Anyone here own an apartment building or similar? - GoFuckYourself.com

asuna · 05-12-2003, 11:25 AM

well? A friend is thinking of buying 2 deplex's and renting them out.. he said he'll harldy haev to work cause he can live off the rent... hmm not too sure bout that

Sly_RJ · 05-12-2003, 11:29 AM

I'm thinking he'll need quite a few more than 2... unless he loves Ramen.

gornyhuy · 05-12-2003, 11:30 AM

Exactly. Apartment buildings and the like are often profitible because there are so many units in the building, but in a Duplex you will probably be just about even with maintenance and other expenses.

It all depends on how much you pay. You _really_ make money in real estate at the moment of purchase.

asuna · 05-12-2003, 11:32 AM

Quote:

Originally posted by Sly_RJ
I'm thinking he'll need quite a few more than 2... unless he loves Ramen.

exactly what I was thinking

hmm I wonder where I can get info on bank seizure'd houses and cars

Vox · 05-12-2003, 11:32 AM

I own a 8 unit appartement, the revenue generated is not enough to live on.
And there is plenty of work to be done all the time.

asuna · 05-12-2003, 11:40 AM

Quote:

Originally posted by Vox
I own a 8 unit appartement, the revenue generated is not enough to live on.
And there is plenty of work to be done all the time.

In what area.?

HowlingWulf · 05-12-2003, 11:41 AM

I have a bunch. RE is a good investment but duplexes are on the bottom rung. For around the same price he could get a 4-plex with twice the income. He'd also need a lot more than 2 duplexes to live off of.... even if he didn't have a mortgage. Over time, get some buildings with total of 20+ units and you'll be sitting pretty.

mrthumbs · 05-12-2003, 11:41 AM

Quote:

Originally posted by Vox
I own a 8 unit appartement, the revenue generated is not enough to live on.
And there is plenty of work to be done all the time.

how much?

Vox · 05-12-2003, 11:45 AM

Quote:

Originally posted by asuna

In what area.?

In Lachine, near 32nd ave.
I'm looking into a 100+ units on the West Island, the couple that owns it want to retire soon, just might get it for a real sweet deal.

theking · 05-12-2003, 11:45 AM

I have a number of rentals...but with the overhead involved (mortgage payments, property taxes, maintinance etc.) there is not a big payoff until properties are paid for. Having said that RE, in my opinion, is a great long term investment.

Vox · 05-12-2003, 11:49 AM

Quote:

Originally posted by mrthumbs

how much?

Gross in the mid 40k range, It's located in a lower income area.
Average apt. rents for 450$ a month.

playa · 05-12-2003, 11:53 AM

most people be lucky just to break even on small rentals,,

but you still have basically assests with minimal out of pocket expense,, unless of course you don't have tenants

Bex · 05-12-2003, 11:55 AM

Quote:

Originally posted by theking
I have a number of rentals...but with the overhead involved (mortgage payments, property taxes, maintinance etc.) there is not a big payoff until properties are paid for. Having said that RE, in my opinion, is a great long term investment.

I agree that this is a great long term investment. It is what I am looking to get into. Basically if you can even have the rent pay for the expenses, at the end of it all you have a property that someone else paid for, and you can sell. Pretty sweet.

Seb From Holland · 05-12-2003, 12:33 PM

Quote:

Originally posted by Sly_RJ
I'm thinking he'll need quite a few more than 2... unless he loves Ramen.

Everybody loves Raymond!!

DrGuile · 05-12-2003, 12:40 PM

Quote:

Originally posted by Vox

In Lachine, near 32nd ave.
I'm looking into a 100+ units on the West Island, the couple that owns it want to retire soon, just might get it for a real sweet deal.

Hey, I just bought a condo a few streets from there... in the village st-louis.

xdcdave · 05-12-2003, 12:52 PM

RE is awesome to preserve capital.. you'll never lose unless your stupid.. but the real money isn't in the rent.. it's the tax benefits and the appreciation on the property when it comes time to sell it.

