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07-28-2021, 08:13 PM
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#18951 | | Even when im right, revscene.net is still right!
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Originally Posted by JDMDreams  Must be nice to look at a $2m plus townhouse as a second property   | I'm a slave to my mortgages.
The wife wants to sell the house and get something like this to move into now. I'm not ready to give up the house and everything in it just yet. My plan is to sell our dt apartment and get a bigger one with a view and parking, rent it out for now then move into it down the road.
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07-28-2021, 09:14 PM
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#18952 | | in the butt
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Originally Posted by JDMDreams Speaking of investment properties, any body invest in commercial property? Obviously it's way more expensive and harder to get lending from what I've heard. But it seems like you don't have to deal with all the tenancy bs, missed rent? Then you get to lock the doors and release the hounds. | In vancouver, commercial properties are out of price range until you already have several condos or houses. They simply cost too much here
Down in the states or inland canada its doable
I eventually want to go into multiplexs or commercial as well, if you havent been on BiggerPockets yet, take a read. Its more USA based, lots of garbage posts, but ALOT of usefull info
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07-29-2021, 12:51 AM
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#18953 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
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^The user "Hehe" almost exclusively does commercial real estate I believe... I had discussed it with him previously... I don't always politically agree with him but he's quite knowledgeable on the subject and yes I believe most of his investment has been in the USA.
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07-29-2021, 01:13 AM
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#18954 | | Even when im right, revscene.net is still right!
Join Date: Jan 2013 Location: Vancouver
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Originally Posted by GIZZ I'm a slave to my mortgages.
The wife wants to sell the house and get something like this to move into now. I'm not ready to give up the house and everything in it just yet. My plan is to sell our dt apartment and get a bigger one with a view and parking, rent it out for now then move into it down the road. | Curious why you would sell a detached house and buy a townhouse. Location? School? Or just prefer townhouses?
At $2.2M, there are many 15-30 aged detached in East Van or Burnaby to choose from. The Shannon townhouses are nice but doesn’t seem like the value will keep up with a detached.
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07-29-2021, 10:20 AM
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#18955 | | I STILL don't get it
Join Date: Aug 2015 Location: Main & Hastings
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With the price of commerical real estate, don't most people buy commercial properties with a group of associates and create a new LP for each property? ie. 123 Commercial Building Limited Partnership
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07-29-2021, 10:36 AM
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#18956 | | Even when im right, revscene.net is still right!
Join Date: Jun 2003 Location: Vancouver
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Originally Posted by Special K Curious why you would sell a detached house and buy a townhouse. Location? School? Or just prefer townhouses?
At $2.2M, there are many 15-30 aged detached in East Van or Burnaby to choose from. The Shannon townhouses are nice but doesn’t seem like the value will keep up with a detached. | That may be right about future value. I do think condo prices have appreciated at a much greater rate than detached maybe the last 5 yrs. That's probably going to get back to normal now.
I'm in the city, my property and shop are unusually large. I work a 4 day work week and the bulk of my free time is doing property/yard work. I can park 30 cars but can't find the time to work on them. No time for other hobbies. I'm basically overwhelmed here, and I'm too cheap and picky to pay people to do things for me.
I've seen penthouses in Richmond with things I'm looking for, but not one that checks all the boxes. I found one that's pretty close but it's not for sale, I suppose I could get my realtor to approach them.
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07-29-2021, 10:52 AM
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#18957 | | I contribute to threads in the offtopic forum
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Originally Posted by ssjGoku69 With the price of commerical real estate, don't most people buy commercial properties with a group of associates and create a new LP for each property? ie. 123 Commercial Building Limited Partnership | Yes so you can shield the potential liabilities of your commercial building from your personal assets. It's to protect you with a corporate holding company.
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07-29-2021, 11:04 AM
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#18958 | | Network Admin Team
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Did commercial property management. Not as simple as just locking up their doors if they don't pay rent. Yes, you don't have to deal with RTB but in the case of commercial, you're ending up in civil court.
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07-29-2021, 02:51 PM
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#18959 | | To me, there is the Internet and there is RS
Join Date: Apr 2004 Location: Nanaimo
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Commercial is also a lot harder to rent.
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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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07-29-2021, 04:30 PM
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#18960 | | Willing to sell body for a few minutes on RS
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Originally Posted by Manic! Commercial is also a lot harder to rent. | We were looking for space last year and couldn't find anything viable, seemed pretty hard to come by. Also when they listed the place we were in there was a ton of interest, maybe it was the space we had and space we were seeking that made it tough because it seemed like most spots were either way to small or way to big.
At the end of the day the guy who owns the company I work for just bought the space were in so we don't have to move.
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“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa | |
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07-29-2021, 05:02 PM
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#18961 | | RS has made me the bitter person i am today!
