Hello,
So I have read "Real Estate Investing for Canadians" great book. I plan on joining the group soon. But I have had a possible investment drop into my lap unexpectedly.......and since I have never invested in property before I thought I would see what the group thinks.
The property is located in northern Ontario in the Kawartha Lakes region; there is no more new lakefront property available on that lake.
It is a three bedroom 1 1/2 bath. The owner had it for 8 years and did some renovations including a new sun room. and deck.
Most of the work we would do is purely cosmetic. We would replace the cabinets in the kitchen, and the stove and dishwasher. Take down the brown paneling. There is laminate flooring in most rooms but old carpet in the living room so we would rip up that.
The owner put in a nice 2 person shower with two shower heads but the fixtures are really low end. And the powder room is a horrible color and would need a new fixture and mirror. The toilets and sinks are all new. The windows are all single panes and would need to be replaced.
The bank appraised it at 425,000. But they will sell it to us for 390,000. Three of us would be in joint venture.
There are not very many comparables in the area but we think that if we put 15,000 in reno`s we could flip it and have it on the market by mid April. In time for the spring season.
Based on the limited information, I don`t know exact square footage......and there are also two docks for boats. and a small one room guest house near the water. That we have to find out if it is ok to list it as that.
Thank you for your feedback.
So I have read "Real Estate Investing for Canadians" great book. I plan on joining the group soon. But I have had a possible investment drop into my lap unexpectedly.......and since I have never invested in property before I thought I would see what the group thinks.
The property is located in northern Ontario in the Kawartha Lakes region; there is no more new lakefront property available on that lake.
It is a three bedroom 1 1/2 bath. The owner had it for 8 years and did some renovations including a new sun room. and deck.
Most of the work we would do is purely cosmetic. We would replace the cabinets in the kitchen, and the stove and dishwasher. Take down the brown paneling. There is laminate flooring in most rooms but old carpet in the living room so we would rip up that.
The owner put in a nice 2 person shower with two shower heads but the fixtures are really low end. And the powder room is a horrible color and would need a new fixture and mirror. The toilets and sinks are all new. The windows are all single panes and would need to be replaced.
The bank appraised it at 425,000. But they will sell it to us for 390,000. Three of us would be in joint venture.
There are not very many comparables in the area but we think that if we put 15,000 in reno`s we could flip it and have it on the market by mid April. In time for the spring season.
Based on the limited information, I don`t know exact square footage......and there are also two docks for boats. and a small one room guest house near the water. That we have to find out if it is ok to list it as that.
Thank you for your feedback.
