CBC Marketplace

Posted on my facebook news feed and perhaps of interest to the readership:
“CBC’s Marketplace is looking for rental housing horror stories. Are you living with bugs or vermin that your landlord won’t get rid of? Is your apartment falling apart and your property manager won’t fix a thing? Have you had mold but can’t get anyone to come clean it up? If youve got a beef, let the show know: marketplace@cbc.ca.”

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Patiently Waiting
Member
Patiently Waiting
space889 from the last thread: "Some try to mitigated by renting to one person for the full cost but allow that person to sublet the other bedrooms." Smart move farming out landlord responsibilities to some naive kid. A buddy of mine, who should have known better, had the bright idea of renting out a house near The Drive and subletting bedrooms to friends. Soon it became friends-of-friends, and friends bringing in lovers to live for free. My buddy was always chasing down rent cheques, evicting people and replacing them. He was a landlord with none of the benefits. Or maybe an unpaid property manager. Despite this, he had to plead with the landlord to deal with a festering mould problem and other needed repairs. Soon he was renting rooms to random skids. He finally ended with a scary sociopath in… Read more »
Van MD
Guest
Van MD

When no one buys your condos, blow it up!

[MGM Targets Harmon Tower in Vegas for Demolition] – August 15, 2011,

MGM Resorts International on Monday said it wants to destroy its Harmon building — an unfinished condo-and-hotel tower riddled with construction engineering problems….

Starting in 2008, engineers found a series of baffling mistakes through multiple levels of the Harmon. The discoveries came at the same time that Las Vegas’s tourism and condo markets were crashing. MGM made the decision in 2009 to cut the size of the building nearly in half, getting rid of the condos planned for the top levels….

Perini has contended that MGM’s portrayal of the Harmon is fear-mongering to get out of paying bills for a building it no longer needed after condo buyer demand dried up and the tourism market slowed.”

http://blogs.wsj.com/developments/2011/08/15/mgm-

space889
Guest
space889

@Patiently Waiting: Heehee….so true! With slum landlords they literally get the best of world with this arrangement. I never thought of it like that until I read your post!

4SlicesofCheese
Guest
4SlicesofCheese
Well back in the mid-late 90s, my genius aunt had a great idea to convince my uncle(her brother) to buy a investment condo just behind Robson St. for just under 200k. You might think wow if they sold now they would have made some great money and look like geniuses. Well they probably made every mistake in the book of amateur landlords. -Cheap cosmetic renovations. -Rented to very undesirable tenants, no background checks etc. -Long periods of vacancy, because they could not find good tenants. -One tenant actually sublet to another person, while collecting the rent money for himself, after about 3-4 months of collecting my aunts rent money but paying her, he took off. -Sold after market slowdown was reported in MSM, which of course meant it was too late. -I believe sold less then they bought for, not… Read more »
4SlicesofCheese
Guest
4SlicesofCheese

"-One tenant actually sublet to another person, while collecting the rent money for himself, after about 3-4 months of collecting my aunts rent money but *NOT* paying her, he took off."

Typo NOT paying her

4SlicesofCheese Aunt
Guest
4SlicesofCheese Aunt

F*ck off you ungrateful little pr*ck.

You never mentioned the money you still owe me as a loan when you begged to buy Bre-X and Nortel shares.

Down to the notary and out of the Will

PS…. we made a killing on Lululemon….

4SlicesofCheese Aunt
Guest
4SlicesofCheese Aunt

50-year-old CARTOON TRIED TO WARN US

http://www.youtube.com/watch?v=-CjrZNi49bE&NR

Li Kai Shing
Guest
Li Kai Shing

NDP brain chip

Landlord BAAAAD !

Landlord RICH !

Eat the Rich is GOOD !

Thus tenant should eat landlord = GOOD !!!

Li Kai Shing
Guest
Li Kai Shing

Knock Knock !

Landlord: Who is there ?

Tenant: Tenant wannabee responding to ad

Landlord : OK , references please .

Landlord: What about pets?

Tenant: I have pet moose, giraffe, howler monkeys, pit bull in heat, and 20 ft crocodile.

Landlord: Ad says no pets !

Tenant : what's your problem…are you an animal hater?…what a fascist.

Landlord: sorry no pets. I own this place, my rules

Tenant: capitalist pig…the land belongs to the people and we should share and help each other.

Landlord: My taxes went up 50% due to bike lanes,OV going tits up… and other such BS .

Tenant: What if I promised to have my pets surgically altered so they don't shit ?

