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#10639456 - 10/27/24 01:10 PM Re: dat real estate v.2021 [Re: furball]
Happy Birthday Risk E. Business, esq. Offline
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Some dirt peeps will do it exactly for that purpose (to flip the contract) so what he is saying is right, I wouldn't want to accept that clause unless you specify what it's for (mortgage approval).
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#10639728 - 10/28/24 04:58 PM Re: dat real estate v.2021 [Re: Risk E. Business, esq.]
ehko Offline
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I do that if I don't know if I'm going to throw it personal or business.
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#10639801 - 10/29/24 07:48 AM Re: dat real estate v.2021 [Re: Risk E. Business, esq.]
furball Offline
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While the dude's a big deal in Markham, and he's a former radio host/DJ/etc .... (was Best Man at a wedding where he was the 'host' ) I find these vids he does to be pretty informative ...

 Originally Posted By: Risky Business
Some dirt peeps will do it exactly for that purpose (to flip the contract) so what he is saying is right, I wouldn't want to accept that clause unless you specify what it's for (mortgage approval).

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#10639842 - 10/29/24 10:18 AM Re: dat real estate v.2021 [Re: furball]
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Yea he knows what he is doing, way better than most agents in Markham to be honest.
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#10639843 - 10/29/24 10:19 AM Re: dat real estate v.2021 [Re: ehko]
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 Originally Posted By: ehko
I do that if I don't know if I'm going to throw it personal or business.


I've bought under corps before, buyers know at offer if they are buying under ontario inc or personal name, so in the situation where you require this clause, what can change in the 30-60 days where you are closing where you may have to flip names/why?
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#10639845 - 10/29/24 10:20 AM Re: dat real estate v.2021 [Re: Risk E. Business, esq.]
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Bought 2 condos last friday, October numbers will surprise people. Inventory started moving in the last 2 weeks. Won't be a crazy month, but it feels like we are scratching the bottom of the market.
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#10639846 - 10/29/24 10:21 AM Re: dat real estate v.2021 [Re: Risk E. Business, esq.]
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Agent friend of mine set a record in East York this week, sold an old semi for over $2M in this slow market \:o
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#10639855 - 10/29/24 10:57 AM Re: dat real estate v.2021 [Re: Risk E. Business, esq.]
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That's crazy!
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#10639883 - 10/29/24 12:12 PM Re: dat real estate v.2021 [Re: Risk E. Business, esq.]
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 Originally Posted By: Risky Business
Bought 2 condos last friday, October numbers will surprise people. Inventory started moving in the last 2 weeks. Won't be a crazy month, but it feels like we are scratching the bottom of the market.


bought 2 to rent out? How many do you have on the run?
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#10639890 - 10/29/24 12:36 PM Re: dat real estate v.2021 [Re: c2k]
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To be clear, these are for clients, not for me. I got out of condos in '23. Have different plans, but condos themselves starting to make sense. You can get studios that cashflow, this is literally unheard of in the last 10 years in the GTA.
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#10640158 - 10/30/24 11:33 AM Re: dat real estate v.2021 [Re: Risk E. Business, esq.]
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 Originally Posted By: Risky Business (he/him)
Agent friend of mine set a record in East York this week, sold an old semi for over $2M in this slow market \:o

Wow, which street?
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#10640261 - 10/30/24 02:14 PM Re: dat real estate v.2021 [Re: SuPeR-MaRiO]
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https://housesigma.com/on/toronto-real-e...um=desktop&ign=
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#10640457 - 10/31/24 06:43 AM Re: dat real estate v.2021 [Re: Risk E. Business, esq.]
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Nice remodel. Wonder if the owners actually lives next door and flipped that unit or they worked with the neighbour to make a nice cohesive exterior matching both units.
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#10640508 - 10/31/24 08:51 AM Re: dat real estate v.2021 [Re: Big Tasty]
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typically in nicer neighbourhoods people work together to keep cohesion the same as it helps resale/aesthetics, it's the not so nice areas where you see mismatches with semi's, EY is notorious for neighbours doing their own thing, then both places look like shit.
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#10640520 - 10/31/24 09:13 AM Re: dat real estate v.2021 [Re: Risk E. Business, esq.]
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Looking at the previous listing, they did a really good job with the flip. I would love to be able to gut my place and do a full remodel and build over the garage for added space.
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#10640685 - 10/31/24 02:18 PM Re: dat real estate v.2021 [Re: Big Tasty]
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That's one baller fucking-priced home...