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Originally Posted by JDMDreams Speaking of investment properties, any body invest in commercial property? Obviously it's way more expensive and harder to get lending from what I've heard. But it seems like you don't have to deal with all the tenancy bs, missed rent? Then you get to lock the doors and release the hounds. | CRE (short for Commercial RE) relies exclusively on the lease agreement. There is no RTB (unless you are in the multifamily sector) to deal with.
If you have a good CRE lawyer who helps you to draft a bulletproof lease agreement, and you have a decent (experienced) tenant, it's really a lot less work than residential because it's usually on NNN lease meaning the tenant is responsible for everything.
As for evicting tenants, it's usually simpler than dealing with RTB, but that's under the assumption that you used a competent lawyer who helped you to draft a very good agreement.
In term of what's defined as "good", it basically means that every potential scenario has a pre-defined consequences. Thus, there's zero room for argument. I have seen cases where the tenant just kept on paying the rent without operating it (going dark) because the agreement is so well defined that the consequence of not paying is a lot greater than paying but not doing business. Of course, as a LL, you wouldn't like your property to sit dark for very long. Thus, in a good agreement, there'd be provision for "going dark" as well.
All in all, CRE is very different than residential RE. But if you get your way around it, it's a lot simpler than having to deal with tenants every so often. I rarely ever talk to my tenants other than some emails every now and then or if I happen to be in town, I'd usually buy them a beer or something to make sure everything is going fine. If I could give any advice to people getting into CRE is being straight forward, always plan ahead (don't wait until shit hits the fan) and don't go to Biggerpocket.
BP has very little useful info. Instead, find a local CRE club or something and hook you up with a mentor. Or even pay some consultant to guide you through. They are $$ sometimes but well worth it in the long run as you really only pay once to learn something.
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Nothing for now
Last edited by Hehe; 07-29-2021 at 05:08 PM.
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07-29-2021, 07:18 PM
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#18962 | | RS has made me the bitter person i am today!
Join Date: Apr 2001 Location: Vancouver
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purchased a town house as an investment property - will rent it out.
anyways, subject removal is aug 7 - ...the seller has gone dark. they have not responded to bank appraisal requests OR inspection - what actions can I take? its odd- i'm thinking cold feet but they can at least let me know.
can sellers really just do this and get out of an accepted offer?
Edit : no deposit yet. I’m not out any cash yet at all
Last edited by Acura604; 07-29-2021 at 08:14 PM.
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07-29-2021, 07:35 PM
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#18963 | | RS has made me the bitter person i am today!
Join Date: Dec 2002 Location: YVR/TPE
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Originally Posted by Acura604 purchased a town house as an investment property - will rent it out.
anyways, subject removal is aug 7 - ...the seller has gone dark. they have not responded to bank appraisal requests OR inspection - what actions can I take? its odd- i'm thinking cold feet but they can at least let me know.
can sellers really just do this and get out of an accepted offer? | Check with your realtor and see what term is in the offer agreement. Usually in an accepted offer scenario (with conditions), there are certain requirements from both parties.
In the case of non-cooperation for their obligations, there usually open up the space where you could get out of it. I don't think you are at the stage with fully executed sale agreement yet, so really, there's little to do in term of legal actions from experience.
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07-29-2021, 10:33 PM
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#18964 | | My homepage has been set to RS
Join Date: Feb 2002
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Basically yes. As a seller or buyer you can’t make someone remove subjects. Quote:
Originally Posted by Acura604 purchased a town house as an investment property - will rent it out.
anyways, subject removal is aug 7 - ...the seller has gone dark. they have not responded to bank appraisal requests OR inspection - what actions can I take? its odd- i'm thinking cold feet but they can at least let me know.
can sellers really just do this and get out of an accepted offer?
Edit : no deposit yet. I’m not out any cash yet at all | | |
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07-29-2021, 10:53 PM
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#18965 | | Orgasm Donor & Alatar owned my ass twice!
Join Date: Aug 2007 Location: Paradise, BC
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The seller might have gone dark, but any realtor worth his salt cannot afford to go dark because there will be consequences. So I'd get your realtor to contact the seller's realtor, and see what the issue is.
Of course, the seller's realtor can still totally BS you, but at least it is something you can do.
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07-29-2021, 11:59 PM
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#18966 | | I contribute to threads in the offtopic forum
Join Date: Sep 2004 Location: Canada
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Originally Posted by Hehe CRE (short for Commercial RE) relies exclusively on the lease agreement. There is no RTB (unless you are in the multifamily sector) to deal with.
If you have a good CRE lawyer who helps you to draft a bulletproof lease agreement, and you have a decent (experienced) tenant, it's really a lot less work than residential because it's usually on NNN lease meaning the tenant is responsible for everything.
... | You make it sound all nice without talking about the ones who think it's like the rtb as they ask you to fix stuff like a light bulb.
