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06-17-2024, 11:46 AM
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#31826 | | RS.net, helping ugly ppl have sex since 2001
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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.
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06-17-2024, 11:47 AM
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#31827 | | in the butt
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"Best time to buy a house was yesterday"
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Originally Posted by Mr.Money
i hate people who sound like they smoke meth then pretend like they matter.
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Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
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06-17-2024, 11:54 AM
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#31828 | | RS has made me the bitter person i am today!
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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  | |
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06-17-2024, 12:07 PM
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#31829 | | I subscribe to the Fight Club ONLY
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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. Quote:
Originally Posted by PeanutButter  If you can afford it, do you guys think it's always better to buy real estate in Vancouver (even in this climate)?
One of my uncles has a six bedroom house that him and his wife life in. Their two sons have moved out, they both have their own families and places in Vancouver.
He's thinking about moving to Kitsilano. His idea is to buy a place in Kits and rent out his current home.
He's looking at half duplexes so his budget is about $2.3M.
Which is like $460k down + $11k a month in mortgage payment + property tax. He said he could sell some more stocks and put like 30% down if needed.
He asked me what I thought and I just told him I think real estate is always a good idea if you can afford it. Especially in Vancouver. Based on history, real estate always goes up. The big challenge right now is that interest rates are so high, does it make sense as an investment? Maybe not, but if you're going to live there, I guess it's okay.
I would think his current house could rent out for $6k a month, but he would also have to pay tax on that income as the house is paid off, the expenses wouldn't be that high for that property to offset the income. | | |
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06-17-2024, 12:38 PM
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#31830 | | I *heart* Revscene.net very Muchie
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Originally Posted by hud 91gt 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. | Size and areas you're looking for? Quote:
Originally Posted by Traum 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. | Most lenders will count half year rent towards the mortgage application. Also depends on uncles LTV/TDSR.
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06-17-2024, 12:45 PM
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#31831 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
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Originally Posted by 6thGear. Vancouver cooks/chefs have the same thinking? My cousin, who caters, constantly opens up pop-ups in somewhat dumpy places with great food. | 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. Quote:
Originally Posted by Hondaracer There isn’t a place in Vancouver I’d wait 45+ minutes for lol..
Red wagon is typically the only place I ever stand in a lineup at and it’s usually under 10 minutes for 2 people.
I love when these totally half ass places have half their tables empty but resos presumably incoming, so they tell you an hour plus of a wait just to sit down. It’s like ok yea, don’t serve me your overpriced tacos and beer and keep all those tables empty for the no-shows, nice business model | 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.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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06-17-2024, 12:48 PM
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#31832 | | I have named my kids VIC and VLS
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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..
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06-17-2024, 12:53 PM
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#31833 | | Willing to sell a family member for a few minutes on RS
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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.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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06-17-2024, 12:59 PM
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#31834 | | I have named my kids VIC and VLS
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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
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Dank memes cant melt steel beams
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06-17-2024, 01:00 PM
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#31835 | | I contribute to threads in the offtopic forum
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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.
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06-17-2024, 01:15 PM
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#31836 | | I have named my kids VIC and VLS
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That’s just poor business practice.
It was tacos, not a beef Wellington lol
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06-17-2024, 01:42 PM
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#31837 | | private modder
Join Date: Feb 2002 Location: North Shore
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OEB's brioche french toast with cinnamon and orange blossom is one of my favourite things to eat. I'll give them that.
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06-17-2024, 01:53 PM
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#31838 | | Willing to sell body for a few minutes on RS
Join Date: Aug 2002 Location: Vancouver
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Originally Posted by Traum 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. | 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.
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Honest to fucking Christ the easiest way to get a married woman in the mood is clean the house and do the laundry.....I've been with the same girl almost 17 years, ask me how I know. - quasi
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06-17-2024, 01:57 PM
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#31839 | | RS.net, helping ugly ppl have sex since 2001
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Originally Posted by mikemhg No line ups 
My biggest gripe is lining up for breakfast, I think it's silly. | Does dim sum count as breakfast though?
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06-17-2024, 02:34 PM
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#31840 | | Rs has made me the woman i am today!
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Originally Posted by winson604 Does dim sum count as breakfast though? | No
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Originally Posted by MG1 In Mike we Trust | | |
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06-17-2024, 02:54 PM
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#31841 | | in the butt
Join Date: Aug 2016
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Originally Posted by Gumby 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. | Legally, no
Shady-ly, yes
Its only an issue if CRA audits you not an accountant
__________________ Quote:
Originally Posted by Mr.Money
i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by mikemhg
Clothes come off and my car is permeated with the smell of fillet-o-fish and canned tuna.
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06-17-2024, 02:54 PM
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#31842 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Feb 2002 Location: Vancouver
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Originally Posted by Gumby 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. | 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.
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Crush - 1971 Datsun 240z - Build Thread
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06-17-2024, 03:29 PM
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#31843 | | My homepage has been set to RS
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Originally Posted by hud 91gt 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. | 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. Quote:
Originally Posted by JDMDreams 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 | 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+.
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06-17-2024, 03:48 PM
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#31844 | | I *heart* Revscene.net very Muchie
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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
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06-17-2024, 03:55 PM
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#31845 | | Old School RS
Join Date: May 2004 Location: Port Moody
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Originally Posted by hud 91gt 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. | 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
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I'm old now - boring street cars and sweet race cars. | |
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06-17-2024, 04:42 PM
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#31846 | | OMGWTFBBQ is a common word I say everyday
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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.
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06-17-2024, 04:54 PM
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#31847 | | Old School RS
Join Date: May 2004 Location: Port Moody
Posts: 4,599
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Originally Posted by PeanutButter If you can afford it, do you guys think it's always better to buy real estate in Vancouver (even in this climate)?
One of my uncles has a six bedroom house that him and his wife life in. Their two sons have moved out, they both have their own families and places in Vancouver.
He's thinking about moving to Kitsilano. His idea is to buy a place in Kits and rent out his current home.
He's looking at half duplexes so his budget is about $2.3M.
Which is like $460k down + $11k a month in mortgage payment + property tax. He said he could sell some more stocks and put like 30% down if needed.
He asked me what I thought and I just told him I think real estate is always a good idea if you can afford it. Especially in Vancouver. Based on history, real estate always goes up. The big challenge right now is that interest rates are so high, does it make sense as an investment? Maybe not, but if you're going to live there, I guess it's okay. | 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. Quote: |
I would think his current house could rent out for $6k a month, but he would also have to pay tax on that income as the house is paid off, the expenses wouldn't be that high for that property to offset the income.
| 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
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I'm old now - boring street cars and sweet race cars. | |
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06-17-2024, 05:17 PM
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#31848 | | My homepage has been set to RS
Join Date: Jun 2013 Location: Burnaby
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Originally Posted by blkgsr 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 | Where are you looking to buy and what's the budget?
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06-17-2024, 05:55 PM
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#31849 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Feb 2002 Location: Vancouver
Posts: 8,348
Thanked 3,990 Times in 1,540 Posts
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Originally Posted by 6thGear. Size and areas you're looking for?
Most lenders will count half year rent towards the mortgage application. Also depends on uncles LTV/TDSR. | 4+ bedroom. As close to 16th and McDonald as we can get.
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Crush - 1971 Datsun 240z - Build Thread
The Daily - Rav4 V6 - “Goldilocks”
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06-17-2024, 07:43 PM
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#31850 | | Rs has made me the man i am today!
Join Date: Jan 2005 Location: North Vancouver
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Originally Posted by Tapioca 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. | 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.
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