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Mortgage Paid Off With Pennies!

~ See a penny, pick it up ~

That’s what Thomas Daigle has been doing for 35 years, saving enough pennies to pay off his mortgage.
When Mr. Daigle and wife first moved into their Milford, Mass. home in 1977, he knew he wanted to make his last payment memorable and from then on, started saving a few pennies a day.  “It was something I wanted to do,” he told the Milford Daily News.  “I was just praying I didn’t die first.”

After a few years of collecting, the grape crate he stored the pennies in began to break from the overwhelming weight, so transferred his bounty to a pair of steel military rocket-launcher  ammo boxes. Mr. Daigle rolled the pennies in packs of 50, which  became a hobby for him, and stored them in his basement.

This past April, he had enough pennies to make his final mortgage payment, which weighed-in at more than 360 kg, delivering the two boxes to the bank. According to the Milford Daily News, he didn’t  say the exact number of pennies he had, but the total came in at  over 62,000.

But if any homeowners in Canada want to make their mortgage payment in pennies, they better start hoarding. The federal government announced in March that it is  phasing out the copper coin starting this fall, citing rising production costs.

Canadians don’t appear to be as interested as Mr. Daigle is in making a statement with their mortgage though.

Tibor Bogdan


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What is a pre-sale?

Example scenario: When the developer intends to build an apartment building and applies for financing, the bank will grant financing under certain conditions. One of them will likely be a certain percentage of pre-sales the developer will need to secure before receiving the funds.
It is common practice for a developer to approach several real estate investors and offer them an opportunity to purchase units of the non-existent building at a discounted price, and on good terms.

Once the number of pre-sales is accomplished, the developer goes ahead with the construction, which will likely take two years or longer to complete. During construction, their marketing team offers the remainder of the units for sale at market value to the public.

If you are a RE investor, you know that it is preferable to be buying at the pre-sale prices, not market value prices.

The question is, how do you get the invitation to buy a pre-sale?
In the past many years, investors have made substantial income by buying at wholesale prices and selling at retail prices even before they needed to complete their purchase. I saw many of them lining up and sometimes even camping overnight in front of the sales center to get a chance to buy at lower prices, but not everyone was lucky enough. You needed to be well-connected to get an opportunity, and you had to act fast.

Today is a bit of a different story. Several projects in the Lower Mainland and Fraser Valley offer really good prices and incentives to secure a unit now and complete the purchase two or three years later. The list of incentives varies from one project to the next. Besides attractive prices, you can get low deposit amounts (5-15%), low or no assignment fees, free updates, a mortgage rate buy-down program, extra parking and more.

A month ago, I helped a few of my clients purchase a presale in Surrey that sold out in 2 days, and I know of another good developer that will be offering a few units for sale as well.

If you would like to know more about these opportunities, I would encourage you to call or email me, and I’ll be happy to send you details on those projects.
Kind regards,
Tibor Bogdan
Century 21 Creekside Realty Ltd.
45428 Luckakuck Way #190, Chilliwack, BC V2R 3S9
cell: 604-855-2521
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