Kids inheriting parents wealth from what sounds like former slum lords where the kids can’t be bothered to do some basic work to maintain the already in-place business. Woe is me.

I think he means that somewhere along the line, someone worked their ass off... in this case their parents likely didn't make that money easily

They had to work a bit, but a good portion of why their returns on real estate are so large is mostly due to factors outside their control. Nothing any one person can do has had as big of an impact as the general growth of the lower mainland over the last several decades.

I own a Condo in Maple Ridge. I have never seen the inside of the Condo. Property manager handles everything including repairs for me. If anyone needs a good Property manager let me know.

PeanutButter if your client wants to sell let me know. We can make an offer.

I thought about changing my name on this forum because of this :lol

PeanutButter: "Hi Client, I know someone who is willing to make an offer on your dwelling."
Client: "How do you know this person?"
PeanutButter: "Oh, I actually don't. It's someone on a car forum."
Client: "Show me the link."

:toot:

I'll keep the thread updated and i'll let you know.

I suspect it was more of a therapy session (for now), but I know from experience, that when there is a large asset and multiple kids are involved, it usually results in liquidation.

edit; Also, just curious on why you would want to buy a 12 unit rental apartment? Surely, the numbers will be cashflow negative, probably by a large margin. Vancouver real estate seems to be a horrible investment at this point in time.

I know nothing about this, but at that level would you just maybe choose to run it as a trust? so you get infinite money and not let your kids blow it, leave for grand kids for future generations?

When people want to get rid of something in the real estate world, and want nothing to do with it, they often leave cash moneys on the table

And thats worth looking into

---------------------

USA inflation rises by 0.3% from last month, canada is next, and then higher rates once again

I'm Canada there's a 21 year rule where all property inside is considered vested, so you have to pay tax.

I'm not an expert but I was looking into trusts, but they didn't seem worth it because of that 21 year rule.

I guess the government wants to get paid.

Put my maple ridge condo on sale yesterday. Got a call today it has been sold for 2k less than listing. A family member of the tenant is buying it.

That is nuts.

Why's it nuts? Good price or bad price? Wouldn't you get more in 6 months when rates drop?

I didn't think it would sell so fast. My brother had a unit in the same building and he only got 12K more 6 months ago after 20k in Reno's.

sorry I am late to the game here.

So the first thing you should do is check if your Strata has a Chargeback Bylaw. Without that, they can't actually charge back the cost to you, even if they think you caused the issue.

But even with a chargeback bylaw, the relevant section of the Strata Property Act is here:

Section 1 of the Act sets out a definition for common
property which includes:

(a) that part of the land and buildings shown on a
strata plan that is not part of a strata lot, and

(b) pipes, wires, cables, chutes, ducts and other
facilities for the passage or provision of water,
sewage, drainage, gas, oil, electricity, telephone,
radio, television, garbage, heating and cooling
systems, or other similar services, if they are
located
(i) within a floor, wall or ceiling that forms a
boundary
(A) between a strata lot and another
strata lot,
(B) between a strata lot and the common
property, or
(C) between a strata lot or common
property and another parcel of land, or
(ii) wholly or partially within a strata lot, if they
are capable of being and intended to be used in
connection with the enjoyment of another strata
lot or the common property.

I dont' think this council has a very good chance of proving that you are responsible for a clogged pipe 8 feet away in the walls from your unit. You can quote them this section of the Act and tell them it's common property and therefore it's their responsiblity and if they still don't agree, then you can request a hearing with the council and they are required to give you one within 2 weeks I believe. This should be open and shut IMO.

https://youtu.be/CgMndGv191E?si=ZO0jD93pFM3Z0tJ1

We fucked y'all, but rates finally coming down

Can’t wait to ball with dat 2%

Putting our condo up for sale in the next few weeks. Nervous as hell with how the market has been. One unit has been up for sale in our complex for a few months. Owners keep pulling it off the market and relisting it.

My building had the 2 units sitting for 120 - 365 days finally sold and at a decent price too.

Roughly 20-25% above 2020 purchase price.

You’d be surprised how fast the market is for certain things. I didn’t think we sell our old place either given the age, small house, etc. but it did sell and we got a decent price for it even in this economy.

Although I kinda think I should have kept it till the market heats up even more and then cash out an extra 100-200k but whatever. I don’t wanna deal with non blowjob realtors anymore and flakey ass retarded buyers.

People always forget that at a certain price, real estate moves quick.

a difference of 1-8% on current year recent selling price can trigger an instant sale.

I’m of the opinion prices are stable here - in my circle, realtors are mentioning things are picking back up while buyers who have been waiting on the sidelines are stepping in.

The caveat is how many people will list their properties for sale this year, either as a result of 1) deleveraging or 2) upgrading or downsizing.

Just this January I’ve heard a few corporations slash headcount after the new year. Effects are still working through.

Are you guys adding subject to sale in your offers right now?

Our realtor is suggesting that in the North Van market, subject to sale is still not a thing and that he hasn't seen it in 12 plus years, nor in any of his current offers.

But our mortgage broker is insisiting it, saying that we'll never qualify for the larger mortgage without selling ours first, and it's too large a risk.

I know in the Fraser Valley the market is much colder and that's different, but thinking specifically of the North Shore, Burnaby or East Van right now.

because those craftsman houses will never pass a home inspection :lawl:

what area are you looking at?

Subject to sale ? I wouldn’t even consider the offer unless it’s ridiculously over what I wanted. No way.

Not all units are equal though I wouldn't necessarily be worried. Maybe their price is too high, maybe they have some sort of issues in the unit, maybe it's not a preferred unit location, the list goes on. I've seen quite a few times the same scenario where a unit is sitting and sitting and all the while other people with the same unit plan wise sells quickly. Either way best of luck!