[Spooling]

The Chinese realtors that are selling Vancouver real estate to Mainland Chinese are now using helicopters to check out the lay of the land. Mainland Chinese are serious about Vancouver real estate because it is cheap to them. Also, it is freehold where they are use to leasehold land in Mainland China. Vancouver real estate to them would be like you moving to a beautiful city and finding gold nuggets lying in the streets. It is that sweet.


http://www.youtube.com/watch?v=VBosNbCdrFE



The same company that invites those chinese realtors on helicopter tour to white rock is setting up display centre in downtown beijing. The centre will open in March to sell Avra, a 17 story condo project. The centre will employ 6 people. Over 50 of the 117 are already sold in Beijing, before the centre opens. Big draw to the Chinese, Semiahmoo which offers the IB course.

Of all the real estate sales in the city of White Rock for the past 6 months, 75% are by the mainland buyers.

[Ch28]

Fucking mainlanders driving up the price of real estate

[justYU]

bawlin

[G]

Hyde's gonna buy White Rock :troll:

[Spectre_Cdn]

I think White Rock needs to build some hospices.

[BaoTurbo]

Things I have heard was that China people actually have a lot of dirty money and using it in China will not suffice, that's why they try to find somewhere relaxing and low to spend it all on. Also the cost of living is significantly lower compared to what they had to pay for in China with how the government system works here and economy. Idk thats what I heard and it could be possible

[willystyle]

Dirty or not, this is not good news for first-time Canadian home buyers in Vancouver.

[Groot]

that fat mainlander looks like choji

http://www.animewolken.nl/naruto/images/choji.bmp

[Carl Johnson]

CRA needs to have a good look at this. A lot of these Chinese don't even declare their assets when they bring their wife and kids into our boarder. You gotta pay to play the game son.

[EmperorIS]

http://www.sourcejuice.com/wp-content/uploads/2008/01/rocket-launcher.jpg

GTFO

[Meowjin]

yep.

This is disheartening news sadly.

[Death2Theft]

So you'd rather them not spend tax dollars here, and not allow them into the country? Most people can't afford a new house in whiterock as it is.

[Meowjin]

So you'd rather them not spend tax dollars here, and not allow them into the country? Most people can't afford a new house in whiterock as it is.

People keep throwing this term around. How much taxes (income) do they honestly pay vs the services that they use?

[scottsman]

Fucking mainlanders driving up the price of real estate

Don't hate the player, hate the game. How can you blame people for taking advantage of the system? The government should probably have better controls in place.

[Death2Theft]

So the people that sold their homes in west van, bought in white rock can now sell whiterock and buy elsewhere.

[Xnova86]

Damn Canada Line

[Death2Theft]

Since these guys are buying up big land plots and multiple houses as investments.... Whats going to happen when they croak or sell? If they only had one house then perhaps no tax.
People keep throwing this term around. How much taxes (income) do they honestly pay vs the services that they use?

[Tim Budong]

The general public can't afford whiterock ANYWAYS. I will say this, I work in White Rock. There are 4 types of people that live there

1. Company execs who can afford a home there
2. Retired
3. Families that act as homestay collect $$ to let a chinese/korean student live with them
4. RICH CHINESE that live around OCEAN PARK/MORGAN CREEK

with grandview corners picking up traffic, well, it just adds to the high price real estate in the area

[604nguyen]

couple years we might have to call it yellow rock :troll:

[Death2Theft]

Just curious what kind of students are staying in whiterock for homestay? ESL?
The general public can't afford whiterock ANYWAYS. I will say this, I work in White Rock. There are 4 types of people that live there

1. Company execs who can afford a home there
2. Retired
3. Families that act as homestay collect $$ to let a chinese/korean student live with them
4. RICH CHINESE that live around OCEAN PARK/MORGAN CREEK

with grandview corners picking up traffic, well, it just adds to the high price real estate in the area

[Carl Johnson]

I am fine with foreigners coming into this country and buy up properties. Because we Canadians do the same as well like in states and Europe. But let's face it, many of these Chinese millionaires who are buying properties here got rich through some type of fraud and tax evasion in the past. If the CBSA and CRA wants to play hard ball and dick around with them, some of these guy could face criminal and civil charges.

[PiuYi]

so if mainland chinese people are scooping up vancouver real-estate like mad, why is the olympic village such a hard sell?

[SupraTTturbo2jz]

soon, part of lower mainland gonna be second mainland china...white rock is filling up with more and more chinese n koreans. im seein less old ppl now

[skyxx]

so if mainland chinese people are scooping up vancouver real-estate like mad, why is the olympic village such a hard sell?

Because no one wants to buy condos where bums will be living in the same unit as you next door. Another point is that Mainlanders don't like property that has been lived in before.

[CP.AR]

that fat mainlander looks like choji

http://www.animewolken.nl/naruto/images/choji.bmp

lol my family dealt with the guy before - I lawld when i saw him for the 1st time:fullofwin:

Greater Vancouver becomes like Mainland China, I'll stick with my little island on the south - it can remain as little Hong Kong
IB is fucking overrated btw

[Tim Budong]

Just curious what kind of students are staying in whiterock for homestay? ESL?

ESL i believe. i'd say 80% of em go to semiahmoo secondary on some sorta ESL program

[penner2k]

I'm so glad I moved to Calgary..

[SupraTTturbo2jz]

this damn area is gettin outta control. all the prices rising for everything. we r fucked

[wouwou]

Because no one wants to buy condos where bums will be living in the same unit as you next door. Another point is that Mainlanders don't like property that has been lived in before.

I am pretty sure they just dont like living in properties that people DIED in.

[PiuYi]

^wut

[dutch]

we need to copy amsterdam. locals get first priority on residential real estate. if it doesn't sell, it goes to the international market.

[Lomac]

Weird. I'm in White Rock all the time and it still seems pretty damn white to me. Guess the OB crowd scares away the C-Lai's... :lol

[RFlush]

But let's face it, many of these Chinese millionaires who are buying properties here got rich through some type of fraud and tax evasion in the past. If the CBSA and CRA wants to play hard ball and dick around with them, some of these guy could face criminal and civil charges.

Do you have any resources to back up this claim of yours? Statistics or news reports from reputable sources would be great or are you just spewing shit out of your ass?

