| c2k |
| (Post Master Supreme) |
| 02/12/16 11:34 AM |
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House will be paid for - WWCSID?
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At the end of April, my house which is my primary residence will be paid for. I bought a rental income property back in the fall to generate some positive cash flow. I honestly don't know what I will do with the extra money starting May? Part of me wants to look into getting another rental income property in Hamilton area or in St. Catherines and another part of me want to invest the extra cash into the stock market. I also could look into maxing out my RRSP yearly maximum???
I could really use some fresh ideas.
| Risky Business |
| (Post Master Supreme) |
| 02/12/16 11:36 AM |
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Re: House will be paid for - WWCSID?
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What are your goals?
| Senor Eduardo_82 |
| (Post Master Supreme) |
| 02/12/16 11:36 AM |
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Re: House will be paid for - WWCSID?
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Leafs season tickets.
| Hatorade |
| (Post Master Supreme) |
| 02/12/16 11:38 AM |
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Re: House will be paid for - WWCSID?
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hookers and blow
| JEFFOS |
| (Post Master Supreme) |
| 02/12/16 11:40 AM |
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Re: House will be paid for - WWCSID?
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Not sure on suggestions but that's quite an accomplishment - congrats
| Euphoricuck |
| (Post Master Supreme) |
| 02/12/16 11:40 AM |
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Re: House will be paid for - WWCSID?
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Buy your own press and install in garage
| loudsubz |
| (Post Master Supreme) |
| 02/12/16 11:43 AM |
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Re: House will be paid for - WWCSID?
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why not take that positive income and reinvest to pay down the new rental place
| c2k |
| (Post Master Supreme) |
| 02/12/16 11:44 AM |
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Re: House will be paid for - WWCSID?
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I have no idea about my goals - but ideally to live comfortably with a positive cashflow without having to depend 100% solely on my job for an income.
The accomplishment wasn't easy, I worked painfully long hours running the press at many different shops part-time for several years. Most gigs were overnights and I'd work 7pm till 7am or 8pm till 8am. After working an overnight shift, I'd carry on my day job and that's how I was able to pay down aggressively on my mortgage in the last 7 years.
| Risky Business |
| (Post Master Supreme) |
| 02/12/16 11:52 AM |
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Re: House will be paid for - WWCSID?
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How old are you? What did your house cost you?
Also based on your follow up post, this is probably your best bet:
Originally Posted By: loudsubz
why not take that positive income and reinvest to pay down the new rental place
| c2k |
| (Post Master Supreme) |
| 02/12/16 12:06 PM |
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Re: House will be paid for - WWCSID?
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Im pushing 40.
Perhaps buying another rental property would be the best way to go.
lots to think about, lots to consider - hence need ideas.. Although if I do get a rental property - I'll rent out to Euphoric at a csi discount. 
| Senor Eduardo_82 |
| (Post Master Supreme) |
| 02/12/16 12:11 PM |
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Re: House will be paid for - WWCSID?
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At a time when a lot of investors are starting to unload their properties, you're thinking about buying another one?
This will end well.
| Euphoricuck |
| (Post Master Supreme) |
| 02/12/16 12:57 PM |
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Re: House will be paid for - WWCSID?
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Buying at the top of the market is sound investing. Shhh.
Is your tfsa maxed out op?
| LNXGUY |
| (Post Master Supreme) |
| 02/12/16 01:27 PM |
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Re: House will be paid for - WWCSID?
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Originally Posted By: loudsubz
why not take that positive income and reinvest to pay down the new rental place
Ding ding ding. Or upgrade, huge downpayment even more equity to be made in a few years when that place is paid off.
| BroKe |
| (Post Master Sr) |
| 02/12/16 01:49 PM |
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Re: House will be paid for - WWCSID?
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More rental property
| titty sprinkles |
| (Post Master Supreme) |
| 02/12/16 02:16 PM |
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Re: House will be paid for - WWCSID?
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+1 for hookers and blow.
| loudsubz |
| (Post Master Supreme) |
| 02/12/16 02:32 PM |
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Re: House will be paid for - WWCSID?
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Originally Posted By: c2k
The accomplishment wasn't easy, I worked painfully long hours running the press at many different shops part-time for several years. Most gigs were overnights and I'd work 7pm till 7am or 8pm till 8am. After working an overnight shift, I'd carry on my day job and that's how I was able to pay down aggressively on my mortgage in the last 7 years.
