COVID and the housing market | Page 196 | GTAMotorcycle.com

COVID and the housing market

mimico_polak said:
I would do everything in my power currently to buy a 3-plex. If I had the cash, I would pull every string possible to get one.

The more units/roof you have the easier and better it is. 3-plex is still residential mortgage/property tax/utilities/etc...so MUCH easier.

4+ and you're into commercial territory, and it's a pain.
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Buy it..
236 Forest Hill Drive, Kitchener Ontario

I am 99.999% certain my landlord is the flipper.

One day maybe I can afford 246 Edenbridge Drive, Toronto, ON :p
:p
 
mimico_polak said:
You're still very young and have time to do so. This is the time to make the switch.

I'm too old (early 40s + kids) and in need of stability. I can't afford to break out into a whole new branch of business...heavy civil is going to be it for me, just need to be smart about my next few moves and I may be able to crack 150k before 50. Won't be easy though.
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Big money is out there in almost all professions. To get the big paydays you have to be good and you need some proven accomplishments.

It's not hard, but it does take a plan. A few things that can help one get there:

1) When a tough or dirty job presents itself, volunteer, while everyone else ducks. This gets you experience with a lot of rope to fail.
2) Understand what matters to your employer & boss - do those things successfully. Take credit for your successes, and do a little self-promotion.
3) Learn to lead. People that lead things (projects, products) make great bank. Particularly in tech, production, and construction as there is little in the way of leadership training unless you go for an MBA. (Avoid People Leader work until you're ready to ride out to retirement.)
 
Scuba Steve said:
How do you afford it on 200-300k a year I would assume a 7 figure salary is needed to comfortably afford these places. Maybe I just budget differently?

Sent using a thumb maybe 2
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What do you classify as a McMansion now? Not that long ago they started below 1M and they were rarely someones first dwelling.
 
Georg3__ said:
I think 3000 square feet is excessive
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Size is only one component of a McMansion. As for what is excessive, that depends on how many people live there and what they want to do inside. I know a few families that raised 5+ kids in 1200 sq ft farmhouses successfully but I don't think many people would argue it was ideal. I know other people that went up to 6000+ ft as their kids were leaving high school as there are no capital gains payable.
 
Georg3__ said:
Buy it..
236 Forest Hill Drive, Kitchener Ontario

I am 99.999% certain my landlord is the flipper.

One day maybe I can afford 246 Edenbridge Drive, Toronto, ON :p
:p
Click to expand...
If I had the money I would. But I don't, so I won't.

If I could use the $ from my HELOC I would 100% buy a rental property, but with current pricing...there's zero chance that the rents will cover the costs.

Mad Mike said:
Big money is out there in almost all professions. To get the big paydays you have to be good and you need some proven accomplishments.

It's not hard, but it does take a plan. A few things that can help one get there:

1) When a tough or dirty job presents itself, volunteer, while everyone else ducks. This gets you experience with a lot of rope to fail.
2) Understand what matters to your employer & boss - do those things successfully. Take credit for your successes, and do a little self-promotion.
3) Learn to lead. People that lead things (projects, products) make great bank. Particularly in tech, production, and construction as there is little in the way of leadership training unless you go for an MBA. (Avoid People Leader work until you're ready to ride out to retirement.)
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Thanks @Mad Mike I'd actually like to reach out to you privately to discuss this further. I know there's money to be made in my world, but don't think the gov't job is the one to make it lol.

I've had 2 interviews with my previous employer already to see if I'm going back, so I'm awaiting a response this week and we'll see what they put on the table.

I also had a nice chat from the project contactor 'if you're ever tired/bored of your current gov't role...call me, I wouldn't mind bringing you on to our side and have you working for us.'

Calls like that always help make someone feel that they're doing something right.
 
GreyGhost said:
What do you classify as a McMansion now? Not that long ago they started below 1M and they were rarely someones first dwelling.
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$2,750,000, Single Family, 6500 CONCESSION 1, Cambridge, 40087354, Sold - HouseSigma HouseSigma - Toronto Real Estate Sold Price and Home Valuation
Or this I would consider a Mc mansion
$3,800,000, Single Family, 6671 CONCESSION 1 Road, Puslinch, 40145595, Sold - HouseSigma HouseSigma - Toronto Real Estate Sold Price and Home Valuation

Sent using a thumb maybe 2
 
mimico_polak said:
If I had the money I would. But I don't, so I won't.

If I could use the $ from my HELOC I would 100% buy a rental property, but with current pricing...there's zero chance that the rents will cover the costs.


Thanks @Mad Mike I'd actually like to reach out to you privately to discuss this further. I know there's money to be made in my world, but don't think the gov't job is the one to make it lol.

I've had 2 interviews with my previous employer already to see if I'm going back, so I'm awaiting a response this week and we'll see what they put on the table.

I also had a nice chat from the project contactor 'if you're ever tired/bored of your current gov't role...call me, I wouldn't mind bringing you on to our side and have you working for us.'

Calls like that always help make someone feel that they're doing something right.
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Let me know if you want a Hydraulic sales job.

Sent using a thumb maybe 2
 
Scuba Steve said:
Let me know if you want a Hydraulic sales job.

Sent using a thumb maybe 2
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Thanks! I've actually held jobs in sales and I miss it a bit. Was always fun, and I enjoyed the work.