[johny]

Do you have any resources to back up this claim of yours? Statistics or news reports from reputable sources would be great or are you just spewing shit out of your ass?

we did some work for an Asian millionaire a few months ago. he only paid half his bill. not worth our time to go to court over a couple grand.

now I know why he's a successful business man... by not paying for anything.

we have a new policy. no Asian clients... unless we already know who they are and how they act.

[J____]

I am fine with foreigners coming into this country and buy up properties. Because we Canadians do the same as well like in states and Europe. But let's face it, many of these Chinese millionaires who are buying properties here got rich through some type of fraud and tax evasion in the past. If the CBSA and CRA wants to play hard ball and dick around with them, some of these guy could face criminal and civil charges.

yes there are ppl who evade tax and use fraud as a source of getting rich. But don't generalize it upon the majority. Lots of Chinese are rich these years because of the huge boom in china's economy in the past 10-20 years. Being in the right place at the right time + the I don't give a shit about my health mentality and drive to earn money the Chinese have, you'd ought to have a few millionaires. This doesn't mean everyone's money is dirty. Being a millionaire is nothing in china these days, most people are valued in the billions. Besides, even if they do get rich from evicting tax/cheating the system, they're smarter and more ballsy than the majority of the public. Fraud in china is mainly targeted towards the government/official state, and it's not exactly a cake walk to steal money from a communist government like China.

In the next 10 years, you'll see another rise in our real estate from the influx of Indian real estate investors as India is in the same economic state China was 10 years ago. If you can't keep up with the changing world and competitive market as the 3rd world countries become rich, then move to Kamloops and enjoy your $30k salary and $200,000 houses. Just because you were born in the white house it doesn't mean you'll be president.

Now do you guys understand how the Native Indians felt 200 years ago?

[bing]

I am fine with foreigners coming into this country and buy up properties. Because we Canadians do the same as well like in states and Europe. But let's face it, many of these Chinese millionaires who are buying properties here got rich through some type of fraud and tax evasion in the past. If the CBSA and CRA wants to play hard ball and dick around with them, some of these guy could face criminal and civil charges.

keep crying buddy, clearly your jealous and envious

[RFlush]

we did some work for an Asian millionaire a few months ago. he only paid half his bill. not worth our time to go to court over a couple grand.

now I know why he's a successful business man... by not paying for anything.

we have a new policy. no Asian clients... unless we already know who they are and how they act.

Wow that's amazing!! I am glad you have put your judgement in one person to represent all of the Asian races in Asia.

[El Bastardo]

Now do you guys understand how the Native Indians felt 200 years ago?



This does not apply.

[PiuYi]

Wow that's amazing!! I am glad you have put your judgement in one person to represent all of the Asian races in Asia.

i dont think thats exactly what he means
but as an asian, i'm not particularly inclined to do business with mainlanders either... their whole mentality of how things work and the system of bartering n such they have over there just creates headaches when they bring it over here... something i'd prefer to avoid

[wouwou]

i dont think thats exactly what he means
but as an asian, i'm not particularly inclined to do business with mainlanders either... their whole mentality of how things work and the system of bartering n such they have over there just creates headaches when they bring it over here... something i'd prefer to avoid

Do the background check, ask for a deposit, LoC, and Negotiate like you are running a business.

how's that hard?

[twitchyzero]

Greater Vancouver becomes like Mainland China, I'll stick with my little island on the south - it can remain as little Hong Kong


if you are referring to richmond they have tons of mainlanders there too.

[wouwou]

if you are referring to richmond they have tons of mainlanders there too.

Richmond IS mini HK.

it's over 60% Chinese

[scottsman]

now I know why he's a successful business man... by not paying for anything.

we have a new policy. no Asian clients... unless we already know who they are and how they act.

Now I know why you will not be a successful business man. Probably one of the stupidest things I have ever heard. Not sure what kind of business your involved in but just because you dont know how to deal with asians probably means you should learn. Also grouping "asians" into one big group is also quite stupid. Japanese, Korean, Chinese, Vietnamese, etc. all do business in different ways.

[JoshuaWong]

soon, part of lower mainland gonna be second mainland china...white rock is filling up with more and more chinese n koreans. im seein less old ppl now

lower mainland china.... :troll:

[alpinestars]

Didn't we ask for this? I'm pretty sure optimists were hoping the 2010 olympics would put us on the map harder than expo 86 did. I remember seeing a few news clips that the cost of the olympics can be considered an investment, as it stimulates our local economy in the short term (construction) and long-term (population increase).

There's an easy answer to drop housing prices: increase development/density. One thing for sure is traffics going to get fucked.

[RFlush]

Richmond IS mini HK.

it's over 60% Chinese

Actually, you're wrong.

So many of you guys in this thread give out news and stats without any actual facts or sources to back it up. You guys are like Fox News.

Richmond's Chinese population is at roughly 43%, and 26.8% of that are immigrants from Mainland China while 23% are from HKSAR.

Richmond's total immigrants equal to 57.4% of the population, highest in any city of Canada.

http://www12.statcan.ca/census-recensement/2006/dp-pd/prof/92-591/details/page.cfm?Lang=E&Geo1=CSD&Code1=5915015&Geo2=PR&Code2=59&Data=Count&SearchText=Richmond&SearchType=Begins&SearchPR=59&B1=All&Custom=

http://www.richmond.ca/discover/demographics/Census2006.htm

[FerrariEnzo]

its been for told, now that we all know why here is also called The Lower Mainland, coz all the mainlanders from china need a second home country!

[Ulic Qel-Droma]

nvm.

[C5_Ryder]

we did some work for an Asian millionaire a few months ago. he only paid half his bill. not worth our time to go to court over a couple grand.

now I know why he's a successful business man... by not paying for anything.

we have a new policy. no Asian clients... unless we already know who they are and how they act.

Why dont you get the payment upfront, instead of losing like 30% of the population. Anyways, one asian person does not represent the other 1 billion.

[Hurricane]

The general public can't afford whiterock ANYWAYS. I will say this, I work in White Rock. There are 4 types of people that live there

3. Families that act as homestay collect $$ to let a chinese/korean student live

I am sorry, but this has to be the stupidest post in the thread...if you are being serious, and I have no reason to think you are not; do you honestly think an arranged homestay for a single student is making it possible for people to live in their dream neighborhoods?

I guess if you took that $200 a week, let them eat dirt from the backyard instead of food, and used that $200 to hire a bad ass Dominican pimp from the DTES to get your student making some real money; AND he doesn't cut you up in the process. Yes, it could be possible. Otherwise, try again.

