Vancouver's Real Estate Market

[westopher]

I'd pay myself a salary as the building manager that makes sure there isn't a penny left at the end of the month for the siblings after the bills are paid. If they don't like that, they can figure out what to do.
But yeah inheriting like 10 million dollars is truly heartbreaking.

[JDMDreams]

Who owns it? If the mom is still alive then the sisters gets nothing. Yes, just take a cut to be a building manager. Or Evict and Jack up rent.

[whitev70r]

Sell ... based on the rent per unit, building is OLD and/or you have LONG time tenants there that your rent increase can only match whatever is allowed. If old building, headache to upkeep, things continue to go south in terms of repairs.

12 unit rental building in East Van has to be $3.5-5M range? Take that and run.

[carsncars]

Originally Posted by PeanutButter

I was talking to a client today and their mom owns a 12 unit rental building in east van. Their father passed away last year and he was handling all the property management and rent payments. Now that responsibility has fallen onto the older sister whom I was speaking with.

She's pretty stressed. Anyway, her sister and brother want to sell the place as they want nothing to do with it and they don't want to help with the management of the building.

The entire building is paid off, but the average rent there is around $1,200.

I'm just wondering if I were in the situation, what would the options be. I would probably want to keep the building, which means paying out the two siblings. But the cashflow from the building is so low, if I refinanced to pay out the two siblings, I wouldn't be able to support the payments based on that low rent. Which, would make me think, who would buy a rental with such low rents, it wouldn't make sense financially.

She was super emotional telling me this, but I was also thinking, it's a pretty good problem to have. So my sympathy for her was muted.

What would you guys do?

Assuming I had no interest in the business of running a rental building - which I don't - I would sell. I can think of many less stressful ways to put the proceeds of the sale to work. With the 1/3 share of the building's sale, if you really wanted to still invest in real estate, you could buy a condo or two and not have to deal with 12 tenants at a time and get to price those rentals at market rent.

[unit]

if after property taxes and maintenance there isnt a ton of money leftover, i'd sell. personally if i were to do that though i would wait at least 3 years for interest rates to drop a little and have more interest from buyers. its not a great time to sell right now especially for commercial since it was like 20% higher just a few years ago.

[PeanutButter]

Originally Posted by JDMDreams

Who owns it? If the mom is still alive then the sisters gets nothing. Yes, just take a cut to be a building manager. Or Evict and Jack up rent.

The rental apartment is still in the mothers name, but the mother has told the children they can do whatever they agree to. So whatever the children decide the mother will do.

The mom owns an original van special and has all her needs taken care of, she's close to 85 at this point. She doesn't need the money.

[JDMDreams]

I wonder if you can just hire a property manager to just run it for you, infinite money and no capital gains? ??? Profit

[Badhobz]

My question is why are you involved Mr Peanutty ? Fuck these guys. Let them deal with their own problems. Unless you got some monetary gain coming your way, let these rich people go hire some attorneys and hash it out.

The old lady is too old to give a shit
The kids all sound like they don’t give a shit
You shouldn’t give a shit either

[bcrdukes]

What would PeanutButter do? Please enlighten us!

[donk.]

Whoever gets their hands on that 12plex, is going to kick everyone out, renovate, then double / triple the rent, and profit 50-100% on purchase price.
Jeeeeaallooouuusssssss

[Badhobz]

He’d stick to the roof of your mouth and be like ohhhhhh this multiplex situation soooo sticky

[PeanutButter]

Originally Posted by Badhobz

My question is why are you involved Mr Peanutty ? Fuck these guys. Let them deal with their own problems. Unless you got some monetary gain coming your way, let these rich people go hire some attorneys and hash it out.

The old lady is too old to give a shit
The kids all sound like they don’t give a shit
You shouldn’t give a shit either

I mean, i'm not involved at all. The older sister is simply a client of mine. The type of work that I am in, I get to build very close relationships and I would dare to say my clients look at me as a friend. So, they routinely open up to me about their personal lives all the time.

