Quote:
Originally Posted by mykalberta
Also add in the 2 months codo fees. If the place is skyrocketing in price that quick (12,5k per month) than the taxes should be a bit more than 1.2k per year?
Also, wouldnt there be a mortgage break fee of some sort unless the seller assumed the mortgage?
I think 25K growth for a place, unless its new with ug parking and either downtown or damn close or in Edmonton's case the University area (stay away from mill woods), you arent going to get that kind of upswing IMO - maybe back last Nov-Feb2006 but not now.
MYK
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Lol wow, yeah I forgot the condo fees and taxes, and the mortgage break fee. Plus insurance too. PLUS some lenders are becoming picky about mortgages on places to flip; some are requiring signing an affidavit that you will move in even to get the lower rates. I did one deal recently where I had to use a private lender at 7.5% because it was a short term thing and banks wouldn't look at it.