most of the operating expenses.
However some people looking at it, who`ve viewed the financial statements first, are saying they feel intimidated by the size of the property with four other tenants and some are intimidated by the neighbourhood, which is gentrifying with nice houses on the street but still has a drug fringe nearby.
The realtor is a seasoned Nanaimo investor and long time realtor who sells a variety of properties.
Any creative ideas?
Margaret
www.italycookingschools.com
