Do you plan on selling the condo in the future, or having friends or family move into it after this current tenant?
So when’s the housing bubble bursting?
- Thread starter Dr. Truth
- Start date
Do you plan on selling the condo in the future, or having friends or family move into it after this current tenant?
On the market! Lol
Yeah I had a bad property management company at first and the company I’m with now is great, but with DC crazy laws it isn’t worth it to me.
I wanted to try being a landlord and it isn’t for me. Maybe if I was in a more landlord friendly state, but yeah I’m good lol
My aunt bought a small house in East Vancouver with her mom (passed in 2008) in the '80s. She lived there for about 10 years, then moved with her husband to a modest condo in Burnaby for about 20 years.
They moved back to the Vancouver house around 2010 or shortly thereafter. Said they were tired of the asshole renters. People carelessly damaging the place, or "forgetting" to inform her the house was broken into. Things like that.
Said to us - "I don't need these damn headaches ..."
So now you have multiple cribs? This nigga manEvery fucking time b! My other crib is at 4% but this here!?!? Sheeeeeit
I don't consider a house as a wealth generator. For me, wealth is liquid.....a house is a bill, period. It may appreciate, but it is not liquid money. Buying a house to lease out or rent generates income. Wealth is created by generating income and not bills. And you can part with a rental property if needed without upending your life.
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Totally agree....Rather have my money in the market where it's growing while I am sleep...
Exactly.
Finally in a place to have that passive income now. Feels good having the investments lined up alongside the regular employment.
Worked like a crazy man from 2004 - 2011 (especially '04 - '09) and went really big on the down payment.
Had a panic attack for a bit rebuilding the savings to a comfortable place, lol.
@DC_Dude
One of the funniest memories. Was working like crazy and getting little sleep. Doing doubles regularly. Running on fumes. I walk up to the bank with my realtor as it's about 2 - 3 blocks from where I was staying at.
Get a certified bank check for almost the entirety of my savings.
Feeling on top of the world.
Bank teller is super fine and had dealt with her a handful of times over the years. She's looking at me with Fuck Me eyes. "You sure you want it for that much? Wow."
Me feeling ultra confident. Handing the check to my realtor. Him being like "Damn man ... killin' the game"
Me walking out of there like I'm on top of the world. Getting home and sitting there sweating knowing I've got little $ to my name. HOPING it's a good real estate decision ... panic sets in ... working hard for another 2 years to ensure healthy savings are back in place, and then regular work schedule thereafter (2011).
What's crazy is thinking about the prices back then and thinking they were way too much. And they're much worse now.
One of the funniest memories. Was working like crazy and getting little sleep. Doing doubles regularly. Running on fumes. I walk up to the bank with my realtor as it's about 2 - 3 blocks from where I was staying at.
Get a certified bank check for almost the entirety of my savings.
Feeling on top of the world.
Bank teller is super fine and had dealt with her a handful of times over the years. She's looking at me with Fuck Me eyes. "You sure you want it for that much? Wow."
Me feeling ultra confident. Handing the check to my realtor. Him being like "Damn man ... killin' the game"
Me walking out of there like I'm on top of the world. Getting home and sitting there sweating knowing I've got little $ to my name. HOPING it's a good real estate decision ... panic sets in ... working hard for another 2 years to ensure healthy savings are back in place, and then regular work schedule thereafter (2011).
What's crazy is thinking about the prices back then and thinking they were way too much. And they're much worse now.
Thanks man.
I think a lot of it comes down to finding yourself & getting dialed in with your work.
Found myself spinning my wheels in college. Needed to focus and find a career. Once working ... knew it wasn't the highest-paying work so I would have to put in extra effort. Also when you're in your 20s you can grind and sacrifice to an extent which is more difficult later in life / middle-aged. So I figured get that shit done ... make up for lost time ... try to save as much as possible.
Watched plenty of real estate shows during the open house days (6 months). Tried to see what people were looking for / the types of questions they were asking.
My pops would always say ... bring a highlighter with your ... highlight the pros of certain places. Jot down notes of pros / cons. The places that you'd score 7 or 8/10 on ... make it a point to revisit those places, if at all possible.
My moms older cousin bought a brownstone in Harlem back in the 50’s for 20k which even back then was a shit load of money for them. That shit is worth millions now so you’re not correct unless you talking shit locations. Crackas sit on properties they bought in multiples many years ago for peanuts and are paid off and if the kids get them they can rent some out and sell some and be millionaires. The “Market” goes up and down and never goes up as fast as real estate unless you have large sums invested already . Again location is key here , this doesn’t apply to shit states and cities but NYC, LA, The Bay, DMV area etc yeah
16 years after real estate fraud charges laid, Vancouver developer never stood trial. He also never stopped business
While awaiting trial date to be set for fraud charges from 2008, developer has kept active in business — and attracted new allegations.
I am actually talking about creating wealth for yourself that you can use during your lifetime. 1954 was 70 years ago...even if they were 20 when they bought it, they would be 90 now. That is cool to leave for their kids, but what did that appreciation do for them during their lifetime? That is really what I am talking about. Not just something to leave to your kids, who may or may not give a damn about you having held onto it for all that time, but something one can use during their lifetime to free them from the normal stresses of life.
As for your 'crackas' analogy, you make my point. You talk about them sitting on properties. Plural, not singular (as in the home they live in). That is exactly the point I am making....it is the multiples that you DON'T live in where the wealth is created for USE...i.e. liquid.
How you think those whites got where they are? They used the money they got from free slave labor to buy up land and property. They setup future generations.
Worrying about the now is selfish behavior and part of the reason why we ain’t where we should be. Generational wealth and property ownership is the only way. Not only relying on the stock market , unless you’re already wealthy
Getting equity out of the main property you own is how many branch off to make a down payment on the second crib. It’s what I did. I have nearly 700k in equity
LOL...so making money now is not important because it is selfish? Come on man. All I said was buying a house to live in isn't a way to create wealth. Instead buy multiple properties that generate income. Instead of buying a 750k home, buy 10 lil 75k properties that you can rent out on section 8 for 2000 a month, with the government paying. You generate income NOW for yourself and STILL own the properties when you die, to leave to your wife or kids or cat if you want to. We both agree it is property ownership. All I am saying is buy income generating properties FIRST, then worry about a house. Read every post I ever made. I never said anything about the stock market. You keep bringing that up, not me.
Where did I say making money is selfish? Even if you just have one house . You leave that one house to your kids with zero or a low ass mortgage and they are set to become well off. Any money they earn isnt all tied up in paying a mortgage or rent . They can reinvest that into other property or investments. So yes even if it’s only one home you own it matters for your off spring
What was her end goal in asking this knowing its lot going to happen
That’s supposed to be a bad price ? That house is huge
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Same size probably half the price in Texas
Yeah but then you have to live in Texas. Real estate is all about location
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