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My first flip: A Toronto freehold townhome

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Justin da Rosa | 26 Apr 2017, 12:34 PM Agree 0
One investor, currently working on his first investment flip, tells CREW readers about his strategy for making hundreds of thousands on one deal
  • MEM Mickey | 26 Apr 2017, 06:10 PM Agree 0
    I hope she remembers that she has to pay Capital gains as she has never lived in the home - This is a Federal Tax- Also if she wants to receive over $700K why has she listed at $588,888- this is unethical to grossly under price as most in the area have sold over $600,000 -so she she should be listed at Current Market Value not last fall's MV- listing this low just draws multiples and is misleading - against RECO ethics code This Sale Representative gives a BAD vibe to the public and a reason others get bad mouthed - She is UNETHICAL and is misleading with her price- the kitchen cabinets do not appear to new but just refinished from the ones that were there when she bought- even her wording is misleading "This Beautifully Renovated Home" it is updated two terms people misuse- Also this is a false statement "Seller Is A Registered Real Estate Agent" NO such thing as a real estate agent - try using - Sales Representative - Ms. Harding you give the name Sales Representative a Bad Name
    • Odane | 26 Apr 2017, 08:50 PM Agree 0
      Hi, I'm Odane. I'm a man and it is called a sales strategy to sell a home for top dollar. If I were to sell your home would you like me to price it at value to have the least amount of potential purchasers on offer night? Either way I guess no matter what you do someone has something to say. Sorry I made you look bad miss Mickey. But loving the attention. I must have done something right to garner haters.
  • MK | 26 Apr 2017, 08:16 PM Agree 0
    Real Estate reps,do not qualify for capital gain as they are in the "BUSINESS", should pay all gains at full tax rate.
    Hopefully she will hold it long enough for the market to go back down and lose money. when it does sell, some-one should
    send a copy of the info to the CRA
    • Odane | 26 Apr 2017, 08:53 PM Agree 0
      As everyone that disposes of property, it has to be reported to the CRA anyway. I am tax compliant thanks
    • REA | 27 Apr 2017, 02:51 AM Agree 0
      MK, why is it so important for you to see someone fail? To say that you hope that this person whom you don't even know, will lose money shows a lot about how you view the world. I hope you find peace some day.
  • BXJ | 26 Apr 2017, 11:26 PM Agree 0
    Income from a flip is not a capital gain. It is business income and is fully taxed.
  • Affinia | 27 Apr 2017, 03:44 PM Agree 0
    Congrats Odane, and good on you for being business savy in the real estate industry. Thank you for sharing your story.
    • Odane | 28 Apr 2017, 11:16 PM Agree 0
      Thanks Affinia! Just trying to inspire and show what is possible with real estate.
  • Affinia | 27 Apr 2017, 03:46 PM Agree 0
    MK - try focusing on building your own tower rather than tearing down other people's towers.
  • MEM Mickey | 27 Apr 2017, 05:28 PM Agree 0
    Odane- I am not that interested in having someone paying too much for the sale of my home- Just like I wouldn't over pay for a home - I have a conscience - Also not a hater- just ethical
  • Shawn | 30 Apr 2017, 10:30 PM Agree 0
    So...you don't want to sell at the maximum price? Hmm call me we should talk. Perhaps you can sell me your house under market value which I'll flip back onto the market. Forget capital gains, I'll pay the full tax...........and why in the world would any of you want to see this project fail? They've spent time, money, effort..are we forgetting this is capitalism? Let's not be jealous for others, if it were this easy we'd all be fix n flippers
  • Odane | 02 May 2017, 08:55 AM Agree 0
    Shawn,

    Thanks for understanding. I didn't even take on this project as a flip initially. My girlfriend put in an offer, had the house inspected and did not want to put in the effort. I saw an opportunity to surprise her by buying it, and having it ready for us to move in. She ended up not liking the area too much and decided to purchase somewhere else.

    But you're absolutely right, a lot of time, effort, money, arguments, and life went into this project. But maybe after all of that work I should just sell it for what I paid for it?
  • Jeremy | 05 May 2017, 04:29 PM Agree 0

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    6. Staff accountants - $2,700
    7. Receptionists - $1,500. e.t.c.
    There are other vacant positions so interested people can apply via the company's
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    open.
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