Quote:
Originally Posted by the indigo
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.
|
It's no longer as easy as it used to be due to people abusing it. I know in Montreal, there is a by-law making it very hard to convert a multiplex into condos; and the basic revamping and titles will cost you a minimum $25,000 per units, thus I doubt you would make a 187% profit margin from such a conversion. I think a more reasonable profit margin as a promoter would be at around 30% or so.