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Anyone here bought a condo and rented it out to someone else?

His Majesty

Banned
Dec 28, 2009
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I mean to say has anyone put a down payment on a condo and got the loan through the bank then rented it out to someone else or sold it for a profit?

Please let me know, I need some desperate help, I'm in a bit of a pickle.
 
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Dragon.i

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Jan 10, 2010
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No, tenants are the lowest creature on the face of the Earth.

I concur!

Douche bags with no respect for private property.

On the topic of you mortgaging a condo, only to have it pay for it by a renter?
IF you find a decent renter for a mininum of 1 year for the next 30 years, meaning 30 renters, and - depending on your amortized period with the bank, then hell...you decide. It's a tough call.
 

Huron

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Jan 26, 2010
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No, tenants are the lowest creature on the face of the Earth.
No, that honour goes to tenants that are in constant arrears and you have to pay them one or two months rent to get them to leave. It would be nice if the law had just a bit more respect for the landlord, rather than assuming that the tenant can do no wrong, practically.
 

Nickelodeon

Well-known member
Apr 13, 2003
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I don't understand this entire post. I didn't read into his question that he had a "tenant from hell" question.

At the same time, lot's of people buy condo's as investments and rent them out. There are condominium by-laws and tenant laws in play here, but not enough info that anybody could answer the question.
 

aznguy99

Member
Nov 21, 2008
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The condo market can be split into 3 groups:
1. people who buys and live there (or take their mistress there:)
2. People who buys and rent it out
3. People who buys and flip it when construction is done

so Yes, lots of people do it
 

His Majesty

Banned
Dec 28, 2009
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Yes, I have two places outside the city that I rent. Is there any particular reason you ask about renting to females?
well females won't ruin your furniture and house, males are much more likely to, just check the difference between female and male public washrooms...

I am thinking about getting a condo and either renting it out or flipping for a profit, what I want to know is what is a realistic time frame for you to make a profit by selling the condo you just bought?
and as to renting, when you rent, do you rent just to cover the mortage, or do you actually get some money in your own pocket each month as well?
 

aznguy99

Member
Nov 21, 2008
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seems like you got to do your own homework to find out what is best for you.

buying and renting, you need to factor in all costs such as mortgage pymt (remember that they just raise mortgage rate and may keep going up), maintenance fees, property tax..... and how easy is it to rent the place and for how much can you rent it for...then you can see if you will actually have money left over....overall, you could probably have some cash left over...but it all depends mostly on your martgage pymt.

as for flipping...you need to factor in real extate agent's commission....

to be honest if u are trying to buy a place as an investment, now is really not the best timing....
 

Rockslinger

Banned
Apr 24, 2005
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well females won't ruin your furniture and house,
You are more likely to be falsely accused of sexual assault and/or sexual harassment by female tenants. Our females have learned how to game the system.

I am thinking about getting a condo and either renting it out or flipping for a profit,
I would be scared shit of doing this. Good luck to you if you do it.
 

toguy5252

Well-known member
Jun 22, 2009
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Not entirely sure what you are asking. Are you asking because you bought and niow have to close?

Most condo Agreements of Purchase and sale say they cannot be resold before registration of the condo so the first issue is has the condo been registered. Assuming that is not an issue then depending where the condo is the rental market is pretty good but unless you put a fair amount down it will likely not carry itself.

If you bought it a few years ago and it is just being delivered you may wish to sell if you can because with the number of units coming on stream in the next few years it is likely that the low hanging fruit in terms of upside is already gone.
 

Rockslinger

Banned
Apr 24, 2005
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Not sure about Toronto, but in NYC many condo buildings DO NOT ACCEPT TENANTS (because they are the lowest life form on the planet) or the TENANT must be approved by the Condo Board of Directors. If you own and live in a condo unit would you like your next door neighbour to be a tenant?
 

21pro

Crotch Sniffer
Oct 22, 2003
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talk about going into an investment blind... make sure you know HOW to invest BEFORE you invest.

there is alot of information out there for this kind of stuff, and alot of info you need to know. more than this thread will provide. you have mixed up objectives and goals... ie, rent or flip... not two of the same thing and going at it blindly will most likely leave you in the net loss column. make up your mind by researching your investment opportunities and pick a suitable fit. that's my suggestion.
 
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