|
Seriously, this story is filled with stupid decisions after the next. "Oh let's buy this house for super cheap before the owners find out its below market value" "Oh, I guess they caught wind of this, might as well keep going through with the purchase" "The squatters haven't left yet, maybe we should cancel the deal? Nah, it'll be fine, we'll just luckily pay off the king-squatter for $2k" "Hmm, should we hire a contractor after diligently making spreadsheets, comparing and interviewing good named ones? Nah lets employ this near-homeless guy who swung by on his bike, seems like a great guy" "Oh no, we're in dire straights, but our broker is willing to loan us some money for the renos! Let's not bother getting that in writing, he promised us the money will be there when the time comes."
|
# ? May 30, 2017 15:30 |
|
|
# ? May 10, 2024 12:54 |
|
quote:Finally, in May 2011, the permits came through. Julian consulted his spreadsheet of contractors and narrowed it down to three candidates. He went outside to mull over his choices. That’s when a man pulled up on his 10-speed bicycle and started chatting with Julian. His name was Robert. He was in his 50s, wore a short-sleeved plaid shirt, jean cut-offs, a rumpled hat and white running shoes. He was missing a few key teeth and didn’t like wearing socks or, as he later informed us, underwear. Robert didn’t own a car and spent his time collecting stray pieces of metal, wood and other junk he’d find on the street. Yet, despite his alarming appearance, he was charming and knowledgeable. He told Julian that he had a degree in structural engineering, and he proposed sensible ideas, like adding skylights to the attic and relocating the furnace to create space for a two-bedroom basement suite. Hey, he said, I could do it myself. Julian wasn’t so sure. Then Robert mentioned he was cheap—only $35 an hour. The next day, Julian checked Robert’s references, which were neither glowing nor damning. We hired him, figuring we could always replace him if things didn’t go well. PhD in education, hires homeless guy off the street to underpin your basement
|
# ? May 30, 2017 15:33 |
|
I'm just going to say Stanford ed school had some of the stupidest folks i met at Stanford as phd students Same with Harvard ed school They were all insanely teachery looking, i would think "hmm, lady looks like someone who i would trust a kid with if i had a kid" and then they opened their mouth curufinor fucked around with this message at 15:39 on May 30, 2017 |
# ? May 30, 2017 15:37 |
|
tagesschau posted:The best part is that they're an editor for a website and a part-time teacher at a college; those jobs do not come with spectacular pay. Even if they didn't have kids, there's basically no way they'd have any discretionary income after wasting a million dollars they don't have on this house. Wait no you're wrong. The guy is an executive coach, dispensing invaluable advice to key decision makers at CIBC, Ministry of Finance, UNICEF and others. quote:I help CEOs advance their careers and add more value to their organizations through great leadership.
|
# ? May 30, 2017 15:38 |
|
quote:We were the victims of a shoddy contractor and bad luck, but also of our own colossal ignorance and hubris. Amazingly they do not primarily believe this was their own fault
|
# ? May 30, 2017 15:44 |
|
quote:In early April, Julian met Jack in the back alley of the Parkdale Public Library and handed him an envelope containing 150 $20 bills. lmfao. This article is practically satire.
|
# ? May 30, 2017 16:14 |
|
Strong fundamentals and limited supply, guys
|
# ? May 30, 2017 17:34 |
|
Dumb people aren't in limited supply.
|
# ? May 30, 2017 18:31 |
|
RBC posted:Most renters do not fall into that catagory but yes keep coming up with edge cases so you can act self righteous or whatever. Why would most renters have to be dealing with this for it to be a problem? I've have several of my friends in that situation, and to avoid it myself I've had to rent two places simultaneously so I'm not stuck taking whatever I can get after giving notice, which many can't afford when they also need to have enough to pay for a deposit. This presume you're also not being renovicted, which while giving you a bit more time to investigate options, still puts you on a clock, and one you have absolutely no control over.
|
# ? May 30, 2017 19:50 |
|
Seconding this as a pro-read. Click on it.
|
# ? May 30, 2017 19:51 |
|
Coolwhoami posted:I've have several of my friends in that situation, and to avoid it myself I've had to rent two places simultaneously I actually can't imagine renting a place in Toronto right now without doing this.
|
# ? May 30, 2017 20:16 |
|
Lol $13k per month mortgage, rented $3500 per month. Great investment! https://twitter.com/mortimer_1/status/869621473597505536
|
# ? May 30, 2017 20:18 |
|
quote:“The whole mood of the market has changed, and that is the bigger factor. People are spooked – investors are spooked, buyers are spooked – and I think that’s the huge issue.”
