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Is homeownership a big PITA? - Page 3

post #31 of 38
Quote:
Originally Posted by xpress View Post

I currently own 8 pieces of residential property. (All Semi-Detached)
Fortunately, my city is 'home' to amazing property values.
Each 1500 sqft. semi cost ~129k per side, and rents for $1k-1.5k/month. (Two are next to a university, and thus renting by room yields greater returns)
All property is less then 5 years old, and repairs are VERY minimal. (I'll sell these prior to the 10 year mark in an effort to avoid roofing bills, foundation issues, etc.)
I should also mention that I don't take a dime from these properties... I consider them a long term investment... Property has seen an increase of 8% per year for the last 10 years, and shows no signs of slowing down.
Also, throwing 1k-1.5k a month at a 129k mortgage doesn't take long to pay off!

Yeah...but you've moved from home owner to home investor. Buying real estate as an investment is a very different thing than purchasing a home that you want to live in and then hoping it turns out to be a good investment. Investors can buy homes in areas that have good investment potential even if they wouldn't actually want to live there and they can hold them for whatever time horizon makes sense. Home buyers are going to be restricted to areas they want to live right now (not 10 years from now when the up and coming area actually comes) and once something becomes your "home" it becomes hard to make sound investment decisions about it (it might make sense to sell now...but you would then have to pack up your family and move so you decide not to sell).

Conne is not a good candidate for home ownership...he doesn't even want to stay where he is in the near future let alone still be there 10 years from now
post #32 of 38
Quote:
Originally Posted by otc View Post

Yeah...but you've moved from home owner to home investor. Buying real estate as an investment is a very different thing than purchasing a home that you want to live in and then hoping it turns out to be a good investment. Investors can buy homes in areas that have good investment potential even if they wouldn't actually want to live there and they can hold them for whatever time horizon makes sense. Home buyers are going to be restricted to areas they want to live right now (not 10 years from now when the up and coming area actually comes) and once something becomes your "home" it becomes hard to make sound investment decisions about it (it might make sense to sell now...but you would then have to pack up your family and move so you decide not to sell).
Conne is not a good candidate for home ownership...he doesn't even want to stay where he is in the near future let alone still be there 10 years from now

+1
post #33 of 38
Where do you live? the equivalent unit here costs 10x that.
Quote:
Originally Posted by xpress View Post

I currently own 8 pieces of residential property. (All Semi-Detached)
Fortunately, my city is 'home' to amazing property values.
Each 1500 sqft. semi cost ~129k per side, and rents for $1k-1.5k/month. (Two are next to a university, and thus renting by room yields greater returns)
All property is less then 5 years old, and repairs are VERY minimal. (I'll sell these prior to the 10 year mark in an effort to avoid roofing bills, foundation issues, etc.)
I should also mention that I don't take a dime from these properties... I consider them a long term investment... Property has seen an increase of 8% per year for the last 10 years, and shows no signs of slowing down.
Also, throwing 1k-1.5k a month at a 129k mortgage doesn't take long to pay off!
post #34 of 38
New Brunswick, Canada.

Average salaries are probably ~30k, so most people can't afford to own... Even at 130k for half a semi.

Thus, those who have a bit of a bankroll can easily win on real estate.

PM me for investment opportunities biggrin.gif
post #35 of 38
Quote:
Originally Posted by xpress View Post

New Brunswick, Canada.
Average salaries are probably ~30k, so most people can't afford to own... Even at 130k for half a semi.
Thus, those who have a bit of a bankroll can easily win on real estate.
PM me for investment opportunities biggrin.gif

The downside of this investment proposition; You'd have to spend time in New Brunswick.
post #36 of 38
Quote:
Originally Posted by Lord-Barrington View Post

The downside of this investment proposition; You'd have to spend time in New Brunswick.

Is that a bad thing? Bustling out here... Businesses are begging for employees, everything is cheap, best looking women (Acadian French), people are friendly, lots to do (Magnetic Hill Concert Site, Beaches everywhere)...

PM me and we'll chat about the logistics of your move happy.gif


Anyways, back to topic!
post #37 of 38
Quote:
Originally Posted by xpress View Post

Is that a bad thing? Bustling out here... Businesses are begging for employees, everything is cheap, best looking women (Acadian French), people are friendly, lots to do (Magnetic Hill Concert Site, Beaches everywhere)...
PM me and we'll chat about the logistics of your move happy.gif
Anyways, back to topic!

eh.gif Um, do you mean this New Brunswick? http://m.theglobeandmail.com/report-on-business/commentary/neil-reynolds/changing-new-brunswicks-culture-of-dependence/article2261879/?service=mobile
Quote:
New Brunswick is gradually coming to terms with social welfare programs that serve more as hammocks than as safety net. Statistics Canada provides only a glimpse of this dependence – reporting, for example, that 34,300 people (as a monthly average) collect EI benefits at any one time in a province with a labour force of 350,000. But Moncton economic consultant David Campbell calculates that 100,000 New Brunswick workers collected EI benefits at one time or another during 2009 – at a cost of more than $900-million. Mr. Campbell thinks that the cost will exceed $1-billion in 2011.
post #38 of 38
Quote:
Originally Posted by xpress View Post

Is that a bad thing? Bustling out here... Businesses are begging for employees, everything is cheap, best looking women (Acadian French), people are friendly, lots to do (Magnetic Hill Concert Site, Beaches everywhere)...
PM me and we'll chat about the logistics of your move happy.gif
Anyways, back to topic!

What New Brunswick is this, exactly? I'm a big fan of NB and love the people but that province is as far from economically and culturally dynamic as you can get.
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