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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.
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.
In my experience, people are overly focused on keeping the "old place" as a rental property when often that isn't the most efficient allocation of their resources.
My super biased opinion - if you and your spouse don't have fully funded RRSPs and TFSAs, you are far better to sell your old place and use some of the equity to top up all your tax-advantaged accounts in addition to providing the necessary equity for the new place.
Rental properties are not at all tax efficient compared to an RRSP or TFSA, not to mention the concentration risk of having a huge chunk of your net worth tied to one illiquid, highly correlated asset class.
-Mark
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__________________ I'm old now - boring street cars and sweet race cars.
I’ll echo what others are saying gerbs. You should be very very proud of what you’ve accomplished so far. Very few young men would have that sort of financial discipline or vision to do what you are currently doing. Most are too busy trying to stick their dicks into as many things as possible or comparing themselves to fucktards on social media.
Even if you make a wrong turn here and there financially it’s okay. That’s life. Live and learn. My dumb ass went and bought a maserati at your age, stupid as shit. But I’d probably do it again if I could because I had a good time.
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.
Would you tell a kid from a fat family he will never be able to get in shape?
The same principles apply to finance or anything in life really
-be unhappy about something enough to change it, learn about the topic, commit action towards the topic, fail a bunch of times, then reflect back a few years later and be thankful for actually doing something about it.
Gerbs, nothing to be down about bro. I wished I got that far along at your age.
If RS is still around in 10yrs, you'll probably laugh at how far you've come from that 26 yr old self from the sacrifices that you make today. Trust me, I've witnessed this first hand so many times with many members over the years
Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011
Location: North vancouver
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Quote:
Originally Posted by sdubfid
Would you tell a kid from a fat family he will never be able to get in shape?
The same principles apply to finance or anything in life really
-be unhappy about something enough to change it, learn about the topic, commit action towards the topic, fail a bunch of times, then reflect back a few years later and be thankful for actually doing something about it.
Sounds like a bootstraps argument. Working out hasn't gotten harder over generations.
Some kids can't get in shape. Like it or not, not everything is achievable by everyone.
Nor did I say you cant be successful, there are varying degrees of success. If you cant acknowledge that more than ever, your financial success is determined by the opportunities that family money can provide for you, with the cost of schooling, your first home, etc in a place like Vancouver, you aren't watching. How is someone supposed to save 300k for a down payment without help? The money to start a business? To pay for university? These aren't a years salary for someone who has to do it themselves, it's 10.
Gerbs is 10 years younger than me. If he had the exact same financial upbringing, exact career path, exact spending habits as I did, his entry into the market would be exponentially harder than it was for me. That's a simple, quantifiable fact. I'm not telling someone to give up over it. I'm saying, that it should be acknowledged that the system has steamrolled in the wrong direction for providing opportunity for more people to be successful and there's a better solution to it than say, "well work harder" that unfortunately people push back against because they believe that younger generations just don't want to work or some bullshit.
__________________
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.
Most are too busy trying to stick their dicks into as many things as possible or comparing themselves to fucktards on social media.
Dating in Van and having your own place is like tenfold better, the work was definitely worth it. I couldn't imagine having a Maserati at my age lol, I'd probably get depressed from that quick of a lifestyle creep. Even before 2022, I thought I'd never buy a new car because of value reasons but a car accident changed that.
Quote:
Originally Posted by donk.
This is the wai
Most peeps would say you're a dick for that
Quote:
Originally Posted by westopher
Gerbs is 10 years younger than me. If he had the exact same financial upbringing, exact career path, exact spending habits as I did, his entry into the market would be exponentially harder than it was for me. That's a simple, quantifiable fact. I'm not telling someone to give up over it. I'm saying, that it should be acknowledged that the system has steamrolled in the wrong direction for providing opportunity for more people to be successful and there's a better solution to it than say, "well work harder" that unfortunately people push back against because they believe that younger generations just don't want to work or some bullshit.
I think that comment gives me so much peace of mind because it feels like somebody understands the difficulty. The lack of acknowledgement from all parties make the success seemed severely downplayed. When I hit people around my age with the reality of how to afford housing, I always make sure to sympathize with them but also let them know that there really is no solution other than putting in the work lol. Complaining to each other won't solve the issue.
Other note, if I got into housing in 2010 instead of 2020. I think $530K in 2020 accounted for inflation in 2010 would be about $450K, which would put my at the new Oly Village condos. That'd be sweet, I imagine I'd upgrade to SFH by 2015 / 2016, since I'd probably hit my financial stride around that point.
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.
I thought we were talking in the financial sense. If you're talking about happiness, then you're totally right.
Not having to check your bank account balance when you want to do something you like.
I grew up with a simple life with no crazy expensive hobbies or interests. We're talking board games, online games, sports you can play at the park, working out, walking, hiking locally, beach, cheap meals like pho or food court at aberdeen. Cheap or free stuff. The costs for those are so low that you seldom need to check your bank account balance.
In the last year, I tasted the fun stuff that costed money such as sim racing, golfing, jet skii's, boats, eating + drinking + partying, cars, music festivals, travelling, shooting, cooking with nicer ingredients, off-roading, the list can go on.
