Was it like this house? https://goo.gl/maps/MYeB77idbMsGRyAN6

This was also on sale forever for $2.5m and didn't sell. It was a total dump but had 3 rental suites plus the main house. No one was living in the main house and there was a renter in the laneway - a laneway that looked like a prison cell as the first floor was basically below ground due to the slope of the lot.

I think (and don't quote me on it) but the moment you claim rental income you're on the hook for capital gains regardless of how much you write off unless you specifically opt out of a deemed disposition. So if your write-offs cover 25% of your property (say 500sf out of 2000sf) then 25% of your capital gains for the year that you were renting would be taxable when you sell your house regardless of what you claimed.

Re: Opt out. As of 2019 you can opt out of the deemed disposition that renting causes:

https://www.canada.ca/en/revenue-age...-property.html

Best to talk to an accountant about the consequences of renting out part of your home (or eyeball it if the cap gains are not significant - the reality is the CRA kinda turns a blind eye to a lot of this stuff).

No. I saw the 36th ave listing but never got an appointment to view it. The alley was very narrow.

This was the cash flow house
https://www.redfin.ca/bc/vancouver/5...home/155331282

wait wait wait, hold up a minute

7500x12 = 90,000 a year. 90k a year... how is that a good fucking idea when you have a literal village in your house? dealing with 1 tenant is bad enough, but this many tenants.... who trash your house, who might skip out on rent, who might take you to RTB, or you might take them to RTB... all for a lousy 90k a year that you gotta pay taxes on?

keep it.

thats exactly why we got rid of our downtown rental income apartment. dealing with tenants is a huge pain in the ass

also thats still a 2 million + property. even if you threw down 1 million and mortgaged the rest, you'll take an eternity to pay off that 1 million with just your lousy tenants and you still need a place to live.

That's why air BnB is better? Never done it but no rtb :fuckyea:

:suspicious:

Where are you getting these cash cow statements from

A 2.3 mil house at 20% down, with a 2% interest rate, has a 7800$ mortgage (don't ask that same landlord what his mortgage is today at 4%)

Monthly assumed expenses:
Prop taxes at 500$
Vacancy at 750$ (10% of rent)
General maintenance at 225$ (3%)
CapEx on a dump is high at (8%) 600$
I don't know how much house insurance is, 200$?
Common heat / AC / water / garbage, another 300$?

Let's call it 10k assuming you are not using a property manager

Negative 2500$/mo, cash cow

Principal being paid off? Yes
Cash cow? Hell no
Putting 50% down instead would be a poor investment, less tax write offs.

Buying cash would be plain stupid. (Long term returns wise)
2.3 mil cash could be used as xx% down on a 8 mil, 80 unit multiplex in a smaller inland city.
80 units x 900$ each, 72,000$ monthly gross. Vs 7500$ monthly net on a 4 unit, purchased with cash.

/Stirring the pot here :badpokerface:

AirBnB has it's own hassles too though - gotta always clean the place and keep it stocked up and the people who come may or may not be good people. It's like running a mini-hotel.

I've generally had good to great experiences with our renters over the years (since 2009) - there was only one person who we didn't like and that was a personality issue, not a taking care of the place issue. Good vetting at the beginning really pays off (my wife does the work). We still sometimes hear from our past tenants. For us it's been totally worth it and largely trouble free (unlike my BIL who seems to attract a lot of unreliable losers).

https://maps.app.goo.gl/9vDtFqYLZi1A8gba8

Jesus man you're right, the laneway home does look like a prison shack, barely any windows.

Oh shit, it's still for sale: https://www.zealty.ca/mls-R2704580/1...-Vancouver-BC/

It's been perpetually listed since 2019 and hasn't sold. Listed between 2.4 and 2.8m since then. The backyard has been cleaned up since I saw it - it was a pile of dirt back then. The pictures make it look nicer than it actually is - it's pretty beat up on the inside particularly the two suites downstairs which also feel like a prison. One of the kitchen windows in the suite faces a concrete retaining wall which isn't shown in the photos.

It's 3 years old and feels like it's 10-15 years old despite no one living in it in the past year and a half (or thereabouts).

Not all properties make sense as investment properties and SpecialK was just throwing out some estimates out anyways. Right this very moment it doesn't seem like real estate is a particularly good investment - rates are "high" but prices have not come down to reflect that.

