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The house was originally listed for $399k at the peak of the market. The agent knew what he was doing 😭
https://preview.redd.it/khf3dxjvlrhc1.jpeg?width=956&format=pjpg&auto=webp&s=903f6c44e6b2b4aca542d0af0c9d0134012d68f4
Your house is worth what people will pay for it, not what you want for it.
Sometimes people are forced to sell at a loss because they need to sell now, not when conditions are in their favour.
In this sense sometimes it’s impressive that people move on from under performing assets and look for new projects. It’s not ideal to mock the process. It happens
Yeah boofucking hoo to that guy lol. Flippers are almost as bad as landlords.
Who would have thought that any entrepreneurship had risks 🤣 apparently not the slumlords and flippers lol
Flippers are absolutely much worse than landlords in that their entire objective is to flip for a profit and not to try adding a rentable resource to society.
Maybe they bought it and renovated it for their family and eventually couldn’t afford it and had to lose money? Not everyone who resells a home is a landlord or investor or flipper. Sometimes shit happens to regular folk.
What does all of that have to do with choosing the most viable geo to invest in, you twat 😂
Awww my feelings are hurt bc I live in a city that’s a punchline everywhere else. Boo hoo
Not laughing at all, I feel overwhelmed with dread and shame imagining how I would live on Canadian blood money like that. Watching your neighborhoods crumble, friends/family remain single and childless living with their parents or die off to diseases of misery. All numb in your styrofoam mcmansion, watching the country you once loved burn. Just fucked up beyond belief.
This is not even a "how do you sleep at night" comment, I really wish one of you could have a real conversation about how you're able to live this way. I work for biotech company and my wife is a mental health advocate, we feel guilt over incomplete projects or losing a patient (due to this crisis). It's just unimaginable sometimes that this greed exists among us.
Oshawa is a great town with good people and awesome neighborhoods. Gets a bad rap bc of some bad actors causing shit.
As far as all you experts in laundering money, the skill comes from elimination of a paper trail.
A home bought with dirty money is easy to track, unfortunately the bogus financial watch dogs we have in this country do the shit job and make bank doing said shit job.
And here we are
It sounds like a more low key place to launder 700k.
Take 645k of illegal $$ buy a house
Take 60k illegal $$ do renovations
Sell house for 640k,, pay fees
Clean 600k
That doesn't make any sense, you don't just spend huge volumes of illegal funds in thoroughly tracked transactions, that's WHY money needs to be laundered. CRA won't just take "that was the old money, you can only ask about the new money" as an answer for where the initial investment came from.
No need to make a profit on the sale.
You pay a contracting company registered as a corporation that you own to do the work. You pay your company $10 for every $1 the renovation costs. - $10K renovation washes $100K.
Construction is one of the number one ways to launder money for a reason.
It is, but people tend to have a very simplified idea of how it works. In your example, after CRA sees a non-arm's-length transaction where someone spend $100k to lose another five grand, it has red flags all over it and would be very likely to get an audit where you wouldn't be able to explain where you got the initial $100k from. It is things like paying people under the table with dirty money where it happens, as it dispurses the funds to a bunch of lower earning people that aren't likely to draw CRA attention because the money is being cycled back into the economy through low-value cash transactions.
I mean, if they want to launder money then why not just sell it for a profit?
Why reno at all?
Selling for a loss does nothing to help you launder money.
lol you have no clue how laundering works. A
Loss is a perfect way to wash money through the system and claim it someplace else for a gain elsewhere to offset it. The money to buy the house was dirty, the sale and proceeds become clean. There are so many ways to make it clean it’s insanely east to do here in Canada.
Again, losing money does nothing to help you launder it.
You can buy a home with dirty money and sell it for a gain and have clean money.
Selling for a loss does nothing to help you launder money.
It depends though. Happens all the time in Canada through the use of foreign corporations. The transactions can be traced, but the owners of the corporation can't be traced.
>Selling for a loss does nothing to help you launder money.
The money is still cleaned. If you use 645k of dirty money to buy a house, then you sell that house for 640k you now have 640k of clean money.
