604newb at RE Talks 21 Jul 2010 4:59pm & 8:23pm -
“I’m looking to make my first home purchase. The maximum monthly payment i can handle is about $1,000, so i am looking at apartments in the range of 200,000 – 250,000. I plan to live there, renovate everything i can, then sell in a year. I’m looking to live in vancouver, west side, but would consider richmond or burnaby also. Any tips on this kind of investment? If any of you people have mls listings as examples of good investments that would also be appreciated.” … “I have a close friend who has been doing this for a living. As for the market, yes its possible that it may drop, but that’s a risk it is worth taking i think.”
“Hey do you guys know where the party’s at? Is there any beer left? What about girls?”
Someone needs to send this poor sucker a link to the “froogle scott” series… why is it that $1000 a month and quarter million dollars don’t add up in the same sentence…..
What can you buy for $200-250k on Vanc West Side? Not much. Maybe some beat up old place in west end downtown? or some leaking piece of crap in “highly sought after” marpole (LOL)? Regardless, we’re talking about a pretty basic place without many features and few options reno-wise. There’s very limited upside potential here. What, are you going to install stainless steel, designer everything, granite and hardwood flooring in a place that doesn’t warrant it and then sell it for $50-100k more? Good luck. Of course, this all happens under the assumption that you understand how much this costs and have the necessary funding, spare time, know-how and permission to do this work…and why wouldn’t you given that you are seasoned, sophisticated RE player thinking of buying his/her first home at possibly the worst time in decades.
I have a close friend who has been doing this for a living
Ask him, he’ll be the best person to answer that question
LOL $1000 a month. Does this include the reno he plans on doing?
This guy is so far out to lunch its not even funny. Then again, I did just say lol…
Is it April 1 today? Or, is it (insert year) already? POP!
What a joke! I love when people get in at the top and believe they will make money. I watched the stock market since 1979, people did the same thing year after year and lost everything. I have been a Realtor for 26 years in 3 countries and 7 cities. I watched the crash is the 80′s where people bought in at the top and lost everything there too. Same thing today, history has a weird way of repeating itself!
Brace yourselves. It’s gonna get ugly: twitter.com/squidly77