I guess congrats, but at the end of the day I would never want to put my body through that stress. Nowadays when people are dropping like flies earlier and earlier, why not just balance out your life instead of rushing to finish line..then what?
| Senor Eduardo_82 |
| (Post Master Supreme) |
| 02/12/16 02:35 PM |
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Re: House will be paid for - WWCSID?
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Originally Posted By: loudsubz
Originally Posted By: c2k
The accomplishment wasn't easy, I worked painfully long hours running the press at many different shops part-time for several years. Most gigs were overnights and I'd work 7pm till 7am or 8pm till 8am. After working an overnight shift, I'd carry on my day job and that's how I was able to pay down aggressively on my mortgage in the last 7 years.
I guess congrats, but at the end of the day I would never want to put my body through that stress. Nowadays when people are dropping like flies earlier and earlier, why not just balance out your life instead of rushing to finish line..then what?
Brag about it on the internet, duh.
| Risky Business |
| (Post Master Supreme) |
| 02/12/16 02:44 PM |
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Re: House will be paid for - WWCSID?
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It's a pretty epic accomplishment, especially considering OP is in his 30's with a paid off detached home in the GTA.
| A2B-Lexus |
| (Post Master Supreme) |
| 02/12/16 03:00 PM |
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Re: House will be paid for - WWCSID?
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Buy a cottage, a X5 and a huge boat.
| titty sprinkles |
| (Post Master Supreme) |
| 02/12/16 03:07 PM |
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Re: House will be paid for - WWCSID?
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Buy a bmw 3 series
| furball |
| (Post Master Sr) |
| 02/12/16 03:17 PM |
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Re: House will be paid for - WWCSID?
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A friend worked a day job, then reno jobs at night and throughout his 30s... He ended up with 2 rental homes, split across 2 families each. He went so far as installing coin-operated washer/dryers.
His experience was kicking out deadbeat tenants - the law gives them the high-ground. After 2+ incidents, he's sold the rentals and put the money into dividend funds, and playing forex + day job. He's also stopped reno side jobs as he's started a family.
| Choco 'Nuck |
| (Post Master Supreme) |
| 02/12/16 03:19 PM |
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Re: House will be paid for - WWCSID?
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TFSA, RRSP, the market, its been pretty low recently and there are stocks that are climbing. Use those to save up for another rental property. If you goal is to generate positive cash flow for retirement, you are in it for the long haul and shouldn't be worried about minor corrections in the housing market.
I'm guessing you followed the eat ramen strategy. Take advantage of the low variable interest rates and double up your payments
| phoenixrage |
| (Post Master Supreme) |
| 02/12/16 04:18 PM |
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Re: House will be paid for - WWCSID?
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yea, for tax purposes, maxing RRSP and TFSA would probably be best if it drops you down the brackets significantly.. otherwise, investing it into more properties might net the best return in the GTA market.
| titty sprinkles |
| (Post Master Supreme) |
| 02/12/16 08:25 PM |
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Re: House will be paid for - WWCSID?
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i think you should buy this yo.
http://www.clubsi.com/ubbthreads.php/ubb/showflat/Number/8521356
| Hatorade |
| (Post Master Supreme) |
| 02/13/16 12:07 AM |
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Re: House will be paid for - WWCSID?
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Originally Posted By: titty sprinkles
Buy a $50k Civic
| 87ZCSi |
| (Post Master Sr) |
| 02/13/16 01:25 AM |
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Re: House will be paid for - WWCSID?
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If i were you I'd invest in my next corporate expansion.
Congratulations on paying off the house.
| xza8 |
| (Sr Member) |
| 02/13/16 11:35 AM |
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Re: House will be paid for - WWCSID?
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Buy a house in Markham... you'd probably get some nice returns and you don't even have to do shit. I'm looking to downgrade and cash out on the appreciation of my current home so I've been looking at bungalows to rebuild and they are going for 1.5M+ in a medium density area of Markham (I lost with a $1.5M, clean offer, bungalow on a 50x120 that would be demolished https://www.google.ca/maps/place/9+Tusca...4dc87de529a71). Last year, around the same time, these houses were going for 1.1M and I thought people were crazy because the year before, they were going for 800K and this is supposedly to be the "peak" of the housing bubble so...
