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BEST COPY REAL ESTATE OUTLOOK JBnary CT MS Page No money down home makes 80s comeback Business Business Analyst son News Service A from Thunder Bay called the other lay in a quandary A real estate agent had told him about a house for sale cheap When he replied that he had no money the agent said he might be able to find some money if my friend was interested He was He and his wife have been living in a small apartment with two children so they sorely wanted a house But my friend help but be suspicious Why was this agent be ing so kind And even if the agents motives were honorable was it wise to buy a with nothing down dam right It is I replied Here In the nothing down movement reached a fever pitch in the late 1970s and early 1980s It made a comeback in Toronto last year In the most frantic real estate market In memory The only people who made money were trie ones who were selling the advice Its impossible lo buy In a busy market with nothing down So I told my friend to rush right out and lake look at the house It would sell for less than ho said If it stands when you lean on it and if you dont fall through the floor when you jump buy it I said HIDDEN FEES But why this guy doing me a favor he He Isnt I replied He plans to charge you a fee for finding the money hecomplained Hardly I said People dont find money For nothing at cast they dont In Toronto How much Interest should I agree pay he asked A little more than you would pay at a bonk or trust company perhaps half a point said Why should 1 pay Because you cant gel the loan from a bank or trust company when you have no down payment I replied Let me qualify my recommendation a bit I havent seen the house But if it stands straight and has a basement and a decent roof its probably a good deal As to how much this man should pay in fees for the privilege of making the biggest pur chase of his lite with nothing down I would say no more than ROD assuming a purchase price of less than should ask for an open mortgage if hes lucky enough to get financing so he can replace It with a mortgage when the time is right But he should also ask for a longer term loan say three lo five years That would give him plenty of time to arrange permanent financing at more favorable terms As lo price the price the agent mentioned seemed to be low relative to the market When youre faced with a deal and you dont have any money dont chisel away at the ask Ing price Offer them close to what they want I really wanted the house and I knew It was a bargain Id offer whatever the agent gested INSTANT MONEY A deal like that makes you instant money If you pay Tor a house thats worth and you do It with nothing down youre on your way to a successful career In real estate Investment All across the country shrewd speculators go around looking for estate sales or problem buildings properties that are so run down no reasonable ponton would touch them with a 10 fool pole Clean up paint them white inside and walch money roll Its much more difficult to make money in real estate these days But my friend in Thunder Bay wasnt looking to make money he was only looking for a decent place for his family to live If he can find it by paying a few hundred dollars more in fees then he should Of course the whole deal hinged on whether my friend could afford to make the payments Since the house in question was so modestly priced he could do so easily But It he had to stretch meet Ihe monthly carrying charges what looked like the deal of a lifetime would have turned into a real gam ROVAL CITY nTTE ST GEORGETOWN 8775296 SCHOOLS IN THE 1850s Contd The Canadian Collegiate was a private Baptist school started in the and Thomas Connell This school was located a large storey building near the G T Station on Academy Rd This structure was suitable for boarders and many students came from and Toronto Mr was to teach English and Mr taught classics It was open to students who could afford the fee The school went bankrupt put was reopened twice once in the 1 and once In Joseph Barber owned the property eventually and it became apartments The building was torn down In 1 911 and the bricks were reused in Iris area homes One house still has the date stone 1911 Thanks to A Peek Into Georgetowns Past written by students of Cen tennial School Elaine Bert rand and Walter Lewis Thanks to Mark Rows for his invaluable help DEMAND THE BEST Call us now you plan to buy or sell this year Property evaluations given without cost or obligation ass mmJmjmjmjwjmjmjjmjrjjrjfjrjrjr The current selection of homes is practically unlimited We cant remember a time when the selection of new and existing homes has been better Theres a wide range from which to choose in every category If youre in the market for a home youre in luck The choosing will be easy the HERALD If any Real Estate Company or Agent is interested in participating in this weekly feature call Carl Advertising Manager at 8772201