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Mediachick

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#1

So I sold my house yesterday...

12-14-2006, 07:58 AM

...and got the price I wanted! I wish I didnt have to go trough a real estate agent but meh...It was a nice duplex although now I have 2 friends that just proposed to buy a 5plex; visiting it tonight.

Anyone have any advice?

Last edited by Mediachick; 12-14-2006, 07:59 AM.

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sexyclicks

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12-14-2006, 08:01 AM

wow you sold a house in Montreal right now and got the price you wanted?
finding a new place to buy is the easiest part
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Mediachick

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#3

12-14-2006, 08:02 AM

Originally posted by sexyclicks

wow you sold a house in Montreal right now and got the price you wanted?
finding a new place to buy is the easiest part

Yes, it took about 4 months, they are taking possesion in Feb though.

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12-14-2006, 08:03 AM

congrats!! and good luck with your next venture.

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#5

12-14-2006, 08:05 AM

Don't buy real estate with friends... That is my advice.

Much easier when things go sour to just move on from business partners then friends...

Just my 2 cents

DH
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12-14-2006, 08:05 AM

To get the price you wanted in todays market is great.

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Mediachick

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#7

12-14-2006, 08:06 AM

Originally posted by TG Rebecca

congrats!! and good luck with your next venture.

Thank you!

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Mediachick

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#8

12-14-2006, 08:08 AM

Originally posted by DrinkingHARDEST

Don't buy real estate with friends... That is my advice.

Much easier when things go sour to just move on from business partners then friends...

Just my 2 cents

DH

I know exactly what you're talking about. I think the same about family. It should always be neutral grounds. Im thinking of just locking up my money for another 5 years at least, then I'll see.

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12-14-2006, 08:55 AM

Mediachick, the only way to invest money in real estate with friends is to appoint a neutral third party to run things. Otherwise you will end up both losing money and friends.

Better to do business with someone you hate, then you tend to stand up to them when they try to screw you.

As for Montreal real estate, well, my house will likely goon the market in the new year, and considering that the other houses on the street here mostly sold in weeks, I am not too worried... but I won't ask the moon for it either.

Good luck in your future investments!
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#10

12-14-2006, 08:58 AM

Originally posted by DrinkingHARDEST

Don't buy real estate with friends... That is my advice.

Much easier when things go sour to just move on from business partners then friends...

Just my 2 cents

DH

What are you hinting at here
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Mediachick

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#11

12-14-2006, 09:02 AM

Originally posted by RawAlex

Mediachick, the only way to invest money in real estate with friends is to appoint a neutral third party to run things. Otherwise you will end up both losing money and friends.

Better to do business with someone you hate, then you tend to stand up to them when they try to screw you.

As for Montreal real estate, well, my house will likely goon the market in the new year, and considering that the other houses on the street here mostly sold in weeks, I am not too worried... but I won't ask the moon for it either.

Good luck in your future investments!

That makes sense. One of the guys who wants to buy has been a friend and partner in some projects since years. The other seems to be quite nice although I dont know him that well...

I hope you make a good chunk off your own house!

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#12

12-14-2006, 09:18 AM

Originally posted by DrinkingHARDEST

Don't buy real estate with friends... That is my advice.

Much easier when things go sour to just move on from business partners then friends...

Just my 2 cents

DH

Great advice DH, almost what I wanted to say , but you got here 1st I hate partners, when you do things by yourself, there is no need to ask permission to do something.

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#13

12-14-2006, 09:19 AM

Originally posted by DrinkingHARDEST

Don't buy real estate with friends... That is my advice.

Much easier when things go sour to just move on from business partners then friends...

Just my 2 cents

DH

This advice has been spoken from the GODS many times before.

Congrats on the sale. Buy another one on your own, and flip it again.

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Mediachick

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#14

12-14-2006, 09:40 AM

Originally posted by pornguy

This advice has been spoken from the GODS many times before.

Congrats on the sale. Buy another one on your own, and flip it again.

Thanks! I dont think I could afford a 5 plex alone; I'd like to buy a nice building too. We'll see

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#15

12-14-2006, 09:43 AM

nice..glad you got your price

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#16

12-14-2006, 09:52 AM

Im in the process of buying out a partner right now, not a fun time when someone wants their money out and you're not ready to do it yet in a downturn market.

A 5 unit is a far different beast from a duplex btw, be sure you're ready to handle that level of tenants and common area problems associated with a larger building. (i.e. 5 garbage disposals, 5 heating systems, 5 water heaters, etc)
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Mediachick

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#17

12-14-2006, 10:13 AM

Originally posted by xdcdave

Im in the process of buying out a partner right now, not a fun time when someone wants their money out and you're not ready to do it yet in a downturn market.

A 5 unit is a far different beast from a duplex btw, be sure you're ready to handle that level of tenants and common area problems associated with a larger building. (i.e. 5 garbage disposals, 5 heating systems, 5 water heaters, etc)

Yeah thats another thing, I was lucky with the duplex, it was in pretty good shape so I had no bad suprizes during the time I owned it and my tenant was good. Its another story with 5 tenants.

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#18

12-14-2006, 11:17 AM

congrats chica!
glad u got to sell and get what ya wanted in terms of price!
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#19

12-14-2006, 11:31 AM

I agree. Don't buy real estate with friends. It most likely will not work out and if it DOES by some miracle, one of you will want to sell or change this or that, invite someone, have a party, etc it will just cause problems and becuase money and property is involved, it will be huge problems.

I suggest you buy your own home if possible and invest any money u can into making your credit history as strong as possible. You can do that by starting to have higher revolving balances in your accounts. Checking and Savings. Put the money into a CD or some form of CD, that even though will not yield high returns, if done for a year, within 6 months, your credit will be MUCH better because of this... ESPECIALLY if you have property as well.

Once that is established, depending on how responsible you are with your spending ability, you should take a loan against the CD, most likely it will be a 2% split between what you are charged in interest for the loan and what you make off the CD... or other similar investment. This will give u your money, but force you to pay it back.

You could open a nice site, pay back the loan... etc
After a year, you would have your house, money in the bank, great credit and a nice business.

It is a bit more complex than that, but that is a general idea.

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Mediachick

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#20

12-14-2006, 11:37 AM

These are all usefull advice, thank you everyone, I appreciate it!

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#21

12-14-2006, 12:52 PM

congrats on the sale
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#22

04-06-2007, 05:40 AM

Originally posted by Mediachick

Thanks! I dont think I could afford a 5 plex alone

Sure you could if you pass thru the CMHC/SCHL
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#23

04-06-2007, 06:41 AM

Originally posted by Alex from Montreal

Sure you could if you pass thru the CMHC/SCHL

I'd like to add that the return on equity on 5plex and less residential units are next to nothing these days in Montreal.
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#24

04-06-2007, 06:53 AM

so congrats to you ;)

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