I see a great oppertunity

[the old maxx50]

But I can;t take advantage of it..
Even though i am temped to fly out to Ontario to see this peace of property i have no means of buying or the money that is need to get it operational

http://media.point2.com/p2a/listing/9d22/7512/85f4/591842474b87f39f2be7/w475h356.jpg

For those of you that are in Ontario there is a town call Wallaceburg about 60 Km from Detroit and 60 Km from St Cathrine

And siting there across from the river is this old hotel . and bar 3 story brick nice old building .. That some one started some major interior renovation too about 5 yrs ago ,, and it has since be unoccupied for 3 yrs The pictures on the web site don.t show the true stat of the interior .. it has been vandalized and , cabs cut at the elec. panel , plus no heat or water and maybe leaky roof it is a shame that this project ran out of money.
It is a bank foreclose under "power of sale" and they are asking $115,000 I am sure bellow what the bank is owed.

If you read the listing .. It has a bar and pub area . dance hall on main. second flor . Banquet room commercial kitchen and guess suites .. and the third floor was being made into a two what looked like condo.. a lot of it was finished ,, but now how much has been damaged i don;t know.

This a project that i could do over period of year opening up parts bit by bit as long as it could generate an income . The suits and condo could generate that alone when in working order.

And on the main floor there is a pub restaurant that could be reopened and possible some retail . A great piece of property being allowed to deteriorate .
I like that it is by the river with a number of other possibilities

Does any on know much a bout Wallacebuge. and what would be the easiest way to get there .. I am on the west coast Victoria B.C.

http://www.icx.ca/propertyDetails.aspx?propertyId=7988181&PidKey=-706075671

 

[the old maxx50]

Actually big diff from those scam letters .

I am from Victoria .. there are a few buildings right now that were not even as good a shape as this one was .. that they are redeveloping right now .

some have been vacant for 40 years. So i no it is possible and the cost of the building is 1/6 what i would be in old Victoria ...

Victoria gave me a very unreal sence of what the coast of things are .. Victoria housing way over priced these day and will remain that way.

 

[badbadboy]

That area of Ontario is financially depressed IMHO. It is on the way to Niagara Falls without much industry and higher unemployment. It has probably sat for years without paying customers to visit it.

If you are serious about investment in ON, I would suggest looking at one of their tourist destinations in the summer that also has a college or university nearby that will bring in students etc. Kingston for example is on the lake, has Queens University plus a Military College nearby too. My only complaint about the place is the high humidity. NO human wants to live there You need four showers a day to stay sane.

 

[the old maxx50]

Thanks guys the was the type of info i as looking for .. i know nothing about Ontario other then the New.
I fig Wallaceburg was depress .. i looked at some of the housing prices also..

I don't thing the biulding had it wiring and pluming removed . the vandalism would be from people breaking in .. and maybe some contractors that did not get payed Th wall are framed over so prob insulated especially in the area that was just renovated .

I know a person would hav to have an out side income to aford to reno some thing like this ... i even would consider it as a privet residence i just love the spaces and old brick.
Cost would be the same as here in Victoria ..
AS I am a carpenter contractor i can do most thing except .electrical heating and plumbing . the three bigys but but some part of them i could do .

I grew up with my families 10 suit apt .. Not as big as this or needy .. and about half the size. But this is a solid building even if i only got low rents .. which that is what we got on our apt..
Funny even taxes on this building with greater potential .. is the same as what we payed on out apt in Victoria .. With the stat it is in now .. i doubt if taxes are that high

THe area that we moved to in 64 was Langford . there was nothing out there then .. 40 years later it is box stores , and Apartment and Condos .. The property that my dad built up by him self with a total cost of my be $300 k through the yrs .. we sold for $1.275 m. it still had a lot of development potentual
But then the economy came down and the new owners have done nothing with it except raise rents and sit out .

 

[the old maxx50]

Yes i would love to go see it ..
I am not sure what he they owed the bank to start with but this is what the bank want now ..

Yes i looked at prices in the area too lower then up her e in Mackenzie where I have been staying off and on for a few months that is what got me looking a round at what other low prices are in different areas of Canada .

