All Forum Posts by: Beau Walsh

It's listed for $390800 (it's a one bed and bath 660 sq. in English bay downtown Vancouver)and the two offers were $388000 and $387000

Thanks for the reply Linda but unfortunately the hoa has already voted and approved it so there isn't any negotiation on the owing money and is owing in three instalments. And where I'm from (Vancouver Canada) they have the right to sell your property and collect first before the mortgage so I don't see many people not paying. And the rental would maybe cost me $50-$100/ per mo to keep not factoring any borrowed money for the upcoming fees if I can access the extra money. It's not a great situation to be in but trying to make the best of it.

So I purchased a condo that I was going to live in flip. I did all the renovations and turned out great even after a few hiccups and came in on budget ($40k). But the hoa voted and passed special assessments to upgrade the building envelope and is doing it in a few sections. The first assessment has already cost me ($25k) and they don't know what the future ones will cost but might be another $30-$40k. This is eaten away at my profit because I now have the unexpected cost and can't price the property at the higher price that I had originally planned cause of the upcoming repairs. I've had two offers and both deals fell apart cause of the upcoming work, and now my agent is wanting me to drop my price again. I'm already at a break even price and if I lower it any more I will begin to lose money. My agent is suggesting that I lower it $30k-$40k and hope for multiple offers( the market I'm in is red hot and am seeing multiple offers on most things and a lot are going for well over asking). That scares me. I have permission to rent it but wouldn't get me around the upcoming $30k+ work coming up . Am I better to cut my losses and call it a learning experience and sell at a loss or hold on to it ? Any advice would be great. Thanks bp

I put a electric fireplace in my unit (was a wood burning).  I'm living in it for a few months till I sell. I mounted the fireplace about a foot off the ground so I didn't have the tv too high. So far it's not a strain on my neck.  

Thanks for the responses, I'm still shocked with your answers. I should of mentioned that I'm rehabbing this to live in for a few months (tax reasons) and then flip it. I'm doing a full Reno on this I'm taking out the wall in the kitchen to make it a big sit up island and extending the kitchen on the back wall. The cabinets are going to be white high gloss with a dark on the bottom, all new stainless appliances, so this place is going to look very new and modern. And the whole place would be one open room so you would see the fireplace when you walk in the front door. I'm also redoing the bathroom and floors. I purchased the place for $300k and am putting $30k in it and a place just sold in four days a block away 8 years newer and 40 sq feet bigger for $458k. With this being said would that change your views on charm when I'm making things modern?

I'm looking for some opinions and help. I recently purchased a apartment in downtown Vancouver Canada a few blocks from English bay, in one of the nicer locations in Vancouver. The unit is small 660 sq feet. It was build in 1977 and still had the original wood burning fireplace. I was going to remove it and put in a wall mounted long rectangle electric fireplace that was about 70in long with a flat screen tv above it. But everyone I've been telling this about has told me to keep the wood burning and just reface it cause they like it and think its neat or cool. To have a wood burning fireplace is rare in an apartment, at least in Vancouver. I don't even know where downtown you can even get firewood. I figure the cost of a electric fireplace or replacing the facing would be about the same so cost isn't really an issue. So should i keep it or replace it?

Thanks for replying Gary and shahriar, the property was in the mount pleasent area but a few hours after I posted this; I was with my agent and she got a message from the listing agent saying they had an offer that was going to get accepted. I'm new at this but find it really strange that the listing agent didn't want me to place a bit on it knowing that I'd been that twice and had my agent contacting her that day.

I need help with this. I'm looking at a flip in Vancouver Canada. Prices are expensive here but I found a place that is zone as a live/work just outside the downtown core for $288,000. It's 880 sq open bed room with pony wall and one bath but place is stripped down to concrete and studs. I figure I can get it for 250-260, and it needs about $40,000 worth of work maybe less but want to be safe. The unit in the same building with 40sq less that's fully rehabbed and is listed $425,000 but its got a upstairs open bedroom true loft and faces the front street. My unit you can only access from the back ally right beside the parking garage and the ally is a dead end just past my unit. It's got 2 skylights and two windows facing the ally. My agent tells me I can sell it for at least $350,000 maybe more. There has been lots of interest in this place both times I've been there that has been three other groups there looking. New product in the area with same square footage is selling at $450,000 and up. The rent for that sq in the building same sq $1700/mo that's an option too.

Do you think the ally entrance would make it really hard to sell? I know in a rural area I'd wouldn't consider it but cause its almost downtown I figure people are willing to accept quirky what are your thoughts?