>buy a shitty condo about 45 minutes outside of Hamilton Ontario
>told I'd never get out with much more than I paid for it
>was told real estate is a shitty investment
>recently put it on the market
>listed it at 40k more than I paid for it
>bidding war for it
>make 55k (minus real estate fees)
What's happening here?
>What's happening here?
chinese buyers?
im not a genius but it sounds like a few people wanted a shitty condo about 45 minutes outside of Hamilton Ontario.
But why?
Speculation and real estate investment.
The Supply>>>Demand thing is a meme, there's a lot of people who own multiple houses now by buying more homes using line of credit. They then wait a bit of time and resell these houses or rent them out. Because this is happening prices are being driven up by people older people who had the luxury of money access when homes were still cheap.
How long did you hold it?
How much did you pay for it including taxes and fees?
How much did you earn after fees?
3 years, 125k, 20k in taxes and fees (condo fees, property taxes, plus commissions and taxes on the purchase and sale) so net 35k
Not shittalking your profit or anything but if you had invested in the SP500 and reinvested dividends you would've made 35,2% so 44k and this is without factoring in taxes and fees
Yeah but I feel I took less of a risk putting my money into a physical property than something where the rug will eventually be pulled out from under.
I'm actually starting to look at condos and houses.
I'm thinking about buying one near the beach to rent out during the summer and when I'm not using it.
Does anyone have any experience doing such?
I think I could probably list it for 1k a week during the 3-4 months of summer and 1.5k a month during the non tourist months.
Would be able to pay for the house back within 5 years or so but I could probably pay for 75% down payment on it.
Anyone think this is a good idea?
I was thinking of doing this when I first got 100k or so in my bank account.
It's not bad, but be really careful about who you rent to. Keep in mind also that you could called whenever there is a leaky faucet or someone clogs the toilet.
You clearly wanted to move there at some point
Not by choice, its in bumfuck county outside of a city that use to be known for steel plants and being Toronto's smellier little brother and now is known for druggies in its downtown core
This isn't accurate because user didn't pay the full amount for the house. His roi from the house is greater because he used a loan is leverage.
Greed.
Everyone in southern ON thinks their pile of plywood will make them a millionaire.
You know you're in bubble territory when even morons and idiots like OP are making money with no effort.
The funniest thing about that picture is even with eating all that shit he's still got a serious case of dad-body.
30 minutes on the treadmill a day and normal fucking bacon and eggs for breakfast would achieve better results.
When he lives to 300 because of the alkanized water and activated almonds, who will be laughing.
I honestly did not expect to make much off the property if anything, I just needed a place to live. Calling me a moron for profiting off an inflated housing market is a little harsh.
People trying to escape Toronto. They're shitting up housing prices as far away as London.
im here in ON for business and i cant get over how fucking inflated the prices are for shit houses.
and that assumption isn't accurate either because user could have used a margin loan at 2:1 and 3x leveraged ETFs to make stacks and stacks. what's your point.
>Calling me a moron for profiting off an inflated housing market is a little harsh.
No, you were the one who stated you were a moron in the OP because you disregarded proper investment advice and still made good. I think it's great that you got out good, this time, but that's not a good investment process to continue. You already know that, otherwise you'd take your money and buy another condo in the same place to make even more money.
It's dumb luck, or, moronic luck.
People can't afford to live in Toronto but will commute from Hamilton. Even here (London ON) houses are avg $329,000 which is like 100k more than 10 years ago.