COVID and the housing market | Page 243 | GTAMotorcycle.com

COVID and the housing market

Is the hustle construction or related to your day job? Sadly, in either case, I'd probably spin up an insured company as the goal is to improve your situation not lose your house. That makes it harder as a side hustle as there are significant fixed costs.
I promised not to derail but...

1. I want to set up a consulting business related to my day job. But for evenings / weekends. I'm just not sure how to monetize this experience.

2. Other option (why not simultaneous) is to basically fire up a company (dad already has it and it's dormant) and just get on it. Advertise and get out there. Painting, powerwashing, deck building are all options (but would need dad to be involved also simply due to experience/knowledge).

We can talk privately as I don't want to de-rail further.

And yes...the reason for it is to better our situation...not screw us totally. Thinking of incorporating and just keeping $ in there to lower the impending tax hit.
 
I promised not to derail but...

1. I want to set up a consulting business related to my day job. But for evenings / weekends. I'm just not sure how to monetize this experience.

2. Other option (why not simultaneous) is to basically fire up a company (dad already has it and it's dormant) and just get on it. Advertise and get out there. Painting, powerwashing, deck building are all options (but would need dad to be involved also simply due to experience/knowledge).

We can talk privately as I don't want to de-rail further.

And yes...the reason for it is to better our situation...not screw us totally. Thinking of incorporating and just keeping $ in there to lower the impending tax hit.
1. Anyone need help in India/Korea? Evening here equals daytime there so you are available for phone calls.
2. Insurance may be happier with an existing company (and person with long documented experience).

If you want to improve taxes, your wife owns the company and you are an employee. You get paid some nominal amount for your work, she gets paid the profits.
 
Option 2 is what I did for my current part time gig. Just have to be careful about what the CRA thinks of the business finances.
 
Option 2 is what I did for my current part time gig.
Yes. I would do that….but I’m completely useless in software programming.

I remember my buddy in BC would freelance for $100/hr programming stuff in excel for ex-employers.
 
I promised not to derail but...

1. I want to set up a consulting business related to my day job. But for evenings / weekends. I'm just not sure how to monetize this experience.

2. Other option (why not simultaneous) is to basically fire up a company (dad already has it and it's dormant) and just get on it. Advertise and get out there. Painting, powerwashing, deck building are all options (but would need dad to be involved also simply due to experience/knowledge).

We can talk privately as I don't want to de-rail further.

And yes...the reason for it is to better our situation...not screw us totally. Thinking of incorporating and just keeping $ in there to lower the impending tax hit.

1. Wouldn't you need a consulting engineer license to do that legally? Or do work only for companies that have one
 
1. Wouldn't you need a consulting engineer license to do that legally? Or do work only for companies that have one
If he wants to offer engineering services, the company needs a CofA. He does not need a consulting engineering designation as long as he doesn't call himself a consulting engineer. It's basically an expensive wank that doesn't matter at all. Don't call yourself a consulting engineer without it though or PEO will slap you. If he advertises as an engineer (without the word consulting), CofA and PEng is sufficient. If he advertises as a technical consultant or cost consultant and doesn't offer engineering opinions, he could probably avoid a CofA. Assuming he is dealing with technical aspects and not just money, I would get the CofA to avoid having to answer questions about whether or not something is an engineering opinion.
 
1. Wouldn't you need a consulting engineer license to do that legally? Or do work only for companies that have one
It all depends on how it's framed and agreed upon with the scope of work with each client.

I know my previous employer couldn't call me an 'engineer' because I didn't have a PENG. So they called me 'specialist' to get around it.

Now that I'm a PENG...issue resolved.

I wouldn't do design work, but my field is fairly specialized and while there is definitely smarter people than I...there's a lot of people NOT in the field which could help my case.

Basically I'm in heavy civil, with extensive experience in bid preparation, machine and ancillary equipment selection, tech spec review and the like.

I have never done actual design work...and I never plan on doing it.

Just trying to see how to monetize what I do know. A few of my colleagues actually teach courses at colleges on a part-time basis (evening classes) where they basically regurgitate the same info I have (mind you they have MUCH more experience).

We've had consultants come to our job site for $1000-1500/day and I can safely say that I've got more knowledge than those guys that I've seen.

Lot of smart people out there...but a whole lot more smart sounding people.

I'm actually kicking myself for not applying at a sailboat bar that one of the GTAMers had posted earlier. Would've been a nice break from the house and current work. Ah well. Live and learn.
 
