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Vancouver Off-Topic / Current Events The 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.

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Old 08-31-2022, 06:23 PM   #23301
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Only guy I know, never bought a house. Lol
When it comes down to it he’s got less than the dickhead boomer that bought a 300k north van rancher 30 years ago and never made more than 60k a year. That’s why this is so fucked. Net worth is 99.9% years of existing and not actual work or skills for your success.
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Westopher is correct.
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seems like you got a dick up your ass well..get that checked
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Well.. I’d hate to be the first to say it, but Westopher is correct.
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Old 08-31-2022, 07:12 PM   #23302
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Old 08-31-2022, 07:19 PM   #23303
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I don't know anyone with a 7 figure bank account. Even most people older than me, don't have 100k in there

Cue everyone on here is a baller, or knows ballers obvs
I know 4 people in the market that I talked to about RE this year at this current moment with over $1M Cash ready to drop for a good deal. Didn't ask where it came from but likely gift + self.

I'm not baller, I grew up in like the bottom 15%-25% of poverty myself but I went golfing two weeks ago with some plus one's that grew up Coquitlam / North Burnaby.

Almost everyone of their parents have owned or currently own restaurants, bakeries, karaoke, golfing ranges & academies, tutoring places, RE brokerages, small plaza's that were bought from the 80's but generate $4 -8k x 10 - 20 store fronts. Crazy part was that the businesses were all local and many of them I've been to myself before knowing them.

As the round went on, talk always naturally goes to RE in vancouver. All of them lived in 2 to 3BR condos, SFH that their parents set-up for them to move out into and rent the other rooms to supplement their lifestyle.

Just when I thought I knew what wealth looked like, I saw this social circle and was baffled lol. One of them bought bbt stores & cafes for the sake of running it for fun.

tldr; sat in someone's beater R8 after golfing and I don't fit with a helmet
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Old 08-31-2022, 11:33 PM   #23304
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Funny thing is those people are the middle class.
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Old 08-31-2022, 11:35 PM   #23305
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Funny thing is those people are the middle class.
I just got demoted to middle lower class
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Old 09-01-2022, 08:17 AM   #23306
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yeh you aint "rich" around here till you roll up with beater f8 triubtos

a 150k "beater" car is a everyday occurrence in richmond. *looking at you ah mo w/ Taycan, Model X's, etc
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Old 09-01-2022, 08:35 AM   #23307
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Funny thing is those people are the middle class.
They were the middle class 20 years ago. Now the middle class can’t afford a car if they live in Vancouver.
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Westopher is correct.
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seems like you got a dick up your ass well..get that checked
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Well.. I’d hate to be the first to say it, but Westopher is correct.
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Old 09-01-2022, 10:06 AM   #23308
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I just got demoted to middle lower class
Dude... just dude.

I don't know who else is reading your posts and just shaking their heads. You waaay too young to be so class and status-obsessed. Some cusp of middle age advice: just live your life, work on yourself, love who you can and fuck keeping up with the joneses. You'll be much happier and better off in the long run.


Also, try and stay off RS, or at the very least this thread.
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Old 09-01-2022, 10:21 AM   #23309
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How old is Gerbs? I think if you’re under 35, have a place and a car in van and can go out to eat when you want, take a vacation, etc, you’re doing better than like 75% of the population.
You can always go be rich in Saskatchewan or some shit, and not gonna lie, it’s tempting, until you do something fun here and realize most Canadians don’t have that option.
I know I’m a hypocrite. I get angry about it lots, but I’m better at giving advice than I am at taking my own.
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Old 09-01-2022, 10:47 AM   #23310
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i would say most of the dudes on revscene are doing quite well.

The ones that are barely surviving
1) cant have a automotive hobby, no way. its way too expensive and most of you guys have more than 1 ride (where you gonna store that extra car in your rental suite?)
2) are too busy working 2 jobs to even go on RS

if you are on here, you are doing well for a vancouverite (w/ exception of trollface who i secretly think is rich as fuck, but just wont admit it).
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Old 09-01-2022, 02:13 PM   #23311
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My threshold of a typical family (parents + two kids) doing well in GVRD is pretty simple.

1) No debt outside of mortgage/business
2) Principle residence with mortgage helper (detached house) OR principle residence (condo or townhouse) + one investment property

Any family below this can still be doing, "Good". I just wouldn't consider them doing, "Well".

edit. I think what really separates a family from doing well is the monthly cash flow from a rental.

