Yes generational wealth. Those rat bastards…. Pssshh worse than new money…. Only got money cuz you came out of the right vagina.

or bang the right vagina :concentrate:

How would you do it. It doesn't seem to make sense financially. Let's say you got $3m, you mortgage a million? But then you're straddled with like a $10k monthly payment. Property tax, insurance ain't cheap. But does it make sense to have that much net worth tied into a house that you have no access to? That's like super house rich cash poor.

It costs 1.5 million to build a surrey special house in Vancouver. What’s a lot cost? 2 million. Any time you can get a new house for less then 4 in the city is a special deal.

Then you buy a 3 million dollar house and either live debt free or mortgage 800k and have positive cash flow?

You’d be shocked how many locals are ok with sinking all their money into a house and having a $10K/month mortgage.

Wtf is your landscaping like that it takes you hours a week and your kids aren't playing in it? Mowing my lawn takes about 15 minutes a couple times a week and my kids are out there all the time. It's fenced so I just leave a window open while I'm making dinner and they can play back there.

Like everything it's what you're used to but I couldn't handle being in a townhouse and having to deal with a strata. And the new housing developments where the house takes up the entire property do suck ass, partly because they're so close together but mostly because there's zero plants and outdoor space. Just some shitty gravel soaking up heat all summer.

Residential RE is usually the most valuable asset for many because most just do 9-5, develop a career following that 9-5 and be done. Our society basically hypnotized the public into this shit. The idea is basically, you spend your entire working life to pay for your house. After you are done, the house, through either reverse mortgage of some sort or downsizing, becomes one's way to finance their retirement.

It's so fucked up if you think about it.

Also, Harvey, you should change your avatar back. It's way more boss than the Revuelto.

How do you guys that have rentals charge the tenant the final month?

Like my tenant gave me notice today they bought a place and get keys on 31st and plan to vacate the rental by 15th of following month. I would still charge them full month regardless of whether they stay partial or full month? Right now it's a month to month and I chatgpt and chatgpt said unless it's in writing in the agreement there is probation, full month applies?

It's month to month so they pay for the whole month. They can't just rent the place for 15 days.

Rental rates are coming down. It's getting harder to rent units.

I'm also shocked at how comfortable ppl are at holding 80-99% of wealth in real estate.

I'm wasting money if I am holding $500K Real Estate and < $100K in tax sheltered equity. Feels way better to be $500K equity and $100K RE.

Though most of my friends are holding more equity than real estate, we can't really afford a fat DP without holding equity. The days of holding emergency money in GIC/Bonds/dividend stocks isn't really feasible anymore. Get left behind

For most folks though it's not a choice per se - it wasn't until recently a home was an "investment" so it wasn't in the same bucket as owning stocks or even bonds unless you were quite rich. Buying a home was about having shelter until prices started skyrocketing and then people started investing in it in large numbers. Even when I bought my first place in 2006 it was just so I could have a place to live, there was no calculation comparing it to investing money.

Now homes are so expensive that it factors into your net worth and monthly cash flow (rental income) and we compare the return of it to our investment portfolio but it's still fundamentally just shelter for most people and it just happens to be worth a lot.

That's very interesting, I bought in 2020 and I felt like I had to look at it from an investment and also spending perspective.

Had to be comfortable with potential appreciation as well as not too much holding costs. Outgoing costs was maybe $400-500 lower than market rent at that time? At 4% interest, close to $2,100/month for an older 1bed.

When you're soloing $500-1,000K you have to think of it as an investment imo. That's more than what most ppl make over a decade or two.

Is that bad feng shui?

I would rather have the powder room in that location versus opening up into the dining room or family room like it usually does.

The builders in Surrey that I know say they can build a house for $250 sq/ft (or less).
So a 4,000 sq/ft house is about $1M

https://www2.gov.bc.ca/gov/content/h...ons-for-tenant

Renters need to give landlords a full rental months notice, this is not the same as 30 days notice. So if you want to be technical, your tenants effective move out date has to be Aug 31, 2025.

Therefore, they will be paying you full rent for August 2025. That being said, if you want to pro-rate it, that is up to you.

Also, you technically owe them interest on their security deposit. The calculator is here
https://www.housing.gov.bc.ca/rtb/We...alculator.html

I've heard that too, OTOH, I went to the open house that Lanefab did with their new Net Zero duplex a few weeks back and they said were building for around $450-500/sf. White builder using mostly Asian trades from what I've seen building to the Net Zero standard. From what I could tell the fit and finish and materials were comparable to my Italian builder built house (which also used a lot of Asian trades) so not to a luxury standard.

That makes sense for the time period when you bought - housing values were going up in the same way that investments were AND the cost of it was a very non-trivial amount.

My parents bought their first home (a SFH in East Van) in 1978 on a truck driver and waitress salary with basically no savings so it was priced in a way that it was just plain old housing (I bet it was less than $50k) and there was no expectation that it was going to go up in value beyond inflation so there was no need to think of it as a big deal. Same goes for my in-laws - they bought a SFH in East Van in the mid-80s on basically a single near min wage salary. Imagine these people travelling to 2025 in a time machine! We'd tell them that they'd be renters living in Chiliwack on those salaries now!

OTOH, I think of my current house as kind of a part of my portfolio since it generates income (rent) and I have a tonne of equity in it (~$1.8m). That said, if housing prices stop appreciating like it has in the last 20-30 years (and I expect things to slow a lot and even drop) then eventually we'll go back to thinking about it as housing since you can't make money "investing" in housing.

As others have said they pay full month, no return of money in this case.

In May my tenant gave notice on May 3rd and we still made them pay for June rent. They moved out on June 1 and returned the keys a week later. They could have kept the keys for longer but we agreed that we'd try to rent it out in June and if we did we'd give them back part of the rent but they understood that they were on the hook for all of June.

All your money that comes in through the front door will go straight to the toilet. All your close friends and family that come to visit you will also be flushed down the toilet ... so yah really bad feng shui. Bring them in from the back or side door!

Went to mambo at Aberdeen for baked pork chop rice not bad, but the fried rice kinda bland need more flavor. And it wasn't cheap like almost $18 with cold drink $2 for a small cold drink. FeelsBadMan and holy fuck Richmond traffic was bad today.

Shxt... it's $18 now, huh?

Guess I'll be sticking to the $10 a pop version at Kent's Kitchen in the foreseeable future then... :(

I've spoken to my fair share of people in this scenario on the renters side and while a small sample size they've always been happy to not have to completely move out and take possession of their newly bought home or rental in the same day. Having the week or in this case 2 weeks to slowly move is way less stress for a lot of people. Of course the opposite is true where people have no issues doing it all in a day and rather not spend hundreds to thousands for no reason. In the end you're in the right to charge but you do you if you want to be extra nice.

Every Surrey builder can build for 25-300. Speak to a Vancouver builder is 5-800. We are drywalling now on our Vancouver build. Going up like a raped ape. Indian build, likely $400sq/f in the end. But it’s a remodel, so this doesn’t include the new build permits and some of the other costs a new build would (albeit, a new build is cheaper in some ways).

Saying that, I do personally know 1 person who married a family who builds homes. They built a builder basic home off Main for $650k in 2018. That has to be in the 250-300sq/f range. I don’t know iwgat that 650 included, but that’s as cheap as I’ve ever heard in “recent” years. You speak to builders and anything is double.

just be nice about it. Technically they have to pay all.
Now, if the dude is a douche, he/she just won't pay rent... by the time he/she leaves in 15 days, it'll eat up their damage deposit; which you can't just "pocket", you have to apply to RTB to 'take' it.