Quote:
Originally Posted by Alex from Montreal
Chances are you going to spend a fortune in renovation to make it to your liking (not all of these expenses will be recoverable) and maintenance; and when you do to sell it, it will be to buy an even more expensive house.
As far as I concern, a house is buying into a lifestyle and not an investment!
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I usually don't post in no-business thread, but this is really ridiculous.
A lot of self-made millionaires are from real estate.
Fact #1: Everyboby need real estate to live.
Fact #2: Very low % of the population know the market.
Fact #3: You can buy any real estate below the market value.
Fact #4: You can sell any real estate more than the market value.
It's all about location, "home staging" and financing. The bank support most of the deal.
Tip #1: Forget high-class properties. No appreciation there (Westmount) Go with Hochelaga Maisonneuve.
Tip #2: Your offer must be minimum 20% lower than the sell price. Why not 30%? After 10 offer, you might get one that really needs to sell (see Fact #1 and #2)
Tip #3: Do some minimal home-staging in strategic area of the property. A simple $5k investment can boost the value of a $100k property by 15%.
Tip #4: Sell back the property that you bought $80k instead of $100k (-20%) @ $115k and you made a quick $35k profit in a few months with a cashdown of $20k for mortgage (25% of $80k)
$35k profit on $20k investment within 6 months = 175% profit.
There are plenty of ways to make money with real estate. (...)
Shhhhht, there is no money in real estate.