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Forum » Landlord offered me his Condo to buy. Is this a good deal? (pic)
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Thread: Landlord offered me his Condo to buy. Is this a good deal? (pic)

post 1705376551 08-22-2024, 06:36 PM
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Landlord offered me his Condo to buy. Is this a good deal? (pic)



https://www.reddit.com/r/TorontoReal..._condo_i_rent/
post 1705376671 08-22-2024, 06:40 PM
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Lol, this is like a group of parents trying to dump their chubby unemployable daughter onto some poor schmuck.
post 1705376881 08-22-2024, 06:45 PM
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Interest Portion: $9,279.12

Principal Portion: $1,857.33
post 1705377431 08-22-2024, 07:02 PM
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LMAO and that's without the maintenance fee and taxes which are probably about $2000 a month.

How much are you paying in rent?
post 1705377631 08-22-2024, 07:08 PM
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so 5 million current dollars for a 2 million current dollar condo if interest rates stay the same

def go for it
post 1705377671 08-22-2024, 07:09 PM
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lmao

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post 1705377701 08-22-2024, 07:10 PM
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Originally Posted By OliverHomeless⏩
Lol, this is like a group of parents trying to dump their chubby unemployable daughter onto some poor schmuck.
You should take that deal
post 1705377941 08-22-2024, 07:18 PM
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Looks kind of fake. Says variable mortgage but doesn't give the variable rate.

You just can't transfer a mortgage lol.
post 1705378031 08-22-2024, 07:22 PM
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Uhh, if OP is srs then is the location good, is it spacious, is it a premium kind of condo, what's the HOA and taxes, what's the appraisal? And above all else, are you able to net like $16k/month lol?
post 1705378851 08-22-2024, 07:48 PM
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Originally Posted By WetCoaster⏩
Looks kind of fake. Says variable mortgage but doesn't give the variable rate.

You just can't transfer a mortgage lol.
If a mortgage is assumable, it can be transferred.
post 1705379131 08-22-2024, 08:04 PM
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Originally Posted By WetCoaster⏩
Looks kind of fake. Says variable mortgage but doesn't give the variable rate.

You just can't transfer a mortgage lol.
Is the interest rate quoted not the variable rate...?
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post 1705379241 08-22-2024, 08:08 PM
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Why would they not refi the last few years?
post 1705379371 08-22-2024, 08:12 PM
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Lol, Canada is so fuked. Already doing 35 year mortgages to keep house prices afloat. Just let the damn house of cards collapse, it will hurt a bit but the country will be so much better.
post 1705379401 08-22-2024, 08:14 PM
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Originally Posted By ChewYourFood⏩
Why would they not refi the last few years?
It's a 5 year balloon mortgage. My guess is that it's not worth paying the costs for a new loan to drop the interest only a small amount. The loan has a built in refi anyways, so after 5 years they might get automatically adjusted to a lower rate.
post 1705379531 08-22-2024, 08:18 PM
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Not once is the price he's willing to sell to you mentioned. As far as I can see, all he's doing is sharing the remaining mortgage you'd be taking on. Or do you think he's giving you the condo as long as you complete the mortgage payments?

Not sure if I'm missing something here.
post 1705379621 08-22-2024, 08:21 PM
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They want to transfer a *variable rate* mortgage? lol
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post 1705379731 08-22-2024, 08:26 PM
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Originally Posted By TryingMen⏩
Not once is the price he's willing to sell to you mentioned. As far as I can see, all he's doing is sharing the remaining mortgage you'd be taking on. Or do you think he's giving you the condo as long as you complete the mortgage payments?

Not sure if I'm missing something here.
Nah, almost certainly he would want payment on top of the mortgage.
post 1705390781 08-23-2024, 04:17 AM
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Originally Posted By OliverHeldens⏩
Lol, Canada is so fuked. Already doing 35 year mortgages to keep house prices afloat. Just let the damn house of cards collapse, it will hurt a bit but the country will be so much better.
This. Especially in the big cities. Toronto's condo market has already imploded, and now we are starting to see that trickle into other places as well. The government is trying really hard not to let it happen, but it needs to. Won't be surprised if before next year's election they announce 40 year mortgages and UBI at almost the same time to try to buy votes.

Builders got seriously greedy and investors snapped it up like candy, now they are left with tons of units that are unsellable as actual residences. The only thing this property has going for it is it's likely large and well appointed, but you still have condo fees and property taxes, which are likely insanely high. That's probably a 14k carrying cost per month for a condo.
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