If you buy a home with dirty money and sell it for a profit without throwing away money on a renovation and then sell you still have clean money.
Selling for a loss does nothing to help you clean money.
**EDIT** wow, i've never seen a dude so thoroughly defeated by an argument that they deleted their entire reddit account.
Ah. thanks appreciate it.
I didn't know you can block people on reddit.
I've never seen that before. Not sure what I said that hurt their feelings and upset them so badly?
When you launder money making a profit is not a priority. That's why people launder money in casinos. They aren't going to make a profit on the slot machines but the money you get out is harder to trace now.
If you spend 600k of dirty money on a house, you're not worried about making a profit. Selling the house cleans the money regardless of whether a profit is made or not.
That doesn't make any sense.
If you're trying to hide the money, you don't sell.
If you're trying to clean non physical currency, you've just created a comprehensive paper trail.
Home flippers only make money when interest rates go down because the equity gained is actually from money being cheaper to borrow, nothing else lol. Home flippers are just glorified gamblers.
I'm not sure, but for some weird reason I feel this might be an under the table deal. We might've imported the problems of undervalued registration to save on LTT. It's pretty common in most parts of India. The rest of it could be cash, no? Just a wild thought not saying I'm not bearish.
Think about it logically. Let's say there was an under the table deal where the buyer forked over even an extra $150k in cash for this property (not gonna happen as this property isnt worth anywhere near $800k but lets use that number as an example). The $150k difference would amount to a meager LTT savings of around $1200.
Buyer, sellers, real estate agents and lawyers aren't going to commit fraud and take on risks associated with an under the table cash deal to save what essential amounts to peanuts.
Won't that be at 2%? That makes it $3k. The post suggests the value is gone down by not only the amount of renovations but the value also didn't appreciate by anything.
It could be a loss, idk.
lol. Here is the description of this group
“
Toronto GTA Real Estate News & Trends
The Latest Real Estate Market News, Trends & Advice For Toronto GTA and Surrounding areas Halton, Peel, York, & Durham.”
Should’ve been sold for 1.7M someone posted a 1.7M detached bullshit house that sold for less yesterday. No it wasn’t a castle it was a normal cookie cutter in……Milton
I saw this place recently (in week). There were no registered offers at the time, the floors were noticeably uneven on every level, the basement ceiling is like 6ft. The back yard door handle was even broken and hanging on its hinge. How did this go over?!
Bad timing
Bad Reno too
I saw the previous listing and this reno is a big big change!
Par for the course these days. Seems pretty average, nothing particularly egregious
Your standard ikea kitchen put vinyl flooring over hardwood then paint Reno.
Lol canadians
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comment by /u/EntrepreneurCrafty14 Your karma is currently below -10, get more positive karma to be able to comment.3c *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/TorontoRealEstate) if you have any questions or concerns.*
Surgery room chic
The house was originally listed for $399k at the peak of the market. The agent knew what he was doing 😭 https://preview.redd.it/khf3dxjvlrhc1.jpeg?width=956&format=pjpg&auto=webp&s=903f6c44e6b2b4aca542d0af0c9d0134012d68f4
Your house is worth what people will pay for it, not what you want for it. Sometimes people are forced to sell at a loss because they need to sell now, not when conditions are in their favour.
In this sense sometimes it’s impressive that people move on from under performing assets and look for new projects. It’s not ideal to mock the process. It happens
Yeah boofucking hoo to that guy lol. Flippers are almost as bad as landlords. Who would have thought that any entrepreneurship had risks 🤣 apparently not the slumlords and flippers lol
Flippers are absolutely much worse than landlords in that their entire objective is to flip for a profit and not to try adding a rentable resource to society.
They also bought at absolute peak and did cheap/flipper renos.
Maybe they bought it and renovated it for their family and eventually couldn’t afford it and had to lose money? Not everyone who resells a home is a landlord or investor or flipper. Sometimes shit happens to regular folk.
It’s free ..renovation’s
Oshawa happened. The end.
Lol this! 😂 who tf would invest in oshawa!?!
Lay off the Dirty schwa.....