On another note;

Brazil is next in line on the global stage after India. So someday soon we might have helicopters full of g-string wearing booty calls flying over here with their checkbooks in hand.

Dare to dream!

[wouwou]

Actually, you're wrong.

So many of you guys in this thread give out news and stats without any actual facts or sources to back it up. You guys are like Fox News.

Richmond's Chinese population is at roughly 43%, and 26.8% of that are immigrants from Mainland China while 23% are from HKSAR.

Richmond's total immigrants equal to 57.4% of the population, highest in any city of Canada.

http://www12.statcan.ca/census-recensement/2006/dp-pd/prof/92-591/details/page.cfm?Lang=E&Geo1=CSD&Code1=5915015&Geo2=PR&Code2=59&Data=Count&SearchText=Richmond&SearchType=Begins&SearchPR=59&B1=All&Custom=

http://www.richmond.ca/discover/demographics/Census2006.htm
I used to work with the City of Richmond, and as of the end of 2009, the Chinese population is over 60%, you can ask the folks at RMD city hall, anyone beyond the front desk will be able to tell you that.

Your link is a poll in 2006 btw?

[Carl Johnson]

Do you have any resources to back up this claim of yours? Statistics or news reports from reputable sources would be great or are you just spewing shit out of your ass?

I don't have any statistical date to back up my claims. I can only speak from my personal experience in dealing with other Chinese. If you think all these guys coming over snatching up million dollar properties are all decent law abiding citizens in their home country then you are very naive.

[Carl Johnson]

keep crying buddy, clearly your jealous and envious

Jealous and envious? No way man. There is an idiot on every other side of a transaction. I love these guys with their big investment account helping a lot of Canadians free up their equity.

[RFlush]

I don't have any statistical date to back up my claims. I can only speak from my personal experience in dealing with other Chinese. If you think all these guys coming over snatching up million dollar properties are all decent law abiding citizens in their home country then you are very naive.

So because of your personal experience that probably composes of less than 1% of the Chinese population, you will base your fact less judgment that all the rich people from China who come here, are all corrupt. And you base this on your instinct but with no actual proof.


I can see you have never written a university paper.

[wouwou]

I don't have any statistical date to back up my claims. I can only speak from my personal experience in dealing with other Chinese. If you think all these guys coming over snatching up million dollar properties are all decent law abiding citizens in their home country then you are very naive.

how is thinking all the rich Chinese snatching up properties are all corrupt NOT naive?

[Ferra]

I don't have any statistical date to back up my claims. I can only speak from my personal experience in dealing with other Chinese. If you think all these guys coming over snatching up million dollar properties are all decent law abiding citizens in their home country then you are very naive.
most of these mainlander probably made their money in China before they immigrated to Canada...(poor mainlander don't immigrate)

Plus...it won't be easy for CRA to track income & asset these ppl have in China....China ain't known for transparency...and I don't think there is any Canadian-Chinese disclosure agreement unlike what we have with some european countries

but honestly guys...this is just how capitalism and free market works...
some ppl gain some ppl lose....too bad most of you guys are on the wrong side of the fence

[Carl Johnson]

I said many not all in my original post. I certainly did not generalize it as something that all Asians do. I think it's better if we just focus just on the issue of this thread and not take it too personal RFlush.

[taylor192]

but honestly guys...this is just how capitalism and free market works...
some ppl gain some ppl lose....too bad most of you guys are on the wrong side of the fence
Capitalism is about supply and demand, which one always lagging the other. This creates the proverbial "side of the fence" you quote, yet don't mistake that for "its greener on the other side". Today would be a good time to hop the fence and the supply/demand pendulum of capitalism is showing signs of swinging the other direction.

Government rule changes (lower rates, longer amortizations, higher TDS/GDS, lower downpayments) led increased demand and supply could not keep up.
Government rule changes (shorter amortizations, tougher rules for secondary properties, less refinancing) will lead to decreased demand, while supply is at all time highs.

[originalhypa]

No offense, but thank god for Chinese investment.
I'm selling my Morgan Creek house. EI keep lowballing me, and white people can't afford it. If not for the chinese, I'd be stuck renting to some HA associate who would use the basement for a grow op.

[taylor192]

Many US cities experienced the same Asian buying phenomenon that Vancouver is - yet with prices down across the board in the US we're not hearing stories of Asians saving those cities from melt downs or buying up all the property.

So what happened? Honest question cause it will be important to know for Vancouver.

Sure, perhaps Asians are buying Vancouver property cause it is cheap - yet from what I understand of Asian culture, they like getting their money's worth. Why would they keep buying in a market that starts tanking? This could explain why American cities with significant Asian investment were not saved from the housing bubble either - yet honestly I do not know enough about Asian culture to know, I can only guess based on what data is out there.

[twitchyzero]

No offense, but thank god for Chinese investment.
I'm selling my Morgan Creek house. EI keep lowballing me, and white people can't afford it. If not for the chinese, I'd be stuck renting to some HA associate who would use the basement for a grow op.

:lol

[taylor192]

No offense, but thank god for Chinese investment.
I'm selling my Morgan Creek house. EI keep lowballing me, and white people can't afford it. If not for the chinese, I'd be stuck renting to some HA associate who would use the basement for a grow op.

Serious question: Why are you thanking the posts that reference giving preference to local buyers?

You've obviously benefited greatly from the current rules, so changing to a market that discourages speculation would not be to your advantage.

[originalhypa]

Serious question: Why are you thanking the posts that reference giving preference to local buyers?

You've obviously benefited greatly from the current rules, so changing to a market that discourages speculation would not be to your advantage.

Let's face it, the businessman in me loves foreign investment.
But the xenophobe in me wonders what harm we're doing to our own fragile culture by allowing this mass entry of foriegners, many of which are using our country as a low tax investment haven.

I like when foriegn money helps our whole community. It seems that's becoming less frequent now. The focus seems to be building "little china" rather than helping current BC.

[taylor192]

More fuel for the fire:

http://www.cbc.ca/canada/british-columbia/story/2011/02/10/bc-olympic-village-plan.html

Coles:
- 480 units remain unsold
- 230 units will be offered at 30-50% off
- 130 units will be rented at a loss and sold later
- 120 units will remain off the market. These are the $1M+ luxury units.

Even at 30% off they are still overpriced and undersized compared to equivalent new construction in the area. So it will be interesting to see how the developments surrounding the OV respond.

