All Forum Posts by: John Mart

Im a portuguese national residing in Canada. I can tell you there is better cashflow in the North. Porto is a booming tech hub with increasing tourism and still cheaper than lisbon. Further north like Vila de Conde or Povoa de Varzim you can get smoking deals beach side  condos. They get as high as 300 euros per night Air BB/Booking.combetween June and August. 

Im looking at an abandoned property where owner was being foreclosed, and decided to torch the house down. Arrested for arson, bank got their fire insurance claim. House went into tax arrears, nobody bought it.

Who would i approach to purchase? And would owner who torched it still have rite to the deed? Deed shows no transfer since last owner.

Its still a gray area, but im more than likely to roll the dice. So long as its done to code, it being illegal can be disputed. Inspectors job is to check if its to code. 

Also know of someone doing it. Their big concern is alleyway/laneway homes not having garbage access, and parking. Plus im pretty sure high rise builders will start up buying city blocks to build highrise, which city is more inclined to cater to. They can get more property tax per block out of a high rise. Laneway homes wont yield as much money. 

City cares about bottom line, which horse pays more.

First time poster, but have been reading through articles for sometime already and can't say enough good things about this site.  

I'm currently living as a resident in Canada, Toronto with the hopes of sooner than later moving stateside. I currently own a luxury house which i renovated completely myself and plan on selling. The idea of flipping in this city is becoming less attractive with huge fees from all angles eroding at profits, so i am turning to rentals which  always peaked my interest, but never really made an effort to follow through.

So my idea is to buy a 2 storey house in the downtown core of Toronto, which there is a huge demand for rentals on the higher executive end, and very low vacancy numbers. My idea is to build up a 3rd storey and add an addition to the back of equal length as the original house. It has been done already, actually rite behind my moms place, and he essentially set precedent for the neighborhood that only has 2 storey homes.

My main question is what are some pitfalls in all of this that can arise, what should i look out for, and other details should a look for?

Financials.

2 storey is about $1,000,000

20% down

$800,000 finance

$500,000 for 8plex reno and running costs

Can gross from $16,000 to $21,000 monthly depending on how i build up the property.

Plus the city is allowing residents to convert garages into living space, so i can make a 2 storey garage and have 2 bachelors. Essentially converting a Duplex property into a 10 unit property.