NetRodent · 05-12-2003, 01:20 PM

Montreal is not a good place to be a landlord. The laws here favor the tenant in too many ways.

asuna · 05-12-2003, 01:49 PM

Quote:

Originally posted by Vox

In Lachine, near 32nd ave.
I'm looking into a 100+ units on the West Island, the couple that owns it want to retire soon, just might get it for a real sweet deal.

west island? hmm can I ask how much the building is for?

Vox · 05-12-2003, 02:10 PM

Quote:

Originally posted by DrGuile

Hey, I just bought a condo a few streets from there... in the village st-louis.

Nice area, the old golf course use to be there.

Vox · 05-12-2003, 02:11 PM

Quote:

Originally posted by asuna

west island? hmm can I ask how much the building is for?

In the 7 digit range.

dmv69 · 05-12-2003, 02:19 PM

i know that i check out toron.ca for the bigger houses on sale in mtl

i help manage a couple of houses in mtl. its not bad when u have good tenants... when u dont it takes a long time to kick them out

what i suggest is that if u are in a sketchy neighborhood with ppl, sign for 1 month contracts instead of 1 year, so if they dont pay a month, u can kick them out right away.

asuna · 05-12-2003, 03:02 PM

Quote:

Originally posted by Vox

In the 7 digit range.

hmm, not as much as I thought

where in the west?

Quotealex · 05-12-2003, 04:20 PM

Quote:

Originally posted by asuna

west island? hmm can I ask how much the building is for?

There were only 8 apartment buildings with 50+ units (the maximum was a 70 units) that was sold in Lachine since 2001. The price per unit ranged from $27,000 to $38,000.

There were no transaction of 50+ units in the West-Island (Montreal Ouest) since 2001.

CigarMan · 05-12-2003, 04:32 PM

I have 2 buildings, 7 units total. I hate it, I can't deal with stupid people and most renters are just that. If they weren't paid for I would probably sell them in a heartbeat. The cash they bring in each month is nice but I often wonder if it's worth the hassles.

el_greco · 05-12-2003, 04:43 PM

The smartest thing I ever did was by a duplex near a university. The mortgage is about 2K/month and I rent the places out for $2000 and $2500 ($2500 has patio and is a few SqFt bigger). The reason they're so pricy (relative to the mortgage) is because the units are all hardwood floors, and I furnished the place. On top of all that I (

) pay for a DSL line. The tenants are all students from the uni so they love the place and take _DAMN_ good care of it. Haven't had a problem yet. Thank God.

That's ~$2500 in my pocket (err for my wifes shopping habit) per month.

Quotealex · 05-12-2003, 05:02 PM

Quote:

Originally posted by el_greco
The smartest thing I ever did was by a duplex near a university. The mortgage is about 2K/month and I rent the places out for $2000 and $2500 ($2500 has patio and is a few SqFt bigger). The reason they're so pricy (relative to the mortgage) is because the units are all hardwood floors, and I furnished the place. On top of all that I ( ) pay for a DSL line. The tenants are all students from the uni so they love the place and take _DAMN_ good care of it. Haven't had a problem yet. Thank God.

That's ~$2500 in my pocket (err for my wifes shopping habit) per month.

What about Insurance and Taxes...

Vox · 05-12-2003, 05:05 PM

Quote:

Originally posted by Alex from Montreal

There were only 8 apartment buildings with 50+ units (the maximum was a 70 units) that was sold in Lachine since 2001. The price per unit ranged from $27,000 to $38,000.

There were no transaction of 50+ units in the West-Island (Montreal Ouest) since 2001.

Alex, are you a real estate broker?

Quotealex · 05-12-2003, 05:09 PM

Quote:

Originally posted by Vox

Alex, are you a real estate broker?

