All Forum Posts by: Spiro Klonizakis

Truly amazing story! Especially based on the amazing prices you guys have. Currently, In Toronto and surrounding areas it's not uncommon to see properties being bought/sold based on cap rates as low as 4-5%. The creative 100% financing is quite impressive considering your high amounts of cash flow. I was wondering if you could elaborate on the financing overall as a whole, and also how you are paying back the loans ? Is the majority of cash flow going back into pay off the properties, or do you plan to let them flow for a while longer ?

Some real estate sales reps have access to $. Ask your sales rep if they know anyone if you haven't already. Your 8% idea sounded good. But possibly the seller wants the cash now and not any monthly payments. Not sure if possible, reach out to people to see you you can borrow or mortgage through your network! No one would match that 8-10% return Ina bank or probably even in the markets. Mostly people have no problem making extra $ for no work. So try to negotiate with your sell first !

As is means no inspection nothing. You could find termites or any number of things and would be able to do anything about it in regards to going after seller. Unless you know the property is in good shape. Or there is a reason to act fast. I would be cautious. Possible speak with a local Realtor

From personal opinion. -Are they will to pay for it to be finished.? Ie- turnkey ready to move in. Business is business and family is family. Just because you got a great deal doesn't mean he automatically gets it too. If you can finish the property. Make a small profit, help your brother and his fiancé with their home then it might be a win win as that's a life time relegation ship you have that isn't worth one deal. Not to say that family and business can lead to sour results. But if he is shopping in the area that means he has his budget. If he can save some $ and you can make just a bit it's a win win. It comes down to the realationship you have with your brother. Good luck. Hopefully something made sense in all that

I think it varies a lot with the geographic area and the market. A few years ago, in toronto it would not be in common for 20-40 days on market to be the average range. However currently the market is so hot, I've seen listings this month sell within 1,2,3 days on market. And currently if something is on the market for longer than 20 days (other than being $2m +) people will assume it is either overpriced or something is wrong. Or less likely the financing (mortgage) fell through. That being said, not sure if people would agree with me but 40 days + is probably starting to get stale. And at maybe 2 months - 60 days it's definitely been sitting. However, just because they have Been sitting. Doesn't mean they are going to be reduced. I've seen people list around 800-900k in some area last year in oct. they wanted to get 900+. Waiter and waited till January. And they got their money. Hope this helps a little.

Hello all, I've been looking around the site and I figured it was time to introduce myself and get some different opinions or advice that anyone has to offer so here we go. I am a 18 year old Canadian student who has been interested in real estate since as long as I can remember. I did my coop at a brokerage and I love looking at different projects that people are investing or building for themselves. What excites me the most is the spec builds in my area. People will buy the bungalows knock them down and build nice homes that are almost 4000 sq ft in size.( i know this investor made around 300k on that property- andI know the toronto market is very unique and not to expect that as an average ) I also like seeing some bungalows that get completely gutted and renovated. My very long time goal is to be "retired" at 45 years old. (Passive income from rentals or leases). Many people tell me to "stop dreaming" however I think it is a realistic goal as I already know that I am interested in real estate and that if I start soon I can be where I want to be faster- compared to someone who makes a change into real estate later in life. I currently am in university and am also working on getting my "registration" - becoming an "agent". I mostly want to hear what people on here with experience have to say (good or bad) and also if there is anyone here in toronto willing to go for coffee. Many thanks, Spiro