St Catherines 3 Apts 1 showroom for 299K?

[Niagara Investor]

thanks for the heads up

Not the right building investment I am looking for, as it is out of AO and unfimiliar with building type.

No worries I know a LL who bought a 24 room rooming house steps from that one about a year ago who a month ago had it up for sale. He was trying to make big bucks on the sale and it's not listed anymore so who knows what happened. The building is in great shape but the student market is saturated so he couldn't get it even close to full, so is the sc*mbag market (too many rooming houses) as we seem to cater to them here in the Garden City ...

To be a LL in downtown St. Catharines you have to be hands on, heartless and efficient and a little mean spirited I think...

Don't let all the construction and nice talk in the press about "revitalization" fool you this ain't a Burlington waiting to come to fruition.

Here's a perfect example of a BS MLS add

http://www.icx.ca/propertyDetails.aspx? ... 1971948048

Don't be fooled by any realtors or the like...


Fort Erie, Welland, Niagara Falls should probably be avoided...

[APLL]

Niagara,

thanks for the heads up, I'll start with something closer to my AO and step into a duplex or triplex first. Burlington is looking ok to me right now. But thanks for the info on the other cities

[JanetS]

I agree. I have a rooming house in downtown St. Catharines. I bought it because I love people, and I thought being a LL with a nice rooming house would give me some warm fuzzies (I know, as stupid as I could possibly be). I was taken advantage of at every turn it seems, I have it under rented now, on purpose, to quiet tenants (so I don't have to worry about the neighbours comfort level). When it was fully rented to students I had a truckload of problems...property damage big time, drama weekly. This house will officially be for sale when a time comes when I won't loose WAY too much on it. I expect to loose "something", just don't know how much. St. Catharines is a difficult market for low-end housing (don't know about higher end housing, except that there seems to be a lot of poverty in the area, not too many good job opportunities).

[Niagara Investor]

Niagara,

thanks for the heads up, I'll start with something closer to my AO and step into a duplex or triplex first. Burlington is looking ok to me right now. But thanks for the info on the other cities

Don't mention it. Right around the corner from that property there numerous buildings that look ok from the outside but are vacant, some in bank possession. some with boarded up windows.

Burlington will certainly have the good tenant pool. Hamilton (Westdale only IMO) or Dundas are also possible.