All 480 units will not be released for sale cause the market cannot handle it right now. Active listings are near the record 2009 high, while sales-listing ratios are below normal levels, even after factoring in increased activity after the mortgage rule change announcement and people trying to beat the Mar change date.

[Death2Theft]

Quote from craigslist
Too bad it was a ruse. The “Chinese realtors” that Key promoted to the media and on its web site were actually local Vancouver real estate agents and brokers. The two featured in Global’s report – Lu Wei and Chris Chan – work and live in Burnaby and downtown Vancouver, for Regent Park and Coldwell Banker. And the helicopter ride was not about showing Mainland Chinese investors other parts of the Lower Mainland to consume, but rather just to flog a single new 17-storey condo in White Rock which Key Marketing was hired to promote for presales.

[bloodmack]

Weird. I'm in White Rock all the time and it still seems pretty damn white to me. Guess the OB crowd scares away the C-Lai's... :lol

This^

I have tons of family who live in white rock who own multiple houses and I've seen more EI's and Whites then asians..

[Death2Theft]

Really does that % in whiterock still hold true of the schools? Or is it really 80% asian too?

[originalhypa]

All 480 units will not be released for sale cause the market cannot handle it right now. Active listings are near the record 2009 high, while sales-listing ratios are below normal levels, even after factoring in increased activity after the mortgage rule change announcement and people trying to beat the Mar change date.

Can you imagine the shitshow if they released them all at once?
That would be the last nail in the GVA condo coffin.

investors be all like, :eek5r:


This^

I have tons of family who live in white rock who own multiple houses and I've seen more EI's and Whites then asians..

When we moved there in 07' it was a very white town. Old people, white people, and a few EI. We moved out in August of 2010 and by that time I was noticing a lot more asian people taking advantage of the services. By my kid's last lesson, the pool in WR had more asian kids than white kids. Ice skating, we doubled the amount of asian kids in two years. Around my kid's school it reminded me of Coquitlam circa 1995. This happened around 2009, pretty much the same time this place opened.

http://www.southridge.bc.ca/

There are a lot of asian kids in that school. A lot.

Don't think I'm saying it's a bad thing. For the most part, I really liked my asian neighbors and members of society. They were quiet, respectful, and thoughtful like most of the asian people we came across in our daily routine. Granted, I was used to going to Richmond twice a week just for lunch and dinner.

Man they make good food in Richmond. White Rock had no good asian cuisine outside of Leela Thai on 152nd.

[m!chael]

It's a dog eat dog world out there. These mainlanders are smart because they see an opportunity and they take advantage of it. Yeah it definitely sucks that none of us will ever be able to afford a house in Vancouver, but at the end of the day, its results that matter, and those mainlanders are delivering a better life for their family, props to them.

The thing I don't understand is why people here are so whiny and passive. These are the cards that you are dealt, now go out there and take advantage of the world. First of all, study hard and get a good job. Get an education, or get experience. If you really want it you'll study hard, you'll network, meet people, use family connections, work long hours, put your savings on the line. You need to do whatever it takes to be successful.

Second of all, people move cities and countries all the time. A lot of the rich white people that you see in Vancouver right now were just at the right place at the right time, with a bit of ambition. People need to go out there and find the right place for this right time. Move somewhere that's just starting to develop and there's tons of potential for future growth and make your money. Take advantage of it. And as long as you're young, moving should be easy as fuck. Were in the 21st century, its not like we have to take a boat for 5 months while losing half of the passengers to scurvy just to get to another country.

Also, Vancouver is a city for people who have already made their money and want to live a nice quiet life. Drinking isn't allowed on the street. Everything is expensive. The women are stuck up. The party scene is gross (go to a rave elsewhere in the world and compare that to the drug infested cesspool that is a rave at the pne). Why would any young person want to live here in their 20's is beyond me, unless of course you're still getting your education together.

Moral of the story: If you want it, you'll get it.

Hope you guys take advantage of this nugget of wisdom.

[Mr.Money]

Moral of the story: Moar Dirty Asian Vag in the future...

[insomniac]

the realtor that started this was raymond chan.. my mom's old co-worker from Regent Park Realty a decade back..
mom has been telling me he wants to sell mainlanders homes in white rock.. driving them away from west van by saying that "most west van properties are rented.. just look at ubc"..

:facepalm:

[taylor192]

Alright, I have to ask - what is an "EI"? :)

[Slifer]

East Indian?

[CKLCKL]

punjabiiiiiiiiiiiiiiiiiiiii

[shenmecar]

Why don't mainlanders just go to the states, houses there are so much cheaper.

[jasonturbo]

To me this is nothing more than typical real estate hype.

You can't take one instance and try to play it up like a trend... unless of course youre the media who has a vested intrest in maintaining healthy relationships with their advertising customers. (Main customers being real estate companys.)

[taylor192]

Why don't mainlanders just go to the states, houses there are so much cheaper.
I already asked this question.

Some American cities had similar experiences as Vancouver with rich Asians buying property... so when prices dropped it would make sense that they continue buying up entire cities. Yet that has not seemed to happen.

Forgive my stereotype, yet I've heard lots of jokes of Asian families keeping their couches wrapped in plastic. I know that's not universally true, yet it does say something about how Asian culture tries to retain the value of what they own. Do you think the same people who keep their couch wrapped in plastic will want to buy a house decreasing in value?

[wouwou]

Why don't mainlanders just go to the states, houses there are so much cheaper.

They are.

they are buying condos by the building for rental purposes.

[bloodmack]

Why don't mainlanders just go to the states, houses there are so much cheaper.

They are, just finished picking up a couple houses in vegas :woot2:

[TRDood]

I already asked this question.

Some American cities had similar experiences as Vancouver with rich Asians buying property... so when prices dropped it would make sense that they continue buying up entire cities. Yet that has not seemed to happen.

Forgive my stereotype, yet I've heard lots of jokes of Asian families keeping their couches wrapped in plastic. I know that's not universally true, yet it does say something about how Asian culture tries to retain the value of what they own. Do you think the same people who keep their couch wrapped in plastic will want to buy a house decreasing in value?

Haha, so true. My television still have the pastic wrap. It's been almost 2 years.
Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)

[achiam]

People who think this is a real estate bubble are idiots.

Local people earning 100-200k are NOT the buyers who pay cash/no mortgage on multi million dollar homes -- they are all offshore China people.

And China is exponentially getting richer -- do you think this flood of people is going to plateau?

