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08-21-2024, 03:56 PM
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#32926 | | in the butt
Join Date: Aug 2016
Posts: 2,851
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Originally Posted by Eff-1  I see you used frogboxes? Was it worth it? I am considering the same... | If you want to get a little dirty, and live in a condo, the recycling room has more than enough boxes after a few trips every x days. All you need is a roll of duct tape.
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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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08-21-2024, 06:26 PM
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#32927 | | RS has made me the bitter person i am today!
Join Date: Dec 2002 Location: YVR/TPE
Posts: 4,803
Thanked 2,888 Times in 1,241 Posts
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| Quote:
Originally Posted by Gerbs Dumb Q, but is there any new areas you guys were looking at for a RE Investment property in Canada?
Previously looked at Calgary, friends bought in, did well in 2023 purchase prices. But other than that picking seems slim.
Mostly doing VEQT and Chill but I have enough to DP for around a $200-800K place, but seems like everything sucks. | Not many deals to be had now.
Right now, the idea is to accumulate cash.
I’ll tell you my family’s secret sauce when it comes to investing in commercial RE.
We are now on the verge of another cycle. Get cash and when the shit hits the fans, go out and offer on properties you like and offer say 50% or lower off asking without condition. The idea is not for them to accept the deal, but find those who are desperate.
We have found deals offering 10% or more on cap rate. Then wait and collect rent amassing more dry powder. When interest rate drops to the lowest level and market is expecting interest rate to rise, refinance it at the highest nominal value for the property and at the lowest rate. Lock it in. You cash out at that point and wait for shit to hit the ceiling again.
Then rinse and repeat. Again offering dimes on the dollar for valuable properties that generate good cash flow. Now you have 2 properties generating positive cash flow to pay down one property worth of mortgage/loan.
That’s how my parents made their wealth. It’s quite simple but you need to do a lot of homework.
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Nothing for now
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08-21-2024, 08:42 PM
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#32928 | | Where's my RS Christmas Lobster?!
Join Date: Nov 2012 Location: Vancouver
Posts: 843
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I am planning to purchase a home on my own for the 1st time, can anyone tell me is mortgage 4.5x or 5x gross annual income at the moment? I have no debts and my credit score is in the 800s.
Do banks use line 14 (employment income) from t4 to calculate the mortgage?
Thanks in advance!
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08-21-2024, 09:15 PM
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#32929 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,628
Thanked 32,346 Times in 7,533 Posts
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Originally Posted by is350 I am planning to purchase a home on my own for the 1st time, can anyone tell me is mortgage 4.5x or 5x gross annual income at the moment? I have no debts and my credit score is in the 800s.
Do banks use line 14 (employment income) from t4 to calculate the mortgage?
Thanks in advance! | I think the general rule is 30% of gross income for your mortgage payments but that will need to be qualified at like 2% above current rates.
They will use line 14 from your T4 but would consider income from elsewhere if it's documented.
I strongly suggest going well under the max of what you will be approved for though unless you have undocumented income from side work. Banks don't care if you can eat well or take a vacation.
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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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08-21-2024, 10:27 PM
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#32930 | | Old School RS
Join Date: May 2004 Location: Port Moody
Posts: 4,596
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| Quote:
Originally Posted by is350 I am planning to purchase a home on my own for the 1st time, can anyone tell me is mortgage 4.5x or 5x gross annual income at the moment? I have no debts and my credit score is in the 800s.
Do banks use line 14 (employment income) from t4 to calculate the mortgage?
Thanks in advance! | General guideline is your mortgage payments cannot be more than 33% of your total gross income, and mortgage + all other payments cannot be more than 43% of your total gross income.
Mortgage payments are calculated using a qualifying rate which is different depending on line of credit or installment mortgage, floating or fixed rate.
I don't do mortgages but have an excellent mortgage guy I work with here at BMO that I have connected a few other Revscene folks to and am happy to give you his contact info if you like - just PM me.
Cheers,
Mark
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I'm old now - boring street cars and sweet race cars. | |
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08-21-2024, 10:29 PM
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#32931 | | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
Posts: 4,656
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It also depends on how much your housing cost is, property tax, strata fees, heating cost based on sqf. You're fucked if the strata fee is like $600 a month. Also your dp, 20%? 25 or 30 year amortization.
