COVID and the housing market | Page 49 | GTAMotorcycle.com

COVID and the housing market

bigpoppa said:
trash talk with neckbeards is a right of passage.
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Nothing has changed lol

george__ said:
Here's a related question

Should my first property be a rental property or my primary residence?
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Ultimately depends on your situation. I can't stand my parents so it's my primary residence. Fiancee got exiled from her family, So by default, we need a home.

On the other hand, I've got a gen z friend who lives with his folks, bought his condo, and is going to rent it out after the cool down period. His relation with his parents are great, and he's financially responsible (aka. he can live at home, not pay rent, and actually save the money to invest instead buying stupid ****.)

The third scenario I can think of is where you buy a house and rent out the basement or something. Don't know anyone doing that though.

My personal opinion from reading your stuff here, you should make it your primary residence. Front load the suffering because back loading will result in exponential suffering. You'll have to make scarifices to make it work. But I also don't believe anyone should listen to others on these kind of massive life choices, so do whatever lol
 
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I'm trying to find a duplex but the income requirements are high

The idea of having tenants in the basement is a big no no for me
 
george__ said:
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I'm trying to find a duplex but the income requirements are high

The idea of having tenants in the basement is a big no no for me
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When houses were affordable my buddy did this with his wife.

Bought a house by Humber south campus. Lived in the basement and rented the main floor bedrooms.

suffered for 5 years, squeezed every penny, and had the place paid off to such a low mortgage upon renewal that he didn’t need the tenants anymore.

Family friend bought a house for each daughter in Guelph on the same street. The daughters each had the largest bedroom and bathroom and rented the remaining bedrooms to students. Both houses paid off with 6 years. And the gift for graduation was whatever the houses sold for.

Each daughter for 400-500k before tax.
 
george__ said:
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I'm trying to find a duplex but the income requirements are high

The idea of having tenants in the basement is a big no no for me
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It might be unrealistic for you to buy now then (only you know your own reality.)

If it isn't realistic, how are you going make enough in the future? This isn't an easy question btw.
 
油井緋色 said:
It might be unrealistic for you to buy now then (only you know your own reality.)

If it isn't realistic, how are you going make enough in the future? This isn't an easy question btw.
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I have the down payment money ready

Bank just not happy with the salaries ?

Let's see if GME makes us millionaires :p
 
george__ said:
I have the down payment money ready

Bank just not happy with the salaries ?

Let's see if GME makes us millionaires :p
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.....dude, GME is a meme stock LOL

Btw, for reference, $80k salary resulted in a buddy getting a $400k mortgage and the banks were a little hesitant with that.
 
george__ said:
I have the down payment money ready

Bank just not happy with the salaries ?

Let's see if GME makes us millionaires :p
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The bank doesn’t care if you have a tenant. Some assume 25/50/60% of rental income. And some assume zero.

Think of it this way....bank assumes you have no renters so are you able to carry.

This is why I had to sell the 6 plex. Had enough down, could carry the mortgage but they assumed all 6 would not pay at the same time. So making a normal salary and having 6k of mortgage obligation was no bueno. I should incorporated it so they were separate. Ah well. Onward and upward right.
 
mimico_polak said:
The bank doesn’t care if you have a tenant. Some assume 25/50/60% of rental income. And some assume zero.

Think of it this way....bank assumes you have no renters so are you able to carry.

This is why I had to sell the 6 plex. Had enough down, could carry the mortgage but they assumed all 6 would not pay at the same time. So making a normal salary and having 6k of mortgage obligation was no bueno. I should incorporated it so they were separate. Ah well. Onward and upward right.
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Wow this is very very similar to what's happening

I wasn't interested in some risky A- or B lender so they said f off

Next idea .... I just buy one house rent the top and bottom. And I force my parents to let us live with them for a few years while I build a triplex

My parents think I am crazy and said no ;(
 
george__ said:
Here's a related question

Should my first property be a rental property or my primary residence?
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I’d go primary residence.

If you went the rental route could you swing the mortgage on the rental plus paying rent on the place you live if something went sideways with your tenant? Same with a duplex, if you can carry the mortgage on your own great.

No capital gains on primary is awesome. The first 5 years or so probably won’t be much fun but if you can start chipping away at the mortgage with extra payments you start seeing your cost of living getting pretty low.
 
blackcamaro said:
I’d go primary residence.

If you went the rental route could you swing the mortgage on the rental plus paying rent on the place you live if something went sideways with your tenant? Same with a duplex, if you can carry the mortgage on your own great.

No capital gains on primary is awesome. The first 5 years or so probably won’t be much fun but if you can start chipping away at the mortgage with extra payments you start seeing your cost of living getting pretty low.
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There's also the first time homebuyer credits. Not sure if they apply if you don't live in it. It would suck to have that much money evaporate.

I like the live in the basement, rent the main floor concept. Way more money coming in and less going out (most basements are not rental ready). I know some people that bought condos and filled them with tenants. Owner got 1 bedroom, tenant got bed 2, tenant 3 got den, built a bookcase wall to isolate living room and that was tenant 4. Small eating area and kitchen for common area but that was ok. They all appreciated affordable rent.
 
GreyGhost said:
There's also the first time homebuyer credits. Not sure if they apply if you don't live in it. It would suck to have that much money evaporate.

I like the live in the basement, rent the main floor concept. Way more money coming in and less going out (most basements are not rental ready). I know some people that bought condos and filled them with tenants. Owner got 1 bedroom, tenant got bed 2, tenant 3 got den, built a bookcase wall to isolate living room and that was tenant 4. Small eating area and kitchen for common area but that was ok. They all appreciated affordable rent.
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I hear back in the day, your home was actually your own

van life looking more and more appealing
 
Place around the corner just went up for sale today. Been cars rolling slowly down the street all day long.
 
@george__ if you don’t mind how old are you? I only ask because from the posts I see on here it seems like your trying to build wealth too fast.

You kind of bounce around all over the place, GME, Triplex, Primary residence, Reit’s, I think you even mentioned a storefront with apartment on top at one point. It might benefit you to take a bit of a breather and really figure out what you want to focus on.

I hope this doesn’t seem like me picking on you because it’s not meant to be that way.

You have a interest in personal finance, have what seems to be a good job and also a good work ethic. It’s going to be all good for you, but it’s a marathon not a race.

I also realize it’s not that easy out there either.
 
Baggsy said:
Place around the corner just went up for sale today. Been cars rolling slowly down the street all day long.
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My neighbour that listed for 1.6 took it off the market. He knew he was over priced by 200-300k and the agents all told him:
- another bathroom
- another bedroom
And he’ll get his 1.6.

His plans are already in the works.
 
mimico_polak said:
My neighbour that listed for 1.6 took it off the market. He knew he was over priced by 200-300k and the agents all told him:
- another bathroom
- another bedroom
And he’ll get his 1.6.

His plans are already in the works.
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Is he expanding or cutting up?

We looked at one house that had 22 rooms. Craziness. Square footage was close to 5000 but it felt small as there were so many small rooms. We could have had it for 200 under asking, I told them I was more in the minus 300 range due to layout and required Reno's and they werent interested. Sold months later for full asking.
 
mimico_polak said:
My neighbour that listed for 1.6 took it off the market. He knew he was over priced by 200-300k and the agents all told him:
- another bathroom
- another bedroom
And he’ll get his 1.6.

His plans are already in the works.
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amateur's, everyone knows if you want to inflate your buying price, you intentionally underprice your house to start a bidding war

#bubblelife
 
You now what I don't get, why would anybody come to Canada and buy a 100' by 100' chunk of land to live on.
The country is Huge! incase nobody noticed.
 
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