Quote:
Originally Posted by Alex from Montreal
Example, on a per unit basis, a condo appartment cost alot more than an apartment in a multi-units property. Here in Montreal, it's not hard to find multi-units for less than $75,000 per appartment but the same size condo will cost you more than $130,000. thus, the rent will be less in an rental appartment than the mortgage and fees in a condo appartment.
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You know what? There is a way in Quebec to buy a multi-units property (let's say 6 appartment) for $75k each and "convert" them legally into condos.
That means you can then sell these at $100k-$125k easily with basic revamping. Cost: 6x$75k = $450k - Resell @ 6x$110k = $660k one year later for $210k profit on a $112k cashdown investment. (187% profit)
Knowledge is power.