investor alert!

Investor alert! Looking for a great tax write-off? Think that you might need some capital losses to offset those smoking capital gains of the last few years?

Take a look at this one! It's really quite adorable, and is already tenanted at 1100 skins a month! There is no grub problem in the lawn, the skunks are taking care of that for you! Who needs nematodes?

Now, I know you may be thinking what a great deal this is, and may just skip some of the more rudimentary calculations (like; what will it cost me, and how much income do I need to support the purchase?), so I've done them for you (courtesy of canadamortgage.com) :

The Bottom Line

% Down Payment 5 %
Mortgage TERM : 5 Yr - 6.23%
Down Payment $ 28,950
First Mortgage Amount $ 550,050
Insurance Fee ( 3.25 % of mortgage ) $ 17,877
Total Mortgage Amount $ 567,927
Monthly Mortgage Payment $ 3,715
Monthly Property Taxes $ 212
Monthly Condo Fees $ 0
Monthly Heating Costs $ 0
TOTAL Monthly Payment $ 3,927
Household Income Required $ 160,288

Well, maybe you'll call in the bulldozers and build some hideous 2500 square foot monster in inappropriate colours, with inappropriate materials and attention to detail, etc. That will cost you only $312,000 - odd dollars. You are going to have to sell that monster for very close to a million bucks just to make it worth your while. You might even break even. It will only cost you about $24K to carry it while the new "house" is being built.

So, what if you can sell it for $979k (that gives you a $100k buffer for commissions, permits, PTT, GST, cost over-runs, etc.)? Who will buy it?

Well, maybe someone who bought some piece of junk 20 years ago, and sold it for $489 K, and is trading up (as if). Here's their bottom line:

% Down Payment 50 %
Mortgage TERM : 5 Yr - 6.23%
Down Payment $ 489,500
First Mortgage Amount $ 489,500
Insurance Fee ( 0 % of mortgage ) $ 0
Total Mortgage Amount $ 489,500
Monthly Mortgage Payment $ 3,202
Monthly Property Taxes $ 212
Monthly Condo Fees $ 0
Monthly Heating Costs $ 0
TOTAL Monthly Payment $ 3,414
Household Income Required $ 128,026

That's not too bad I guess. Quite a bit above median wage, but who's asking for documentation? Let's just hope the market keeps rising.

Oh, and what's with the agents who can't take a level photo'?

EDIT:

I forgot to mention that the blurb said: Offer to be presented on July 26th 2007 if there is any. Phone first.

I won't go into the grammar, but today is the 26th, so you may have missed your chance. This place was probably snapped up by someone who sleeps with an oven.