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. | | |
09-15-2022, 04:09 PM
|
#23576 | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
Posts: 3,007
Thanked 2,847 Times in 1,222 Posts
Failed 62 Times in 24 Posts
| Quote:
Originally Posted by Special K In summer 2021, I saw a 2010 built 33x100 house near 33rd between Fraser and Knight.
Approx rent:
Main 2 floors - $3500
1bd suite - $1000
2bd suite - $1500
Laneway - $1500
Total cash flow $7500.
Asking was $2.5M and sat for 2-3 months in a super hot market. Owner probably was is in no rush to sell with a cash cow like that.
Inside was in pretty horrible condition. Tenants didn’t care and have pets.
Imagine scaling to 2+ houses like that. Rich gets richer. | 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.
__________________
Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
|
| |
09-15-2022, 04:28 PM
|
#23577 | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
Posts: 3,007
Thanked 2,847 Times in 1,222 Posts
Failed 62 Times in 24 Posts
| Quote:
Originally Posted by PeanutButter I did about $15k in renovations for the downstairs that I still haven't claimed on my taxes yet because I was told if I do that, that will affect my capital gains when I sell in the future? I need to talk to an accountant about that before I claim those renovations. | 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).
__________________
Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
|
| |
09-15-2022, 06:35 PM
|
#23578 | Even when im right, revscene.net is still right!
Join Date: Jan 2013 Location: Vancouver
Posts: 1,383
Thanked 621 Times in 203 Posts
Failed 103 Times in 22 Posts
| Quote:
Originally Posted by supafamous 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. | 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 |
| |
09-15-2022, 06:55 PM
|
#23579 | RS.net, helping ugly ppl have sex since 2001
Join Date: Oct 2016 Location: Ricemond
Posts: 9,185
Thanked 10,688 Times in 3,835 Posts
Failed 478 Times in 242 Posts
| Quote:
Originally Posted by Special K In summer 2021, I saw a 2010 built 33x100 house near 33rd between Fraser and Knight.
Approx rent:
Main 2 floors - $3500
1bd suite - $1000
2bd suite - $1500
Laneway - $1500
Total cash flow $7500.
Asking was $2.5M and sat for 2-3 months in a super hot market. Owner probably was is in no rush to sell with a cash cow like that.
Inside was in pretty horrible condition. Tenants didn’t care and have pets.
Imagine scaling to 2+ houses like that. Rich gets richer. | 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.
|
| |
09-15-2022, 07:42 PM
|
#23580 | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
Posts: 4,653
Thanked 1,973 Times in 1,042 Posts
Failed 209 Times in 126 Posts
|
That's why air BnB is better? Never done it but no rtb |
| |
09-15-2022, 07:45 PM
|
#23581 | in the butt
Join Date: Aug 2016
Posts: 2,851
Thanked 3,590 Times in 1,314 Posts
Failed 170 Times in 93 Posts
| Quote:
Originally Posted by Special K In summer 2021, I saw a 2010 built 33x100 house near 33rd between Fraser and Knight.
Approx rent:
Main 2 floors - $3500
1bd suite - $1000
2bd suite - $1500
Laneway - $1500
Total cash flow $7500.
Asking was $2.5M and sat for 2-3 months in a super hot market. Owner probably was is in no rush to sell with a cash cow like that.
Inside was in pretty horrible condition. Tenants didn’t care and have pets.
Imagine scaling to 2+ houses like that. Rich gets richer. |
Where are you getting these cash cow statements from
A 2.3 mil house at 20% down, with a 2% interest rate, has a 7800$ 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
__________________ 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. | |
| |
09-15-2022, 07:48 PM
|
#23582 | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
Posts: 3,007
Thanked 2,847 Times in 1,222 Posts
Failed 62 Times in 24 Posts
| Quote:
Originally Posted by JDMDreams That's why air BnB is better? Never done it but no rtb | 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).
__________________
Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
|
| |
09-15-2022, 09:07 PM
|
#23583 | RS.net, helping ugly ppl have sex since 2001
Join Date: Jan 2005 Location: Vancouver
Posts: 9,552
Thanked 3,596 Times in 1,211 Posts
Failed 236 Times in 60 Posts
| Quote:
Originally Posted by supafamous 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. | https://maps.app.goo.gl/9vDtFqYLZi1A8gba8
Jesus man you're right, the laneway home does look like a prison shack, barely any windows.
__________________ Quote:
Originally Posted by The_AK Or you meet some girl at the club, cum inside of her, find out shes only in grade 12, so you buy a Prada bag for her to make things right, she finds out the bag is a fake and decides to have the kid | Quote:
Originally Posted by RX_Renesis wtf did she get some bolt-on titties or what?
they look sooooooooooo much bigger than they were 2ish years ago. | Quote:
Originally Posted by nns I can't stand the sound of Mandarin either. Boo yow nee bey nee shing bo now noong gey shee mayo mayo mayo mayo mayo mayo mayo. | |
| |
09-15-2022, 09:14 PM
|
#23584 | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
Posts: 3,007
Thanked 2,847 Times in 1,222 Posts
Failed 62 Times in 24 Posts
| Quote:
Originally Posted by TypeRNammer | 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).
__________________
Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
|
| |
09-16-2022, 10:04 AM
|
#23585 | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
Posts: 3,007
Thanked 2,847 Times in 1,222 Posts
Failed 62 Times in 24 Posts
| Quote:
Originally Posted by donk.
