If we wants to rent next spring to fellow Revscene’s plus family we are looking. Finding a whole house (my family of 4 plus parents) is rough. Renting while we build est. 1 year.

"Best time to buy a house was yesterday"

Can he even afford a $11000 mtg?! $1.8m mtg at 7.2% stress test, 30y is $12220 a month + housing expense. That's $350k annual income :ahwow:

In your Uncle's case, I think the most sensible apporach is to take out a mortgage on his current (6 bedroom) home, and use those funds to fully purchase the Kitsilano half duplex. And then with the old home as rental property, the interest on mortgage payments can be written off as business expense to offset the rental income.

Going this route should also result in him needing to come up with the least amount of money upfront as well. But even then, he would still need to have an income large enough to support/service the mortage that he takes out, and that is not an easy thing to do. Since the house has not been rented out yet, the bank wouldn't count the rental income in determining how much money they would lend to your uncle.

Size and areas you're looking for?


Most lenders will count half year rent towards the mortgage application. Also depends on uncles LTV/TDSR.

It's cause we were all poor at one point, like good food, and hate pretentious atmospheres. It's the best way to eat well at a reasonable price point. Spend less on the white linens and flower arrangements and more on taste.
Yeah but wouldn't you be having a fit if you showed up and someone was sitting in the table you had a reso for? Chances are the people running the restaurant understand timing for the restaurant better than you do man.

I dunno. Most of these places are typically closed within the year I try to go.

I get holding tables but holding room at the bar etc. I dunno.. I think people would do well to just say, you’ve got 30 minutes and then you’ve gotta be gone. Although I’m sure with the amount of clowns around it would turn into a headache 50% of the time

What’s the no show rate for resos?

The last place this happened to me was at Miso Taco in Chinatown. Had about 35 minutes to kill before my wife’s hair appointment and we walked by there, wanted to grab a beer and a bite. They’ve probably got 8-10 tables and only 3 had customers, but the wait was 1 hour or longer? I dunno about that..

We started doing resos by donation. We keep most for walk ins but you can book a reso by donating to a charity that we rotate through. Since that pretty much 99% show up and those that don't basically always message us beforehand.
I agree with no resos at the bar though. Should always keep something available for your walk ins, but I feel like some places that are in low traffic areas might not benefit from that. Also totally agree that giving someone a timeline is fair if they can get in and out for a bite, but often people agree to that and then have a shit fit when they are rushed so places stop trying for that.

We raised like 30k in 3 months which I think is awesome. Like 2 people have complained about it, but it's like, you don't have to make a reservation, we always take walk ins, and frankly it's not our problem if there's a wait. It's the opposite of a problem for us.

Yea I like that, the donation for reso

Some places I find a little annoying tossing a credit card into some management system like Resy etc. which is a 3rd party. But I get restaurants not wanting to invest in their own system which is likely more headache than it’s worth

You may visually see empty tables, but what if they didn't open the tables because they didn't have the staff to serve them properly? You'd probably be just as disappointed if they seated you and you waited 1 hr to get your appetizers.

That’s just poor business practice.

It was tacos, not a beef Wellington lol

OEB's brioche french toast with cinnamon and orange blossom is one of my favourite things to eat. I'll give them that.

Wait a sec... You borrowed money to buy a home to live in yourself. Can you write off the interest as a business expense? That's different from borrowing money to buy a property to rent out...

I'm not an accountant so I'm just curious.

Does dim sum count as breakfast though?

No

Legally, no
Shady-ly, yes
Its only an issue if CRA audits you

not an accountant

The difference is where the money is coming from. Taking out a HELOC against the house you will be renting and using that money elsewhere… vs taking out a mortgage on a property your living in.

I'll keep you in mind if he finds a place. He went to a couple open houses yesterday and didn't see anything he liked. There's not much that comes up around the kits area, so I suspect it'll take awhile before he finds something.

Hmm good point. He's currently retired. He did brag to me about having to pay like $35k in taxes for last year. He's still generating income. He had a wholesale toy business before, so he probably still has money in the company that he's withdrawing.

I would have to ask him in more detail about his financing. He's pretty loaded though. He has two houses and helped both his kids buy a place and he said he made a lot of money on Microsoft. "A lot" is pretty subjective, but I suspect if he's saying a lot, it means like $500k+.

pictures got taken at my house today, listing should go up tomorrow

not too eager to list here as I'm not finding anything close to what i want to buy

No, this is not true. The test of whether you can write off your interest has nothing to do with how you raised the money and everything about what the funds are used for.

Simple example - you own a house, it is clean and clear, no mortgage against it. Your friend says "hey, I have an opportunity for you to help me grow my business, loan me $250k and 'll pay you 10% interest per year and pay you back in 5 years."

You go to the bank and say "I'd like a mortgage on my house please," borrow the money, write off the 5% interest in the next 5 years (against the income generated by the 10% interest your friend is paying you, and in 5 years your friend pays you back, and you pay your mortgage off.

The reason this is deductible is because the purpose of borrowing money (even against your primary residence) is to generate income.

On the other hand, if you had the same house, got the same mortgage for $250k, but spent it on renovating the kitchen and garage, you cannot deduct this interest.

Generally the examples are not as cut and dry as often your house will have some debt that you used to buy it (not deductible) and some that maybe is deductible - it's a pretty regular part of our planning practice to help optimize this.

Hope that helps,
Mark

I wanted to take my dad to OEB yesterday since we had both never been. Got on the waitlist and their estimated wait time was over 2 hours.

Went to Earls instead.

I have done the math a few times in this thread, but I think the bottom line continues to be that you need to expect significant price appreciation on Vancouver real estate to happen in the future for it to be worth it, otherwise you are better cashing one in, buying the next one, and putting the rest in the markets. Now that interest rates are higher, density has been given out across the board, and the economy is a little tighter - the conditions are much tougher for real estate to appreciate. Doesn't mean it cant/wont, but it's worth recognizing that basically every catalyst for its growth in the past 20 years is significantly worse than it used to be.

As I've said on my last post - there are definitely some ways to rearrange his debt to ensure that he can write off the rent of the new place, any financial advisor worth their salt should be able to show you the path to that and if they can't, I can lol.

-Mark

Where are you looking to buy and what's the budget?

4+ bedroom. As close to 16th and McDonald as we can get.

Which OEB was this? Many do that Yelp waitlist, just sign up at 8am and sleep in until 30 minutes before your table is ready lol.