[VK79]

^

That's the general idea but there are certain groups of people who insist that there will be a big burst like in 1981, 1989 and 1995. Trouble is, if the bulk of these buyers are local investors then yes it will drop sooner or later, heck, bubble would have burst long ago.

So long as there is a steady flow of cash rich migrants/investors prices will continue to rise. Unless there is a sudden rule change to foreign/investment purchases or Vancouver just becomes a shithole and is not a desirable place to live in anymore there is no reason why the bubble will burst where there is so much demand.

[sundance1911]

I am fine with foreigners coming into this country and buy up properties. Because we Canadians do the same as well like in states and Europe. But let's face it, many of these Chinese millionaires who are buying properties here got rich through some type of fraud and tax evasion in the past. If the CBSA and CRA wants to play hard ball and dick around with them, some of these guy could face criminal and civil charges.

er...you are sadly mistaken. Most of these millionaires and business men back in China and they got where they are thru hard work and dilligence...please enlighten me how you can have a fortune by tax evasion?? to evade tax you gotta have the money to begin with.

[Meowjin]

It's a dog eat dog world out there. These mainlanders are smart because they see an opportunity and they take advantage of it. Yeah it definitely sucks that none of us will ever be able to afford a house in Vancouver, but at the end of the day, its results that matter, and those mainlanders are delivering a better life for their family, props to them.

The thing I don't understand is why people here are so whiny and passive. These are the cards that you are dealt, now go out there and take advantage of the world. First of all, study hard and get a good job. Get an education, or get experience. If you really want it you'll study hard, you'll network, meet people, use family connections, work long hours, put your savings on the line. You need to do whatever it takes to be successful.

Second of all, people move cities and countries all the time. A lot of the rich white people that you see in Vancouver right now were just at the right place at the right time, with a bit of ambition. People need to go out there and find the right place for this right time. Move somewhere that's just starting to develop and there's tons of potential for future growth and make your money. Take advantage of it. And as long as you're young, moving should be easy as fuck. Were in the 21st century, its not like we have to take a boat for 5 months while losing half of the passengers to scurvy just to get to another country.

Also, Vancouver is a city for people who have already made their money and want to live a nice quiet life. Drinking isn't allowed on the street. Everything is expensive. The women are stuck up. The party scene is gross (go to a rave elsewhere in the world and compare that to the drug infested cesspool that is a rave at the pne). Why would any young person want to live here in their 20's is beyond me, unless of course you're still getting your education together.

Moral of the story: If you want it, you'll get it.

Hope you guys take advantage of this nugget of wisdom.

maybe because people are born curious to know what outside forces are causing them to be in a social trap?

[wouwou]

er...you are sadly mistaken. Most of these millionaires and business men back in China and they got where they are thru hard work and dilligence...please enlighten me how you can have a fortune by tax evasion?? to evade tax you gotta have the money to begin with.

no tax = additional 20-30% profit.

No invoice, no tax, and I am going to stop at that before going into more detailed description

[sundance1911]

no tax = additional 20-30% profit.

No invoice, no tax, and I am going to stop at that before going into more detailed description

yeah...you talk like white people don't evade tax..get over it

[Meowjin]

yeah...you talk like white people don't evade tax..get over it

wouwou is asian :failed:

[jasonturbo]

People who think this is a real estate bubble are idiots.

Local people earning 100-200k are NOT the buyers who pay cash/no mortgage on multi million dollar homes -- they are all offshore China people.

And China is exponentially getting richer -- do you think this flood of people is going to plateau?


Yeah anyone who think this is a real estate bubble must be stupid...

2007 would suggest the market here is a bit.. fragile?
http://www.google.ca/url?source=imgres&ct=img&q=http://vancouverreflections.com/files/2008/12/avggraph2.jpg&sa=X&ei=8IhWTf2wFor6swOggfWsBQ&ved=0CAQQ8wc4AQ&usg=AFQjCNEJjQLh5W5brtdx99rnnkl6IQ_XEQ

Up to date graph...
http://www.google.ca/url?source=imgres&ct=img&q=http://vancouverreflections.com/files/2010/12/avgGraph2.jpg&sa=X&ei=rIlWTZGZCoWesQOWs_WpBQ&ved=0CAQQ8wc4BA&usg=AFQjCNF1AUlP2nWj0BidTXjuroJ-9venSQ


Nothing "bubbly" about those graphs...

I thought this was cute,

http://www.greaterfool.ca/wp-content/uploads/2011/01/CREA.jpg

I think I'll stick with people like Robert Shiller (Guy who predicted dot.com crash and US real estate crash.. who is also predicting the same for Canada) and Garth Turner (greaterfool.com) when seeking advice in Real estate... Not Global News.

There is a reason that 0/40, and now 5/35 mortgages have been done away with, cause people are over leveraged against an over-valued asset (Housing). The Govt. has recognized this and is finally doing somehting to quell the record debt-to-income ratios in Canada which are actually worse than our American cousins. Sad thing is, it's more difficult for a price correction to occur in Canada due to CMHC insurance, which basiclly prevents the bank form having a care in the world with who they lend money too. With VRM's getting more expensive as rates creep up, tighter lending standards, and an excessive supply of housing in most parts of Canada... you can expect prices to go down.

If you want to get techinical, RE is already down in the lower mainland and most of Canada, just instead of telling you about the drop in sales during 2010, they tell you the average price of a sale has increased... and it has because the only property's selling right now are on the higher end of the price spectrum, first time buyers are either no longer interested in buying RE, or can no longer get financing.

Have a look at yearly sales 2009 vs 2010, and look at the forecast from BCREA for 2011 lol Surprise they expect RE to jump right back up so NOW IS THE TIME TO BUY!!! (Oh wait according to them "now is always the time to buy")

http://www.google.ca/url?source=imgres&ct=img&q=http://www.buyric.com/news/files/2011/01/1-Vancouver-CMA-MLS-Sales-Forecast-November-10-2010.jpg&sa=X&ei=JpBWTdnEIIL0tgO2gO2pBQ&ved=0CAQQ8wc4AQ&usg=AFQjCNFiHW9sHnOTS5lqv-E0EROoe0MljQ

I'm sure there is people that disagree with me, any home owner in the lower mainland doesn't like hearing that they are looking at losing the equity they have in their homes. But don't sit there and say how RE is going crazy $$$ and the idea of a housing bubble in Canada is idiotic... because there is a lot of information/data which would point to us potentially seeing a RE price melt over the next decade.