- Jag dealership (did car jockey, parts advisor, service advisor, and sales advisor over a 7 year span)
- Water and Wastewater equipment
- hydraulics and valving
- heavy civil (no commission here though as sales were in the millions, and got shut down by CAT before I moved up further)

Apparently I'm good at talking with people lol
 
mimico_polak said:
Thanks! I've actually held jobs in sales and I miss it a bit. Was always fun, and I enjoyed the work.

- Jag dealership (did car jockey, parts advisor, service advisor, and sales advisor over a 7 year span)
- Water and Wastewater equipment
- hydraulics and valving
- heavy civil (no commission here though as sales were in the millions, and got shut down by CAT before I moved up further)

Apparently I'm good at talking with people lol
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I have a opening seriously money can be very good if you can handle the pressure.

Sent using a thumb maybe 2
 
Scuba Steve said:
I have a opening seriously money can be very good if you can handle the pressure.

Sent using a thumb maybe 2
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Thanks, appreciate it for sure. Right now I want to see what my next step here at my job will be. Already heard from my manager that other projects are asking why I keep wanting to move up!? LoL Obviously nothing I do here is confidential.
 
Scuba Steve said:
$2,750,000, Single Family, 6500 CONCESSION 1, Cambridge, 40087354, Sold - HouseSigma HouseSigma - Toronto Real Estate Sold Price and Home Valuation
Or this I would consider a Mc mansion
$3,800,000, Single Family, 6671 CONCESSION 1 Road, Puslinch, 40145595, Sold - HouseSigma HouseSigma - Toronto Real Estate Sold Price and Home Valuation

Sent using a thumb maybe 2
Click to expand...

that first house design is terrible. pushed a roof out for covered parking with a wall on one side. what a waste of space, should used the top as a deck or at least enclose to just make a larger garage.
 
killvino said:
that first house design is terrible. pushed a roof out for covered parking with a wall on one side. what a waste of space, should used the top as a deck or at least enclose to just make a larger garage.
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That's a signature of McMansions. "Architecture" (used very loosely) run wild with little thought to the cohesiveness or function of the overall project.
 
Lightcycle said:
My advice is to choose a profession whose compensation is not tied to the number of hours worked. Regardless of whether you make $20/hour or $200/hour, that kind of money is always going to be linear and will have a hard ceiling because there are only 24 hours in a day.

Examples of this are sales or any other performance-based compensation which have a commissions component or have a portion of your compensation tied to the success of the company, like stock options. The key to high earnings is working smarter, not harder. An example of this is managing your piece of the business so others do the work for you, as if you were the company's owner.

When you uncouple hours from $$$, there is no theoretical ceiling to your earnings. A lot of salaried or wage earners know exactly what number will be on their T4 slip at the end of the year. Those making the big bucks often have no idea what their T4 will look like, just a range depending on how well they manage the part of the business assigned to them.

The risk is that your earnings could suffer if you've got poor management skills or the business as a whole suffers because of external factors.

Live by the sword, die by the sword.
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as Lighcycle has typed , that is excately the key to it . If your in a job where you make $40 an hour, your only making $40 an hour. Smartest guy in your dept? Still $40 an hour.

Only thing I would add, if you get one of those sales job where they tell you there is no ceiling and unlimited earnings , it better be a proven product in an existing market or your just blazing a trail for the next competitor that makes a new mousetrap.
 
mimico_polak said:
Apparently it is!


500k!?
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Assuming MM's numbers are correct with a townhouse costing 200-300 $/sq ft, That would be 2.2M in construction costs. I assume those costs don't include so much stone, tall baseboards, iron railing, etc. Maybe some economy of scale for big space though (eg fewer walls per sq ft). I couldn't buy materials for that house for 500K.
 
Lightcycle said:
My advice is to choose a profession whose compensation is not tied to the number of hours worked. Regardless of whether you make $20/hour or $200/hour, that kind of money is always going to be linear and will have a hard ceiling because there are only 24 hours in a day.

Examples of this are sales or any other performance-based compensation which have a commissions component or have a portion of your compensation tied to the success of the company, like stock options. The key to high earnings is working smarter, not harder. An example of this is managing your piece of the business so others do the work for you, as if you were the company's owner.

When you uncouple hours from $$$, there is no theoretical ceiling to your earnings. A lot of salaried or wage earners know exactly what number will be on their T4 slip at the end of the year. Those making the big bucks often have no idea what their T4 will look like, just a range depending on how well they manage the part of the business assigned to them.

The risk is that your earnings could suffer if you've got poor management skills or the business as a whole suffers because of external factors.

Live by the sword, die by the sword.
Click to expand...
It's true the earnings in sales can be fantastic, but to get to the big numbers you need to be good... really good.

Sales is like any other high-paying profession, for each 6 figure guy there are a hundred Willy Lomans who just squeek by. There are periods of feast and famine (how much does a plywood salesman earn in 2018 compared to today?). I've done both, and while I made a ****-ton of money selling (telecom gear), it's stressful and there isn't as much golf and liquid-lunching as most will have you believe.

My preference these days is managing things. If you're good the salaries are too, and when you're managing something with a budget or KPI's with targets, incentive pay can make it great.
 
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