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08-21-2024, 10:30 PM
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#32932 | | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
Posts: 4,656
Thanked 1,973 Times in 1,042 Posts
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Line 101 or just your noa amount if you're an employee
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08-22-2024, 12:00 PM
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#32933 | | I *heart* Revscene.net very Muchie
Join Date: Jan 2002 Location: Ottawa
Posts: 3,525
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Curious for those of you with experience doing major renovations (i.e. down to the studs). What means of financing did you choose (e.g. construction loan, HELOC, etc.)? Property is a single detached home that is owned outright in Vancouver, but the house is in need of a major reno or tear down.
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08-22-2024, 12:12 PM
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#32934 | | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
Posts: 4,656
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Legit way is construction loan, buddy guy Asian way is heloc. Pick your poison
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08-22-2024, 06:15 PM
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#32935 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,628
Thanked 32,346 Times in 7,533 Posts
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| Quote:
Originally Posted by westopher I think the general rule is 30% of gross income for your mortgage payments but that will need to be qualified at like 2% above current rates.
They will use line 14 from your T4 but would consider income from elsewhere if it's documented.
I strongly suggest going well under the max of what you will be approved for though unless you have undocumented income from side work. Banks don't care if you can eat well or take a vacation. | I forgot to mention the baseline info for stress tests is available on the Canadian government website. It's a hilariously high number, like 1.5x what we felt comfortable paying, but it gives you an idea of if you will be approved for what you are looking at.
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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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08-22-2024, 06:44 PM
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#32936 | | I *heart* Revscene.net very Muchie
Join Date: Jan 2002 Location: Ottawa
Posts: 3,525
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Originally Posted by JDMDreams Legit way is construction loan, buddy guy Asian way is heloc. Pick your poison | As i understand it, construction loans have higher borrowing costs?
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08-22-2024, 06:52 PM
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#32937 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Oct 2005 Location: Revscene
Posts: 9,615
Thanked 7,645 Times in 2,564 Posts
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Originally Posted by Infiniti As i understand it, construction loans have higher borrowing costs? | No, Asians typically like to do things by the book especially if it costs more money.
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2009 BMW 128i - Daily Driver
2007 Toyota Rav4 Sport V6 - Sold
1999 Mazda Miata - Sold
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1990 Mazda Miata - Sold 100% Buy and Sell Feedback | |
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08-22-2024, 07:34 PM
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#32938 | | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
Posts: 4,656
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Construction loans probably more expensive, and you have to pay to get inspectors to inspect every construction stage to write off so the bank will release the funds. You get money in steps, and not full control upfront unlike heloc
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08-22-2024, 07:38 PM
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#32939 | | I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 37,742
Thanked 15,067 Times in 6,026 Posts
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| Quote:
Originally Posted by Infiniti Curious for those of you with experience doing major renovations (i.e. down to the studs). What means of financing did you choose (e.g. construction loan, HELOC, etc.)? Property is a single detached home that is owned outright in Vancouver, but the house is in need of a major reno or tear down. | Think you have to define the scope of your project and that will tell you what you will need to do.
If you can live in the home and pick away at floors and varrying parts of it, you might be able to just use an existing LOC or cash..
If it’s an actual total gut or a tear down, that’s a much different thing and then yea, you’re gonna be talking to the bank and likely having to do everything to the fullest ie. permits, building permit, infrastructure upgrades, utilities, etc.
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Dank memes cant melt steel beams
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08-22-2024, 10:14 PM
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#32940 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Feb 2002 Location: Vancouver
Posts: 8,344
Thanked 3,986 Times in 1,538 Posts
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HELOC ususally has fine print that you can’t devalue your property, as it is used to back the loan. Aka nothing structural.
Construction loan is more complicated, costs more and is more of a pain in the ass. Saying that…
Possibly more secure with the steps involved? I have no idea on that part.
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Crush - 1971 Datsun 240z - Build Thread
The Daily - Rav4 V6 - “Goldilocks”
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08-22-2024, 11:54 PM
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#32941 | | Need to Seek Professional Help
Join Date: Jan 2005 Location: Van
Posts: 1,048
Thanked 542 Times in 291 Posts
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Originally Posted by JDMDreams Legit way is construction loan, buddy guy Asian way is heloc. Pick your poison | You forgot the ultimate asian way - the family bank.
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08-23-2024, 12:04 AM
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#32942 | | Rs has made me the woman i am today!