The few homeowners in Markham are probably quite happy with how the market turned out and the foreign money coming in.
| Simon_the_Pieman |
| (Post Master Sr) |
| 02/13/16 02:00 PM |
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Re: House will be paid for - WWCSID?
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Originally Posted By: JEFFOS
Not sure on suggestions but that's quite an accomplishment - congrats
invest for family savings, travel, and enjoy life man! congrats!
maybe start your own biz? invent something useful for your industry? elite singles? christian mingle?
| Risky Business |
| (Post Master Supreme) |
| 02/13/16 06:01 PM |
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Re: House will be paid for - WWCSID?
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Originally Posted By: xza8
Buy a house in Markham... you'd probably get some nice returns and you don't even have to do shit. I'm looking to downgrade and cash out on the appreciation of my current home so I've been looking at bungalows to rebuild and they are going for 1.5M+ in a medium density area of Markham (I lost with a $1.5M, clean offer, bungalow on a 50x120 that would be demolished https://www.google.ca/maps/place/9+Tusca...4dc87de529a71). Last year, around the same time, these houses were going for 1.1M and I thought people were crazy because the year before, they were going for 800K and this is supposedly to be the "peak" of the housing bubble so...
The few homeowners in Markham are probably quite happy with how the market turned out and the foreign money coming in.
The few homeowners in Markham are probably quite happy with how the market turned out and the foreign money coming in.
It's been pretty crazy here...unionville is just bonkers tho. Here in the village we are getting those who couldn't get into unionville so you see complete shit houses selling for ridiculous amounts. Not quite at the million dollar mark yet, but it's getting there. The demos have also started, I really didn't think it would happen here since the homes are pretty decent but apparently people have no problem buying for 800k and tearing down the bungalow to build some monstrosity.
I wish I had bought in unionville, in 2011 when I initially looked they were in the mid 600's, same homes now are 1.4M...that's in 5 years
I wouldn't want to live there, but it would've been an epic flip.FUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU
| Hatorade |
| (Post Master Supreme) |
| 02/13/16 07:27 PM |
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Re: House will be paid for - WWCSID?
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There are some really nice homes by bullock. Too bad about the stupid ditch there though. Markham is just plain retarded now, doesn't matter which part...
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 02/13/16 10:07 PM |
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Re: House will be paid for - WWCSID?
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Originally Posted By: Risky Business
Originally Posted By: xza8
Buy a house in Markham... you'd probably get some nice returns and you don't even have to do shit. I'm looking to downgrade and cash out on the appreciation of my current home so I've been looking at bungalows to rebuild and they are going for 1.5M+ in a medium density area of Markham (I lost with a $1.5M, clean offer, bungalow on a 50x120 that would be demolished https://www.google.ca/maps/place/9+Tusca...4dc87de529a71). Last year, around the same time, these houses were going for 1.1M and I thought people were crazy because the year before, they were going for 800K and this is supposedly to be the "peak" of the housing bubble so...
The few homeowners in Markham are probably quite happy with how the market turned out and the foreign money coming in.
The few homeowners in Markham are probably quite happy with how the market turned out and the foreign money coming in.
It's been pretty crazy here...unionville is just bonkers tho. Here in the village we are getting those who couldn't get into unionville so you see complete shit houses selling for ridiculous amounts. Not quite at the million dollar mark yet, but it's getting there. The demos have also started, I really didn't think it would happen here since the homes are pretty decent but apparently people have no problem buying for 800k and tearing down the bungalow to build some monstrosity.
I wish I had bought in unionville, in 2011 when I initially looked they were in the mid 600's, same homes now are 1.4M...that's in 5 years
I wouldn't want to live there, but it would've been an epic flip.FUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU
yup, exact same here...we almost jumped into the house across the street about 1.5yrs after buying our current place. what you mentioned re. pricing pretty much bang on for it. (not complaining re. our house price doe either lol)
| xza8 |
| (Sr Member) |
| 02/13/16 10:44 PM |
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Re: House will be paid for - WWCSID?
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yea, the wife doesn't want to move to unionville since it's still in the early stages of being redeveloped unlike say willowdale area where almost every other house is rebuilt... imagine being stuck with a shitty rental unit next door but there is potential to make some money like buying a lot for ~ 1.5M, spending 1M to rebuild and selling at 2.8M+.