Yes, I have a real estate agent license and I'm also a real estate appraiser...

asuna · 05-12-2003, 05:12 PM

Quote:

Originally posted by Alex from Montreal

Yes, I have a real estate agent license and I'm also a real estate appraiser...

hmm you have any contacts with bank seizured(?) houses?

dmv69 · 05-12-2003, 05:17 PM

Quote:

Originally posted by asuna

hmm you have any contacts with bank seizured(?) houses?

there are hardly any bank seizures that i know of, i just follow bad mortgage liens last summer.. boy u get turned down faster than anything in the world!

asuna · 05-12-2003, 05:20 PM

Quote:

Originally posted by dmv69

there are hardly any bank seizures that i know of, i just follow bad mortgage liens last summer.. boy u get turned down faster than anything in the world!

hmm what happend when you don't pay your taxes or mortgage?
doesn't the bank kick you out?

Vox · 05-12-2003, 05:20 PM

Quote:

Originally posted by Alex from Montreal

Yes, I have a real estate agent license and I'm also a real estate appraiser...

Good to know... I won't be giving out any more hints about that apt. complex, don't want to get into a bidding war.

But I might have a property going up for sale in Lachine. Located on the waterfront, next to the Marina and canal.

When I deal with an agent, I prefer to pay cash... if you know what I mean.

Quotealex · 05-12-2003, 05:25 PM

Quote:

Originally posted by asuna

hmm you have any contacts with bank seizured(?) houses?

Yes but there aren't alot of foreclosed properties these days in the Montreal Island. Most of them are sold within the week of being advertised.

asuna · 05-12-2003, 05:29 PM

Quote:

Originally posted by Alex from Montreal

Yes but there aren't alot of foreclosed properties these days in the Montreal Island. Most of them are sold within the week of being advertised.

hmmm.. anyway I can see what is available?

Quotealex · 05-12-2003, 05:29 PM

Quote:

Originally posted by Vox
When I deal with an agent, I prefer to pay cash... if you know what I mean.

Good to know because I never accept cash payment. You never know where that money came from, if you know what I mean

Quotealex · 05-12-2003, 05:31 PM

Quote:

Originally posted by asuna

hmmm.. anyway I can see what is available?

Sure, tell me what you are looking for and I can send it to you by e-mail if there are any...

asuna · 05-12-2003, 05:38 PM

Quote:

Originally posted by Alex from Montreal
Sure, tell me what you are looking for and I can send it to you by e-mail if there are any...

houses mostly.. east end.. like St Leo.. St Micheal.. RDP etc..

Vox · 05-12-2003, 05:43 PM

You can try searching thru MLS listings
http://www.mls.ca/mls/map.asp?gt=Z&g...L=1&T=RR&map=1
But there's nothing much for repo, not like the early 90's

asuna · 05-12-2003, 05:45 PM

Quote:

Originally posted by Vox
You can try searching thru MLS listings
http://www.mls.ca/mls/map.asp?gt=Z&g...L=1&T=RR&map=1
But there's nothing much for repo, not like the early 90's

That's why I wanted to know if he had any contacts.... casue like he said, they are sold much to qucikly

Quotealex · 05-12-2003, 05:50 PM

Quote:

Originally posted by asuna

houses mostly.. east end.. like St Leo.. St Micheal.. RDP etc..

There is only one right now in the east end. (In the Rosemont burough). However there is already an offer to purchase (untill May 22) on it.

asuna · 05-12-2003, 05:55 PM

Quote:

Originally posted by Alex from Montreal

There is only one right now in the east end. (In the Rosemont burough). However there is already an offer to purchase (untill May 22) on it.

you wanna icq or email me and let me know when new stuff comes out? with an address? do you bid or is their a fixed price?

psyko514 · 05-12-2003, 06:02 PM

he wouldn't be able to live off the income, unless he was charging an outrageous (and i mean really high) price.

with two duplexes, he'd be able to live in one of the units and the rent from the others would/could pay his mortgage.

my step-grandfather owns 4 or 5 buildings (including the one i live in) with approx. 100 units and a few commercial units on the ground floor. he retired at 50 and spends 5 months a year in florida.

cool side story: my girlfriend's parents used to rent a video store from him back when she was a little girl. so my dad's girlfriend and her brother knew my girlfriend 15 years before i knew her or them. her parents went to high school with them. fucked up.

