calgary realestate

[ornamental]

my condo is empty,  nothing to steal.  a lock box is pretty standard.  this forum is full of handy DIY types which kinda makes me surprized at the resposnse so far.   being a condo, i need maximum exposure,  still undecided what to do.  there is also directlist and self list.  i dont see too many listings on those sites and makes me wonder why?

i know the pain of trying to save a buck on a D35,  that one hurts....
so many guys here will tear into a engine or axle, that really scare me.  but they wont sell or negotiate there own place...
so far i have had luck selling private and buying privately which seemed easy as an oil change.  but this was all before the boom when everyone became real estate pro.  now i think it may be a bit harder.

on the other hand does anyone want to deal with a motivated seller.   renovated downtown condo,  fully loaded with options and priced at mid 200's.  my neighbor is priced just below 290k for comparison.

can include bonus commision to buyer realtor.  hows that for attracting buyers agents?

[JackstandJohnny]

Are you able/willing to drop everything (work, shopping, being in a frickin movie theatre) to go show your house at the drop of a hat because the "potential buyer" has a small window of time that they can get to your place? I had that happen several times when we sold our last place. Our realtor just called me up and asked if the place was alright to show...

yes.

 

 

[Immortal]

yes.

So, we won't hear about "some guy needs to see my house in 15 minutes, but I work 25 minutes from home, so I sped all the way there. And... I got a speeding ticket..." ??

(you aren't gonna win John  )
 

 

[JackstandJohnny]

So, we won't hear about "some guy needs to see my house in 15 minutes, but I work 25 minutes from home, so I sped all the way there. And... I got a speeding ticket..." ??

(you aren't gonna win John  )
 

 

nope you wont' hear nothing from me jeepless wonder;)  hows that part out going?  i know a great used car salesman that can help ya sell some parts


 

[Knox]

Hey Johnny, how about we trade places, you sell mine and I take yours straight up?

[cLAY]

welist.ca is a pretty popular DIY listing service that I have seen around Cochrane. However my aunt bought one off of welist and few years ago and got burned. She negotiated to have the carpet replaced in the house as part of teh purchase price. The seller agreed and replaced the carpet...... with used carpet! Apparently my aunt didn't specify NEW carpet.

[Immortal]

My part out is going great!! I will be down to the frame in a week if it keeps going the way it has been.

[w squared]

My part out is going great!! I will be down to the frame in a week if it keeps going the way it has been.

You're parting out the work truck?  Or are you just wishing that you had bought something with a frame?

[Immortal]

Why is it always a framer that catches that??


Oh, wait. It is because the unibody crowd is smart.

BEEEEEEEOTCH!!!!!  



















Todd.... no touchy.

[Matt4x4]

Ive come to realize that living rent free (renting a house with room-mates paying the everything) or owning a house and renting rooms/garage to reduce cost is crucial in todays enviroment to get ahead.

I have to go to a mortgage company and get some information because my credit isnt the best, just a few credit card problems (late payments, closed credit cards), but my biggest problem is I have worked under the table for a long time with no proven income for verification.

I was wondering how much a down payment is average and what kind of a down payment would lower my risk rating (say 10, 20 or 25%) with a good co-applicant which has wickedly good flawless credit.

[w squared]

There's no such thing as living rent-free. You can share a house to reduce what you'll pay, but if you try to have you roomies pay your entire mortgage, the property taxes, and the utility bills, you'll be hard pressed to find tenants. Understand that the going rate for rent on a house and the mortgage payments associated with that house are very firmly linked. Also understand that rental properties can be a money-losing proposition if you don't have the right tenants. The system is structured to protect the tenant...and if you get a deadbeat tenant that knows how to work it, you'll find yourself with the law tying your hands, and they'll be the one living rent free.

Exploring all your options to get ahead is a good thing...but go into the situation with your eyes open.

[AstraX]

The system is structured to protect the tenant...and if you get a deadbeat tenant that knows how to work it, you'll find yourself with the law tying your hands, and they'll be the one living rent free.

Actually the Alberta system is one of the most fair systems in Canada for both Tenants and Landlords.