She didn't ask for my opinion, she was just giving me a summary of her life at the moment (which a lot of my clients do). I was just curious what some of you would do in this scenario.

Also, life isn't all about money, I definitely don't have as much as some of you guys here, but I have enough. After a certain point, money doesn't buy happiness.

I told one of my buddies and he said he would try to pay off the tenants to move, renovate, get the rents up, and then it would be more attractive to keep or even sell.

[bcrdukes]

Imagine your client is on Revscene and is reading this.

[whitev70r]

^ it's a she/her ... isn't RS 99.9% male.

[bcrdukes]

Maybe her siblings are on the forum.

[westopher]

Originally Posted by whitev70r

^ it's a she/her ... isn't RS 99.9% male.

NOT WITH TRUDOPE IN OFFICE RS IS A BUNCH OF THEM THEYS NOW

[Hondaracer]

Stick a tampon in it

[donk.]

Originally Posted by Hondaracer

Stick a tampon in it

https://youtu.be/gtx0QV4-VxY?si=om-HtPegW3UyckYx
God dam this 1990 forum that wownt embed links

[SSM_DC5]

Originally Posted by Badhobz

My question is why are you involved Mr Peanutty ? Fuck these guys. Let them deal with their own problems. Unless you got some monetary gain coming your way, let these rich people go hire some attorneys and hash it out.

The old lady is too old to give a shit
The kids all sound like they don’t give a shit
You shouldn’t give a shit either

He gives us something to argue about if he gets involved.

If some kids "want nothing to do with it" and one does. Mother can hand over 100% to the one that does. If they weren't being literal with their statement and they still want some inheritance, then hire a management company to take over the day to day tasks. Older sister relieves herself of stress and other kids still get to take cheques to the bank without putting in work.

[PeanutButter]

Originally Posted by bcrdukes

Imagine your client is on Revscene and is reading this.

Haha I laughed out loud reading this.

She goes to church, bakes, and is a decent human being. Which pretty much excludes her from membership on this forum... Ya bunch of degenerates... Lol jk.

[Mikoyan]

Originally Posted by winson604

Damn! Killarney is that bad haha that will be my kids catchment school, I'm going to assume DT probably isn't too much better.

You too? The wife and I were just talking about this today. DT has a score of 7.1, Killarney 4.5 on the Fraser Institute report, not that those numbers really mean anything. We're just within the Killarney catchment, technically closer to DT though. What was interesting to me, is that Killarney's mini school changed over to a heavy IT/Comp Sci focus recently.
The kids have the wife's smarts, so they might be going to choice program of some sort, but with our luck, it'll probably be once across the city that we'd have to drive them to every morning.

[bcrdukes]

Throw them in to Britannia and that'll smarten them up even more!

Edit: Parents - Only enroll your kid at Britannia if you want to punish them.

[6793026]

Originally Posted by PeanutButter

The rental apartment is still in the mothers name, but the mother has told the children they can do whatever they agree to. So whatever the children decide the mother will do.

The mom owns an original van special and has all her needs taken care of, she's close to 85 at this point. She doesn't need the money.

nothing will make everyone happy.
I managed my own place and yeah i had to deal with no shows, backflow of poop on thx giving from a tenant of mine, kicking out weed growing tenants, squatter who got laid off. Again, this was a spand of 2 properties and 20 years.

At the end, it paid off all my mortgage. Keep in mind... people only sees.. OH you got it easy.

I'm ok dealing with CL and FB marketplace rentals... i cna't see how someon like my dad's age dealing with this.

just sell it all so there is no tension. No one needs the money and no one wants to put in hard work.

[PeanutButter]

No such thing as easy money. I hate it when people say, 'it must be nice'. They completely negate any hard work or time that was done to get to that point.

[68style]

The trust fund babies I went to Coachella with every year in the past disagree with you lol