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07-30-2021, 01:07 AM
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#18967 | | Network Admin Team
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That's why he mentioned about having a good lawyer to draw up the lease.. or well have the proper wording in the lease. Have everything laid out in terms who's responsible for what. Generally, unless specified, everything outside is you and everything inside is them. Certain plumbing/electrical issues and Tenant improvements being somewhat a grey area if you had the work done for them as part of the lease.
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07-30-2021, 11:34 AM
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#18968 | | My homepage has been set to RS
Join Date: Jun 2013 Location: Burnaby
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Originally Posted by Acura604 purchased a town house as an investment property - will rent it out.
anyways, subject removal is aug 7 - ...the seller has gone dark. they have not responded to bank appraisal requests OR inspection - what actions can I take? its odd- i'm thinking cold feet but they can at least let me know.
can sellers really just do this and get out of an accepted offer?
Edit : no deposit yet. I’m not out any cash yet at all | Err, once the contract is signed and the offer is accepted, the deal is contracted.
Odd, why did you not give a deposit?
edit. Oh just read that the subjects weren't removed, so there is no deal done.
Was a deposit indicated on the agreement deal? If it was and you didn't give it, technically, you are in violation of the agreement.
In either case, you would have to sue them. Which is a process.
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07-30-2021, 11:37 AM
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#18969 | | RS Veteran
Join Date: Dec 2001 Location: GTA
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He spent the deposit on new sets of wheels.
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Originally Posted by BIC_BAWS I literally do not plan on buying another vehicle in my lifetime, assuming it doesn't get written off. | | |
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07-30-2021, 01:32 PM
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#18970 | | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
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^^ lol curious how this is gonna play out. But if he removes subject it's a done deal, deposit only is given to the listing realtor.
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07-30-2021, 01:54 PM
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#18971 | | My AFC gave me an ABS CEL code of LOL while at WOT!
Join Date: Mar 2005 Location: Vancouver
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i have a pretty considerate commercial landlord. touches base a couple times a year. offers to help with basic tenant improvements like lighting etc.
been in my spot for 13 years.
i offered to buy it 3 years ago - I wish he had considered it, but I'm too easy for him. My rent is a lot less than the mortgage payment would be. Obviously there would be significant advantages to buying it though and as owner occupied the mortgage requirements would have been more attainable.
i've given up trying to find a viable commercial space to purchase in north van - it's just out of reach now. I take everything I can out of the business and invest it elsewhere.
NNN is bullshit tho - my landlords property taxes are screaming upwards and I'm paying it. if you can get your hands on a piece of CRE and can find some good tenants - go for it. i've certainly been easy money for my guy.
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Originally Posted by westopher replace that wood for who gets producer the wood. | | |
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07-30-2021, 02:40 PM
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#18972 | | in the butt
Join Date: Aug 2016
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^ you have a proper landlord, and he has a proper tenant
Just how it should be
__________________ 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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08-03-2021, 09:31 AM
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#18973 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Oct 2005 Location: Revscene
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We've come across a home that was fully renovated down to the studs (e.g. electrical and plumbing done), but did not have official permits from the city, and so is not part of the tax record.
The renos looked to be well done with quality materials, but curious what risks/implications this has outside of the build quality (e.g. tax, resale, insurance, etc.)
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Originally Posted by skyxx Sonick is a genius. I won't go into detail what's so great about his post. But it's damn good! | 2010 Toyota Rav4 Limited V6 - Wifey's Daily Driver
2009 BMW 128i - Daily Driver
2007 Toyota Rav4 Sport V6 - Sold
1999 Mazda Miata - Sold
2003 Mazda Protege5 - Sold
1987 BMW 325is - Sold
1990 Mazda Miata - Sold 100% Buy and Sell Feedback | |
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08-03-2021, 09:43 AM
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#18974 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Feb 2002 Location: Vancouver
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I’ve always wondered the same re:insurance. Regarding tax. The place I live in had many Reno’s done without permits. The city found out via the listing and adjusted the taxes to suit. Lol. They don’t care, they just want more money.
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08-03-2021, 10:59 AM
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#18975 | | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
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So I've run across this new build (in progress) that seems intriguing to my wife and I as it has the potential for two suites (for eventually housing the parents/in-laws) while checking a bunch of boxes for us but I don't know much about suite/rental rules in Burnaby: https://ralphmaglieri.com/property/5...r-ave-burnaby/
The main floor looks like it could be easily suited as either a 1 bed or 2 bed unit and then it also comes with a 600sf studio in the back which is not shown in the photos that comes with a bathroom (the neighbouring houses also have these which you can see in satellite view: https://goo.gl/maps/ThTpoCPsDFrxuFBx5)
I've never seen a house in Burnaby with this kind of accessory building before and when I read about the area zoning there's no mention of this type of building being allowed. As it has a bathroom (and hookups for laundry) I assume they know full well that this is going to be a rental/in-law suite.
Anyone know much about these types of buildings and about creating a suite in Burnaby? Nothing on the city website answers my questions (we'll be getting a viewing this week of the house to get more details).
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Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
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