1.4M - 600K = 800K profit, after taxes, which is equivalent to 1.6M of employment at the highest tax bracket in 5 years without doing anything... but even right now, you can just sit on a bungalow (and rent it out) and make couple hundred thousands... from 2015 to 2016, the prices in unionville went up 400K but i'm not complaining too much since my area went up ~ 500K in the past year
| Just A Troll |
| (Post Master) |
| 02/14/16 09:51 AM |
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Re: House will be paid for - WWCSID?
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Ideas:
- Short bank stocks. Maybe 2 weeks too late for that though.
- Buy oil stocks, they're at record low prices right now. They will go up eventually. But this is risky. You may end up buying into a company that will go belly up soon. If you don't know what you're doing and don't like risk, don't do this.
- Buy REITs. Instead of buying an apartment and renting it, buy a trust that owns buildings and rents them out. It's a lot less hassle. And given the unafordability index going up, more people are going to turn to renting. It's already started btw. Plus, when you want to shift your money to higher yielding markets, it's a lot easier than just selling your apartment.
Just some ideas
PS: Congrats on paying the house! You worked hard, you saved up and didn't go "credit crazy". Good job!
| **DONOTDELETE** |
| () |
| 02/16/16 03:01 AM |
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Re: House will be paid for - WWCSID?
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If OP doesn't want to deal with being a landlord or paying out to a management company then I'd go the diversing yo stocks and bonds nigga route.
Or just buy a ton of lotto max tickets....you can't lose....over time...
| 4age |
| (Post Master Sr) |
| 02/16/16 08:05 AM |
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Re: House will be paid for - WWCSID?
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IMO I'd def look at another property.
You have no more mortgage and can take on another one. If you can afford to buy in one of the neighborhoods mentioned, you're set to keep it as a rental property and flip it after a period of time. With the influx of immigrants not slowing down, and crazy foreign money...and ridic interest rates (under 1.9% @TD!), it is cheap to borrow...and you have lots of equity, so why not make your money work for you?
| Simon_the_Pieman |
| (Post Master Sr) |
| 02/16/16 12:02 PM |
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Re: House will be paid for - WWCSID?
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Originally Posted By: 4age
I...and you have lots of equity, so why not make your money work for you?
nah bruh take out HELOC cash, go to casino, and put it all on black cuz wesley snipes said so.
do you fam.
| phoenixrage |
| (Post Master Supreme) |
| 02/16/16 01:12 PM |
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Re: House will be paid for - WWCSID?
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HOOKERS AND BLOW
| Hatorade |
| (Post Master Supreme) |
| 02/16/16 02:47 PM |
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Re: House will be paid for - WWCSID?
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Originally Posted By: phoenixrage
HOOKERS AND BLOW
YOU SLOW OR WHAT???
| c2k |
| (Post Master Supreme) |
| 02/16/16 03:04 PM |
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Re: House will be paid for - WWCSID?
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@ responses.
| The Postman |
| (Post Master Sr) |
| 02/16/16 06:08 PM |
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Re: House will be paid for - WWCSID?
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Originally Posted By: c2k
Part of me wants to look into getting another rental income property in Hamilton area
My place is going on the market soon.
| Hatorade |
| (Post Master Supreme) |
| 02/16/16 06:16 PM |
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Re: House will be paid for - WWCSID?
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Originally Posted By: Dumbass
Originally Posted By: c2k
Part of me wants to look into getting another rental income property in Hamilton area
My place is going on the market soon.
Buying a mansion?
| Euphoricuck |
| (Post Master Supreme) |
| 02/16/16 07:36 PM |
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Re: House will be paid for - WWCSID?
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binbrook might as well be Attawapiskat
| LNXGUY |
| (Post Master Supreme) |
| 02/17/16 01:27 PM |
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Re: House will be paid for - WWCSID?
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Originally Posted By: Euphoric
binbrook might as well be Attawapiskat
| SuPeR-MaRiO |
| (Post Master Sr) |
| 02/17/16 02:07 PM |
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Re: House will be paid for - WWCSID?
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Originally Posted By: 4age
ridic interest rates (under 1.9% @TD!)
What type (open/closed, fixed/var) is that? This is what I see on the TD site. I'm up for renewal in 4 months.
| Hatorade |
| (Post Master Supreme) |
| 02/17/16 02:22 PM |
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Re: House will be paid for - WWCSID?
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Most likely through a broker or a "friend".