Heloc against the condo,
Put 80k towards 400k place
Put remaining 60k on car

Don't forget those lovely cap gains

HELOC for dream car? But then he has to continue paying the loan for the rental condo, and now for the car as well, even if it’s just the interest portion?

Yeah but regardless, if he sells, cashes in then puts 80k down on a 400k place, his mortgage is increasing 60k anyways, and 30k in fees, he’s still going to need to pay a larger mortgage.

Anyone got any recommendations for a Pre-purchase Inspection? The townhouse is located in willoughby area. Thanks

I Find It inspectors. https://www.ifinditinspections.ca/

They have been recommended earlier in the thread, and I also used them for my inspection. Very happy with Levin, who was my inspector for my townhome purchase.

Mike zagarra? I think his name is. Did a few places and he seems pretty thorough

I understand having to do your own due diligence with such a big purchase, but isn't the job of a realtor to look out for you and do some of that research, if not for you, at least with you?

Don't know how you can defend the realtor for not at least presenting these basic facts about the listing to his client. Regardless of whether he thinks it will help negotiations or not, that's not up for the realtor to decide

they're supposed to act in your best interest but do you really trust most of these agents that are out there anyways? in the end, the onus is on the buyer...strata ain't coming after your agent if there's any issues. the realtor likely presented the basic facts as in the strata docs but whether or not the buyer read it, its up to them.

plus its also very subjective. an issue for a buyer may not be so much an issue for the realtor if this is common (and the buyer doesn't understand or want to live with it).

gotta think no one cares more for your money than yourself...these people are agents...not your parents

You won't qualify for the $400k place though right?

Always do mortgage lending first > car loans

Ive already burned 75k of heloc, to purchase my 2nd property, they approved me for 430k (lived in for a few months, rented out now) only paid 370k

My question was more of a general what would you do

Also, ive never had a car loan, something about "owning" your car is priceless to me, not sure how i feel about having 100k heloc for my dream car :badpokerface:

Goals now: pay off remaining heloc, go for #3, or like guys above said, just blow my load on my dream car

Have you tried your dream car out?

I've had quite a few dream cars and that saying about "Never meet your heroes" has always hit me in the face every time so far... somewhat thankfully I suppose haha

After dropping all the dough I could muster at exotics racing in Vegas and riding in my dads buddies GT2RS, dream car will have to be by home as well lol

don't you have to factor in capital gain tax?

Was purchased for 375k, lived in for a year, "deemed disposition" at 450k, todays "value" of 520k, so i would only be paying tax on 70k. Would be around 13k in tax.
Make it 43k legal, relator, tax

I dont think someones gonna let me drive their NSX without 100k in my pocket :troll:

Interesting.

Buyer signs purchase agreement. Then ghosts. Forfeits deposit of $70k to the seller.

Now the RE brokerage representing the seller is suing the seller for their commission, even though the deal never closed. The commission is coincidentally the entire deposit.

https://www.cbc.ca/news/canada/briti...suit-1.6015748

nothing good comes out of ghosting a legal binding contract.

Wow... one would think the common sense approach would be for the realtor to take his % from the deposit obtained... I can see why the seller shouldn't just get a windfall... but the original commission? Nayyyy... a little patience the realtor will get his payday when it sells to a real buyer... why ruin your rep and your agency's rep over 1 deal???

https://soldbyfabian.com -realtor suing the seller.

Dumbass move to try to make 70k (probably half of it will be towards legal fees). I'm sure a lot of folks trying to sell or buy will steer away from him now.

Fucking realtors.. once upon a time I thought about getting into it. Have always wondered how successful I’d have been. The reason I didn’t, is my mother in law said I was too honest to be successful.

She’s a realtor.

you know a realtor named Fabian is pure slime :lol

His mugshot does him no justice either.

Looks like the guy has zero listings under his name... No wonder he's so desperate for that 70k.

The people in the thumbnail for his ad reel don't look very satisfied

https://i.imgur.com/msiwVe8.png