I was thinking of additional things to add to the home, but I guess in a flip you can't wait for those permits etc, especially when changing big things, like:
- extending out the rear deck/porch with some kind of covering (glass enclosure, roof, etc)
- Smash up the rear garage into a nanny suite/laneway home etc...

The bedroom closets are interesting too ... they're not built-ins(?) ...

Edited by furball (10/31/24 02:20 PM)
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#10640848 - 10/31/24 07:24 PM Re: dat real estate v.2021 [Re: Risk E. Business, esq.]
ehko Offline
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 Originally Posted By: Risky Business (he/him)
 Originally Posted By: ehko
I do that if I don't know if I'm going to throw it personal or business.


I've bought under corps before, buyers know at offer if they are buying under ontario inc or personal name, so in the situation where you require this clause, what can change in the 30-60 days where you are closing where you may have to flip names/why?


It depends which company I want it under... some corps on % of others... it's usually an accountant thing.

I've also made offers under my girlfriends name with that clause so they don't know it's me...
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#10640969 - 11/01/24 07:39 AM Re: dat real estate v.2021 [Re: ehko]
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General rule of thumb you either have a hold co. that has your individual properties within it under one umbrella - this is most efficient from an accounting POV and tax filings - so you should have your name ready before submitting an offer and nothing would be changing between offer time and close.

I have some doctor clients who for liability reasons will put each property under a separate Ontario Inc as they are paranoid about lawsuits, gives some diversification but more costly/time consuming to operate.

Lastly if you are buying with other investors as a shareholder you'd still have a separate holding company under an Ontario Inc.

Point being is, you'd have the name up front and no need for that clause which has the potential to kill your deals. The reason I push back on this clause is 99% of the time it's not a strong buyer financially. In your case that's not the case as you can obviously afford it, but that's not how it would be perceived by the seller so I am adamant for my buyers to skip this up front especially if the market is competitive.

For your last point, this one I get, I've had to do work arounds on some properties where buyer didn't want to be known to seller, but even if you buy under Ontario Inc they will know if you are a signing officer. Doing it under your gf makes sense, last one I did it under buddy's wife and sister lol.
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#10641045 - 11/01/24 09:43 AM Re: dat real estate v.2021 [Re: Big Tasty]
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 Originally Posted By: Big Tasty
Looking at the previous listing, they did a really good job with the flip.

Agreed. They bought it for $975k and exactly a year later they sold it for $2M. They dropped some serious coin in there.
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#10642054 - 11/05/24 10:04 AM Re: dat real estate v.2021 [Re: SuPeR-MaRiO]
furball Offline
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(Condo) Builder beef @ Irish Embassy Pub (Yonge/Wellington)

https://www.youtube.com/shorts/JxrHNeZYTBI

vLimitingDistanceAgreement
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#10643462 - 11/07/24 11:13 AM Re: dat real estate v.2021 [Re: furball]
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Docu on The One condo at Yonge/Bloor...

I had to google who the fuck Jenny Coco is....

https://www.youtube.com/watch?v=Gnnr7N9V0gw

Edited by furball (11/07/24 11:13 AM)
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#10643499 - 11/07/24 12:00 PM Re: dat real estate v.2021 [Re: furball]
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This is 2 years old at this point, but yes.
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#10644551 - 11/10/24 05:14 AM Re: dat real estate v.2021 [Re: Risk E. Business, esq.]
furball Offline
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What's the general landscape/expectation on the Trump win on real estate, rates, economy? (Besides the general noise/rhetoric lacking data/insights)
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#10644562 - 11/10/24 07:27 AM Re: dat real estate v.2021 [Re: furball]
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Probably nothing related to Trump directly, more about how out of sync we are in dropping rates vs. the US and devaluing our dollar. I know all the YouTube talking heads are making up random stories, but that's clickbait.

