house I viewed yesterday

Evil Chris · 07-22-2008, 05:38 PM

I noticed a house on the crescent behind us for sale so I called and arranged for a viewing yesterday. The landscaping looked as though it hadn't been touched in a couple years but otherwise a nice looking home.

The kicker is that it was busted by the police last month as a grow-op! Crazy that kind of thing going on right in our community. The interior of the house was a bit of a wreck. Holes in the walls, water damage and really dirty. A lot of work and money to get it back up to par.

But the basement was something to see. Extremely humid and still a slight smell of the plants that were once there. Not to mention enough electricity to power a small town.

Might be a good house to flip. I'm thinking about it.

Evil E · 07-22-2008, 08:54 PM

Could also be a good occasion to get into rental properties.

You should be able to get it pretty cheap because of the background, but you need to be careful with houses previously used as grow ups, the humidity where they do the grow can do a lot of damage to the house.

Vid Vicious · 07-22-2008, 09:46 PM

how much were they asking ?

Evil Chris · 07-23-2008, 09:53 AM

Quote:

Originally Posted by Vid Vicious

how much were they asking ?

The owner is dreaming. Asking $429K which wouldn't be bad if it was in normal condition. Even the agent can't believe the asking price.

Casa Nova · 07-23-2008, 11:42 AM

The price is crazy, Got any pics of the property?

Evil Chris · 07-23-2008, 12:46 PM

I have one on my iPhone, I'll have to upload it just to show you.
It's a nice house in a nice area, but damn it needs a lot of work, and I'd really be curious to know how much water or humidity damage there is.

Vid Vicious · 07-23-2008, 12:53 PM

that's crazy ... A freind of mine bought one of those grow houses a few years back at more then half of what it was worth. The damage that the humidity and smell do is enormous. She had mentioned to me that the foundation was very damamged due to the high humidity level .. so tread lightly.

Rochard · 07-23-2008, 01:12 PM

I thought the day of flipping houses was long over.....

Here where I live in Northern California about one fourth of the houses are in foreclosure or are otherwise empty. It's very sad really.

I am however looking to buy some myself here shortly. There's an entire complex of condos that was completed, but the company went out of business before they sold a unit. It's now owned by a bank. I'm guessing I can get them cheap.....

Casa Nova · 07-23-2008, 01:42 PM

Quote:

Originally Posted by Rochard

I thought the day of flipping houses was long over.....

Here where I live in Northern California about one fourth of the houses are in foreclosure or are otherwise empty. It's very sad really.

I am however looking to buy some myself here shortly. There's an entire complex of condos that was completed, but the company went out of business before they sold a unit. It's now owned by a bank. I'm guessing I can get them cheap.....

The housing market in Canada Is still good. From what I'm reading about the states, it's dropping like crazy due to all the foreclosures by banks.

B O B · 07-23-2008, 02:06 PM

lowball him
couldnt hurt

as for whether or not now is a good time...now is a great time...housing prices plummeted, some forclosures, get a good deal, and RENT...then flip it as you go...

Evil Chris · 07-23-2008, 02:49 PM

Quote:

Originally Posted by B O B

lowball him
couldnt hurt

as for whether or not now is a good time...now is a great time...housing prices plummeted, some forclosures, get a good deal, and RENT...then flip it as you go...

I'm not sure I want the headaches involved with this one.

But like CN said, the market is pretty good up north here right now. It's definitely a seller's market in my area.

Magnus3x · 07-23-2008, 05:02 PM

Grow ups = toxic mold due to all the humidity used for the plants. I would extremely low ball em and make them pay to have the place tested and decontaminated.
In BC it is now law that any person selling a house diclose if it was used as a grow house.

Evil Chris · 07-23-2008, 05:04 PM

Quote:

Originally Posted by Magnus3x

Grow ups = toxic mold due to all the humidity used for the plants. I would extremely low ball em and make them pay to have the place tested and decontaminated.
In BC it is now law that any person selling a house diclose if it was used as a grow house.

It's a lot more common in BC from what I understand. I didn't know about the toxic mold issue... wow.

Vid Vicious · 07-23-2008, 07:14 PM

Quote:

Originally Posted by Casa Nova

The housing market in Canada Is still good. From what I'm reading about the states, it's dropping like crazy due to all the foreclosures by banks.

actually there was a report last monday or tuesday on the news .. it's a buyers market not a sellers .. accross canada eccept for one market .. you guessed it Toronto is still a sellers market ..

the house Chris saw will not get sold at that price or even remotely close to that price.

Housing market boom is over: Analyst say

Jimmidean · 07-24-2008, 06:44 AM

Chris as someone who flips houses on a regular basis.
DONT GO NEAR IT.
The Prov and Feds steps in and will place all kinds of air quality test and restrictions on the sale and drive you nuts.
Banks wont ouch it for the buyer or seller and I know a guy gutting one of these right now.
He is a home developer and still will take a large loss.
Feel free to give me a call on this one if you like.
But my direct advice is run away.

Cyndalie · 07-24-2008, 09:43 AM

I'm amazed the house wasn't confiscated. In the US if you are found with drugs in your car, they can take your car. If you are growing or dealing in your home, they can take the home.

Magnus3x · 07-24-2008, 11:56 AM

Quote:

Originally Posted by Jimmidean

Chris as someone who flips houses on a regular basis.
DONT GO NEAR IT.
The Prov and Feds steps in and will place all kinds of air quality test and restrictions on the sale and drive you nuts.
Banks wont ouch it for the buyer or seller and I know a guy gutting one of these right now.
He is a home developer and still will take a large loss.
Feel free to give me a call on this one if you like.
But my direct advice is run away.

Sounds advice indeed.

Evil Chris · 07-24-2008, 12:10 PM

Quote:

Originally Posted by Jimmidean

Chris as someone who flips houses on a regular basis.
DONT GO NEAR IT.
The Prov and Feds steps in and will place all kinds of air quality test and restrictions on the sale and drive you nuts.
Banks wont ouch it for the buyer or seller and I know a guy gutting one of these right now.
He is a home developer and still will take a large loss.
Feel free to give me a call on this one if you like.
But my direct advice is run away.

Oh you're absolutely right. Heck I can't even get a straight answer from the agent representing this property. There's no way I'm going after this one now.

Quote:

Originally Posted by Vid Vicious

actually there was a report last monday or tuesday on the news .. it's a buyers market not a sellers .. accross canada eccept for one market .. you guessed it Toronto is still a sellers market ..

Believe me when I tell you it's a SELLER'S market here on the West Island. I know what I could sell my place for... a lot. Demand in this area is extremely high, but there is almost nothing for sale. People are staying put.

B O B · 07-24-2008, 02:21 PM

buy it
insure it
burn it

old skool

Funbrunette · 07-24-2008, 03:10 PM

Quote:

Originally Posted by B O B

buy it
insure it
burn it

old skool

That's only thing it's good for!

Evil Chris · 07-24-2008, 03:55 PM

Quote:

Originally Posted by B O B

buy it
insure it
burn it

old skool

hahaha.... damn BOB.. are you sure you're not from DeeTroyt!?!

Stephane76 · 07-24-2008, 05:28 PM

only thing i can tell you is that it is much more work that it seems
Hell, i am not even near done with mine and i bought it 15 months ago
How is the market in Canada?

Abernathy SixtySix · 07-24-2008, 08:28 PM

Quote:

Originally Posted by Cyndalie

I'm amazed the house wasn't confiscated. In the US if you are found with drugs in your car, they can take your car. If you are growing or dealing in your home, they can take the home.

Canada seems to be a little bit more flexible on stuff like this...