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Old 09-01-2022, 02:47 PM   #23312
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Looking at investment properties but at this price + % the numbers doesn't make sense. Don't want to put all the eggs on one tenant. gonna stay poor and can't climb the rs ladder.
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Old 09-01-2022, 02:50 PM   #23313
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Old 09-01-2022, 03:06 PM   #23314
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How do you guys do it to climb from one property to two?

Wife and I are going to move out of our condo next year into a townhouse, but trying to figure out how to make it financially work with both properties.
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Old 09-01-2022, 03:15 PM   #23315
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Fuck that shit. We sold our income property because it was too much work.

Invested that money into stocks and now look at us….. oh wait.
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Old 09-01-2022, 03:17 PM   #23316
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Doing well is being debt free with an investment property? Lol where the fuck did you grow up? British properties?
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Old 09-01-2022, 03:21 PM   #23317
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Doing well is having a belly full of good food, a good woman to poke and going to sleep in your own bed with no worries in your head. Fuck this investment property shit, enough people think like that and that's how we're all in this mess.
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Old 09-01-2022, 03:30 PM   #23318
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How do I afford good food, good women to poke and sleep in my own bed without an investment property. Money just grows on trees now? I sure don't want to work for it.
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Old 09-01-2022, 03:54 PM   #23319
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How do you guys do it to climb from one property to two?

Wife and I are going to move out of our condo next year into a townhouse, but trying to figure out how to make it financially work with both properties.
Too many variables, too many options

Options include, without going into detail

Heloc second property
Cash out refinance
Other people's money
Sell a property and buy two at half price, yes they are going to be dumps since all of you live in pimp shacks


Assuming your selling the condo
Put 5% down on the place you want to live in, put 20% down for the investment property
If you want to put your max allowable loan into the place your living, then forget the investment property

Buy the place you want to rent out, at 5% down, live there for a day to qualify for primary residence. Rent it out, then go buy the actual place you want to live in.
This may vary depending on what property you think is going to appreciate more in 5 years, etc

Buy the townhouse locally, then invest in inland cities. Since your money goes 10X outside of Vancouver

If you haven't started doing your homework, it's time to start talking to banks, financial planners, others who have done it. And I'm not talking.... Forums.... I'm talking a 30 minute sit down, with an actual plan and options

I invest alone, and I spend weeks, months, researching markets, rents, laws, before I even start looking at properties. No point in looking at properties if you don't have a financial plan and pre approval

If any of you see me at the ricescene meats, feel free to open conversation, il ramble for hours
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Old 09-01-2022, 03:55 PM   #23320
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Money does grow on trees and you don’t have to work for it if you already have enough of it. People aren’t very often earning their way to that number though, just being born into it for the most part.
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Old 09-01-2022, 04:02 PM   #23321
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Money grows on the family tree round here lol
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Old 09-01-2022, 04:09 PM   #23322
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How old is Gerbs? I think if you’re under 35, have a place and a car in van and can go out to eat when you want, take a vacation, etc, you’re doing better than like 75% of the population.
I'm 26, but most of my posts have some satire or self deprecating and it can't be conveyed through text. I am appreciative for where I am and recognize that I'm probably in a position that is better than 90% of people my age. At the same time the route to get to where I am is probably not what the other 90% would want to do either.

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I know I’m a hypocrite. I get angry about it lots, but I’m better at giving advice than I am at taking my own.
Same, I go through phases. I provide genuine advice to others but often don't take it myself. I get mildly triggered with how the entire system works. When someone asks me to how can they be in the same position as me? Or how can I buy a place eventually? I get baffled as I explain to them because I start seeing in their face how doomy and gloomy it actually is to make it without help.

It's so incredibly hard to have a place, car, take a vacation, eat out. In addition to trying to set aside money for hobbies & fun, making your own food everyday to save money, making an effort to see friends, finding side hustles and also working out on a consistent program 4 - 6x a week. It takes a lot of energy to be well rounded.

One thing that I am struggling with being 26 and surrounded by people younger or slightly older is being unable to relate with a majority of people your age since everyone comes from uneven playing grounds. While I understand you shouldn't ever compare yourself to others as that robs you of your joy.