Quotealex · 05-12-2003, 06:03 PM

Quote:

Originally posted by asuna

you wanna icq or email me and let me know when new stuff comes out? with an address? do you bid or is their a fixed price?

1- You decide how much you want to pay for the house thru an offer of purchase and the owner (the bank) will make you a counter offer.

2- There also public auction held a few time a year by two or three brokerage houses. But they are mostly for multi-dwellings and commercial properties.

Give me your e-mail with what you are looking for along with the price range and I'll will update you (but you must remind me from time to time).

asuna · 05-12-2003, 06:07 PM

Quote:

Originally posted by Alex from Montreal

Give me your e-mail with what you are looking for along with the price range and I'll will update you (but you must remind me from time to time).

shaun
at
openface.ca

hmmm not too sure about the price range now... some people told me you jsut pay the balance of whatever is owed and some say no you just bid...

Quotealex · 05-12-2003, 06:20 PM

Quote:

Originally posted by asuna

shaun
at
openface.ca

hmmm not too sure about the price range now... some people told me you jsut pay the balance of whatever is owed and some say no you just bid...

You got mail.

05-12-2003, 11:25 AM	#1
asuna Confirmed User Join Date: May 2002 Location: Montreal Posts: 8,743	Anyone here own an apartment building or similar? well? A friend is thinking of buying 2 deplex's and renting them out.. he said he'll harldy haev to work cause he can live off the rent... hmm not too sure bout that __________________

05-12-2003, 11:29 AM	#2
Sly_RJ Live Hard - Die Hard Join Date: Feb 2002 Location: Ready to leave... Posts: 17,042	I'm thinking he'll need quite a few more than 2... unless he loves Ramen. __________________ PHAT SERVERS - Quality dedicated hosting at a quality price! sly AT phatservers DOT com - 147479144

05-12-2003, 11:30 AM	#3
gornyhuy Chafed. Join Date: May 2002 Location: Face Down in Pussy Posts: 18,041	Exactly. Apartment buildings and the like are often profitible because there are so many units in the building, but in a Duplex you will probably be just about even with maintenance and other expenses. It all depends on how much you pay. You _really_ make money in real estate at the moment of purchase. __________________ icq:159548293

05-12-2003, 11:32 AM	#5
Vox Confirmed User Industry Role: Join Date: Mar 2002 Location: Montreal Posts: 2,710	I own a 8 unit appartement, the revenue generated is not enough to live on. And there is plenty of work to be done all the time. __________________ Social profile assassination for hire

05-12-2003, 11:45 AM	#10
theking Nice Kitty Industry Role: Join Date: Sep 2002 Location: The good old USA!!! Posts: 21,053	I have a number of rentals...but with the overhead involved (mortgage payments, property taxes, maintinance etc.) there is not a big payoff until properties are paid for. Having said that RE, in my opinion, is a great long term investment. __________________ When you're running down my country hoss...you're walking on the fighting side of me! FOR THE LYING LOWLIFE POSTING AS PATHFINDER...https://gfy.com/fucking-around-and-pr...athfinder.html

05-12-2003, 11:41 AM	#7
HowlingWulf Confirmed User Join Date: Nov 2001 Posts: 1,662	I have a bunch. RE is a good investment but duplexes are on the bottom rung. For around the same price he could get a 4-plex with twice the income. He'd also need a lot more than 2 duplexes to live off of.... even if he didn't have a mortgage. Over time, get some buildings with total of 20+ units and you'll be sitting pretty.

