Comments on: Friday Free-for-all!

By: read on

read on — Mon, 29 Jun 2009 05:25:55 +0000

err, 28 - he corrected himself in 16.... reading is good

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By: patriotzed

patriotzed — Mon, 29 Jun 2009 04:11:31 +0000

Umm: 15, you cannot deduct rental losses from your other income ie)employment or other investment. Yes you can and I have done it (in the 80's, not lately - taking a small operating loss at 12% interest is something entirely different from taking a loss at 4% interest). A revenue property is the same as any other investment and subject to the same rules. You can deduct interest paid to buy stocks from your other income, for example. One exception - you cannot however use capital cost allowance (aka depreciation) to create or increase a loss on a rental property. The loss must exist without CCA.

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By: dboy

dboy — Mon, 29 Jun 2009 04:09:59 +0000

dboywahhh: I'm not insecure, just tired of this troll, who has nothing of value to offer. I am not about to get into any debate about policing, that's not why i come on here. I also question who dboywahhh is - is that you realpaul?

Current score: -5 (to vote for this comment, please visit the site)

By: Vancouverite

Vancouverite — Mon, 29 Jun 2009 02:04:38 +0000

Shortfall to own investment RE in Vancouver!
Min Morg rates,lowest ever, property values WILL decline over the next $??$? years!

Buy now or forever be priced out of the Van market!

BULLSHITT!!!!!!!!!!!

WAIT TIME IS ON YOUR SIDE SAVE NOW FOR YOUR DOWNPAY ON YOUR MORTG.

BUY, when, sorry, BUY WHEN YOU CAN AFFORD THE HOME YOU WANT WHEN YOU CAN!

Current score: 3 (to vote for this comment, please visit the site)

By: oneangryslav

oneangryslav — Mon, 29 Jun 2009 01:49:33 +0000

dboy: Just send an e-mail to the blog administrator. I was also going to post a note asking the person in question what his contribution had to do with real estate. Like all professions, there are good cops and there are bad cops.

Current score: -2 (to vote for this comment, please visit the site)

By: Vancondobear

Vancondobear — Mon, 29 Jun 2009 00:59:41 +0000

Franco: The Chinese population in Vancouver is approx equal on a percentage basis to that of San Francisco. Please explain why they are not holding up that market if that is your premise.... And PLEASE do not say something like "Because Vancouver is better!"

Current score: 14 (to vote for this comment, please visit the site)

By: dboy

dboy — Mon, 29 Jun 2009 00:44:29 +0000

Does anyone know how to lodge a formal complaint on here? I am a serving rcmp officer and find realpaul's comments offensive and completely detached from real estate.

Current score: -21 (to vote for this comment, please visit the site)

By: Franco

Franco — Mon, 29 Jun 2009 00:42:53 +0000

Hi you miserable Bears are still in consistent denial hah!!
Has Van RE been flopped like US?
Has Van RE been abandoned ?
Has Van RE been in whatever negatively as you expected?
It seems you guys are still in some sort of mental delusion;should have a psychiatric assessment done early.
Vancouver RE will never end up like US because its 600000 PLUs Chinese population can sustain it alone.
Whining liked a miserable lazy child, can’t lead you to a house. Stop spending senseless in beer and weed and start saving for your future,otherwise you will be left homeless or paying 1000 plus for a tiny bedroom in balmoral hostel on Hasting street.

Current score: -20 (to vote for this comment, please visit the site)

By: dboy

dboy — Mon, 29 Jun 2009 00:40:16 +0000

realpaul: You having a serious mental problem - get a life....This is supposed to be a site about real estate ....

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By: Umm

Umm — Mon, 29 Jun 2009 00:30:27 +0000

15, correction, yes you can.

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By: Umm

Umm — Mon, 29 Jun 2009 00:27:53 +0000

15, you cannot deduct rental losses from your other income ie)employment or other investment.

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By: oneangryslav

oneangryslav — Sun, 28 Jun 2009 21:00:38 +0000

The latest Dilbert is a classic, and will receive almost universal approval from the netizens of this blog. Check it out:

http://dilbert.com/strips/comic/2009-06-26/

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By: Little

Little — Sun, 28 Jun 2009 19:03:29 +0000

Wow. All I can say

http://www.theprovince.com/Bus.....story.html

Current score: 4 (to vote for this comment, please visit the site)

By: Vancondobear

Vancondobear — Sun, 28 Jun 2009 16:10:21 +0000

I also found another one in Kits for approx $1.4MM boasting annual rental revenue of $60k.

House in even worse shape.

What a deal!

