Quote:
Originally Posted by PeanutButter
I just ran into an old friend today.
He's 41 y.o. He has two town houses and one condo in Surrey (He had a house in Vancouver that he sold and moved to Surrey and bought all three houses). He told me he just sold one of the town houses for $1M, which he paid ~$300k for originally.
I asked him why he sold the town house and he said the market feels toppy and he believes macro-economically real estate is going to drop because of interest rates, so he wanted to realize some profits and he said once the market corrects he'll get back in.
I was super happy for him and extremely impressed by his portfolio, but I questioned if it was risky for him to try and time the market like he's doing. He said the main reason was that he didn't want to work that hard anymore. The pandemic changed his perspective, so he cut back his working hours to four days a week and a max of five hours a day. He reads utility meters all over the city. He said that was a six figure job??? Seems high, but I didn't question him.
He has two boys 10 and 14 and a wife, so they're going to take the money and go on vacation and just not stress as much anymore.
I just thought that was a super cool encounter I had today and thought some of you might be interested.
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If any of you guys remember this encounter I had. I saw him again just now..
This asshole (edit; said in a very playful tone). He's now taking a two month sabbatical and going to the Philippines WITHOUT HIS WIFE AND KIDS.. haha this guy. His wife is still working and his kids are in school. Unreal.
Now, here's the kicker. This degenerate JUST bought FIVE one bedroom condo's on King George (pre-sale), $460k a piece and he's planning on flipping it in 2024. Within the next 12 months, the deposit schedule is 20% down.
He's swinging for the fences. Because if the market is in the shits in 2024, he's screwed. It's a pretty big risk to take, but he's just going. Geeeeeeeeese Louise