Join Date: Jan 2012 Location: PENIS
Posts: 4,291
Thanked 4,157 Times in 1,303 Posts
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gov asking for installments for tax 
no wonder people parked their money in RE
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08-23-2024, 08:33 AM
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#32943 | | I answer every Emotion with an emoticon
Join Date: Apr 2004 Location: BC, HK, USA
Posts: 7,500
Thanked 2,424 Times in 1,018 Posts
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man, just went thru this whole housing thing.
risks
1) yes you get a mortgage, then go behind bank and do a tear down and build a new house. If you're caught, then they will call loan = u gotta pay. Loan / mortgage is based on value of an actual home, so you can't really tear it down and build.
My friends went thru that so they were scared shitless, then when they needed more money to finish, they had to borrow from family.
2) construction loan does have its loop hole, in Toronto, and back few years ago; as long as you have 1 wall (or part of a wall, or a main wall); then it's still considered a home. So what they did was kept 1 wall and built around that for their entire house. tHey didn't have to abide to certain inspections cause it was just an upgrade.
As for mortgage. If you read the vanocuver sun today; if you do variable = you stress test until you're at 7.9% at todya's rates, but if you're doing fixed, you only hvae to be stress tested until 6.7% https://epaper.vancouversun.com/vanc...59149/textview
I suggest you go to TD bank, get a quote (as a bench mark) and immediately go to a mortgage broker to get you what you need.
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08-23-2024, 02:40 PM
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#32944 | | Captain Happy Bubble is my Homeboy
Join Date: Jul 2009 Location: Vancouver, BC
Posts: 336
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It's time for me to renew my home insurance and this year, with no changes, TD wants to increase my premium by ~33%. It's time to go shopping around. How do y'all go about it?
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08-23-2024, 02:54 PM
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#32945 | | RS has made me the bitter person i am today!
Join Date: Dec 2002 Location: YVR/TPE
Posts: 4,803
Thanked 2,888 Times in 1,241 Posts
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| Quote:
Originally Posted by headhunt3r It's time for me to renew my home insurance and this year, with no changes, TD wants to increase my premium by ~33%. It's time to go shopping around. How do y'all go about it? | Always shop around.
Check with brokers, BCAA and whatever affiliation you might have for cheaper insurance. Even your university... often they offer special pricing for alumni.
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Nothing for now
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08-23-2024, 03:10 PM
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#32946 | | To me, there is the Internet and there is RS
Join Date: Apr 2004 Location: Nanaimo
Posts: 16,473
Thanked 7,665 Times in 3,601 Posts
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Originally Posted by headhunt3r It's time for me to renew my home insurance and this year, with no changes, TD wants to increase my premium by ~33%. It's time to go shopping around. How do y'all go about it? | Do it online and get a quote in 5 min. They where way cheaper and did not care my tenant had a trampoline. https://www.squareone.ca/
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Until the lions have their own historians, the history of the hunt will always glorify the hunter. | |
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08-23-2024, 03:13 PM
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#32947 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
Posts: 16,665
Thanked 17,353 Times in 5,806 Posts
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I use square for my condo too... they USED to be cheap was like $330 4-5 years ago... now it's nearly $600
I heard they really suck if you have to make a claim though? That's purely anecdotal, I haven't had to make one...
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08-23-2024, 03:17 PM
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#32948 | | linguistic ninja
Join Date: Aug 2001 Location: Vancouver, BC
Posts: 16,139
Thanked 3,839 Times in 1,397 Posts
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lots of calling around and emails
Everyone has raised their rates, you might get something 5-10% lower than what TD is quoting you but next year it'll be just as high if not higher.
Plus TD Needs your money now to pay it's Anti-money laundering fines!!!
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08-23-2024, 03:34 PM
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#32949 | | in the butt
Join Date: Aug 2016
Posts: 2,851
Thanked 3,590 Times in 1,314 Posts
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Ive been watching townhouse prices in tri cities for last few months, i think the interest rates are finally starting to cause some damage
Lots of units sitting for months, this one for example, (may need zealty account to view - 2655 bedford st) and the price has been dropped for the 3rd time, 885k>835k over 4 months. https://www.zealty.ca/mls-R2917728/4...-Coquitlam-BC/
Hopefully this trend continues into 2025
__________________ 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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08-23-2024, 04:09 PM
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#32950 | | RS has made me the bitter person i am today!
Join Date: Nov 2010 Location: /
Posts: 4,875
Thanked 2,583 Times in 995 Posts
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Cash is gonna be king soon!
Lots of $900-1Mil 2BR are dropping by 10%
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2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned]
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