Comment 28119

By Scammed (anonymous) | Posted January 10, 2009 at 13:23:31

Sorry, I meant OSC, Ontario Securities Commission. Not allowed to sell real estate condo's on projected income, especially when the projections are bogus. People can spin all the numbers they want, it's not reality. Reality is start up takes years of loosing money. You will end up putting money into it every month for years before ever even breaking even. Suites at One King West is still struggling, will probably never break even. When you think one problem is solved, they hammer you with another one. The management gets paid, the housekeeping, the utilities, the employees........the only one not getting paid are the investors who put their suites into the "pool". They are locked into an unworkable contract. They pay all the condo fees, utilities, and mortgage payments, and they get whatever pittance is left at the end of each month, after everyone else is paid first. The hotel is doing well, the rooms are renting, just the owners aren't seeing fair returns. If it was 100% occupancy every month at the going rate, it still would put you in the hole every month, and the room rates can only go so high. Do not be duped.

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