Residences of Maple Leaf Square Condos (Lanterra Developments) - Real Estate -

^So buying a house to rent out in East Hamilton for $80k--would that be a smart plan? 30 years from now, I would imagine that house would be worth more than $80k + the tenants would pay for mortgage (i've calculated total monthly expenses around $500.) Am I smart or stupid? Love to hear from your expertise.

btw, maybe we should move this discussion into the real estate section?
 
Thanks Sean, good idea.

urbandreamer said:
^So buying a house to rent out in East Hamilton for $80k--would that be a smart plan?
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Not in my opinion. I believe that a house in EH worth $80k today would be worth less than $80k in the future, inflation adjusted, because I personally believe that the area/city is permanently depressed. I'd rather take my chances elsewhere.

However, if you realistically thought that you could buy a dilapidated house for $80k that rents for $500 a month and spend $20k and get another $200 a month in rent, and sell it for $120k or refinance out the appreciated value, well that would constitute a decent investment in my opinion. The numbers are too micro to capitalize on operating efficiencies of course, but the academic exercise is valuable.

Interest rates through credit spreads have already started rising in response to the credit crunch. Watch the cost of capital for specuvestor condo purchases climb as the story unfolds...
 
croman said:
vultur, you always seem to have an answer for EVERYTHING, but for some reason you can never admit that you are wrong.

You have way too much anger built up. I think you need to get laid. Maybe that will help, doubtful, but maybe..
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Croman, please enlighten me where I have erred and I will promptly concede my mistakes.
 
Putting all the great/bad investment, what it's worth real estate crap aside does anyone think this is a great project? Vultur?
 
Renting Out During Interim Period

Hi,

Anyone know if the builder allow buyers to rent the unit out during the interim closing period? Thanks.
 
soedmond said:
Hi,

Anyone know if the builder allow buyers to rent the unit out during the interim closing period? Thanks.
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usually no since you really don't take title until the condo corp is formed. but you can always ask them if they will allow... read your condo docs.
 
jbritt said:
usually no since you really don't take title until the condo corp is formed. but you can always ask them if they will allow... read your condo docs.
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Talk to the builder.

At RoCP1, where I live, Canderel not only had allowed rental of the unit during interim occupancy, they had also recommended a 'quality' rental agency firm. Canderel had realised that some of the units had been purchased by the investors. Only condition was that a copy of the lease agreement be given to Canderel to make sure the lease agreement conforms to certain standards of use -- noise etc.
 
soedmond said:
Hi,

Anyone know if the builder allow buyers to rent the unit out during the interim closing period? Thanks.
Click to expand...

I had spoken to a rep from Lanterra and she said yes it is ok to Lease units during interim occupancy. It's such a big project I doubt they have any reservations that it would be flooded with rentors. I venture that majority of purchasers are investors.
 
i called as well and they will allow rental during interim. anyone know what the going rate is psf?
 
I have had no problems with the builder. They seem very accomodating when it comes to renting during occupancy. The only thing they require is rental insurance. I have rented several units through my property management company and no issues.. I just have to ensure the registrations are completed with MLS Prop Mgmt.
 
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