Canada Housing/Debt: Trust me, I'm a landlord.

The Something Awful Forums > Discussion > Debate & Discussion > Canada Housing/Debt: Trust me, I'm a landlord.

Square Peg: Nov 11, 2008

I didn't know how rent-to-own houses worked and it's basically identical to a lease for a car. BC Libs convincing people to lease houses, maybe with a leased car out front and full of rented furniture just to complete the Bad With Money picture.

Square Peg fucked around with this message at 04:12 on Jun 23, 2017

# ? Jun 23, 2017 01:31

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# ? May 26, 2024 07:40

Lexicon: Jul 29, 2003; I had a beer with Stephen Harper once and now I like him.

Square Peg posted:

I didn't know how rent-to-own houses worked and it's basically identical to a lease for a car. BC Libs convincing people to lease houses, maybe with a leased car out front and full of rented furniture just to compete the Bad With Money picture.

Surely it's more like having car payments? Rent to own and lease are opposite concepts.

# ? Jun 23, 2017 02:03

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

What's the difference between rent-to-own and a mortgage?

# ? Jun 23, 2017 02:34

namaste friends: Sep 18, 2004; by Smythe

Well McGill computer science grad and successful small business owner there's this thing called Google

# ? Jun 23, 2017 02:36

Franks Happy Place: Mar 15, 2011; It is by weed alone I set my mind in motion. It is by the dank of Sapho that thoughts acquire speed, the lips acquire stains, stains become a warning. It is by weed alone I set my mind in motion.

Based on the number of Realtors I met in my previous job who are now bombarding me with messages on LinkedIn begging for a job in the weed industry, I'd say something in the market just rolled over.

But I've been saying the end is nigh for Canadian housing on these dead gay comedy forums for even longer than CI, so clearly I don't know gently caress all.

# ? Jun 23, 2017 02:48

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Franks Happy Place posted:

Based on the number of Realtors I met in my previous job who are now bombarding me with messages on LinkedIn begging for a job in the weed industry, I'd say something in the market just rolled over.

But I've been saying the end is nigh for Canadian housing on these dead gay comedy forums for even longer than CI, so clearly I don't know gently caress all.

Well it sure fuckin is in Calgary, I'm gonna get fuckin slaughtered on my old condo and my new condo is poo poo built by retards and why the gently caress didn't I take this thread's advice when it could've loving helped me worth a drat?

namaste faggots posted:

Well McGill computer science grad and successful small business owner there's this thing called Google

I'm conflicted. On one hand, gently caress you, but on the other hand, also gently caress McGill and my poor life choices.

# ? Jun 23, 2017 02:54

I would blow Dane Cook: Dec 26, 2008

https://www.youtube.com/watch?v=Ll-JDEEdQnw

quote:

NATHAN BIRCH IS SELLING HIS PROPERTIES?

For a long time now, I�ve been collecting properties like kids collect action figurines in a happy meal. I never like to see one go.

But recently, the finance environment has changed�

It�s a bitter pill to swallow for a buy and hold investor � but I need to optimize to suite the times we are in by letting go.

Just to be perfectly clear this doesn�t mean that I�ve stopped buying! Far from it, last year alone I did $10 M in new property purchases. This year I am looking at spending $6 � 7 M on new properties.

However, I see this stage in my investment journey as graduating from my �foundation� portfolio into a development phase.

Personally, I am interested in buying anything that I can develop into a bigger property in the future.

WHY AM I SELLING MY PROPERTIES?

Now, I�m not selling up because my grand plan has failed, vindicating the �negative Norman�s� out there.

Not at all! I can sit on this portfolio and ride these finance changes out without breaking a sweat, but that doesn�t sit well with me. I want more!

I want to keep moving in a market where almost every investor is stuck in quick sand � even if that means selling.

For years now I have been channeling equity into deposits for new properties, but it�s no secret that equity is very hard to release these days � even if you have millions of dollars of it!

The reason behind this is serviceability restrictions. Anytime you withdraw equity, you need to show income to service that new loan. Sadly, the banks don�t value rental income as highly as they once did.

The fail-safe way to access equity today for anyone with a large portfolio is plain old-fashioned selling.

The cash can be used to buy up new properties better suited to the current market. For me that�s anything I can develop and flip for a chunky cash profit.

I would blow Dane Cook fucked around with this message at 03:18 on Jun 23, 2017

# ? Jun 23, 2017 03:13

Powershift: Nov 23, 2009

PT6A posted:

What's the difference between rent-to-own and a mortgage?