|
# ? May 30, 2017 20:49 |
|
triplexpac posted:Saw this one on Twitter earlier, it's fun times I love how they need to specify that the upstairs kitchen was covered in anti-capitalist graffiti. Like, ordinary graffiti might have been okay, but anti-capitalist graffiti!? That's just right out!
|
# ? May 30, 2017 20:51 |
|
Coolwhoami posted:Why would most renters have to be dealing with this for it to be a problem? I've have several of my friends in that situation, and to avoid it myself I've had to rent two places simultaneously so I'm not stuck taking whatever I can get after giving notice, which many can't afford when they also need to have enough to pay for a deposit. This presume you're also not being renovicted, which while giving you a bit more time to investigate options, still puts you on a clock, and one you have absolutely no control over. I never said it wasn't a problem, only that Rime was searching for some crap to feel self righteous about while ignoring my main point. Which is what you are also doing.
|
# ? May 30, 2017 20:52 |
|
Holy poo poo those crack house people are the dumbest people on earth.
|
# ? May 30, 2017 21:03 |
|
Pop-o-Matic Trouble posted:Holy poo poo those crack house people are the dumbest people on earth. their other greatest hits: http://cottagelife.com/realestate/the-story-of-how-one-young-family-found-their-dream-cottage-for-59000 http://www.cbc.ca/radio/dnto/puttin...rbage-1.3462830
|
# ? May 30, 2017 21:11 |
|
quote:http://www.cbc.ca/news/business/cmhc-mortgage-housing-1.4137986?cmp=rss
|
# ? May 30, 2017 21:21 |
|
RBC posted:I never said it wasn't a problem, only that Rime was searching for some crap to feel self righteous about while ignoring my main point. Which is what you are also doing. And I was not addressing your initial point, but let's go back to that anyways since you've brought it up: RBC posted:If more people treated renting like buying they would do their due dilligence before moving in and not lease from shady slumlords or in rentals with terrible neighbours. Renting does not have to be a nightmare, if you are a good tenant you can be picky. And if you are anal from day 1 about renters rights and getting everything in writing from your landlord you will not end up renting from a poo poo landlord (because they will avoid you like the plague) and you will be protected from future "situations." Your point here is that if you are a good tenant you can be picky, and thus renting should not be an issue. This presumes that you have the fiscal means to do so (see my other post for why that matters) and that you are in a renting market where landlords aren't overly picky themselves (in Vancouver at least, a "good tenant" is effectively "tenant with the highest income/credit rating". Your "solution" offers nothing to this point, nor could it ever work, unless you propose a minimum standard for good tenant that then forces a landlord to select at random once that threshold is met. That approach might be working out alright for you, but it doesn't for everyone, even those you consider good tenants.
|
# ? May 30, 2017 21:45 |
|
Azerban posted:their other greatest hits: At least the garbage food was free. Guess that's one way to make your mortgage payments.
|
# ? May 30, 2017 22:22 |
|
I dunno why everyone is laughing at the crackhouse media whores, they spent like 1.2 million to buy it and renovate and it's worth 2.5+. Proof you can be a complete goofus in this market and still end up with bags of money somehow.
|
# ? May 30, 2017 22:34 |
|
Coolwhoami posted:unless you propose a minimum standard for good tenant that then forces a landlord to select at random once that threshold is met The rule in Toronto (Ontario?) is that the first received application has the option to rent, likely with a set of narrow (possibly credit?) exclusion criteria. Landlords used to often number application forms as they were given out at mass showings. It seems a decent system, though it does benefit those with the ability to reload CL obsessively and zip out to meet a landlord.
|
# ? May 30, 2017 22:34 |
|
RBC posted:I dunno why everyone is laughing at the crackhouse media whores, they spent like 1.2 million to buy it and renovate and it's worth 2.5+. Proof you can be a complete goofus in this market and still end up with bags of money somehow. I have a suspicion that there's no way they'll ever realize their paper gains beyond using them to sink further into debt.