05-12-2003, 11:53 AM	#12
playa Confirmed User Join Date: Feb 2001 Location: atlanta, GA Posts: 6,432	most people be lucky just to break even on small rentals,, but you still have basically assests with minimal out of pocket expense,, unless of course you don't have tenants

05-12-2003, 12:52 PM	#16
xdcdave Confirmed User Join Date: Feb 2003 Location: North East Posts: 1,911	RE is awesome to preserve capital.. you'll never lose unless your stupid.. but the real money isn't in the rent.. it's the tax benefits and the appreciation on the property when it comes time to sell it. __________________

05-12-2003, 01:20 PM	#17
NetRodent Confirmed User Join Date: Jan 2002 Location: In the walls of your house. Posts: 3,985	Montreal is not a good place to be a landlord. The laws here favor the tenant in too many ways. __________________ "Every normal man must be tempted, at times, to spit on his hands, hoist the black flag, and begin slitting throats." --H.L. Mencken

05-12-2003, 02:19 PM	#21
dmv69 Confirmed User Join Date: Nov 2002 Location: canada Posts: 452	i know that i check out toron.ca for the bigger houses on sale in mtl i help manage a couple of houses in mtl. its not bad when u have good tenants... when u dont it takes a long time to kick them out what i suggest is that if u are in a sketchy neighborhood with ppl, sign for 1 month contracts instead of 1 year, so if they dont pay a month, u can kick them out right away. __________________ <img border="0" src="http://www.angelfire.com/home/kilgore20/images/marge.gif" width="110" height="76">

05-12-2003, 04:32 PM	#24
CigarMan Registered User Join Date: May 2003 Posts: 81	I have 2 buildings, 7 units total. I hate it, I can't deal with stupid people and most renters are just that. If they weren't paid for I would probably sell them in a heartbeat. The cash they bring in each month is nice but I often wonder if it's worth the hassles.

05-12-2003, 04:43 PM	#25
el_greco Confirmed User Join Date: Nov 2002 Location: LA Posts: 352	The smartest thing I ever did was by a duplex near a university. The mortgage is about 2K/month and I rent the places out for $2000 and $2500 ($2500 has patio and is a few SqFt bigger). The reason they're so pricy (relative to the mortgage) is because the units are all hardwood floors, and I furnished the place. On top of all that I ( ) pay for a DSL line. The tenants are all students from the uni so they love the place and take _DAMN_ good care of it. Haven't had a problem yet. Thank God. That's ~$2500 in my pocket (err for my wifes shopping habit) per month. __________________ If you aren't afraid of failing, you're not pushing hard enough. el_greco - 177643483

05-12-2003, 05:43 PM	#38
Vox Confirmed User Industry Role: Join Date: Mar 2002 Location: Montreal Posts: 2,710	You can try searching thru MLS listings http://www.mls.ca/mls/map.asp?gt=Z&g...L=1&T=RR&map=1 But there's nothing much for repo, not like the early 90's __________________ Social profile assassination for hire

05-12-2003, 06:02 PM	#42
psyko514 See sig. Join Epic Cash. Join Date: Oct 2002 Location: Montreal, Quebec. ICQ: 214702014 Posts: 22,366	he wouldn't be able to live off the income, unless he was charging an outrageous (and i mean really high) price. with two duplexes, he'd be able to live in one of the units and the rent from the others would/could pay his mortgage. my step-grandfather owns 4 or 5 buildings (including the one i live in) with approx. 100 units and a few commercial units on the ground floor. he retired at 50 and spends 5 months a year in florida. cool side story: my girlfriend's parents used to rent a video store from him back when she was a little girl. so my dad's girlfriend and her brother knew my girlfriend 15 years before i knew her or them. her parents went to high school with them. fucked up. __________________ Bad Girl Bucks - 50% Revshare through CCBill. Promote BrandyDDD, Pixie's Pillows, Action Allie and more! Phoenix Forum Pics \| Webmaster Access Montreal pics email: psyko514(a)gmail.com \| icq: 214-702-014