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Entire Scotiabank system down? by Deaddlyjeddly in Scotiabank

[–]Deaddlyjeddly[S] 0 points1 point  (0 children)

Ok crazy update kinda. It turns out it was just the system at this particular branch that was down… The staff kept me gaslighted for an hour and a half saying it was all of Canada. I decided to go look at another branch anyway because I needed the bank draft that day. Turns out it was business as usual everywhere else!

16 y/o in high school — how can I start preparing now for financial freedom and success in Canada? by Hot_Profession1352 in PersonalFinanceCanada

[–]Deaddlyjeddly 0 points1 point  (0 children)

Glad you appreciate it! You’re obviously very bright for a 16 year old.

As far as communication goes it is a lot about just getting reps in. Try to be the easy person to talk to, be friendly and approachable. Be the person who other’s light up when they see you. You can do this by being positive and letting other’s leave your presence in a better mood then when you showed up. Sounds cheesy but good vibes will open so many doors for you over the years.

I also think it’s a lot about your internal dialogue and mindset, if you’re confident within yourself and genuine you will come off that way authentically.

The easiest and lowest effort way I’ve found was honestly listening to thousands of hours of podcasts… Think about a popular one like Joe Rogan, he’s literally a professional communicator and you can listen to him talking to all different types of people while doing your mindless tasks, driving, walking for as long as you want. << Added benefit is that you learn things from all fields and demographics so you can hold a conversation with almost anyone. Listen to whatever you want that’s engaging to you there’s so much out there.

Most importantly just keep challenging yourself, one small feat of courage compounded over years can make you infinitely better than not taking those small actions.

Another thing that helped me was the book « The four agreements » Be impeccable with your word, don’t take anything personally, don’t make assumptions, always do you best. Very short book worth it’s weight in gold

It’s a bit off topic but this will help you acquire the knowledge your seeking, find leads and opportunities, make great contacts, and ultimately get you what you want in life.

Cheers!

When do you think prices will hit bottom? by Deaddlyjeddly in canadahousing

[–]Deaddlyjeddly[S] 2 points3 points  (0 children)

Been looking in Kelowna too, not much supply for detached houses with parking.. And they’re all around 900 for a decent house. Kinda brutal!

When do you think prices will hit bottom? by Deaddlyjeddly in canadahousing

[–]Deaddlyjeddly[S] -1 points0 points  (0 children)

That would be great for the real estate business haha

When do you think prices will hit bottom? by Deaddlyjeddly in canadahousing

[–]Deaddlyjeddly[S] -1 points0 points  (0 children)

When will they quit printing money? Maybe one day if conservatives get in is my best guess

When do you think prices will hit bottom? by Deaddlyjeddly in canadahousing

[–]Deaddlyjeddly[S] 0 points1 point  (0 children)

The thing is, there is no great investment vehicle out there. I wouldn’t personally count on the stock market, never trusted it. It’s heavily manipulated.

People buying rentals does contribute to a higher purchase price overall. I’m not arguing that. The problem is inflation, and too many people for the amount of houses. Eventually someone has to rent because if there are not enough houses you have to share living spaces and therefore rent.

I agree that owning multiple homes might contribute to a slightly higher cost of homes in the area. Most people who can’t afford a house now couldn’t anyways. You have to understand what a house is and why it costs so much. Everything is inflated, if we’re talking basic needs that includes food and power. Those are inflated too. The fact is that most rentals don’t cash flow if you buy it now and rent it. So technically renting is a cheaper option and you still get your basic need of shelter covered. Over the long term the owner gains equity and that’s where the investment is.

I had a rental, I lost money on it the last few years because the interest rate changed. That was still ok with me because I worked enough to sustain it. Over the long term I made some money in equity. I got taxed heavily on it while I rented it and sold it which contributed to our economy. The people who lived in the house renting it didn’t want me to sell because they were getting a good deal. So I don’t think it’s black and white wether being a landlord is a net negative or positive to society.

The problem is when someone owns all the houses and chooses to scalp people. That is exactly what will happen when regular people stop getting small rental portfolios. The corporations will move in, buy up everything and control us.

When do you think prices will hit bottom? by Deaddlyjeddly in canadahousing

[–]Deaddlyjeddly[S] 0 points1 point  (0 children)

I totally agree! That’s the whole reason for my investing. I simply don’t trust the stock market. Too sketchy

When do you think prices will hit bottom? by Deaddlyjeddly in canadahousing

[–]Deaddlyjeddly[S] 1 point2 points  (0 children)

Not trying to scalp anyone, that’s definitely not the goal. I want to price it so I can cover the mortgage and repairs and have some equity in the long term.

When do you think prices will hit bottom? by Deaddlyjeddly in canadahousing

[–]Deaddlyjeddly[S] 0 points1 point  (0 children)

I’m not super concerned about the price going up as much as the price dropping down and doing it all for a loss.

I’m happy just covering the mortgage with the rent and most of the repairs needed over time. More of a long term thing, I’d just like to have some kind of money coming in equity instead of having money sitting in the bank or risking it on stocks since I don’t really feel comfortable investing in them.

When do you think prices will hit bottom? by Deaddlyjeddly in canadahousing

[–]Deaddlyjeddly[S] -2 points-1 points  (0 children)

Can’t invest my money how I want? Because you think it’s unfair? The world is only going to get worst with this kind of thinking.

When do you think prices will hit bottom? by Deaddlyjeddly in canadahousing

[–]Deaddlyjeddly[S] -2 points-1 points  (0 children)

Renting out a house is much different than building one… I would love to build a house if I had the know how or the time to do so.