|
# ? May 30, 2017 22:43 |
|
RBC posted:I dunno why everyone is laughing at the crackhouse media whores, they spent like 1.2 million to buy it and renovate and it's worth 2.5+. Proof you can be a complete goofus in this market and still end up with bags of money somehow. it's because they're idiot incompetents with no income yet they get a million dollars in credit because why not what's the risk
|
# ? May 30, 2017 22:51 |
|
If the banks told me they'd totally lend me 2 million dollars that are guaranteed to turn into 3 million in a few years and then I looked over at the government and they nodded and said "Go for it, I got your back" I'd probably go for it too.
|
# ? May 30, 2017 22:54 |
|
HELoC represent 12% of GDP
|
# ? May 30, 2017 23:11 |
|
Represents, or equals? If credit extended is part of GDP now, I want off the planet.
|
# ? May 30, 2017 23:39 |
|
Baronjutter posted:If the banks told me they'd totally lend me 2 million dollars that are guaranteed to turn into 3 million in a few years and then I looked over at the government and they nodded and said "Go for it, I got your back" I'd probably go for it too. When you put it that way....
|
# ? May 31, 2017 00:04 |
|
RBC posted:I dunno why everyone is laughing at the crackhouse media whores, they spent like 1.2 million to buy it and renovate and it's worth 2.5+. Proof you can be a complete goofus in this market and still end up with bags of money somehow. Yeah, literally the only thing they've done wrong is not selling their house and cashing out. Congrats you just made $1M, go live somewhere that's better than this dump of a country.
|
# ? May 31, 2017 00:34 |
|
Good read. Thanks.
|
# ? May 31, 2017 01:21 |
|
quote:but it requires an educated electorate
|
# ? May 31, 2017 01:29 |
|
He comes across as pretty smarmy in statements like that. But many of his statements ring true for me.
|
# ? May 31, 2017 01:30 |
|
Cold on a Cob posted:He comes across as pretty smarmy in statements like that. But many of his statements ring true for me. I more mean that saying "solving it requires an educated electorate" is the same as saying "it's unsolvable".
|
# ? May 31, 2017 01:32 |
|
Kind of a historical question: back in the eighties when people had 20%+ interest rates, were amortization schedules planned over 25-30 years? I tried googling the evolution of amortization lengths and came up short. Maybe I wasn't searching with the right words.
|
# ? May 31, 2017 16:39 |
|
Anecdotally, yes. When I was growing up in the 80s my parents had a 25 year mortgage at these absurd rates. They survived it because housing prices were much lower so the monthly payments weren't as bad. They also bought a much smaller semi detached and lived within their means, rather than insisting that they own some gigantic 3000 square foot monster. That being said, money was tight. We didn't always have the nicest stuff. Buying second hand was always considered before buying new and it sucked being the one stuck with the smallest bedroom in the house that was barely able to fit a twin bed a dresser and a shelf. I wasn't the only kid in this sort of situation, a lot of my peers also were. Then mortgage rates started coming down and inflation brought wages up a bit and by the time the economy had left the 87 recession behind it wasn't nearly as financially straining. And a lot of people started trading up and chasing the big rear end house and suddenly a 'dead end' became a cul-de-sac and used cars became pre-owned and everything started to come with a fancier name and a higher sticker price.
|
# ? May 31, 2017 16:50 |
Yeah, my parents had a 25/30 year mortgage as well. The house cost them $48,000 though. so even on one income, with one kid born and a second one on the way/born in that time they were still able to survive. I don't remember much about it though since I was 2.
|
|
# ? May 31, 2017 17:15 |
|
I remember similar experience as EvilJoven with growing up. I miss the old houses my parents owned over the decades and they have always tried to provide enough. I think I remember the 25/30 mortgages.
|
# ? May 31, 2017 17:20 |
|
EvilJoven posted:Anecdotally, yes. When I was growing up in the 80s my parents had a 25 year mortgage at these absurd rates. They survived it because housing prices were much lower so the monthly payments weren't as bad. They also bought a much smaller semi detached and lived within their means, rather than insisting that they own some gigantic 3000 square foot monster. My dad and his friend are currently on a quest for some good ol dented fridges. I pointed them in the right direction the other day.
|
# ? May 31, 2017 18:25 |
|
Risky Bisquick posted:My dad and his friend are currently on a quest for some good ol dented fridges. I pointed them in the right direction the other day. With hydro rates the way they are? You're better off investing in a YETI cooler
|
# ? May 31, 2017 18:25 |
|
|
# ? May 10, 2024 12:54 |
|
Remember the empty warehouses (not) full of copper? https://twitter.com/fivre604/status/869961429616427009
|
# ? May 31, 2017 18:30 |