Is it a good time to buy the property in Bidding war situation?

by Nitin
(Toronto , ONT Canada)

I am from Scarborough and the pricing has gone up so much in a very short time in some areas... unbelievable.Do you have some suggestions where to look for a property where the prices are good for renovators, buy and fix it and then rent it.
How much should be minimum rate of return on investment, if rented?
Thanks for your time.

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Dec 01, 2011
 RE: Is it a good time to buy...
by: Tom Karadza

We hate bidding wars but will proceed if we know how to make money on the property even if we have to pay more than asking.

Finding good areas to flip is a tough one. We have friends doing what you're saying in Oakville and Hamilton Ontario but each of them have access to lots of cash.

As for return on rental properties, if we're covering the mortgage, taxes and insurance we're pretty happy... your question depends greatly on the type of property and where it is. For example, in Scarborough it may be hard to make a duplex cash flow at the same rate that it can in Trenton, Ontario.

Tom

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