It gets really tiring explaining to people that you can't afford to go out to eat, party, expensive birthdays, or travel locally every week. So you get put in this position where you either have to stop hanging out with people or put a strain on certain friendships / relationships to stay financially afloat. My friend puts it as shrinkflation but for friends we can't afford to have multiple groups of friends lol.

Friends will say "you never come out" or "you can afford it, now that you have your own place now" and you sit there knowing fully that the other person doesn't have to pay $2 - 3K a month in housing, has their car gifted to them, no student loans, or gifted multiple income generating properties. Or they could be YOLOing and not saving a single dollar but I don't want to live that way either.

So I sit there and just tell myself I'm poor or come onto Revscene and say stupid shit to clear my mind as COPIUM
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Old 09-01-2022, 04:13 PM   #23323
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26 with that kind of assets? You're doing better than 99.9% of people your age man lol

Jesus I did not come from a poor family, but I was just establishing a career 2 years removed from university and moving into a pre-build $255k 2 bedroom condo at exactly that age and I remember feeling like I should be wearing a purple velvet coat with feather hat.

Then again, IG didn't exist back then to make me feel all small
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Old 09-01-2022, 04:20 PM   #23324
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I invest alone, and I spend weeks, months, researching markets, rents, laws, before I even start looking at properties. No point in looking at properties if you don't have a financial plan and pre approval

If any of you see me at the ricescene meats, feel free to open conversation, il ramble for hours
Oh buddy, when people around go "buy property, always goes up, they proceed buy a $750K brentwood presales with family money and tells me I need to do the same"

I'll sit there getting triggered because I go through the trouble to researching the markets, actively talk to realtors in those cities for their thoughts and specific areas with opportunity, look up stats on vacancy for those cities, posting fake ads for real rent prices and amount of demand, city laws for Airbnb's & rental legalities, cap rate, cash on cash analysis, etc.

Downside of being a very analytical person. On the bright side, I have a few friends who want to set-up a holding co so we can diversify on property. We should be able to save on legal fees, realtor fees, accounting fees since we can all just put sweat equity.

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26 with that kind of assets? You're doing better than 99.9% of people your age man lol

Jesus I did not come from a poor family, but I was just establishing a career 2 years removed from university and moving into a pre-build $255k 2 bedroom condo at exactly that age and I remember feeling like I should be wearing a purple velvet coat with feather hat.

Then again, IG didn't exist back then to make me feel all small
I think motivation and values that came with a poor family and surrounding myself with individuals that wanted to get ahead played a big role.

- Began working at 15, so by the time I finished undergrad at 24, I'd made a little over $150K and saved closed to $75K, I did my degree while working F/T too.
- Switched to poker as a side hobby to replace gaming since it was a hobby that you could make money in and still have the competitiveness of gaming. Managed to study/play over 4,000 recorded hours over 6 years and earned a living wage per hour while in school and essentially dropped the entire bankroll to pay off school.
- Naturally picked up personal finance when I was 18/19 since I was in the accounting/finance field and dedicated my personality to maximizing income, minimalizing expenses, and making sure I sack away my money early on to compound interest on stocks/ETFs.
- My CC's rewards and cashbacks are dialed in. My monthly recurring bills are optimized to be as low as possible. For example, my phone bill with data is $32/month tax-in, vs the average person is probably paying $45 - 60 for 10 gigs lol.
- I only bought cars that appreciated or held value, so I never lost out money for leasing a new civic, or buying a cheap euro.

I don't think many young people these days would go out of their make more income, reduce their lifestyle and lower expenses, and put in time to learn about investing because there's no need.
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Old 09-01-2022, 04:43 PM   #23325
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Doing well is being debt free with an investment property? Lol where the fuck did you grow up? British properties?
I agree that it's messed up that our definition of doing well is that.

I feel like because I was born in Canada in the 90's. Having relatively cheap access to post-secondary degree, jobs as a teenage, probably first generation to grow up with google and technology so it makes it easier to learn stuff, didn't have to pay rent, buy groceries, cook, clean till 21 - 24. Essentially growing up in the easiest of time in all of history and geographically.

It's hard for me to relate to someone that are barely making it. On average, they probably didn't have this privilege. So mentally it's hard to accept a higher measurement for doing well.

In return, it hurts our heads because we expect so much when it may not be realistic.
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