If he wants to offer engineering services, the company needs a CofA. He does not need a consulting engineering designation as long as he doesn't call himself a consulting engineer. It's basically an expensive wank that doesn't matter at all. Don't call yourself a consulting engineer without it though or PEO will slap you. If he advertises as an engineer (without the word consulting), CofA and PEng is sufficient. If he advertises as a technical consultant or cost consultant and doesn't offer engineering opinions, he could probably avoid a CofA. Assuming he is dealing with technical aspects and not just money, I would get the CofA to avoid having to answer questions about whether or not something is an engineering opinion.
Ah CofA was what I was thinking of. Its been a few years since I had to pass that exam

Yeah it depends on the work. Considering he wrote "consulting business" its likely youd want both
 
Haven't talked too him much about it, but I work with a guy my age who buys sh*t off Alibaba and sells it to Canadian Tire. Not sure how he got into that, but seems to be doing really well for himself. Owns two houses in town that he rents out rooms in to the contractors that come up here for work. Lots of people do that with Amazon too.

Advertising yourself as a handyman or doing stuff on TaskRabbit would be good also. I've thought about that a lot but honestly the demographic in the places I've lived isn't right for it. You really need the clientele that a large city seems to attract.
 
Haven't talked too him much about it, but I work with a guy my age who buys sh*t off Alibaba and sells it to Canadian Tire. Not sure how he got into that, but seems to be doing really well for himself. Owns two houses in town that he rents out rooms in to the contractors that come up here for work. Lots of people do that with Amazon too.

Advertising yourself as a handyman or doing stuff on TaskRabbit would be good also. I've thought about that a lot but honestly the demographic in the places I've lived isn't right for it. You really need the clientele that a large city seems to attract.
I thought TaskRabbit was for very low priced work? I'll have to check it out.

I can't think of a tool that I don't have to perform regular tasks around the house / cottage. It's the skills that are missing.

I'll post an add for pressure washing today on Kijiji and give it a whirl. Nothing to lose.
 
I thought TaskRabbit was for very low priced work? I'll have to check it out.

I can't think of a tool that I don't have to perform regular tasks around the house / cottage. It's the skills that are missing.

I'll post an add for pressure washing today on Kijiji and give it a whirl. Nothing to lose.
Personal side gigs are soul sucking find a way to make more during the workday and enjoy your kids and life. You could be making 300-400 a year in sales and working less hours.

Sent from my Pixel 5 using Tapatalk
 
Personal side gigs are soul sucking find a way to make more during the workday and enjoy your kids and life. You could be making 300-400 a year in sales and working less hours.

Sent from my Pixel 5 using Tapatalk
True.

But the 300-400k in sales I’d say is probably not the norm and primarily for the best of the best. But it’s been a while since I’ve done any type of sales.

I’ve got a meeting this week to see what’s what with my role progression moving forward with my boss. If he doesn’t say much I’ll have my answer.
 
In housing related news

How do you more experienced folks know when to time the market? Is this a good time to try and jump in with all this uncertainty?

Seeing some ancient ancient condos for half a million
 
In housing related news

How do you more experienced folks know when to time the market? Is this a good time to try and jump in with all this uncertainty?

Seeing some ancient ancient condos for half a million

Be part of the government, they always seem to know when to buy and sell
 
In housing related news

How do you more experienced folks know when to time the market? Is this a good time to try and jump in with all this uncertainty?

Seeing some ancient ancient condos for half a million
Timing any market is a guess at best. Stock market is simpler as you can spread your entry or exit over time to minimize the risk that you picked the wrong trigger date. Unfortunately housing requires you to go all in on one day and hope for the best.

Do I think some listings may drop in price over the next few months? Yes. Do I think there will be much drop at the entry level dwellings? No. Do I care too much about market timing? No. Dont buy unless you plan to stay for at least 5 or 10 years. Over that period, you are rarely down substantially and could get you money back out. Would I buy an ancient condo? No, almost unlimited downside.

Now, the above are my guesses. I didn't anticipate the rapid price increase during a pandemic. I could be wrong again.
 
In housing related news

How do you more experienced folks know when to time the market? Is this a good time to try and jump in with all this uncertainty?

Seeing some ancient ancient condos for half a million
I think we're in uncharted territory here...so the typical recommendation is always the same 'don't time the market'.

Timing any market is a guess at best. Stock market is simpler as you can spread your entry or exit over time to minimize the risk that you picked the wrong trigger date. Unfortunately housing requires you to go all in on one day and hope for the best.

Do I think some listings may drop in price over the next few months? Yes. Do I think there will be much drop at the entry level dwellings? No. Do I care too much about market timing? No. Dont buy unless you plan to stay for at least 5 or 10 years. Over that period, you are rarely down substantially and could get you money back out. Would I buy an ancient condo? No, almost unlimited downside.

Now, the above are my guesses. I didn't anticipate the rapid price increase during a pandemic. I could be wrong again.

I know I expected the market to tank and was terrified about my house being bought in the midst of COVID.

I also sold my investment property thinking 'I'm am so S-M-R-T'....ya...that wasn't the case.
 
In all honesty my issues are easy:

1. Scared of screwing up
2. Not sure how to get first clients

Outside of that...I'm just a pansy as I've got the time, tools, and can pull on others experience.

