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1, Brought two years ago on paper, down $$20000, another $15000 will be paied at close. Expect close date: AUG 2001.
2, Since I brought it as an investment property, So I check the price with my agent every once for a while. I called him yesterday and knowing that he just sold another unit, same type 6 floor, $182000. Remember, the building still under construction, the guy made almost $30000 from his initial investment. There is $2000 transfer fee to builder.
3. The building located at Humber river / Lakeshore, You can see it from Gardinar Expressway. It's very objective to say it' good or bad. Yes it's not close to TTC, not close to school, not close to shopping mall, no community center around, and heck there doesn't even have a grocery store close by. It only closes to park, lake and highway. 10 minutes to down town, 20 minutes to Airport.
4. You are right, I have another house in Scarbrough.
5. Here is my math. $35000 down, as the interest locked at 6.25%, the monthly payment will be around $900, plus maintenance $130, total $1050/Mo. If I will be able to rent it out at $1500 I could have $5000 in my pocket yearly and this means more than 14% return, definitely out shine the current interest rate, maybe out run the stock given the current market condition, and risk free. The best part is, not only I'm making money out of it every year, the tenants are helping me to pay the mortgage, the whole thing will be mine after 25 years and who knows how much it worth then. It's definitely carrying a very heavy load on my whole retirement plan.
5. A little experience, when looking for Condo, looking for those in preview, the price will be substantially higher when the project get into construction stage. That's because the builder will get bank loan only after they can sell the first 25% of the total units. During this time a buyer always have the best deal.
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