Where are you getting these cash cow statements from
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
/Stirring the pot here | 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.
__________________
Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
Last edited by supafamous; 09-16-2022 at 10:17 AM.
|
| |
09-16-2022, 10:15 AM
|
#23586 | I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 37,734
Thanked 15,064 Times in 6,023 Posts
Failed 2,068 Times in 693 Posts
|
How do you figure 12k in month rent? Or even 8k for that Dundas place? No row home and just two duplex?
__________________
Dank memes cant melt steel beams
|
| |
09-16-2022, 10:18 AM
|
#23587 | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
Posts: 3,007
Thanked 2,847 Times in 1,222 Posts
Failed 62 Times in 24 Posts
| Quote:
Originally Posted by Hondaracer 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.
__________________
Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
|
| |
09-16-2022, 10:31 AM
|
#23588 | I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 37,734
Thanked 15,064 Times in 6,023 Posts
Failed 2,068 Times in 693 Posts
|
Ah sorry didn’t see the 2 separate basement suites
__________________
Dank memes cant melt steel beams
|
| |
09-16-2022, 11:01 AM
|
#23589 | RS has made me the bitter person i am today!
Join Date: Nov 2010 Location: /
Posts: 4,874
Thanked 2,583 Times in 995 Posts
Failed 253 Times in 72 Posts
| Quote:
Originally Posted by Badhobz 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? | 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.
__________________
2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned] |
| |
09-16-2022, 04:31 PM
|
#23590 | I Will not Admit my Addiction to RS
Join Date: Apr 2001
Posts: 593
Thanked 913 Times in 158 Posts
Failed 14 Times in 7 Posts
| Quote:
Originally Posted by Special K | 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.
__________________
HKS | DAIZEN | TRD | TOM'S | K&N | B&M | FIGS | SSR
|
| |
09-16-2022, 09:57 PM
|
#23591 | My homepage has been set to RS
Join Date: Jun 2013 Location: Burnaby
Posts: 2,444
Thanked 2,927 Times in 778 Posts
Failed 407 Times in 108 Posts
|
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 |
| |
09-16-2022, 10:12 PM
|
#23592 | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
Posts: 4,653
Thanked 1,973 Times in 1,042 Posts
Failed 209 Times in 126 Posts
|
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.
|
| |
09-16-2022, 11:27 PM
|
#23593 | I *heart* Revscene.net very Muchie
Join Date: Apr 2001 Location: Burn-A-Bee
Posts: 3,989
Thanked 416 Times in 189 Posts
Failed 10 Times in 10 Posts
|
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
__________________ Never argue with a dumbass, they drag you down to their level and try to beat you with experience My Feedback
Blah™
|
| |
09-16-2022, 11:50 PM
|
#23594 | Need to Seek Professional Help
Join Date: Jan 2005 Location: Van
Posts: 1,048
Thanked 542 Times in 291 Posts
Failed 27 Times in 15 Posts
| Quote:
Originally Posted by JDMDreams 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. | First thing my mom would do is get a screen / screen door made loll
|
| |
09-17-2022, 08:46 AM
|
#23595 | RS.net, helping ugly ppl have sex since 2001
Join Date: Oct 2016 Location: Ricemond
Posts: 9,185
Thanked 10,688 Times in 3,835 Posts
Failed 478 Times in 242 Posts
|
^i read this way too quickly, i thought you said
fisting your mom through screen door...
ill see myself out now.
|
| |
09-17-2022, 09:20 AM
|
#23596 | My homepage has been set to RS
Join Date: Jun 2013 Location: Burnaby
Posts: 2,444
Thanked 2,927 Times in 778 Posts
Failed 407 Times in 108 Posts
|
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?
|
| |
09-17-2022, 09:37 AM
|
#23597 | RS Veteran
Join Date: Dec 2001 Location: GTA
Posts: 29,844
Thanked 11,520 Times in 4,710 Posts
Failed 440 Times in 282 Posts
| Quote:
Originally Posted by Badhobz ^i read this way too quickly, i thought you said
fisting your mom through screen door...
ill see myself out now. | I cannot unsee it now. Well deserved thank and way to start off my weekend.
__________________ Quote:
Originally Posted by BIC_BAWS I literally do not plan on buying another vehicle in my lifetime, assuming it doesn't get written off. | |
| |
09-17-2022, 10:32 AM
|
#23598 | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
Posts: 3,007
Thanked 2,847 Times in 1,222 Posts
Failed 62 Times in 24 Posts
| Quote:
Originally Posted by PeanutButter | How am I supposed to do my winter tire swap with that kind of driveway? Acura604 would go nuts living there.
__________________
Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
|
| |
09-19-2022, 07:39 PM
|
#23599 | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
Posts: 3,007
Thanked 2,847 Times in 1,222 Posts
Failed 62 Times in 24 Posts
| 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
__________________
Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
|
| |
09-19-2022, 08:20 PM
|
#23600 | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,625
Thanked 32,341 Times in 7,531 Posts
Failed 213 Times in 161 Posts
| Quote:
Originally Posted by PeanutButter | 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.
__________________
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. | |
| | | |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts HTML code is Off | | | All times are GMT -8. The time now is 03:50 PM. |