I'm willing to put the work in for evenings and weekends...but not sure how many clients would actually want someone to come in and work on evenings/weekends.
Start with friends and family if you can stomach it. If not, it's going to be a hard sell. Another way of doing it is, advertise as a handyman and get the contacts and your foot in the door. Go to install a dishwasher or some other appliances, and before you know it, you might be able to get them to do a small reno in the washroom or such.

My advise to you is to start as a handyman who can help with minor installs and other small things that won't take more than 4-5 hours. Once you put yourself out there, then you have a shot of making it. If not, it's going to be hard to get your foot in the door.
 
A few updates from our housing-driven exodus from Toronto:

Driving out west, Sault Ste Marie - a brief stop at the gas station and caught the tail end of a conversation that ended in the customer calling the attendant a "sand n*****". Attendant is Indian, I'm Middle Eastern. How stupid do you have to be to even get your racist insults wrong?

White River, I worked here years ago on a hydro job. Stopped in at Robin's Donuts and had coffee and donuts with Winnie the Pooh. I like stopping here.

Dryden, this place gives me the creeps. It's a necessary stop, but a quick one, in and out.

Winnipeg, caught in a blizzard and ice covered roads first time - and I mean ice. Second time, flooding. Hard to explore the city in those conditions. We didn't stay long enough to enjoy mosquitoes too but it was enough to put my wife off the place. Job offer turned down.

Yorkton, seems like a nice town. We stop in for dinner but not enough time to really explore.

Saskatoon, we like it. Friendly people, sunny, slower pace, lots of bridges around town (the civil engineer in me likes that), beautiful campus and gothic architecture at the University of Saskatchewan (the architect in my wife likes that). They say there's nothing to do there, we found plenty to keep us interested. There's a new youthful energy and spirit to the place - to replace the old demons perhaps. Seems like football (not the European kind) is big here. We'll come back, maybe to catch a game.

Drive between Saskatoon and Edmonton. They say SK is flat and boring, but we enjoyed this drive regardless. Nice views of the North Saskatchewan River for a good portion of it. The drive from Winnipeg to Saskatoon is the worst of the lot.

Edmonton, it's bigger than expected. The ring road, Anthony Henday Dr. makes it super easy to get around. Driving in and around the River Valley is different, feels more like Europe than Canada. One thing takes me by surprise immediately - everyone slows down to the speed limit?! Highway construction zone speed limit goes from 100 to 80. The cars slow down from 100 to 80, and I mean exactly 80, not 90-95. I am shocked. Imagine that on the 401? Forget about it. Then I realize, there are speed cameras all over the place, and now I'm wondering if I'll get a surprise in the mail... The second thing that takes me by surprise, it's very multicultural - we meet people from Poland, Serbia, Ireland, Philippines, India, Pakistan, Syria, Iraq, Mexico, Brazil, Thailand, Eriteria, Cameroon through random conversations within a week. St. Albert is supposed to be a nice suburb, and it is. Housing is overpriced though for what it is. We explore more of town, West Edmonton Mall, South Edmonton Common, more of the River Valley - there's a Middle Eastern joint in town called Jerusalem. We try the shawarma. It's good. Job offer accepted.

We find an apartment in SW Edmonton. 2 bedroom unit + the 10x12ft storage unit for the track bike and other stuff + the 2 parking spots at the apartment - all that combined for less than just the rent at the 1+den in downtown Toronto. We haven't seen winter yet so will reserve judgement for a permanent place until this time next year. The project has me on the job for at least 5 years so there's some degree of permanence to the move. First month at work has been a challenge but interesting and I'm enjoying the change. We'll have to plan a weekend trip to Jasper soon. The track bike needs a bit of work, but I finally feel settled enough to book a few trackdays. 2 days at Stratotech Park in July and 1 day at Rocky Mountain Motorsports Park in August - I find it a little concerning from a safety perspective that coolant/anti-freeze doesn't need to be replaced with water for trackdays here... But anyway, overall, so far so good and we're both enjoying the new adventure out West.
I liked Saskatoon, it was a chill place from what I remember. And you're right about Dryden, it had a weird feeling to it, we ate our fish n chips and got the heck out of there in a hurry.

I didn't care for Edmonton, felt like Mississauga with pick up trucks :)
 
Start with friends and family if you can stomach it. If not, it's going to be a hard sell. Another way of doing it is, advertise as a handyman and get the contacts and your foot in the door. Go to install a dishwasher or some other appliances, and before you know it, you might be able to get them to do a small reno in the washroom or such.

My advise to you is to start as a handyman who can help with minor installs and other small things that won't take more than 4-5 hours. Once you put yourself out there, then you have a shot of making it. If not, it's going to be hard to get your foot in the door.
Logical and thanks for the input. My dad figured all this out years ago and I asked him….‘how did you figure all this stuff out?’

‘Had no choice. It was either figure it out or starve’.

Majority of my family and friends are all into construction in some way or another….so they just do their own thing.

Cousin does hair on the side and installs granite slabs.

Another one also in granite.

On acquaintance struck out on his own 5 years ago and last I heard he’s got a solid calendar for the next 2 years with jobs.
 

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