You lose all equity in rent-to-own if you miss a payment.

e: one of the develpers here has radio ads saying you can own your own home if you have $3100 offering to cover the down payment, first 6 months of payments and 3 years of property taxes.

no way that can go wrong.

Powershift fucked around with this message at 03:28 on Jun 23, 2017

# ? Jun 23, 2017 03:22

unlimited shrimp: Aug 30, 2008

PT6A posted:

What's the difference between rent-to-own and a mortgage?

You pay more in rent but a portion of your rent goes towards a down payment on the house, which you will have the option of purchasing at the end of your rental term. If, at the end of the rental term, you still cannot afford the house - say, because it appreciated faster than your income grew - then the property owner kindly thanks you for trying and pockets that down payment money you had been accumulating via the monthly rent.

# ? Jun 23, 2017 03:29

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Hahahaha, anyone who falls for that deserves the assfucking they're almost sure to receive.

# ? Jun 23, 2017 03:50

James Baud: May 24, 2015; by LITERALLY AN ADMIN

PT6A posted:

Hahahaha, anyone who falls for that deserves the assfucking they're almost sure to receive.

More just worldism from you. Shocking.

# ? Jun 23, 2017 04:17

Square Peg: Nov 11, 2008

Yeah, like, I said, just like a lease. Starts with an option fee the buyer pays (larger than a damage deposit, smaller than a down payment), buyer signs up for paying a monthly rent of which a portion goes to credit on the eventual purchase price, when the term is up the renter/buyer either pays the rest of the purchase price in full or walks away from all the money they've thrown at it so far.

Oh also, the renter/buyer is responsible for all maintenance, insurance, HOA fees and taxes lol. Oh and they also put down a security deposit, and the landlord can tell you whether you can have pets/kids/housemates/a smoke.

http://www.investopedia.com/updates/rent-to-own-homes/

Truly the worst of all worlds!

Square Peg fucked around with this message at 04:23 on Jun 23, 2017

# ? Jun 23, 2017 04:19

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Yeah, gently caress me, right?

Heaven forbid people own their own decisions. The housing market already hosed me over here, and as much as I bitch about it, I know it's no one's fault but my own. Is it really so much to ask that other people are at least as mature as me? As many other posters have pointed out, I am quite an idiot, so it oughtn't be at all difficult.

# ? Jun 23, 2017 04:20

EngineerJoe: Aug 8, 2004; -=whore=-

Kitchener-Waterloo real estate has been on fire for the past 6 months and it seems like people here are giddy about finally being 'in' on the boom in the GTA. I'll have a good laugh if things pop just as stuff is starting to go crazy.

# ? Jun 23, 2017 04:21

Square Peg: Nov 11, 2008

Strangely enough, even though Calgary is lovely, the real estate market in Red Deer is showing strength after a couple years of declines. Which is good because my dad is trying to unload a couple properties and I'd rather him not end up underwater and living in my basement.
All real estate is local, I guess.

# ? Jun 23, 2017 04:26

cowofwar: Jul 30, 2002; by Athanatos

PT6A posted:

Yeah, gently caress me, right?

Heaven forbid people own their own decisions. The housing market already hosed me over here, and as much as I bitch about it, I know it's no one's fault but my own. Is it really so much to ask that other people are at least as mature as me? As many other posters have pointed out, I am quite an idiot, so it oughtn't be at all difficult.

Expecting uneducated random people to 'own their own decisions' when it comes to predatory complex financial products is very boot-strappy. The government needs to protect the public to an extent from usury and predatory practices by sophisticated individuals. The societal pressures to own a home are immense and people will look at all the options available to them to own a home and will made bad financial decisions if it appears to eventually gain them that house. So you can't simply tighten up lending standards by big banks and the CHMC while ignoring the shadow banking system because people will inevitably and reliably seek out those loan sharks when they get turned down by the respectable lenders. People just go down the list until they find someone willing to give them what they want.

Read this: https://www.theatlantic.com/magazine/archive/2014/06/the-case-for-reparations/361631/

Basically the US red lined all neighborhoods with black people and ensured that only areas 100% white could get mortgages from the government. Black people of means obviously still wanted to own a house and as a result white people hosed them over through rent-to-own schemes.

cowofwar fucked around with this message at 04:34 on Jun 23, 2017

# ? Jun 23, 2017 04:32

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

PT6A posted:

Yeah, gently caress me, right?

Heaven forbid people own their own decisions. The housing market already hosed me over here, and as much as I bitch about it, I know it's no one's fault but my own. Is it really so much to ask that other people are at least as mature as me? As many other posters have pointed out, I am quite an idiot, so it oughtn't be at all difficult.