Current score: 8 (to vote for this comment, please visit the site)

By: patriotzed

patriotzed — Sun, 28 Jun 2009 15:47:35 +0000

Vancondobear: PS Thinking is may be some rental income tax to pay along with this also…but I am too lazy to calculate. Quite the opposite, because you are paying out of your pocket to cover the shortfall between the rent and the interest, taxes, etc. you get a loss which you can deduct from your other income. Isn't that great? Better buy now! I've also got an ostrich farm which will give you the same writeoff. Sound good?

Current score: 8 (to vote for this comment, please visit the site)

By: Anonymous

Anonymous — Sun, 28 Jun 2009 04:52:56 +0000

Vancondobear: $80K gross on $1.5MM is a egregiously poor investment, even by Vancouver standards. Cash machine is right, only it’s cash going out, not going in

Current score: 8 (to vote for this comment, please visit the site)

By: Vancondobear

Vancondobear — Sun, 28 Jun 2009 02:46:35 +0000

So there is a “Kitsilano Cash Machine”!!!! listed for sale (1957 West 1st) for a meager $1,498,000.

Hhhmmmmm.

For fun I did a back of the envelope.

The seller claims the property garners a whopping $80k gross per annum in rental revenue.

And prop taxes are $4500/yr.

Let’s estimate abt $6000/yr in maintenance and upkeep. Damn those tempermental $350 bucks a pop garbage disposals…plus someone needs to mow the lawn etc and I already have a job.

So that leaves net of approx $70k/yr.

Now – moving to the mortgage with $150k down – you are looking at approx $105,000 per annum in mortgage payments.

I would need to make an extra $55k/yr in my real job to keep this baby afloat.

This seems more like a slot machine than a cash machine!

PS Thinking is may be some rental income tax to pay along with this also…but I am too lazy to calculate.

PS#2 The house is very ugly as a bonus.

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By: Boombust

Boombust — Sat, 27 Jun 2009 02:06:30 +0000

Surreyreal. Or, is it surreal?

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By: RennieWhereRU?

RennieWhereRU? — Sat, 27 Jun 2009 02:04:19 +0000

Pam and Courtnell (not a popular guy on the Sunshine Coast!) cant be this stupid, I gather one last grab at publicity to flog some pre-sales to meet financing requirement. Vanabanker may know, what is pre-sale requirement now for construction financing?

Current score: 5 (to vote for this comment, please visit the site)

By: Hovering

Hovering — Fri, 26 Jun 2009 21:24:12 +0000

crap.. I take that back we're # 2 Calgary is down 13.3% oh well.. it was fun while it lasted.. Maybe we can catch them ! THE GREATEST PLACE ON EARTH for a real estate meltdown..

Current score: 21 (to vote for this comment, please visit the site)

By: Hovering

Hovering — Fri, 26 Jun 2009 21:21:24 +0000

On the Teranet site

http://www.housepriceindex.ca

If you go to “Communiques” and click on the June 2009 report there are some interesting charts that show the Vancouver Index (calculated using sale prices of homes sold more than once during an observed period – I think..) is down %11.9 from the peak of June 2008 and still falling like a rock.

oh and we’re #1 ! Yeah! Finally..

Thanks to Teranet for patiently explaining to me where to find this info.

Current score: 15 (to vote for this comment, please visit the site)

By: Hovering

Hovering — Fri, 26 Jun 2009 21:14:32 +0000

http://www2.macleans.ca/2009/0.....sing-hype/

Don’t believe the Hype

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By: rp

rp — Fri, 26 Jun 2009 21:13:46 +0000

I nearly barfed when I read "funemployed". Such black humour. How many young families are deeply in debt ?

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By: oneangryslav

oneangryslav — Fri, 26 Jun 2009 18:12:55 +0000

oneangryslav: Related to my earlier post, I've found the story to which I referred. It is from late April of 2008, so just over a year ago (it seems so much longer, somehow!). Here's the full quote, from Dorothy Piotrowski (a fellow Slav, but unlike my, she is not angry--but delusional):

Dorothy Piotrowski has a different motive. She is looking for a low-priced property, something in the $200,000 to $250,000 range, that she can quickly rent out to earn income. “I have two children that I want to put through college. I figure you can’t lose with real estate,”

Here's the link: http://archives.chicagotribune.com/2008/apr/28/business/chi-mon-repo-house-tour-apr28

Current score: 11 (to vote for this comment, please visit the site)

By: Rado@freemarkets.ca

Rado@freemarkets.ca — Fri, 26 Jun 2009 16:07:45 +0000

"Investors" Buying up Homes With Their Credit Cards

Since the collapse of the U.S. housing market, desperate sellers have been dropping prices. Prices are sometimes so low that Americans are snatching the deals up with their credit cards.

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