Saturday, February 20, 2010

house #5?

Well, the King St property was a total bust. We saw the rest of the interior and it needs thousands in repairs, and not minor stuff. We're talking plaster replacement, flooring, bathrooms. Yikes. He is going to lose the place...he owes 240K min and you'd be stupid to pay more than 180 in its current condition. Poor old house. Maybe someday the bank will own it and let us make a reasonable offer but until then it's off the radar.

However, we are putting an offer in on another project, which has already been taken by the bank! Its directly across the street from the one we own on Spadina. 2/3 vacant, needs lots of lipstick. But it has new roof, windows, and furnace. It needs a new fire escape though, which will run in the neighborhood of $10000.

But here's the fun part. We have offered only 125K for it, we expect to finish around 140. It will EASILY appraise for 210 and if we re-fi for that we could pocket 42K in cash.

I love bank sales.

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