I sense capitalism within you, growing stronger.

# ? Jun 23, 2017 04:33

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

cowofwar posted:

Expecting uneducated random people to 'own their own decisions' when it comes to predatory complex financial products is very boot-strappy. The government needs to protect the public to an extent from usury and predatory practices by sophisticated individuals. The societal pressures to own a home are immense and people will look at all the options available to them to own a home and will made bad financial decisions if it appears to eventually gain them that house. So you can't simply tighten up lending standards by big banks and the CHMC while ignoring the shadow banking system because people will inevitably and reliably seek out those loan sharks when they get turned down by the respectable lenders. People just go down the list until they find someone willing to give them what they want.

Read this: https://www.theatlantic.com/magazine/archive/2014/06/the-case-for-reparations/361631/

Basically the US red lined all neighborhoods with black people and ensured that only areas 100% white could get mortgages from the government. Black people of means obviously still wanted to own a house and as a result white people hosed them over through rent-to-own schemes.

Hmm yeah the systemic racism against black people in the US is very, very similar to trying to take advantage of a bunch of morons who feel they absolutely must live in the lower mainland -- the best place on earth! That's a very reasonable comparison indeed.

# ? Jun 23, 2017 04:41

unlimited shrimp: Aug 30, 2008

Dehumanizing them as a "bunch of morons" doesn't help prove your point. And people want to live in certain areas for all sorts of complex reasons.

# ? Jun 23, 2017 04:54

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

the trump tutelage posted:

Dehumanizing them as a "bunch of morons" doesn't help prove your point.

No but it makes me feel good for a short while, and since I'm quitting smoking again and I already jerked off recently, this is the only option I have left.

# ? Jun 23, 2017 04:57

Lexicon: Jul 29, 2003; I had a beer with Stephen Harper once and now I like him.

To be fair, anyone still living in the LM at this point, and that includes myself, basically is a moron.

# ? Jun 23, 2017 05:04

namaste friends: Sep 18, 2004; by Smythe

cowofwar posted:

Expecting uneducated random people to 'own their own decisions' when it comes to predatory complex financial products is very boot-strappy. The government needs to protect the public to an extent from usury and predatory practices by sophisticated individuals. The societal pressures to own a home are immense and people will look at all the options available to them to own a home and will made bad financial decisions if it appears to eventually gain them that house. So you can't simply tighten up lending standards by big banks and the CHMC while ignoring the shadow banking system because people will inevitably and reliably seek out those loan sharks when they get turned down by the respectable lenders. People just go down the list until they find someone willing to give them what they want.

Read this: https://www.theatlantic.com/magazine/archive/2014/06/the-case-for-reparations/361631/

Basically the US red lined all neighborhoods with black people and ensured that only areas 100% white could get mortgages from the government. Black people of means obviously still wanted to own a house and as a result white people hosed them over through rent-to-own schemes.

You should see the flack I get in the Vancouver goon meet thread for castigating morons and their $8 ice cream cones.

# ? Jun 23, 2017 05:05

namaste friends: Sep 18, 2004; by Smythe

Lexicon posted:

To be fair, anyone still living in the LM at this point, and that includes myself, basically is a moron.

Hey cowofwar you weren't talking about this guy were you lmao

# ? Jun 23, 2017 05:05

Postess with the Mostest: Apr 4, 2007; Arabian nights
'neath Arabian moons
A fool off his guard
could fall and fall hard
out there on the dunes

namaste faggots posted:

You should see the flack I get in the Vancouver goon meet thread for castigating morons and their $8 ice cream cones.

Look bud pine needles and squirrel poo poo ain't free

# ? Jun 23, 2017 05:15

JawKnee: Mar 24, 2007; You'll take the ride to leave this town along that yellow line

PT6A posted:

Hahahaha, anyone who falls for that deserves the assfucking they're almost sure to receive.

didn't you just ask what the difference was from a mortgage?

# ? Jun 23, 2017 06:13

JawKnee: Mar 24, 2007; You'll take the ride to leave this town along that yellow line

namaste faggots posted:

You should see the flack I get in the Vancouver goon meet thread for castigating morons and their $8 ice cream cones.

you really should go and see the flack he got because it's entirely underwhelming lol

# ? Jun 23, 2017 06:14

The Butcher: Apr 20, 2005; Well, at least we tried.; Nap Ghost

PT6A posted:

No but it makes me feel good for a short while, and since I'm quitting smoking again and I already jerked off recently, this is the only option I have left.

Protip, just putting it out there for the benefit of all CanDebt, only quit one vice at a time.