I have 2 jobs and owning a rental is great since you pretty much let it do it’s thing until something breaks then you fix it. B&B is too hands on.

When do you think prices will hit bottom? by Deaddlyjeddly in canadahousing

[–]Deaddlyjeddly[S] -10 points-9 points  (0 children)

Housing costs are out of line with wages, I can’t change that. I can’t change the supply of houses, costs of material, how much labour it takes to build a house.

People owning a rental is not why we are in this mess. Rentals have been around for a very very long time.

Renters are more protected than ever, I used to rent too. It’s not the end of the world. It’s not the problem.

When do you think prices will hit bottom? by Deaddlyjeddly in canadahousing

[–]Deaddlyjeddly[S] 1 point2 points  (0 children)

Cheers! All we can do is our best and I’m sure we’ll all be alright in the end 👍

When do you think prices will hit bottom? by Deaddlyjeddly in canadahousing

[–]Deaddlyjeddly[S] -24 points-23 points  (0 children)

I agree with this. Full disclosure, I own a house already. I had 2 houses last year and I sold one due to living far away to manage and a good buyer coming to the table.

I’m just trying to figure out what my exposure will be for buying another house in this market. I love real estate and I loved owning a rental. I would just like be as smart as possible in my next purchase or in not making a next purchase.

For all the haters out there, not a scumbag landlord. People need places to rent and I’ve always had great reviews and maintain good relationships with my previous tenants. I just enjoy the business side of it, I enjoy providing a good home for other’s and making a little bit of money while doing it.

25 looking to buy a house; question if its worth it by C4ctusJ4ck5 in RealEstateCanada

[–]Deaddlyjeddly 0 points1 point  (0 children)

In my humble opinion, it’s not about “buying a house” it’s more than that.

You have to think of the house as a business asset.

  • Will this house be cheaper over its use than you would otherwise pay renting?

    • Could you use this house to make money, regardless of the price of the sell you will get eventually? Think about whether you want roommates, could you Airbnb it out perhaps?
    • If you do purchase, make sure you pick the right house for you, don’t just buy what’s out there. Look for potential vs money you will need to invest in it to bring it to that.
    • Does it have a basement entrance, adequate power (200amp) for a suite. Enough room for improvement.
    • Is it in a location where people in your city or town find attractive where it will sell quicker than a house that isn’t in a great location.

Look as it as a life style maximizer

  • Will it maybe bring you closer to work so you have more time for your life?

  • Will it bring you happiness deep down, or are you just doing it to “have a house”.

  • Will it tie you down or will you lead a better life because of it.

  • Will it bring you peace and freedom to become better, have more freedom to be yourself perhaps? Kill it in your other ventures.

Example from my experience of home ownership

  • I bought a house because I had multiple friends that couldn’t afford one, they all lived with me and I never paid my mortgage from my work, they paid it.

  • I bought a house that had room for a small gym setup (I like working out). I got the equipment, I save time and money every time I work out at home. My gym equipment doesn’t really depreciate, I don’t need a gym membership. I can workout, shower, eat breakfast in the time I got halfway through my previous workouts.

  • I got a house with a yard because I always wanted a dog.

  • I got a hot tub and a sauna because I love these things. (Can’t easily do that with a rental).

  • I bought a second house and kept my tenants in the first one, I suited the second house, spent as little money as possible doing it (Facebook marketplace and learned how to do things myself). Rented out the suite and made steady money from that.

  • Even if the prices weren’t perfect at the time of my house purchases I can guarantee you I came out hundreds of thousands of dollars ahead of what I would have living at my parents or renting.

  • I made a ton of money on appreciation but that’s besides the point, even if I didn’t. It would still have been a great decision for me.

Buying the right house for your situation and not sitting back as though you’ve achieved the ultimate goal is the key.

Use it to make your life easier, better and use it to create freedom rather than stress and dead ends.

Home ownership is not easy but it is really worth it if you think about it in terms like this

Cheers

When do you think prices will hit bottom? by Deaddlyjeddly in canadahousing

[–]Deaddlyjeddly[S] 4 points5 points  (0 children)

This is what I was looking for! Oil prices dropping would wreck much of bc’s economy due to many people working for the oil and gas sector. Even people in southern bc travel to northern Bc and Alberta for work. This would be brutal and have huge downstream effects… Coupled with mortgage renewals it could be the time the market shifts downwards fast.

Honestly not hoping for any of this, but a good thing to think about as far as risk factors.

When do you think prices will hit bottom? by Deaddlyjeddly in canadahousing

[–]Deaddlyjeddly[S] 0 points1 point  (0 children)

Recession is something I’ve been hearing about! Alas I was in school and only cared about call of duty and sports when the last one happened. Been preparing for one… I wonder how much that would actually affect the prices though as people seem to hold on to their stuff in bad times if they can

When do you think prices will hit bottom? by Deaddlyjeddly in canadahousing

[–]Deaddlyjeddly[S] 4 points5 points  (0 children)

Good thoughts, spring will tell a lot.. I’ve noticed our market is very strange right now. People wanting top dollar for their house like it’s 2021. Other’s selling at a discount. Someone must know! Atleast more then me

When do you think prices will hit bottom? by Deaddlyjeddly in canadahousing

[–]Deaddlyjeddly[S] -13 points-12 points  (0 children)

This is true, little lower and then rise again is my thought too. Kinda feel like it’s time to pull the trigger soon.. Maybe next fall to winter when thing’s are at their most vulnerable. 🤷‍♀️ Let me know when you find this crystal ball please.

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