All Forum Posts by: Oren K.

Looking at foreclosing on the property to operate it (it is a mid sized multi-family).

Simple question on its face but probably complex in reality. 

When you go to foreclose on a note in Ohio, how long is it from notice to being in possession of a property so you can actively control it.  The deed may not have been transferred, the courts have not rendered final judgement, etc. but as the lender, you can engage a receiver, secure the property, collect the rents, deal with any maintenance issues, etc.

I understand that the loan docs govern notice periods, time to correct, etc. but generally speaking, from the day you start the process how long should you expect it to take before you are in 'control'.

Shaidah,

Unfortunately the answer seem to be no; Canada does NOT have similar law to the US 1031 exchange. 

Having said that, in Canada, when you sell your principle residence, it is a tax free event and you do NOT pay any capital gains. 

If the townhouse is an  investment / rental, that is another story  you should then talk to an accountant to understand the tax implications of selling.

Oren

Mindy,

Since you are making all these changes, a couple of requests / suggestions if deemed valuable;

1) Mark all on page as read - Currently the options are to mark the specific item as read or all items as read. How about 'just' all the items currently being displayed? If there are multiple pages of unread items, you may only scan / read part way through and not want mark as read the ones you have not looked at yet.

2) Page numbers at the top & bottom - My preference is to look at the oldest items first so I scroll from the bottom of the page to the top. I then have to scroll back to the bottom to go to the next page. Putting the page numbers at the top & bottom would simplify things.

Just some thoughts.

Oren

Rui,

Firstly, nothing much you can do about someone propping open a door. Even if you have video of who did it, unless you can show that they are involved in the crime, your only option is to send a letter / evict that tenant and that takes quite a bit of time and effort; the joy of Ontario landlord-ing.

As to an access control system, virtually any 'modern' commercial system will be more then enough for your needs.They can usually be set up to send a notification, assuming internet access, if a door is open for more then X seconds so if you have some one that can go over and see what is going on, it could help. It may be someone mucking with the door or moving some boxes. 

You are going to spend as much on the wiring, door strikes, installation, etc as the system itself. Most also have intercom capabilities (e.g. call an associated phone number) if there is not already one in the building.

Oren

Hi All,

There is a good sized shell structure that I ran across that was stripped some years ago. The area has changed enough that it may be worth redeveloping but I have no idea of costs so looking for any input I can get. What I do know is;

- 100+ units

- Concrete foundation and floor plates of ~ 15K sq ft

- No underground parking

- Early 60's construction

- If some piece of piping or wiring has not been stripped, it will likely have to be taken out anyway

- I assume that it is also concrete between units but was stick construction inside the units

- I assume that everything has to be done; Roof, Elevators, Drains, Vents, Heating, Main Power, Sewage line, etc, etc

I understand that there is a lot of details to figure out but anyone experienced with multi-family redevelopment care to share how to do back of the envelope costing on something this big.

Thanks,

Oren

Roy - I also worked in large & small tech for a couple of decades and agree that there are better uses for the funds then bribing companies to set up shop but it becomes a point of prestige. Especially with an elections coming up in Ontario and Federally. It would be a big win for the governing party(s) (BOOOO!).

To piggy back on the Denver related comments, we also have our issues with available housing (rental & sale) if they are inside Toronto proper.  I'm not even going to bring up traffic.

The one possibility that I can think of is the port lands. Used to be industrial and Toronto has been talking about redeveloping it for many years. This might work there.

Another reasonable location would be somewhere in the Hamilton / Cambridge / Waterloo /  Guelph polygon:

- Lots of available space

- 15 - 45 min access to high tech centers, culture, urban centers

- Growing safe communities

- etc.

Anyway - well above my ability to influence.

Oren

More like a list of qualified bidders. Each has a legitimate case to make as a base of operations and 'enticements' that Amazon can squeeze.

When they get down to 5 or better yet 3, then you are talking about finalists.

One thing going for Toronto as the only Canadian city (much as I would love it and am skeptical at the same time) on the list is that both the provincial and the federal government can help in crafting the their proposal.

Oren

Rafal,

It would help if you were a bit more specific as to the type of investment you are looking to make. There are many agents from Cleveland on BP. Some focus on smaller (<5 units) properties  some on larger (>10 units) properties. There are those that are Turnkey providers and those that that are not.

Be a bit more specific and I'm sure the BP community will be able to point you in the right direction.

Oren

James,

There are any number of agents / turnkey sellers from Cleveland on BP. They are all 'honest' since that is part of the Real Estate ethics 101.

Having said that it is NOT the agents responsibility to make sure everything works out and in fact, no one can. Even the most experienced buyers working with 'honest' agents still makes mistakes.

Ultimately it will be your decision. The agents 'job' is to present you with information and their responsibility to NOT lie. Having said that and no slight to any agent, if it is not on paper and only verbal, be skeptical. You need to be familiar with the process, costs, risks, questions to ask, etc. etc. As a Cleveland resident, you have many advantages over an out of state buyer to confirm quality of area, local prices, cost of any work that needs to be done, etc. etc.

I'm sure this is not the answer you were looking for but it is the truth.

Oren