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Only hope is tenant leaves early and rents have increased by then (we caught the bottom in rents) or we renew at a more favourable rate in 3 years. We got caught but such is life. Can’t win them all. |
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-Mark |
There's a bell curve for a reason. That's just the fact of life. It's amazing how many people actually think they know what they're talking about. The moment you realize you don't know shit, is a profound moment in your life. That's also the beauty about investments (stocks and real estate). It's pretty easy to tell if you were right or wrong. In 20 years it's pretty black and white. There's no subjectivity in the matter. |
On a side note with $75 - 150K for RE Investment which areas/cities/builds would you guys consider at 5-5.3% interest? My friends had success in Calgary, but it's volatile in the sense that you could be making close to 8-13% back on rent + Cash flow. But one small special levy could wipe out 2 years of rental gains. Fortunately they got some capital gains but it's pretty minimal, SPY came out ahead. |
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Have a burning hole that could pay for a DP or a whole property in a smaller city but don't think it's worth it with current interest rates. Was thinking bout something in Tahoe / Whistler instead of something in a city. If I had to do a city, maybe something in Prince George - solid industrial base and tenants. |
If interest rates are holding you back how could you be considering whistler? Its like 900k for a small one bedroom there lol. |
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Most of it's in NVDA/MSFT stock which feels like paper money to me. In my mind, having something I would use myself also reduces risk. I'd use something in Whistler/Tahoe and could AirBnB it out. Calgary/PG? Not so much |
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I've also been looking for an investment property and Saskatchewan, Edmonton, and Winnipeg by the numbers looks to be cash flowing. Many parts of Texas also cash flow. But I don't know how owning American real estate works. Just the thought of real estate though, it scares me because I'm not that familiar with it. I'm much more comfortable with the stock market. |
The only way a Whistler property will cash flow is if you put like 80% down. Also, people should realize that doing Airbnb should be treated like a business, not a vacation home. Most times your Airbnb rental will be booked up unless you block it off six months in advance, it's not as easy as, 'oh this weekend I want to go to whsitler'. It likely won't be available. The way you should look at it is, you own the Airbnb as an investment and the earnings you get from said Airbnb allows you to rent out another Airbnb or hotel at your leisure |
You can't borrow money and make money on something in whistler. 15-20 years ago would have been the move, but the covid inflation for whistler was the worst of anywhere. You got rich people buying vacation homes, and you had medium rich people who could work remotely flock there. Combined with the most absurd building stipulations there, it couldn't be more fucked. |
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Train left for me in 2020 lol |
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However, in Calgary, special levies are more common because high rises aren't as popular there. So I speculate the quality / expertise isn't as good as Vancouver. Overall wear and tear is so much greater as the city swings from -25 to 35C. In addition to all the snow and hail that they get. One thing I learned is that they replace their windows + roofs way more than Vancouver and it's way more costly because it has to sustain hail. Their heating bills is 2.5x more which is crazy. |
Dumb question -- nowadays, where do people go to look for places to rent? Back in the day, Craigslist has worked quite well for me (as a landlord). But since getting out of the landlording game, I have no clue what people use now. |
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Facebook is the biggest one for sure. If I were a renter, I would prefer the road less traveled. I would check Craigslist + Asian newspaper/forum group + local facebook groups in the area. People who post on craigslist generally don't post anywhere else and a lot less people use craigslist than facebook. My father-in-law posted to some Chinese local forum as he only wanted a canto/Mandarin-speaking tenant. He priced it at $1,500 for a one bedroom basement in east Vancouver (all in + internet + laundry). When I told him he could probably get $1,800, he literally said, "Chinese won't pay that much". He found a student from HK and he was thrilled. I'm part of my local facebook community group and while the posts are hilarious most days, people always post rentals in that group. Sometimes hand written signs in windows from older people wanting to rent their suite, it's not a lot but a decent amount if you're keeping up with it. |
Where would one post the "whites only" rentals? |
Don’t have to, on marketplace just auto delete enquires based on profile pictures lulz |
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Or a single mom with multiple baby daddies? Or an international student who insists it's just for him and not his 7 friends behind him? |
Don't forget their "well trained dog" that's "super friendly" |
What would you do if you caught your neighbour leaving "free" items outside your house? Spoiler! |
I’ve snapped at people before doing the same thing, even my direct neighbour I said no one wants this garbage, and all you’re doing is encouraging other people to dump their shit around here, it’s a fucking eyesore. His response was oh people might need things, some people don’t have this or that I said if you think you’re “helping” or want to help people put it on marketplace or go donate it somewhere, not on the fucking curb. I said from now on if there’s anything out there im gonna toss it in your garbage. Occasionally I’ve seen him out bags of clothes or other shit like that in my head I’m thinking what are you trying to attract homeless people here? It’s a dick head move but I take the clothes and dump them directly into the garbage can and leave the lid open so A) everything is not legitimate trash and B) you’re not gonna pull it back out of the can. Of course now over time others have done the same, and even today I see some old arm chair down the street just wheeled to the corner of the alley. Gonna go write a note and stamp it on it saying This isn’t the dump, no one wants your garbage, deal with it yourself. It’s by far one of my biggest pet peaves drives me fucking mental |
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Cool of your son to de-escalate. Sounds like you raised him pretty good :). |
So I just worked with a coworker for the first time in a couple years. It just have been summer 2022. He was looking around the lower mainland to buy a townhouse and settle down. Has a rental in London in Ontario and the TH was going to be his final purchase. Cause home prices. 2 years later, he’s moved to Calgary, on his 5th house which 2 he Reno’s and sold. Now renting the other 3, while he lives in half of one of them. Fuck me, that was the right move. Lol Hahahah had a baby in between too. I felt like I just spent money. Hahaha |
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One of the neighbors had a laneway house tenant that pissed off everyone by leaving stuff out all the time. Guy put out enough stuff to block the vehicle traffic in the alley. There was some aspect of maliciousness for it, we think, as they were in the process of getting evicted. They ended up leaving what looked to be a shotgun in front of their window for a few days, and freaked out a neighbor who called 911. He got dragged out of his place at gunpoint by the cops. Turned out it was an airsoft gun. Guess that was enough to change his attitude about the eviction and left pretty quickly after that. |
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