Scale it down slow, replace with another one gently.

Phase each one out until you are high on life alone or just reach a non harmful baseline on weed, sex or gambling if you've gotta scratch the itch somehow.

Booze -> Smokes -> Weed -> Nothing/At Least Less Weed

You can keep jerking off.

The Butcher fucked around with this message at 07:38 on Jun 23, 2017

# ? Jun 23, 2017 07:22

Professor Shark: May 22, 2012

Get high

ON LIFE

# ? Jun 23, 2017 10:05

Cold on a Cob: Feb 6, 2006; i've seen so much, i'm going blind
and i'm brain dead virtually; College Slice

PT6A posted:

Yeah, gently caress me, right?

Heaven forbid people own their own decisions. The housing market already hosed me over here, and as much as I bitch about it, I know it's no one's fault but my own. Is it really so much to ask that other people are at least as mature as me? As many other posters have pointed out, I am quite an idiot, so it oughtn't be at all difficult.

It's a house of cards and the morons will take the non-morons down. So either we stop this poo poo before it happens, or we pay for it afterward - with interest.

# ? Jun 23, 2017 13:00

EvilJoven: Mar 18, 2005; NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?; Fun Shoe

Being a member of the society we live in includes accepting the collective responsibility of protecting all of us from our own stupidity from time to time.

# ? Jun 23, 2017 13:40

dev286: Nov 30, 2006; Let it be all the best.

namaste faggots posted:

You should see the flack I get in the Vancouver goon meet thread for castigating morons and their $8 ice cream cones.

Soft-serve or scooped?

# ? Jun 23, 2017 14:31

namaste friends: Sep 18, 2004; by Smythe

do you think these prideful equity owners would eat soft serve? that's for poor people

# ? Jun 23, 2017 14:37

Fried Watermelon: Dec 29, 2008

PT6A posted:

No but it makes me feel good for a short while, and since I'm quitting smoking again and I already jerked off recently, this is the only option I have left.

my nigga have you tried LSD?

# ? Jun 23, 2017 14:50

mojo1701a: Oct 9, 2008; Oh, yeah. Loud and clear. Emphasis on LOUD!
~ David Lee Roth

namaste faggots posted:

do you think these prideful equity owners would eat soft serve? that's for poor people

The true rich people go out for gelato.

# ? Jun 23, 2017 14:51

cowofwar: Jul 30, 2002; by Athanatos

mojo1701a posted:

The true rich people go out for gelato.

No, we make our own cr�me brul�es at home. Ice cream is for children.

# ? Jun 23, 2017 15:09

dev286: Nov 30, 2006; Let it be all the best.

cowofwar posted:

No, we make our own crème brulées at home. Ice cream is for children.

Or have the chef prepare a sorbet to cleanse the palate betwixt courses

Seriously though, Instagram-oriented soft serve place Sweet Jesus charges $6 for a specialty cone of cheap ice cream with Wal-Mart grade toppings.

And then most of the time the buyer only eats half of it before tossing it in the trash once they take a pic of it.

This is why Millennials can't afford homes, not avocado toast.

# ? Jun 23, 2017 15:29

unlimited shrimp: Aug 30, 2008

namaste faggots posted:

do you think these prideful equity owners would eat soft serve? that's for poor people

Let's get trashy. Let's get chocolate dip cones.

# ? Jun 23, 2017 15:36

mashed: Jul 27, 2004

This sounds an awful lot like Soft Peaks on Alexander street. Though I'm sure Vancouver has several Instagram oriented overpriced soft serve shops.

# ? Jun 23, 2017 15:38

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

JawKnee posted:

didn't you just ask what the difference was from a mortgage?

Yeah, but the crucial difference is I'm not considering using this wonderful new scheme. If I were, I'd probably do my own research.

Plus, the very idea of rent-to-own (where you're poo poo out of luck if you miss a payment) for a house, when mortgages exist, is absolutely absurd, so I wanted to make sure I hadn't misunderstood something.

# ? Jun 23, 2017 15:40

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# ? May 26, 2024 07:40

ChickenWing: Jul 22, 2010

dev286 posted:

Or have the chef prepare a sorbet to cleanse the palate betwixt courses

Seriously though, Instagram-oriented soft serve place Sweet Jesus charges $6 for a specialty cone of cheap ice cream with Wal-Mart grade toppings.

And then most of the time the buyer only eats half of it before tossing it in the trash once they take a pic of it.

This is why Millennials can't afford homes, not avocado toast.

Actually sweet jesus is loving delicious and i will fight you if you disagree

# ? Jun 23, 2017 15:42

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