If you're gonna hate, at least come back with something to support your agruement thanks :)

[wouwou]

wouwou is asian :failed:
what he said :fullofwin:
yeah...you talk like white people don't evade tax..get over it

they do, but they get caught, there is a reason why no body fucks with CRA.

On the other hand, I am currently working in DG, China right now, and I have picked up QUITE A BIT of TE techs involving currencies and VATs :spamarama:

[Ferra]

Yeah anyone who think this is a real estate bubble must be stupid...

If you're gonna hate, at least come back with something to support your agruement thanks :)
your post is kinda confusing....you first suggest no bubble, then you argue prices must go down...?

anyway...these sort of technical view is just too subjective....I've seen sooooo many ppl argued that there was a housing bubble since back in 2005/6, by pointing at those same graph trend and comparing the house prices and affordabliltiy with historical data and with other provinces...

[Ferra]

what he said :fullofwin:


they do, but they get caught, there is a reason why no body fucks with CRA.

On the other hand, I am currently working in DG, China right now, and I have picked up QUITE A BIT of TE techs involving currencies and VATs :spamarama:
then maybe CRA should start cracking down on those criminals who drives an $100K car and live in a million dollar mansion, yet don't report a dollar in earning...

[RFlush]

]
On the other hand, I am currently working in DG, China right now, ]

You're in DG right now? Meet up in Chang Ping next weekend? :fullofwin:

[wouwou]

You're in DG right now? Meet up in Chang Ping next weekend? :fullofwin:

why the hell would I do that?

their services "sucks" :fullofwin::fullofwin:

[wouwou]

then maybe CRA should start cracking down on those criminals who drives an $100K car and live in a million dollar mansion, yet don't report a dollar in earning...
it's almost impossible for CRA to do that without the help of the Chinese authorities as well as the banking, and tax department to get the full picture on someone's financial status.

and that's not happening, not at a reasonable cost and within a reasonable time frame anyways.

[ilvtofu]

that fat mainlander looks like choji

http://www.animewolken.nl/naruto/images/choji.bmp

Lmao I've known that guy since I was a kid because my dad is in real estate haven't really seen him in a while though. He's always had hair like that even 10-15 years ago.

is it just me or is it pretty pointless to go on a helicopter ride when google earth/streetview is so easily accesible?

[originalhypa]

If you're gonna hate, at least come back with something to support your agruement thanks :)

after that whole tirade, you fail to recognize that one has to live somewhere. we can't all live in mom's basement until we're 50 years old. consider the costs of long term renting, and you see that if you're not taking an active stance on your investments, you'll end up old, with few assets, and no firm housing established.

i've seen this with our older generation. guys who have been renting for 35 years, and now are coming up to 60 years old. They all recognize that they should have bought years ago.

[jasonturbo]

your post is kinda confusing....you first suggest no bubble, then you argue prices must go down...?

anyway...these sort of technical view is just too subjective....I've seen sooooo many ppl argued that there was a housing bubble since back in 2005/6, by pointing at those same graph trend and comparing the house prices and affordabliltiy with historical data and with other provinces...

The comment about no bubble was a satire, and yes I think there is a bubble and it's bound to pop... thought it wont burst like the USA, it will be a slow grind.

Again, my 0.02$

The only people that win when housing balloons is developers, realtors, and mortgage brokers/bankers...so no sane person outside of those industries should want housing to skyrocket.

[jasonturbo]

after that whole tirade, you fail to recognize that one has to live somewhere. we can't all live in mom's basement until we're 50 years old. consider the costs of long term renting, and you see that if you're not taking an active stance on your investments, you'll end up old, with few assets, and no firm housing established.

i've seen this with our older generation. guys who have been renting for 35 years, and now are coming up to 60 years old. They all recognize that they should have bought years ago.

In the long run, yes, supply and demand would basically force the increase in prices.

But there is a big difference between buying this year at 600k, and in 3 years at 450k.

PS: I'm a renter, the money I "haven't" spent on a down payment is collecting me an average of about 7% return (Safely), for a similar place to mine with a conventional downpayment/traditional mortgage rates/condo fee's and maintenance I would be spending about an extra 1k/month to own assuming nothing serious goes wrong.

So lets say over three years, if I wanted to sell... between the sad sum that pays down the principle, what the realtor takes, what I have lost to cmhc, what I have spent on maintenance and condo fee's, etc, I would have to sell for the same price i paid JUST TO BREAK EVEN, not a cent more financially ahead.

Where as renting during this time, I saved 50k down, and an additional 1k/month for a total of 36 months (36k)... plus the 7% I made off my 50k year over year and the additonal funds I could add that I saved from the costs of ownership every month getting a similar return.

So after 3 years of home ownership I make nothing, unless housing goes up, and if it goes down I lose money.

Versus my actual situation where over three years I can expect my 50k down to turn into 50k down, 36k saved in monthly costs, and 7% return which at the end of the day would probably work out to something along the lines of an additional 15k made off very safe investments... putting me at 101k...

Housing for some people might be a better way to spend money, but for me it makes more sense to rent. Plus I dont know where my career will take me, so I could be forced into the position of selling... potentially at a loss... real estate is among the most illiquid of all financial assets.. and I don't like that.

But if you don't view your home as an "investment" then none of this matters.

Had to type this quick, sorry if it's kinda fucked up.. point is you are not "throwin away money when you rent".. if you do it the right way.

[Carl Johnson]

er...you are sadly mistaken. Most of these millionaires and business men back in China and they got where they are thru hard work and dilligence...please enlighten me how you can have a fortune by tax evasion?? to evade tax you gotta have the money to begin with.

You obviously have never heard of the phrase: A penny saved is a penny earned.

[taylor192]

after that whole tirade, you fail to recognize that one has to live somewhere. we can't all live in mom's basement until we're 50 years old. consider the costs of long term renting, and you see that if you're not taking an active stance on your investments, you'll end up old, with few assets, and no firm housing established.

i've seen this with our older generation. guys who have been renting for 35 years, and now are coming up to 60 years old. They all recognize that they should have bought years ago.
This advice all depends on where you live, and how you live.

Japan has suffered 20 years of housing declines. Renters would have been far better off than owners stuck paying mortgages worth more than the property, with negative gains.

Germany rents, < 50% own, and they are one of the economic powerhouses. Houses have been flat with inflation for 15+ years cause there are rules against speculation.