ContenttoRent
Guest
ContenttoRent
We rent in a Gateway managed building – large one bedroom, westside, Cambie area, hardwood floors, bedroom big enough for kingsize bed, clean, quiet and well-maintained building, rent $1,000. We have personalized our suite and decorated just as if we owned it-it is our home and it is beautiful , comfortable and affordable. We have never had any problems with professionally managed buildings. Our building never used to have vacancy signs, but it always has a vacancy sign now (as do most of the other buildings on the block)so I don't believe the vacancy shortage. By the way, I just laugh whenever the bulls on this site imply that renters are losers. We certainly don't feel like losers when only 1/5 of our net monthly income goes towards living expenses (rent, utilities, everything) and the bulk of it goes into… Read more »
taylor192
Member

http://www.cbc.ca/news/business/story/2011/08/16/

How can a whole day go by without anyone posting this? Prices down $10K, or about 3%.

jesse
Member

@taylor192: Averages are notoriously noisy. I would average the data for a few months, better yet use median, better yet wait for the benchmark, and better yet wait for the Teranet HPI.

Extremely rich Van h
Guest

@ContenttoRent:

Your rent will increase substantially soon.Buying your own place will only cost a couple hundred more.

Best place on meth
Guest
Best place on meth

@jesse:

I would average the data for a few months, better yet use median, better yet wait for the benchmark, and better yet wait for the Teranet HPI.

Better yet, just wait for the blood-curdling screams of homeowners who can't sell.

fixie guy
Guest
fixie guy

@Extremely rich Van house owner.: And wages will rise to support the increase but those wages won't be reflected in the price of goods and services and inflation won't increase and interest rates will stay low and mortgages will go negative because that's the way we roll in the fairy gumdrop land of new paradigms so get out of the way gramps.

(Did I do it right?)

patriotz
Member

@4SlicesofCheese:

"Long periods of vacancy, because they could not find good tenants."

Sure they could. As owners who "can't" sell are asking too much. landlords who "can't" find quality tenants are asking too much as well.

Professional management companies know this and ask for reasonable rents so they can be picky with tenants. It pays off in the long run in less damage, hassles, and lost rent.

hahaha
Guest
hahaha

just an anecdote – a friend amateur landlord complaining that his tenant is telling to reduce the rent. Was already reeling under debt, had tough time paying his dues. He is thinking of putting it for sale. nice guy. hope he is able to sell.

Loser Renter (redund
Guest
Loser Renter (redund

I am such a loser !!!

I am wasting so much rent money that could go into an asset that never goes down in price.

They are not making any more land, and all I am doing is making my landlord extremely rich.

If I bought I too would be on my way to being an extremely rich landlord.

Many of my friends bought 3-4 condos with only 5 % down and will be able to retire soon.

Dumb dumb…certifiably DUMB

vreaa
Member

"Dull", "Steady", and "Flat" Canadian RE Markets? [Highly Unlikely]

http://wp.me/pcq1o-2Nw

A speculative mania never ends with a flat, boring market; not even in Canada.

We suspect "Dull", "Steady", and "Flat" are hopeful terms being used by vested interest insiders who are seeing the first signs of coming weakness.

pricedoutfornow
Guest
pricedoutfornow

@ContenttoRent:

"Our building never used to have vacancy signs, but it always has a vacancy sign now (as do most of the other buildings on the block)so I don’t believe the vacancy shortage."

Tomorrow morning on CBC radio they're apparently going to do a story about rental vacancies in Vancouver. I suspect (but I could be wrong) that they're going to try to slant this in the "everyone wants to live here" point of view and suggest that there is a shortage of rentals. We shall see. I don't think there is a vacancy shortage, but the MSM seems to have different opinions about everything these days.

paulb.
Guest
paulb.

New Listings 192

Price Changes 97

Sold Listings 98

TI:16395

http://www.laurenandpaul.ca

Patiently Waiting
Member
Patiently Waiting

@pricedoutfornow: The media seems to have more difficulty localizing national stories these days. This causes our local media to believe vacancies are declining here because they are in most of the country.

For some reason, "journalists" don't step out of the newsroom to research the facts about the local market. Worse yet, when you point out the facts to them (which I have personally) they don't want to hear it.

Loser Renter (redund
Guest
Loser Renter (redund

I'm such a loser…

I am stuck subletting the attic of the garage….and sharing it with several IB students.

I have to borrow a ladder every day to get down to use the bathroom…if the line up isn't too long. The extremely rich landlord, who used to busker 2 years ago but now has several luxury cars…and a condo in Kelowna….has put coin- vending mechanisms on everything.

The toilet,shower washer+ dryer, fridge, front door, are coin- operated but he has upgraded them to accept credit cards, debit cards and Paypal.

I'm such a loser..but if I buy soon, I too will be extremely rich and retire.

WFT?
Guest
WFT?

@paulb.:

By my count, we have had only two +50% sell/list days this month.

Anonymous
Guest
Anonymous

"Worse yet, when you point out the facts to them (which I have personally) they don’t want to hear it."

neither your mom nor your rich sister wants to hear it, so why should anyone else? you think you are gonna save the world?

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