Comments on: Accidental landlords http://www.greaterfool.ca/2008/07/20/accidental-landlords/ Book and Weblog - Authored by Garth Turner Wed, 08 Feb 2012 20:01:56 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: pulunco http://www.greaterfool.ca/2008/07/20/accidental-landlords/comment-page-1/#comment-5451 pulunco Thu, 11 Sep 2008 17:55:04 +0000 http://www.greaterfool.ca/?p=321#comment-5451 I'm sorry I just don't see the sky falling in all of Canada. I live in Grande Prairie Alberta and we have solid fundamentals. We have a steady influx of young canadians comming to this town (maybe because Ontario and other provinces have no good paying jobs) fresh out of school making over $100,000/year. My neighbor manages a trucking company and he is 120 people short; there are many good paying jobs here. Lots of new business and lots of activity. Lots of oil and gas activity already this summer and lots more to come this winter. Even if oil sinks to $100 a barrel the oil companies are still making good money and visibly investing in this area. And lets face it oil will go up and stay up for a long time as long as people want to drive cars and live in warm houses. One may say "well the cost of living is too high in alberta" well yes it is higher in places like Calgary but in Grande Prairie you can still buy a nice brand new 1700 sq/ft house for $365,000 and a nice new starter home for $210,000. Figure out the affordability index for yourself when any yahoo can make $80,000 per year here. One can keep living in places like ontario and wait for the house prices to bottom out, while renting some peice of crap and making $40 000 a year. Or you can move somewhere with strong fundamentals own a nice place and have spending cash at the end of the day. All you doom and gloomers keep renting if you want makes no difference to me. I’m sorry I just don’t see the sky falling in all of Canada. I live in Grande Prairie Alberta and we have solid fundamentals.

We have a steady influx of young canadians comming to this town (maybe because Ontario and other provinces have no good paying jobs) fresh out of school making over $100,000/year.

My neighbor manages a trucking company and he is 120 people short; there are many good paying jobs here. Lots of new business and lots of activity.

Lots of oil and gas activity already this summer and lots more to come this winter. Even if oil sinks to $100 a barrel the oil companies are still making good money and visibly investing in this area. And lets face it oil will go up and stay up for a long time as long as people want to drive cars and live in warm houses.

One may say “well the cost of living is too high in alberta” well yes it is higher in places like Calgary but in Grande Prairie you can still buy a nice brand new 1700 sq/ft house for $365,000 and a nice new starter home for $210,000. Figure out the affordability index for yourself when any yahoo can make $80,000 per year here.

One can keep living in places like ontario and wait for the house prices to bottom out, while renting some peice of crap and making $40 000 a year. Or you can move somewhere with strong fundamentals own a nice place and have spending cash at the end of the day. All you doom and gloomers keep renting if you want makes no difference to me.

]]> By: Donald James http://www.greaterfool.ca/2008/07/20/accidental-landlords/comment-page-1/#comment-5300 Donald James Mon, 08 Sep 2008 04:08:41 +0000 http://www.greaterfool.ca/?p=321#comment-5300 Too young, too hard, too fast. I'm reminded of Jerry White's speech in wpg December 2004. He held the newspaper's front page up showing a zero percent savings rate for Kanadians (soon to become Amerikans). We were too busy buying Kiyosaki's "doodads" on our line of credits. I have always had a 20% "pay your self first" routine, and as a diligent landlord pay my rentals off in 16 years instead of the standard 25 year amort. I live in unsexy Abbotsford and saw no value in the real estate pricing in sexy Vcr during 2005-2007. Always have a large cash position to buy when there is blood in the streets. You make money when you buy low. Pay down the mortgage. Don't borrow against yourself. Prepare for the worst always. Folks...when China slows down in April 2009, it's gonna be a real rough ride. Too young, too hard, too fast. I’m reminded of Jerry White’s speech in wpg December 2004. He held the newspaper’s front page up showing a zero percent savings rate for Kanadians (soon to become Amerikans). We were too busy buying Kiyosaki’s “doodads” on our line of credits. I have always had a 20% “pay your self first” routine, and as a diligent landlord pay my rentals off in 16 years instead of the standard 25 year amort. I live in unsexy Abbotsford and saw no value in the real estate pricing in sexy Vcr during 2005-2007. Always have a large cash position to buy when there is blood in the streets. You make money when you buy low. Pay down the mortgage. Don’t borrow against yourself. Prepare for the worst always. Folks…when China slows down in April 2009, it’s gonna be a real rough ride.

]]> By: neutral http://www.greaterfool.ca/2008/07/20/accidental-landlords/comment-page-1/#comment-3183 neutral Wed, 23 Jul 2008 06:56:53 +0000 http://www.greaterfool.ca/?p=321#comment-3183 He-he. There are two teams on this blog: recent buyers who wish to believe the prices will go up or at least stay and prospective buyers who rip the hairs on theirs asses, as they did not buy 3-5 years ago and all the way being in expectations for prices to come down. Second team is in major here, as Garth’s info accords to theirs wishes. But this team is not a winner yet. Will see. I'm neutral, as I bought 5 years ago. Either way is good to me, in terms of switching to another property (which I plan): if I sell for less - will buy for less - there is nothing to loose in my case. Garth’s universal suggestion does not work for me. Keep fighting… He-he. There are two teams on this blog: recent buyers who wish to believe the prices will go up or at least stay and prospective buyers who rip the hairs on theirs asses, as they did not buy 3-5 years ago and all the way being in expectations for prices to come down. Second team is in major here, as Garth’s info accords to theirs wishes. But this team is not a winner yet. Will see. I’m neutral, as I bought 5 years ago. Either way is good to me, in terms of switching to another property (which I plan): if I sell for less – will buy for less – there is nothing to loose in my case. Garth’s universal suggestion does not work for me. Keep fighting…

]]> By: Peter http://www.greaterfool.ca/2008/07/20/accidental-landlords/comment-page-1/#comment-3178 Peter Wed, 23 Jul 2008 04:27:58 +0000 http://www.greaterfool.ca/?p=321#comment-3178 REMEMBER, if these CASH based paying jobs also decreasing and hits the fan, these people are not in EI books, they wont get their EI into their bank accont and this wont reflect it until these people went into debt and mortgage problems which is very serious. REMEMBER, if these CASH based paying jobs also decreasing and hits the fan, these people are not in EI books, they wont get their EI into their bank accont and this wont reflect it until these people went into debt and mortgage problems which is very serious.

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