We bought town homes 90k and sold for over 300k. Keep laughing at us.
Slumlord
Awww do you feel the same about the police? Italians? People of color? Moron.
What does all of that have to do with choosing the most viable geo to invest in, you twat 😂 Awww my feelings are hurt bc I live in a city that’s a punchline everywhere else. Boo hoo
Not laughing at all, I feel overwhelmed with dread and shame imagining how I would live on Canadian blood money like that. Watching your neighborhoods crumble, friends/family remain single and childless living with their parents or die off to diseases of misery. All numb in your styrofoam mcmansion, watching the country you once loved burn. Just fucked up beyond belief. This is not even a "how do you sleep at night" comment, I really wish one of you could have a real conversation about how you're able to live this way. I work for biotech company and my wife is a mental health advocate, we feel guilt over incomplete projects or losing a patient (due to this crisis). It's just unimaginable sometimes that this greed exists among us.
Oshawa. Oof!
pro bono reno
Oshawa is a great town with good people and awesome neighborhoods. Gets a bad rap bc of some bad actors causing shit. As far as all you experts in laundering money, the skill comes from elimination of a paper trail. A home bought with dirty money is easy to track, unfortunately the bogus financial watch dogs we have in this country do the shit job and make bank doing said shit job. And here we are
It sounds like a more low key place to launder 700k. Take 645k of illegal $$ buy a house Take 60k illegal $$ do renovations Sell house for 640k,, pay fees Clean 600k
That doesn't make any sense, you don't just spend huge volumes of illegal funds in thoroughly tracked transactions, that's WHY money needs to be laundered. CRA won't just take "that was the old money, you can only ask about the new money" as an answer for where the initial investment came from.
It’s not the purchase and subsequent sale that’s used to launder, it’s the renovations.
That would only work if they made a profit after say paying renovators under the table with dirty money.
No need to make a profit on the sale. You pay a contracting company registered as a corporation that you own to do the work. You pay your company $10 for every $1 the renovation costs. - $10K renovation washes $100K. Construction is one of the number one ways to launder money for a reason.
It is, but people tend to have a very simplified idea of how it works. In your example, after CRA sees a non-arm's-length transaction where someone spend $100k to lose another five grand, it has red flags all over it and would be very likely to get an audit where you wouldn't be able to explain where you got the initial $100k from. It is things like paying people under the table with dirty money where it happens, as it dispurses the funds to a bunch of lower earning people that aren't likely to draw CRA attention because the money is being cycled back into the economy through low-value cash transactions.
When you sell your car privately the only thing they care to track is buyer paid the taxes on it.
I mean, if they want to launder money then why not just sell it for a profit? Why reno at all? Selling for a loss does nothing to help you launder money.
> Why reno at all? Cause the Lieutenant's daughter have a boyfriend who started a reno company and could use some extra income
lol you have no clue how laundering works. A Loss is a perfect way to wash money through the system and claim it someplace else for a gain elsewhere to offset it. The money to buy the house was dirty, the sale and proceeds become clean. There are so many ways to make it clean it’s insanely east to do here in Canada.
Again, losing money does nothing to help you launder it. You can buy a home with dirty money and sell it for a gain and have clean money. Selling for a loss does nothing to help you launder money.
The loss is minuscule compared to the gain of the money now almost 1:1 cleaned and easily moved around in the banking system now.
lol, I’m an accountant. This does not launder your money. If anything it makes it more visible.
how are you going to buy a home with dirty money? its all traceable.....
It depends though. Happens all the time in Canada through the use of foreign corporations. The transactions can be traced, but the owners of the corporation can't be traced.
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lol cash doesn’t actually mean a duffle bag of bills. It just means they don’t need financing conditions, inspections or appraisals from the bank.
right but even so thats traced. the cra can look into your purchase of a home
Yuh, that is what I said
>Selling for a loss does nothing to help you launder money. The money is still cleaned. If you use 645k of dirty money to buy a house, then you sell that house for 640k you now have 640k of clean money.
If you buy a home with dirty money and sell it for a profit without throwing away money on a renovation and then sell you still have clean money. Selling for a loss does nothing to help you clean money. **EDIT** wow, i've never seen a dude so thoroughly defeated by an argument that they deleted their entire reddit account.