I have a couple older friends that have rented their entire lives and are very well off. Its because renting allows them to be mobile and take jobs that pay very well, also to move and escape areas when there are downturns - unlike home owners who are anchored to their location.

There's studies that show if you buy/sell more than a couple times you're actually not doing much better by owning, since so much is lose in the transactions. Considering the average Vancouverite wants to start in a small condo, then move to a home, then have to sell the home for retirement, likely they will move enough times to make owning technically unprofitable - I say technically cause most people will not track the entire history of expenses, only the final profit.

So while I know your comment has been true of the last several decades in Canada, you nor I cannot predict the future. Housing may follow Japan and trap people in wealth traps. Housing my follow Germany and provide no gains if further measures to curb speculation are implemented. Who knows!

I will say that in the short term it does not look good, the deck is stacked against ownership. Renting is cheaper than buying right now, so while older people may regret not buying decades ago, younger people may profit from not buying today and waiting a decade.

[alpinestars]

this is an interesting strategy. are there any leads (such as magazines, websites) which could provide further insight into similar topics?

in b4: huhuhu go read a newspaper and figure it out

This advice all depends on where you live, and how you live.

Japan has suffered 20 years of housing declines. Renters would have been far better off than owners stuck paying mortgages worth more than the property, with negative gains.

Germany rents, < 50% own, and they are one of the economic powerhouses. Houses have been flat with inflation for 15+ years cause there are rules against speculation.

I have a couple older friends that have rented their entire lives and are very well off. Its because renting allows them to be mobile and take jobs that pay very well, also to move and escape areas when there are downturns - unlike home owners who are anchored to their location.

There's studies that show if you buy/sell more than a couple times you're actually not doing much better by owning, since so much is lose in the transactions. Considering the average Vancouverite wants to start in a small condo, then move to a home, then have to sell the home for retirement, likely they will move enough times to make owning technically unprofitable - I say technically cause most people will not track the entire history of expenses, only the final profit.

So while I know your comment has been true of the last several decades in Canada, you nor I cannot predict the future. Housing may follow Japan and trap people in wealth traps. Housing my follow Germany and provide no gains if further measures to curb speculation are implemented. Who knows!

I will say that in the short term it does not look good, the deck is stacked against ownership. Renting is cheaper than buying right now, so while older people may regret not buying decades ago, younger people may profit from not buying today and waiting a decade.

[Death2Theft]

Again no one gets your satires so stop being a smartass bitch and get to the point.
The comment about no bubble was a satire, and yes I think there is a bubble and it's bound to pop... thought it wont burst like the USA, it will be a slow grind.

Again, my 0.02$

The only people that win when housing balloons is developers, realtors, and mortgage brokers/bankers...so no sane person outside of those industries should want housing to skyrocket.

[rocksforsale]

ive heard of this really rich, but asshole of a businessman from mainland china who would jack up the prices of richmond real estate with his evil genius method.. he buys ALMOST ALL the properties/houses that qualify as a "hot find" (to the chinese community), then he resells them for a higher price almost immediately

[SuperSlowSS]

Fucking mainlanders driving up the price of real estate

...so whos doing the selling? :)

only thing i got to say to those fools is... GOOGLE MAPS! could saved them a few Ks.. lol

[penner2k]

ive heard of this really rich, but asshole of a businessman from mainland china who would jack up the prices of richmond real estate with his evil genius method.. he buys ALMOST ALL the properties/houses that qualify as a "hot find" (to the chinese community), then he resells them for a higher price almost immediately

Smart move..

[Jermyzy]

The general public can't afford whiterock ANYWAYS. I will say this, I work in White Rock. There are 4 types of people that live there

1. Company execs who can afford a home there
2. Retired
3. Families that act as homestay collect $$ to let a chinese/korean student live with them
4. RICH CHINESE that live around OCEAN PARK/MORGAN CREEK

with grandview corners picking up traffic, well, it just adds to the high price real estate in the area

Haha, I work in White Rock too and I totally agree with your post. I never really thought about number 3 until you mentioned it, but it's true!

[m!chael]

maybe because people are born curious to know what outside forces are causing them to be in a social trap?

Just because you scratch your ass doesn't mean you need to smell your fingers, braaah.

[Meowjin]

Just because you scratch your ass doesn't mean you need to smell your fingers, braaah.

That's not related.

[taylor192]

ive heard of this really rich, but asshole of a businessman from mainland china who would jack up the prices of richmond real estate with his evil genius method.. he buys ALMOST ALL the properties/houses that qualify as a "hot find" (to the chinese community), then he resells them for a higher price almost immediately

Realtors were doing this during the bubble. They get the inside info on great deals and would negotiate sales before the listing even hit the public domain of MLS, then resell immediate for a profit.

This is why Realtors are crooks, they do not abide by their own code of ethics.

[m!chael]

.

[Manic!]

ive heard of this really rich, but asshole of a businessman from mainland china who would jack up the prices of richmond real estate with his evil genius method.. he buys ALMOST ALL the properties/houses that qualify as a "hot find" (to the chinese community), then he resells them for a higher price almost immediately

So??? That's how business works.

[Hondaracer]

Realtors were doing this during the bubble. They get the inside info on great deals and would negotiate sales before the listing even hit the public domain of MLS, then resell immediate for a profit.

This is why Realtors are crooks, they do not abide by their own code of ethics.

I know many realtors personally who still do this.. Swindle old folks into selling their home below market value, their friends buy and lipstick Reno the house for a couple grand and end up making 30-50k profit
Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)

[liu13]

Fucking mainlanders driving up the price of real estate

http://www.sourcejuice.com/wp-content/uploads/2008/01/rocket-launcher.jpg

GTFO

Moral of the story: Moar Dirty Asian Vag in the future...

http://knowyourmeme.com/i/000/061/954/original/Kobe-U-Mad.jpg?1280204582

[Spectre_Cdn]

ive heard of this really rich, but asshole of a businessman from mainland china who would jack up the prices of richmond real estate with his evil genius method.. he buys ALMOST ALL the properties/houses that qualify as a "hot find" (to the chinese community), then he resells them for a higher price almost immediately

Realtors were doing this during the bubble. They get the inside info on great deals and would negotiate sales before the listing even hit the public domain of MLS, then resell immediate for a profit.

This is why Realtors are crooks, they do not abide by their own code of ethics.