I realized that most things that are really fun cost money. But everyone around me tells me that should just have cheaper hobbies aka the stuff I listed prior. Which imo are not as mentally engaging skill wise and makes for a not as fun life.
Not having to check your bank account balance when you want to do something you like.
Doing well is obviously subjective, but for me, it's more than not having to check your bank account when you want to do something you like. If I could push back a little here...
For example, my buddy and his girlfriend live in a small one-bedroom apartment where his rent is only $1000/month. He makes about $85k and his girlfriend makes about $60k.
They go on multiple big vacations a year (he just came back from a Mexico trip where they spend $8k), he drives a nice BMW 4 series, they go out to eat a lot, and they buy and wear nice clothing (lulu, aritzia, etc.). He buys and does what he wants.
I guess one could say they're doing well, but I don't see much planning for the future in his scenario. What happens if they want to start a family. Maybe my bar for "doing well" is too high.
I realized that most things that are really fun cost money. But everyone around me tells me that should just have cheaper hobbies aka the stuff I listed prior. Which imo are not as mentally engaging skill wise and makes for a not as fun life.
Jerry Seinfeld said it best here. "They're the biggest losers in the world, and I'm one of them."
Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011
Location: North vancouver
Posts: 12,756
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Quote:
Originally Posted by PeanutButter
Doing well is obviously subjective, but for me, it's more than not having to check your bank account when you want to do something you like. If I could push back a little here...
For example, my buddy and his girlfriend live in a small one-bedroom apartment where his rent is only $1000/month. He makes about $85k and his girlfriend makes about $60k.
They go on multiple big vacations a year (he just came back from a Mexico trip where they spend $8k), he drives a nice BMW 4 series, they go out to eat a lot, and they buy and wear nice clothing (lulu, aritzia, etc.). He buys and does what he wants.
I guess one could say they're doing well, but I don't see much planning for the future in his scenario. What happens if they want to start a family. Maybe my bar for "doing well" is too high.
Sounds like they are doing well.
Doing well today doesn’t mean doing well tomorrow necessarily. Doesn’t sound like they aren’t capable of making more money when that time comes though.
__________________
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.
Not having to check your bank account balance when you want to do something you like.
I agree with this statement. To elaborate in westophers language, I have levels of "wealth" in relation to dining out, in ascending order:
- planning ahead to splurge on a "dinner date" with minimum two entrees and one drink per person
- planning ahead to splurge on a "dinner date" with minimum two entrees regardless of price and one drink per person
- the above, but on a random spontaneous weekend evening
- the above, but on a random spontaneous weeknight dinner
- the above, plus having one appetizer for two, or having one drink per person
- the above, plus a three course meal and/or 2-3 drinks per person
- the above plus a market-price seafood appetizer, or caviar/foie gras supplement, or single top wine pairing
- the above, but combination of the two or three
- tasting menu
- the above plus caviar/foie gras supplement, or single top wine pairing
- the above but wine pairing per person
- all of the above
Did I miss anything?
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Quote:
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!
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1999 Mazda Miata - Sold
2003 Mazda Protege5 - Sold
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1990 Mazda Miata - Sold
Sounds like they are doing well.
Doing well today doesn’t mean doing well tomorrow necessarily. Doesn’t sound like they aren’t capable of making more money when that time comes though.
Hmm interesting. That makes sense when you put it that way.
I guess it just doesn't seem wise to do that. Which is why I feel like that's not doing well.
I agree with this statement. To elaborate in westophers language, I have levels of "wealth" in relation to dining out, in ascending order:
- planning ahead to splurge on a "dinner date" with minimum two entrees and one drink per person
- planning ahead to splurge on a "dinner date" with minimum two entrees regardless of price and one drink per person
- the above, but on a random spontaneous weekend evening
- the above, but on a random spontaneous weeknight dinner
- the above, plus having one appetizer for two, or having one drink per person
- the above, plus a three course meal and/or 2-3 drinks per person
- the above plus a market-price seafood appetizer, or caviar/foie gras supplement, or single top wine pairing
- the above, but combination of the two or three
- tasting menu
- the above plus caviar/foie gras supplement, or single top wine pairing
- the above but wine pairing per person
- all of the above
Did I miss anything?
- being able to fly to another city just to eat at any restaurant (and being able to get a seat) would be the top for me. Friends of a friend do that… fly to another city for a weekend, can’t find a nice enough Uber so rent a limo to take them everywhere, drop $1k per meal, etc. incredible stories.
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.
If you bought your condo 3+ years ago you'll easily be able to HELOC or refinance your way to your next property while keeping your old one. But if you bought in the last 2 years, it's gonna be hella tough to move up in the next 3-5 years.
Hmm interesting. That makes sense when you put it that way.
I guess it just doesn't seem wise to do that. Which is why I feel like that's not doing well.
adamn. RS always teaching me things.
I think the population in general is not as calculated about the future.
If they can spend comfortably today and accidentally set aside 5 - 10% of income, they're happy and that's okay
Quote:
Originally Posted by snowball
If you bought your condo 3+ years ago you'll easily be able to HELOC or refinance your way to your next property while keeping your old one. But if you bought in the last 2 years, it's gonna be hella tough to move up in the next 3-5 years.
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