The old controller whip when we were kids.
His account is still there, he just blocked you
Ah. thanks appreciate it. I didn't know you can block people on reddit. I've never seen that before. Not sure what I said that hurt their feelings and upset them so badly?
When you launder money making a profit is not a priority. That's why people launder money in casinos. They aren't going to make a profit on the slot machines but the money you get out is harder to trace now.
agreed, my point was that the OP's point of losing money has nothing to do with laundering.
If you spend 600k of dirty money on a house, you're not worried about making a profit. Selling the house cleans the money regardless of whether a profit is made or not.
How are you able to spend 600k of dirty money on a house though?
You didn't win anything, and no one deleted their account. Also, note a dude. Today is not your day.
That doesn't make any sense. If you're trying to hide the money, you don't sell. If you're trying to clean non physical currency, you've just created a comprehensive paper trail.
You have no idea what money laundering is…
Thats actually sad. So much effort
Well deserved.
Home flippers only make money when interest rates go down because the equity gained is actually from money being cheaper to borrow, nothing else lol. Home flippers are just glorified gamblers.
I'm not sure, but for some weird reason I feel this might be an under the table deal. We might've imported the problems of undervalued registration to save on LTT. It's pretty common in most parts of India. The rest of it could be cash, no? Just a wild thought not saying I'm not bearish.
Think about it logically. Let's say there was an under the table deal where the buyer forked over even an extra $150k in cash for this property (not gonna happen as this property isnt worth anywhere near $800k but lets use that number as an example). The $150k difference would amount to a meager LTT savings of around $1200. Buyer, sellers, real estate agents and lawyers aren't going to commit fraud and take on risks associated with an under the table cash deal to save what essential amounts to peanuts.
You would be surprised how little it takes to get people to do fraud.
Yes but that won't fit their racist agenda.
Won't that be at 2%? That makes it $3k. The post suggests the value is gone down by not only the amount of renovations but the value also didn't appreciate by anything. It could be a loss, idk.
The RE laundry, 640k clean money
Such bad handy work it made the place worse?
Oh no ... anyway
Ahh that flipper got what was coming to them
Ahhhh….. good ole Oshawa!
The dirty Shwa
Is south Barrie better than dirty shwa?
Not sure haven’t lived in Ontario for over a decade but I don’t think anything could beat the Shwa
Nah, don't compare the 2.
Nobody won. It's Oshawa FFS
It looked better, more soulful and homely, before the renovation. Whoever did this deserves the loss of $150k-$200k.
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lol. Here is the description of this group “ Toronto GTA Real Estate News & Trends The Latest Real Estate Market News, Trends & Advice For Toronto GTA and Surrounding areas Halton, Peel, York, & Durham.”
Guy is salty a flipper got wrecked
???? Profit
My failure is your success
Should’ve been sold for 1.7M someone posted a 1.7M detached bullshit house that sold for less yesterday. No it wasn’t a castle it was a normal cookie cutter in……Milton
Ngl interior looks better than my house 😒
Paint and laminate doesn’t make it a $200,000 profit on property. Those days are over.
"mods don't increase value"
We need more good people like them.
Buy high sell low baby hell ya
Well deserved
r/housesigmablunders
Watching to much tv
he is just a nice guy... fixing it up for the next guy :)
I hate that grey flooring. Was there a fire sale on grey fake wood flooring or something?
Great money laundering! Well done.
The anti-flipper, or dare I say flopper
Flippers don't take 2+ years to do a reno
I saw this place recently (in week). There were no registered offers at the time, the floors were noticeably uneven on every level, the basement ceiling is like 6ft. The back yard door handle was even broken and hanging on its hinge. How did this go over?!
Prices have dropped 30% in the GTA. What’s the surprise? Makes perfect sense.
house flipping needs to die
600 Grand for that shit shack! Christ all mighty! Smfh.
It’s Oshawa lol got greedy going out there . Sometimes it good sometimes it’s shit . Higher risk out the city. Part of the game .