Why I stopped chasing renters and sold to a flipper in Hamilton

Everyone in this group talks about holding rentals forever, but after 8 months of vacancies in my Stoney Creek duplex, I compared the numbers. Listing at $2,400 a month got me nothing but ghosting, while a flipper offered $615,000 as-is. After landlord insurance, property tax, and 2 evictions in 2024, the math clearly favored selling. Has anyone else found that local flipping offers beat the rent market in lower Ontario right now?

2 comments

2 Comments

smith.blair23d ago

8 months vacant in Stoney Creek? That's like waiting for the GO train during a snowstorm, just staring into nothing. The only thing those ghosting renters left behind was a nice collection of cobwebs and my sanity. Selling to a flipper at $615k might be the one time in Hamilton you actually get paid to walk away from a headache.

hall.emma23d ago

Wait, you actually had tenants ghost you and leave it sitting empty for 8 months? That's brutal, I've heard of deadbeat renters but just vanishing without a word is a new level. And then you still got $615k for that mess? Honestly, that flipper better be ready for a full gut job, cause cobwebs are the least of that place's problems.