Any creative problem solvers in the crowd?
Would you like to enjoy a BIG DISCOUNT in exchange for exercising your creative problem-solving skills? This house has squatters that need to be kicked out (non-paying, not on lease). If vacant, this house is worth about $150k more (as-is, before renovations). Could you sit on this property for a while in order to take advantage of that huge discount?
Ways to get the squatters out:
-Keep it calm: Wait for an LTB hearing and have them removed by the sheriff.
-Offer incentives: Negotiate a cash for keys deal.
-Plan to move in: The occupants say they’ll move out with 90 days notice. (But it’s likely that would need secondary encouragement.)
-Get otherwise creative…
How can you profit?
1) Rent: Collect over $2000/month as a single family rental. The tiny lot is great for tenants to maintain.
2) Flip: Once the occupants are gone, do a clean up and cosmetic renovation, and sell around $500k.
– LOCATION: Hamilton, ON (Wellington & Wilson)
– PURCHASE PRICE: $259,900 Or Best Offer
– AFTER REPAIR VALUE: Around $500k
– CLOSING: September 26, 2023 or sooner (This is an assignment sale.)
– TYPE: Detached Bungalow
– BEDS/BATHS: 2 Beds/1 Bath
– PARKING: 3-4 spaces
– BASEMENT: Unfinished (Utility Only)
– SQFT: 724 sq. ft.
– LOT: 37′ x 45′
– AGE: 1911
– PROPERTY TAX: $1779/year approx
– This property is occupied by squatters and it looks like it. But after some new doors and floors, you may just clean and keep the existing bathroom and kitchen (especially if you’re renting it out next).
– Lots of junk and furniture removal.
– Please view the pictures and videos for ideas on what you’d like to renovate.
– How often can you buy a house this cheap?!
– Minimal renovations are required to turn this back into a nice rental. A bin, bucket, and bleach will go a long way…
Please let us know if you want to view it or if you want us to email you the info package. (Comparable sales, MPAC info, and more…)
Josea Paul, Myra Afidchao, Aaron Moore & Tomomi Wang
www.HouseDealsGTA.ca – Wholesale Properties For Real Estate Investors