I would have to weigh bunch of factors ,, but with out seeing it thee is not much to do about it .

i keep tryi g to look for some good attributes ... like it backs on the river,, there is foot bridge comes out right beside it.. and it is only 15 min rive from Catharina
and the east west high way fro the area runs right by it .

I fig it is a 58.5 ft lot and frontage .. and 100 ft deep.. a city lot and a nice brick building a that can bee reparied in stages .. it is what i am looking for .

some similar stuff in B,C. but 100 yrs old and made of wood .. not good .

Right now it is just speculation .. and put the idea out there to see how craze I am . but the previous owner was just as craze and thought he could make some thing out of it .

 

[the old maxx50]

What area of Ontario is more desrable to live it from point of jobs climet.. ease of access to the big city's

What is the population of Ontario right now ?

 

[Papa Chongo]

That would make a great MP!!

 

[the old maxx50]

My mistace it is 15 min fro Chatam big differeace

I was thin abut $100k to get services back in alll the ares and fix roof.
yes it could tske $500 k if i had other doing the work. half of that is labour.
considering there were two suits all most ready . and if they are savagable now . wioyh out riping them all out again.
I know it is a big ship to work on.. I have wored on a few big projest .. About two years a go i did %75 of all the interior finish in 13 town houses .

A bout an 7 month job. so i have some experiance with this work involved 35 yrs of doing some thing of every thing and finding out the right way to do things ..

I would enjoy it if i couls afford it .

 

[the old maxx50]

May be not MP no clients in the area .. But a Mens club with laoung , rooms bar and in house ladies ... Might just be in time for the law change in Ontario LOL

Is there any commuter train serves in to that area?

 

[visiting]

What is the population of Ontario right now ?

Population is about 5.6 million -

Your numbers are a little off. 5.7million is the GTA area. Ontario Population as of 2010 was over 13 million. http://www.fin.gov.on.ca/en/economy/ecupdates/factsheet.html

http://www.ontario.ca/en/about_ontario/EC001035.html

While someone who has never been to Ontario, would certainly know Toronto, but Southern & Western Ontario, is certainly not a bad/small area... with large cities of 300-400,000 population.


Ontario info..
http://www.ontario.ca/en/about_ontario/004593.html

 

[the old maxx50]

Just looking up Wallaceburg

http://www.wallaceburg.ca/

Intersting but at the far left of the pick on the river .. is the back side of the building i am looking at .

 

[the old maxx50]

I started out looking around B.C and Alberta.. And there are a number f low prices business and house in the central area of the province ,, because of the depressed economy .. .

This building just caught my eye because of the style .. Victoria is full of old building so i love them .

It has lots of room to do different things , At the price i would consider this just as a privet residence .. where i could make a large garage area , work shop.. and have some nice personal rooms .. like gym and aerobic area. large play area for kids.. and still the possibility of running a small business from the building . It is right on the main road , backs on the river which is a very viberent part of the these areas in the summer.

It is a shame that they let it get damaged by vandals ..
The info i have so far on it is

That it was bought 5 yrs ago .. for $165.000 , it has a second mortgage on it and possible other leans .. that will not be payed .
The taxes are in arrears , I would think if it does not sell soon the city with take it for taxes
It has been unoccupied for 3 yrs and the banks has been trying to sell it for 2yrs .. starting price was $169K it is now $115K mainly be cause of the shape it is in .
There have been offers but subject to's were not met...

I can see that any one buying this property would have to get all the legal claims sorted out and removed before taking position

Note: This building and its state , of repair and legal entanglements .. is some thing i dreamed about years ago.. Know this and being prepared for some of it does not help me fig out how i would get my self in to it .. or to stay out of it .. LOL The path to the future seems to be laid out . but choses still have to be made .. but we never know if it is the right one.. or if we will still have to go back and have the opportunity to choose door number 2

 

[badbadboy]

Thing is about Ontario people is they live for their 'cottage' time in the summer ie Muskoka lakes area north of Toronto. Problem is once kids are back at school, the lakes area is very quiet again. That is why I suggested an area say near Kingston. It is in the eastern most area of Ontario half way from Toronto to Montreal. Located on a lake, near universities, federal prisons haha and would likely have a year round revenue stream. Great golfing nearby too.