Ive come to realize that living rent free (renting a house with room-mates paying the everything) or owning a house and renting rooms/garage to reduce cost is crucial in todays enviroment to get ahead.

I have to go to a mortgage company and get some information because my credit isnt the best, just a few credit card problems (late payments, closed credit cards), but my biggest problem is I have worked under the table for a long time with no proven income for verification.

I was wondering how much a down payment is average and what kind of a down payment would lower my risk rating (say 10, 20 or 25%) with a good co-applicant which has wickedly good flawless credit.

Matt, before you can consider looking at a qualifying for a mortgage you need to have some income to show for it.  Most banks/lending institutions will want to see 1 year of solid income numbers.  IF you can find someone to either cosign or sign for the mortgage in full then there are options.  You will have to keep your credit clean as well.  For downpayment, if it is a "rental" property, the banks won't accept less than 20%.  If you are living in it and renting a room or two, you will only need 5%.

If you are seriously interested in getting into some rental properties have a look at www.myreinspace.com.  There is a great public forum that you can get a lot of information about owning real estate.

[JackstandJohnny]

Ive come to realize that living rent free (renting a house with room-mates paying the everything) or owning a house and renting rooms/garage to reduce cost is crucial in todays enviroment to get ahead.

I have to go to a mortgage company and get some information because my credit isnt the best, just a few credit card problems (late payments, closed credit cards), but my biggest problem is I have worked under the table for a long time with no proven income for verification.

I was wondering how much a down payment is average and what kind of a down payment would lower my risk rating (say 10, 20 or 25%) with a good co-applicant which has wickedly good flawless credit.

heres the downlow.  you will need 3 years of solid income proof (Notice of assessment, done by the gov't) it will give you the actual income you reported to the gov't.  you won't qualify for anything by yourself.  so you need to rope someone into backing your mortgage payments for a minimum of 5 years.

next, depending on what you're looking for, you will need 20 - 30k in a downpayment.  because you are going to be putting 5% down as a first time homebuyer, you can get away with 5%.  trust me, it won't do much. you will also be looking at mortgage payments anywhere from 1500 - 2000 plus utilities depending.

lastly, be VERY wary of 'variable interest rate' mortgages.  it looks good now, but a simple interest rate hike on a 275k mortgage can quickly have you selling jeeps to make payments.

also, if you are going to classify it as a 'rental' you need to do a whole lot of legal work as well. 

lastly, if you think you can skirt the system by buying a house and having 5 renters to pay your mortgage, remember this; it is still YOUR house at the end of the day; do you want to be living like a sardine, taking all the risks and having renters destroy YOUR house? 

buying a place is a huge decision.  IMO i wouln't buy a house unless you were ready to settle down, get married, and NEVER plan on leaving..........


sorry for the rant!  good luck with whatever you choose.

[AstraX]

lastly, be VERY wary of 'variable interest rate' mortgages.  it looks good now, but a simple interest rate hike on a 275k mortgage can quickly have you selling jeeps to make payments.

Never buy maxing your credit out on a variable mortgage.  Buy and live within your means.  If you look at the long term projected rates and do the calculations, you can save thousands of dollars over a 5 year term mortgage by going variable.

Johnny does have some good points, but realistically what it all boils down to, is you need to do your homework.  If you really want to get into rental properties, you need to make sure you know all the in's and out's.  There are a lot of legal "things" to deal with, but there can be a LOT of perks towards it.

[JackstandJohnny]

Never buy maxing your credit out on a variable mortgage.  Buy and live within your means.  If you look at the long term projected rates and do the calculations, you can save thousands of dollars over a 5 year term mortgage by going variable.

Johnny does have some good points, but realistically what it all boils down to, is you need to do your homework.  If you really want to get into rental properties, you need to make sure you know all the in's and out's.  There are a lot of legal "things" to deal with, but there can be a LOT of perks towards it.

variable interest rates our the canadian version of subprime mortgage rates in the US.

it looks great now, but when 2.2% becomes 3.5%, and you were skimping by on 2.2% it doesn't look that great..   its tought project the long term.  just ask anyone that bought a house in 2005 - 2007