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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
Originally posted by v.b. can we stop, my pussy hurts... Originally posted by asian_XL fliptuner, I am gonna grab ur dick and pee in your face, then rub shit all over my face...:lol Originally posted by Fei-Ji haha i can taste the cum in my mouth Originally posted by FastAnna when I was 13 I wanted to be a video hoe so bad
I think what many people fail to see in a down market is about the cashflow and opportunity cost.
Sure that in the very long term, RE always goes up because it adjusts itself to inflation.
However, if it costs you say $2000 per month on mortgage and the unit is generating 0 cashflows, then one should calculate to see if the opportunity cost of ownership outweighs the potential benefit.
With this, one could get a very good idea whether to sell or to buy into the market.
yupp, sure you can float it for say 1 yr, but then when interest rates goes up, it becomes extremely hard the 2nd yr. Wait for it... when people really want to cut their losses, then you go in and buy.
As far as mortage application is concerned, you can use the proposed rental income as part of your income in the mortgage application to qualify for a higher mortgage amount. If you were dealing with a mortgage broker, he can easily arrange to hire an external and supposedly independent appraiser to assess the rental value for you -- you'd just have to pay for the service, which I think is ~$200. If you are dealing with the bank directly, you might have to find that appraiser that yourself.
I already had my place assessed, and have a heloc ready of xxK with my bank, ontop of additional savings.
My neighbor currently rented out his apartment, and he is nearly break even costs wise. Expect he moved back to his parents place to hoard cash.
Moreso curious for those that have gone through with it, how much stress is on your plate, if any, having two/three mortgages that are being paid off by someone else. Suggestions / reccomendations
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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.
Oakridge Presales starting soon for Westbank project. Went by on weekend to chat with them.
Vancouver Westbank Oakridge $2500/ft to start. Yes you read it right. $10B in new developments, commercial / residential. 41st/Cambie corner will largely be re-shelled old structures but everything is largely brand new. 2023 completion for Tower 1/2.
Some towers almost look like SOHO buildings in Beijing/China... coincidence?
$1.3M for 1BR to start. Vancouver West.
Parking spot isn't even included! 10 year lease, valet only. Guess you better have a decent car!
MODE Wesgroup
River District phase 4.0 continues - OG Wesgroup starts the prices reasonable for Vancouver address but (really) Burnaby location. Marine Dr & Boundary (before) Area.
Highrise + AC + riverviews (Fraser River).
$500's to start, $950/ft.
VIP round now. 20% down, ASSIGNMENTS allowed (unlike Avalon 1-3)
Richmond Paramount - selling really well - but smaller developer Keltic. Some rumours of owners quarrel. Across from Richmond Center.
$400's for a bachelor.
VIP event had hot strippers and MacLarens' parked outside apparently.
Galleria - forms & requests in. 2023 completion, 25% deposit standard per Concord. $1050/ft to start, big balconies.
No3 & Capstan way, home of new Skytrain coming to Richmond.
Brentwood AKIMBO hot new presale by IMANI (did roofing for a lot of big developers) at corner of Dawson & Brentwood. Supposedly $850/ft below market for area. Highrise concrete + AC per standard. cheaper than SOLO and basically a block away. I like these type of boutique builds. They'd want to blow it out to get to their build milestones in this market.
MLA report in Oct indicated inventory coming on strong - 50% sold already so not exactly terrible yet. I am starting to see some assignments from 1-2 years ago at less profits though. PM me for questions/comments on new builds!
I already had my place assessed, and have a heloc ready of xxK with my bank, ontop of additional savings.
My neighbor currently rented out his apartment, and he is nearly break even costs wise. Expect he moved back to his parents place to hoard cash.
Moreso curious for those that have gone through with it, how much stress is on your plate, if any, having two/three mortgages that are being paid off by someone else. Suggestions / reccomendations
me and the fiance recently did this, for me it was very stressful. had $60k profit from selling our small rental townhouse and had $60k in a heloc on our house we lived in. Bought a bigger house with a rental suite that we moved into. Had the first house rented out upstairs and separate basement suite. So had 3 sets of tenants to deal with and fix small issues that came up. the first house was breaking even paying off the mortgage and the tenants in the new house pay about half of its mortgage.
For us it is pretty stressful having almost 700k in mortgage and heloc between the 2 places and dealing with that many tenants. so we put the first house up for sale and just got an offer pretty close to asking. should be closing in the next 2 weeks and i can honestly say its going to be a huge relief once all the conditions of sale are met and we can knock that much off our plate. we both work full-time and i do a few side jobs as well, mostly small mechanic stuff so we dont have alot of free time to deal with that many tenants.
I think even the filthy rich Chinese investors are smarter than that...1M USD starting for a non-waterfront apartment when things have steadily been declining?
Lol $2500 sq/ft for fucking Oakridge? Jesus Christ
I'm really no real estate or investment expert but I can't wrap my head around the price. I rather buy 4 properties in Richmond at $600 sq/ft lol dafuq even when I started seeing $1800 I was blown away and this is $700 more. Wow just wow
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"back at the line to Babych.... LONG SHOT....Potvin had trouble with it....ADAM SHOOTS SCORES!!!!
I think even the filthy rich Chinese investors are smarter than that...1M USD starting for a non-waterfront apartment when things have steadily been declining?
Wait... I thought people said rich Chinese didn't care about losses and are more concerned with getting their money out of China? lol
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Originally Posted by !LittleDragon
Wait... I thought people said rich Chinese didn't care about losses and are more concerned with getting their money out of China? lol
Yeah but when there are about 10000 more avenues for that in the lower mainland that are between $700-1300/sqft that doesn't really make sense now. Its not like its the only condo development thats available for money laundering.
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98 technoviolet M3/2/5
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Originally Posted by boostfever
Westopher is correct.
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Originally Posted by fsy82
seems like you got a dick up your ass well..get that checked
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Originally Posted by punkwax
Well.. I’d hate to be the first to say it, but Westopher is correct.
If you're also looking to buy property here for the sake of parking your illegal/corrupt money, then you're better taking that same amount and splitting it between multiple properties.
I thought westbank got screwed when they found that underwater aquifier and had to reduce the amount of buildings thus raising the asking price of the remaining ones.
But yeah, hard to figure out if this will sell with no parking at this price.
If I was a realtor. I would go with a chinese translator and stand outside that exclusive private VIP sale explaining they can buy brand new DT waterfront coal harbour condos right now instead of waiting 6 years.
I thought rich people are smart with their money. How do you possibly make money on this investment let alone break even.
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