This is probably a better example (though not necessarily a profitable one - just one we can argue over): https://www.facebook.com/marketplace...5713250711638/

3543 Dundas - looks like the owner built a duplex and is living in one part of it and renting out the rest. He's bringing in $8400/mo in rent, if the whole thing was rented out it'd bring in ~$12.6k in rent (~$150k/yr). Assessed value is $2.5m so figure it's worth $2.8-3m.

At a 20% downpayment ($560-600k) payments are around $150k/yr but interest is about $120k/yr at current rates so after everything you're probably not paying any taxes on the rent (especially if you take CCA). They're still out of pocket some costs each year though (I think). If they had bought that in 2021 on a fixed rate mortgage (2%?) they'd be in good shape.

After 5 years the principal is down ~$200k for a downpayment - it's an ok return unless the property appreciates. They're maybe boned if the property goes down in value though. There's things savvy or high risk tolerance investors may do in these situations - they take the equity out as it frees up and reinvest it in something else for example. The line between money loser and money maker can be pretty fine but there's ways to make this work well - ways I don't know.

Years ago I considered buying a old quadplex apartment building in Victoria as they were going for $800k-1m and could return a steady 5-6% a year even with no appreciation but I passed cause it was outside of my risk tolerance (didn't know much about real estate and likely meant I couldn't buy my own place down the road). Those quadplexes have appreciated A LOT since then - I would have made some good money out of it, probably $500k minimum in 5-7 years. (Example: https://www.rew.ca/properties/426522...ad-victoria-bc - almost doubled in value since 2013).

Real estate investment is outside of what I'd ever want to do - I'm a lazy investor (ETFs all the way baby) - but the people who know how to work it can do really well with it.

How do you figure 12k in month rent? Or even 8k for that Dundas place? No row home and just two duplex?

He rents out the suites separately - in his profile you can see he rented out both basement suites for $2,100 so $4200 for the two basement suites and $4,200 for the upstairs unit.

Ah sorry didn’t see the 2 separate basement suites

For what it's worth, for our property managed clients with houses, 4 to 5 suites. We have a suite turnover every 3 months with the about 8 to 20% vacancy due to squatting, non payment then disappear, or begging for negotiations every month. Kind of wild but I guess most people wouldn't pay $1,000 to 2,500 to live in a house with 4 to 5 other parties if they had better options with their history.

Holy shit, I almost forgot about this house!
The company I was working for did the plumbing/heating on this house back in 2011. The workmanship in general was just terrible.

You guys think living right across the beach would be shitty with all the traffic and people?
$10M to be so close to just a bunch of regular folk, not sure if I would like that... haha

https://www.redfin.ca/bc/vancouver/4...home/155148431

I've always wondered about those open concept glass door opening houses. Does your house become infested with files, mosquitos or other bugs. I'd be pissed as hell if I was swarmed by mosquitos in my 10m house.

Speaking of listings, WTF is this agent thinking about in terms of pictures? Total amateur hour. Is this a joke listing? I think my 5 year old would take better pictures than that LOL

https://www.zealty.ca/mls-R2721093/4...-Vancouver-BC/

Compared to the previous listing of the same unit:

https://www.zealty.ca/mls.php?id=R2622526

First thing my mom would do is get a screen / screen door made loll

^i read this way too quickly, i thought you said

fisting your mom through screen door...

ill see myself out now.

Does anyone know if this would be all above board in regards to short-term rentals in BC?

If I have a condo that I use for short-term rentals (Airbnb) for six months of the year and for the other six months I rent it out for 30+ day rentals, but for the 30+ day rental period i'm only able to rent it out for let's say five out of the six months, but I was advertising it for 30+day rentals for the entire six month period?

Would this satisfy all by-law requirements?

I cannot unsee it now. Well deserved thank and way to start off my weekend. :awwyeah:

How am I supposed to do my winter tire swap with that kind of driveway? Acura604 would go nuts living there.

https://thecityoflougheed.com/rental/floorplans

Holy shit. New rental towers going up at Lougheed Mall and a 545sf 1 bedroom starts at $2550/mo. A 1000sf 3 bedroom starts at $3750. WTF?

News story about it: https://www.burnabynow.com/local-new...y-mall-5814657

That home really is incredible design. Great kitchen. I’d rather have the same thing in Cali and have 5 million left over for cars though.