#8552596 - 02/12/16 11:36 AM
Re: House will be paid for - WWCSID?
[Re: c2k]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44797
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What are your goals?
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#8552603 - 02/12/16 11:40 AM
Re: House will be paid for - WWCSID?
[Re: Hatorade]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29150
Loc: Toronto
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Not sure on suggestions but that's quite an accomplishment - congrats
_________________________
-Jeff
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#8552617 - 02/12/16 11:52 AM
Re: House will be paid for - WWCSID?
[Re: c2k]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44797
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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:
why not take that positive income and reinvest to pay down the new rental place
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#8552707 - 02/12/16 01:27 PM
Re: House will be paid for - WWCSID?
[Re: loudsubz]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 106985
Loc: Barrie, Ont,
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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.
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8552751 - 02/12/16 01:49 PM
Re: House will be paid for - WWCSID?
[Re: LNXGUY]
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BroKe
Post Master Sr
Registered: 09/15/01
Posts: 3836
Loc: Markham, Ontario
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More rental property
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#8552819 - 02/12/16 02:35 PM
Re: House will be paid for - WWCSID?
[Re: loudsubz]
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Senor Eduardo_82
miataist
Post Master Supreme
Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
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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.
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#8552835 - 02/12/16 02:44 PM
Re: House will be paid for - WWCSID?
[Re: Senor Eduardo_82]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44797
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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.
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#8552854 - 02/12/16 03:00 PM
Re: House will be paid for - WWCSID?
[Re: Risky Business]
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A2B-Lexus
Post Master Supreme
Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
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Buy a cottage, a X5 and a huge boat.
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#8552878 - 02/12/16 03:17 PM
Re: House will be paid for - WWCSID?
[Re: A2B-Lexus]
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furball
Post Master Sr
Registered: 09/24/03
Posts: 9485
Loc: Toronto, ON
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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.
Edited by furball (02/12/16 03:18 PM)
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#8553343 - 02/13/16 11:35 AM
Re: House will be paid for - WWCSID?
[Re: 87ZCSi]
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xza8
Sr Member
Registered: 12/18/09
Posts: 1065
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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.
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#8553468 - 02/13/16 02:00 PM
Re: House will be paid for - WWCSID?
[Re: JEFFOS]
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Simon_the_Pieman
Post Master Sr
Registered: 08/13/01
Posts: 9464
Loc: The A
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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?
_________________________
"I'd love it if we did it... but I guess I'm a big skeptic on Canadians because so many are retarded as fuck." - 355-Si, 2020
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#8553683 - 02/13/16 06:01 PM
Re: House will be paid for - WWCSID?
[Re: xza8]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44797
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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.
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
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#8553913 - 02/13/16 10:07 PM
Re: House will be paid for - WWCSID?
[Re: Risky Business]
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Screamin Type ARGH!
High Value Poster
Post Master Supreme
Registered: 02/20/01
Posts: 47669
Loc: T.O. - Canaduh
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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. 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)
_________________________
"Ban low performance drivers, not high performance cars"
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#8553946 - 02/13/16 10:44 PM
Re: House will be paid for - WWCSID?
[Re: Risky Business]
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xza8
Sr Member
Registered: 12/18/09
Posts: 1065
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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
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#8555597 - 02/16/16 03:01 AM
Re: House will be paid for - WWCSID?
[Re: Just A Troll]
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Lost^
Lost^
Unregistered
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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...
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#8555639 - 02/16/16 08:05 AM
Re: House will be paid for - WWCSID?
[Re: ]
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4age
XD XD XD XD
Post Master Sr
Registered: 09/11/01
Posts: 3969
Loc: North York, Ontario, Canada
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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?
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