Real Estate

How bad is this guys going to get burned on this "flip"??

  • Last Updated:
  • Jul 7th, 2017 11:51 pm
[OP]
Banned
Feb 13, 2017
951 posts
1275 upvotes

How bad is this guys going to get burned on this "flip"??

This house was bought for $625,000 in September of last year....

http://watch.ohmyhome.ca/#/mls/W3598015


It was just listed at $1.085M:

http://listings.mcdadi.com/idx/W3851566 ... ce-rd.html

I drove by it a several times during the reno....location in terms on the road its on is HORRENDOUS!!

Assuming he invested what...$150,000 in this? Maybe $100,000???.....

Will this guy make a clean $300,000 off this flip or will he flop...
29 replies
Deal Fanatic
Dec 5, 2009
5740 posts
3568 upvotes
crocp8 wrote: This house was bought for $625,000 in September of last year....

http://watch.ohmyhome.ca/#/mls/W3598015


It was just listed at $1.085M:

http://listings.mcdadi.com/idx/W3851566 ... ce-rd.html

I drove by it a several times during the reno....location in terms on the road its on is HORRENDOUS!!

Assuming he invested what...$150,000 in this? Maybe $100,000???.....

Will this guy make a clean $300,000 off this flip or will he flop...
That's way more than a $100K Reno. He'll be lucky to break even.

Love that first listing though. It's never a good sign when your MLS photos includes shots of the local Longos as a selling feature.
Deal Addict
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Oct 29, 2005
2442 posts
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Brampton
yea after watching these reno shows, people are spending like 30k on washroom renos,

this looks way more than a 100k reno
Deal Fanatic
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Sep 8, 2007
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Way Out of GTA
Probably $200k invested. Yeah maybe he gets his price. Lots of people like that style of look.

Wonder if things like ummm...deck or landing off the back siding doors or railings on the front porch are included...you know those "code" things?
Sr. Member
Jan 16, 2017
561 posts
325 upvotes
if he sell sat 1M it is still good assuming a 200k reno cost.
175k estimated profit
125k after 5% realtor commission
Deal Expert
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Apr 21, 2004
55279 posts
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Wow, I couldn't tell the similarities. It's a complete make-over.

But the garage and the back side no longer match the front facade. :) Sorry, meant that the front facade doesn't match the backside or that garage or shed.
Last edited by alanbrenton on Jul 6th, 2017 2:38 pm, edited 1 time in total.
Deal Expert
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Jul 30, 2007
31263 posts
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Toronto
It's so white .. everywhere.

backyard could need some more enhancement for sure.
Deal Addict
Mar 14, 2006
1826 posts
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Toronto
I personally don't like the reno. Too grey for the flooring. BTW, why would they put the the dryer and washer on separate end of the counter. So I have to lug my wet clothes to the other end of the counter!!???
Deal Expert
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Apr 21, 2004
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Smiley22 wrote: I personally don't like the reno. Too grey for the flooring. BTW, why would they put the the dryer and washer on separate end of the counter. So I have to lug my wet clothes to the other end of the counter!!???
Seller will upsell the hidden conveyor belt. :)
Deal Addict
Feb 5, 2009
2808 posts
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Newmarket
Will see if they do well or not, I am surprised that they had put so much into the house but wouldn't do even basic steps from the bedroom into the back yard, and the back of the house looks like disconnected from the modern front, if they didn't want to spend the money to stucco the whole house they at least should do something so the dated brick looks more in tune with the front.
Deal Addict
Sep 12, 2006
1503 posts
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Wow that looks pretty good. I'd say it's about $200k of work.

If this was a contractor who bought it and did the work himself, he should make some decent coin. But if they paid someone to do the work, it won't be a big margin. But I don't think they'll lose money...
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Apr 21, 2004
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Homerhomer wrote: Will see if they do well or not, I am surprised that they had put so much into the house but wouldn't do even basic steps from the bedroom into the back yard, and the back of the house looks like disconnected from the modern front, if they didn't want to spend the money to stucco the whole house they at least should do something so the dated brick looks more in tune with the front.
So you noticed it too and I don't have an eye for details.

He should have fixed those things up to make the entire exterior coherent.
Banned
May 12, 2004
9756 posts
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Ottawa
basement windows look small for a legal basement suite...
Deal Fanatic
May 31, 2007
5018 posts
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reesefitzmaurice wrote: if he sell sat 1M it is still good assuming a 200k reno cost.
175k estimated profit
125k after 5% realtor commission
No taxes? CRA now requires all ownership to be declared. Even your principal residence. + they are apparently going through every land transfer registry now to see who's cheating.
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Apr 21, 2004
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Jungle wrote: No taxes? CRA now requires all ownership to be declared. Even your principal residence. + they are apparently going through every land transfer registry now to see who's cheating.
Only ones who will escape taxation are unscrupulous foreign buyers turned sellers. Hopefully the real estate lawyers who aid them get left holding the bag (taxes owing).
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Sep 16, 2012
3088 posts
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Mississauga
To be honest, it will be interesting to see if gets some offers, this seems built towards someones liking and not necessary those that will potentially buy the property.
Deal Addict
Mar 30, 2017
1137 posts
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i think it is a nice reno, of course it could be better in the exterior...but it is saleable
profit on 6/23/2021 = 117.61% since 11/10/2020 to be exact😎
Deal Addict
Mar 30, 2017
1137 posts
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Jungle wrote: No taxes? CRA now requires all ownership to be declared. Even your principal residence. + they are apparently going through every land transfer registry now to see who's cheating.
let see if it is a bare trust title holder
profit on 6/23/2021 = 117.61% since 11/10/2020 to be exact😎
Newbie
Jul 3, 2017
19 posts
10 upvotes
It's a nice reno but like you said, the location is horrible. Way too much through traffic on South Service in that pocket. Still think they'll be able to make money off of the project though.
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Apr 21, 2004
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seatiger wrote: let see if it is a bare trust title holder
If the proceeds can be traced to a bank account, it's fair game but yeah, harder if a non-PR or citizen since there will be no repercussions if they withdraw and close the account and rinse and repeat.

That's why they use cash, can use various fictitious names/identities easily.

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