#32 (not a rental) was purchased today...for $8k

[George P.]

This is totally new for me. We purchased a condo in Westland yesterday for $8,000. Westland is between livonia, garden city, redford, canton, northville. 

The people that sold us #15 rental (#15 thread ) referred us to the sister of a very ill person. We met at the condo, assessed what needs to get done, told them our story, listened to them...

Not knowing what to offer, i asked a question that @Andy M. has drilled into my head with his videos..... "what will you do with the money that i give you"...... and that was the turning point. They said: "Irrevocable funeral arrangement. We can not use it for anything else".

Well, that gave me a clue what an average funeral is roughly $5-13k, so i offered 8k. 

the problem is that i can't rent it. the condo association does not allow rentals. i can sell it, so i will do so on a land contract

It's a 2 bedroom, needs a gut bath and a new kitchen.  so, i will put 10k in it (total $18k), should sell for $50k.

pics to come

[Luc Boiron]

Originally posted by @George P.:

Originally posted by @Luc Boiron:

What are the condo fees? Sounds like a great deal!

 hi luc, the fees are steep for my liking... $265 per month.

 Could be worse! I have a condo townhouse where the condo fees are about $720 a month, used to be $800 but they brought them down as they were able to complete some major capital projects.

I was looking at a condo in the east end of Toronto, 3 storey condo with about 2,500 sqft, and it was only $50,000. The only problem was that it was in a rough neighbourhood, and condo fees were over $2,000 per month.

There's a unit in a luxury building close to where I live listed at $4,500,000, and condo fees are $4,500/month! I'm pretty sure if you can afford $4.5 mil, $4,500 isn't a big deal.

Still, $265 isn't too bad in terms of carrying costs until you finish the renovations and sell, lots of room to carry it a little while if you don't sell right away.