Aside from that, anecdotally last time Trump was president i got bent over on a commercial building I was building. The steel and aluminum tariffs he introduced in 2018/2019 cost me 300k in additional spend on the build, that could play out again in the short term if he goes "America first" at the expense of trading partners.

CN: who knows, too many variables at play
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#10645215 - 11/12/24 07:50 AM Re: dat real estate v.2021 [Re: Risk E. Business, esq.]
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I owned a commercial building that I sold using a vendor take back mortgage, essentially I was the bank for the buyer. They defaulted on payment, now taking possession of the building. Should be interesting, will be an expert of power of sales, insolvencies, and bankruptcies soon lol.

What's crazy is how easy it is to go and change the locks on a building \:o
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#10645514 - 11/12/24 04:43 PM Re: dat real estate v.2021 [Re: Risk E. Business, esq.]
furball Offline
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That toilet. Damn.

https://www.cbmaritimerealty.com/listing/202425868-5642-morris-street-halifax-ns-b3j-1c5
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#10645643 - 11/12/24 10:08 PM Re: dat real estate v.2021 [Re: furball]
Big Tasty Offline
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Umm, wow an ancient Egypt themed attic with a sarcophagus toilet.
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#10645901 - 11/13/24 01:25 PM Re: dat real estate v.2021 [Re: Big Tasty]
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an exorcism was taken place there lol.
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#10646008 - 11/13/24 03:45 PM Re: dat real estate v.2021 [Re: titty sprinkles]
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That or lots of rapings.
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#10646248 - 11/14/24 11:31 AM Re: dat real estate v.2021 [Re: LNXGUY]
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locks changed, shitshow begins now
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#10647614 - 11/18/24 07:20 AM Re: dat real estate v.2021 [Re: Risk E. Business, esq.]
furball Offline
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Fuck me ... Looks like my work notebook/VPN is blocking many sites, including photo hosting ...

Anyway, those are great business skills to know, navigating that... Likely money to be had; have to get down and gritty to get that, but .... good luck.

 Originally Posted By: Riskhe Business
locks changed, shitshow begins now


 Quote:
will be an expert of power of sales, insolvencies, and bankruptcies soon lol.
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#10647617 - 11/18/24 07:23 AM Re: dat real estate v.2021 [Re: furball]
furball Offline
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Behind a paywall, so you'll have to use removepaywall.com or other.

Nutshell: Some Farhi dude owns a huge chunk of London downtown RE.

https://www.theglobeandmail.com/business...tate-vacancies/
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#10647623 - 11/18/24 07:42 AM Re: dat real estate v.2021 [Re: furball]
furball Offline
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Toronto Condos Market Is Collapsing: Top Lawyer Warns
"Mark Morris, a top lawyer in Toronto discusses what is happening in the Toronto real estate market for new construction condos as well as the resale housing market in Toronto and area.
Pre construction condos that are coming up for close are struggling as a lot of appraisals are coming in very low. New condo projects in Toronto are getting cancelled at an alarming rate.

How is immigration impacting the real estate market. Will housing ever become affordable? Why are new developers taxes so high for new pre construction condos?"

https://www.youtube.com/watch?v=vKwSTnrfSLE


Side bonus: the lawyer that's being interviewed.... his website lists prices for RE-related legal work ... https://www.legalclosing.ca/

Edited by furball (11/18/24 07:47 AM)
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#10647635 - 11/18/24 08:21 AM Re: dat real estate v.2021 [Re: furball]
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Mark is a good guy, interviewed him a few times. Very knowledgeable.
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#10647846 - 11/18/24 05:49 PM Re: dat real estate v.2021 [Re: Risk E. Business, esq.]
Hatorade Offline
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 Originally Posted By: Riskhe Business
Mark is a good guy, interviewed him a few times. Very knowledgeable.


Not even very knowledgeable. Mark is one of the best.
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