I know many realtors personally who still do this.. Swindle old folks into selling their home below market value, their friends buy and lipstick Reno the house for a couple grand and end up making 30-50k profit
Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)

And.... a specific case is mentioned in this week's Richmond Review:
http://www.bclocalnews.com/richmond_southdelta/richmondreview/news/115999809.html

Imagine Jim Davis’ surprise when he learned his home was again being offered for sale even before the deal he’d signed in December had passed its completion date.

After Davis’ mother passed away last year, he and his brother inherited her Jesmond Avenue split-level house in desirable West Richmond.

They sold the property to a man who claimed he was going to build his dream home for his wife and child.

But last Friday, a phone call from a realtor alerted Davis to the fact that the buyer was actually trying to flip his property for a $100,000 profit, one of many such transactions currently underway in Richmond’s white-hot real estate market.

“I feel like I’ve been snookered,” Davis said from inside his mom’s home. “If they’d just been honest with me up front...”

Davis said he was fully aware that in the sales agreement, it’s clearly stated that the buyer had the right to effectively re-sell the home. But he would have appreciated it if the buyer had let him know he was going to act on that provision.

The company behind the deals, New Land Strategies Corp., 703-6081 No. 3 Rd., has upwards of 10 similar Richmond properties currently available.

The Review was recently contacted by two realtors who were concerned about the unusual practice, the likes of which hasn’t been seen in Richmond since the late 1980s.

New Land, and owner Ze Yu Wu, has spammed a list of the properties to local realtors: 9711 Stilmond Rd., 3460 Raymond Ave., 3531 Jesmond Ave., 8720 Kelmore Rd., 10740 Reynold Dr., 10100 Bamberton Dr., 9860 Berry Rd., 8360 Lunen Rd., 6391 Mara Cres. The Review was unable to reach Wu for comment.

In the case of one of the homes, owner John A. Taggart wouldn’t comment after being contacted by The Richmond Review. He said he is the chair of the local property assessment review panel for BC Assessment, and wouldn’t say whether he’s aware his home is currently on the market for $1.19 million.

Purchasing homes and assigning them to a third party during the standard three-month window before a house transaction completes, isn’t exactly a common practice.

And it isn’t illegal as long as the seller has been made aware, and that those details are contained in the contract of purchase and sale.

Tsur Somerville, of the Sauder School of Business at the University of B.C., said house values don’t traditionally change that much in a three-month span.

But Richmond’s real estate market is currently an exception. A 7,500-square-foot parcel of land in a desirable neighbourhood that once sold for $750,000 in October now commands in the neighbourhood of $1 million.

The reason: buyers from China are scooping up properties on which they can build $2 million mansions. The last three months of furious sales activity has driven up the benchmark and median selling price of local homes above $1 million for the first time.

Richmond realtor Tony Ling said he received the spam e-mail and trashed it immediately.

“I think that any professional real estate agent could see right through this,” he said.

Ling said that he prides himself in his hard-earned reputation built over many years, and associating himself with people who flip properties can seriously damage that.

“This guy appears to be trying to make a quick buck.”

UBC’s Somerville said that if a realtor is doing his or her job and properly monitoring the market for the seller, the seller should get market value for their home.

But at least some of the properties listed by New Land were private sales, where no realtor represented the seller, and only the buyer was represented by a professional.

This can seem attractive because the commission can be cut in half, saving the seller upwards of $10,000.

But in cases where the market changes swiftly, the seller can be left shortchanged, though in Davis’ case, he’s not upset about that.

If he’d been told up front that the buyer wanted to try to flip the property, he would have been fine with that and sold it to him anyway.

Somerville said that for some sellers, their home is more than just an asset, holding sentimental value.

“I think people do care about what the seller will do with a house that they’ve been living in for 30 years.”

[originalhypa]

Good points jasonturbo.
If you're smart with your money while renting, I can see it being a good opportunity to use your money in investments with higher ROI. The one caveat to that, is there are far more renters who will spend that extra money on items that have a negative ROI, like cars or big TV's. Prime example, one of my renters has a lot of cars. His reason for renting is that he can't afford to buy a house like it, but he needs the space for his cars. It's that kind of convoluted thinking that get's people in trouble, and gives renting a bad name.

taylor, you hit it right on the head with this.
So while I know your comment has been true of the last several decades in Canada, you nor I cannot predict the future. Housing may follow Japan and trap people in wealth traps. Housing my follow Germany and provide no gains if further measures to curb speculation are implemented. Who knows!

I'm just hoping my place sells soon so I can get that money out of real estate, and into more diverse holdings. It hurts me to admit this, but it's scary to be in R/E nowadays.

[taylor192]

taylor, you hit it right on the head with this.

I'm just hoping my place sells soon so I can get that money out of real estate, and into more diverse holdings. It hurts me to admit this, but it's scary to be in R/E nowadays.
That's been my advice all along! :woot2: Does this mean you're not going to ban me anymore :p

I think our opinions have more in common than we're willing to admit, since we both (me especially) have posting styles that can create confrontation. :D

[originalhypa]

you sir, may just be right.
:lol


It's been good though. You have caused me to rethink the current situation, and for that I thank you. If this thread hadn't come up there's a bloody good chance I wouldn't have even thought outside of my safety zone.

:thumbsup:

[CanuckStorm]

Good points jasonturbo.
If you're smart with your money while renting, I can see it being a good opportunity to use your money in investments with higher ROI. The one caveat to that, is there are far more renters who will spend that extra money on items that have a negative ROI, like cars or big TV's. Prime example, one of my renters has a lot of cars. His reason for renting is that he can't afford to buy a house like it, but he needs the space for his cars. It's that kind of convoluted thinking that get's people in trouble, and gives renting a bad name.

taylor, you hit it right on the head with this.


I'm just hoping my place sells soon so I can get that money out of real estate, and into more diverse holdings. It hurts me to admit this, but it's scary to be in R/E nowadays.

Financially illiterate people will always lose out whether they rent or own. I have had friends buy R/E claiming that it is forced savings. Guess what? Those are also the first people to take out home equity loans and as we speak they have virtually no equity. Also, such people do not realize that you need to save for capital intensive home repairs like water heater, furnace e.t.c .

Your tenant would have wiped out all the equity in their home in order to buy depreciating cars.

As for me. I am a very savvy investor and a frugal saver as well. I might be house poor but my liquid bank balance is not too shabby.

[m4k4v4li]

thats wonderful^