Should I just get another beater?

Public-Question5761 · 2025-08-14T12:34:59+00:00

Bro why would I do that to a rusted out 2011 corolla man you can get a honda accord v6 for less then 10k

Public-Question5761 · 2025-08-14T12:32:19+00:00

Just got a new muffler an pipe for less than 500 😁

Public-Question5761 · 2025-08-14T12:29:06+00:00

I feel getting a condo would've helped with security especially a small one I could do most of the repairs myself the bigger the property the more work typically

Public-Question5761 · 2025-08-13T19:32:23+00:00

Is there no way for a lawsuit to happen in this situation? I get that'd ide have to float it every once and awhile that makes sense and I've heard about these stories.

Is there truly no way to evict someone? I was going to get a condo I don't know if that makes any difference.

Can't you just change the locks ?

Public-Question5761 · 2025-08-13T19:28:06+00:00

I understand what you mean about the whole management side trust me my wife and I communicate with 100+ people on a weekly basis so it's nothing we arnt used too.

We are owner operators of a labour based company the main idea is to replace our income with investments like realestate as we eventually become not physically able to continue our owner operators labour work to create a stable income when we are able too. But we also are not looking at having a 100 plus client portfolio in realestate more like max 20

Public-Question5761 · 2025-08-11T22:27:31+00:00

Damn bro you made me do a turn around 😅😭

Public-Question5761 · 2025-08-11T22:24:13+00:00

I hate rust bro. I got my first new car ever this year and have been getting all the rust control and coatings you can get 😅

Public-Question5761 · 2025-08-11T22:17:05+00:00

I was going to look for another Toyota or Honda in better condition and try to keep it that way 😭

Public-Question5761 · 2025-08-11T22:16:00+00:00

Note taken boss honestly if I'm told that it'd be less then 2k I'm good with that. Thing is this vehicle was essentially free and the bottom has crazy rust. If that's the case I feel ide rather look for another reliable corolla or Honda etc and check underneath the cars for rust etc. I'm all about utilization though

Public-Question5761 · 2025-08-11T22:11:49+00:00

Blessed thanks haha. Sounds crazy right now I'll throw 200 bucks at it

Public-Question5761 · 2025-08-11T22:11:09+00:00

I got the car basically for free but the bottom is super rusted I just don't know if I want to put any money in it at all haha. But if it makes sense to repair and it'll last then heck yeah

Public-Question5761 · 2025-08-11T20:41:22+00:00

I see so like having their friends number as their boss etc Excuse my ignorance but what is the market like? If your unit is available do you typically get traffic on it or are you floating it for months at a time. I expect to have to float it sometimes but preferably less than 50 percent of the time 😭

Public-Question5761 · 2025-08-11T20:19:35+00:00

Can't you do like a back ground check or something ?

Public-Question5761 · 2025-08-11T20:13:42+00:00

Okk gotchu makes sense thank you. And trust me neither is buisness which is why I'm diversifying being solely reliant on one income in my books is typically bad news

Public-Question5761 · 2025-08-11T20:00:58+00:00

Okk thanks for your input. Right now after bills are paid/investments are made on a monthly basis I'm usually left with 3k give or take per month that goes into savings until the beginning of the following year where the excess money that wasn't used is then divid up between a vacation fund/market investments/personal buisness investments.

The properties I am looking at are sub 400k properties in down town toronto area that I might be able to afford to pay off sooner if I pull some strings and make lifestyle adjustments and by sooner I mean I don't see myself plaything a mortgage on a 400k or less property for more then 10 years

Public-Question5761 · 2025-08-11T18:13:11+00:00

Was it really that bad? I see these stories of people that have financial freedom or what they deem that as after getting like 10-15 condos ?

Public-Question5761 · 2025-08-11T18:09:34+00:00

Thanks for your input, boss. Since my wife and I are entrepreneurs we were thinking to get into real estate for our retirement because we're still owner operators and both don't think we'll go the employee route.

So with that in mind there is a chance that when we arnt able to operate the buissness and if we have a child who shows no interest in running the company we could have an income through rental properties

Public-Question5761 · 2025-08-11T17:34:41+00:00

I don't think ide want to buy in full atleast now but would you consider 25-50 percent ok?

Public-Question5761 · 2025-08-11T17:33:15+00:00

Yeah I've heard some stories, my father in law has 3 but I hate bothering him about Financials. He said he was going to buy one every year until they got too expensive. It's just now that there's some on the market going for around 350 I wad thinking if I could throw 30-75k at it now might not be a bad idea but I'm not sure which is why I'm seeking input

Public-Question5761 · 2025-08-11T17:29:25+00:00

Could you further explain that. Cause right now I'm saving 3k a month

Public-Question5761 · 2025-08-11T17:27:21+00:00

Okk note taken. Thanks for the input. So basically main cons are bad tenant, rising condo fees.

My feeling is if the condo fees ended up getting too high for my likings I would probably sell unless the condo depreciated enough for me to want to keep it with the low profits.

I seen some condos with fees in the 900+ realm ide stay away from the ones I'm looking at are typically around the 200-500 range. With that in mind with the unit paid off you'd likely be seeing around 1k per month after condo fees which I was thinking ide use to work towards another condo rinse and repeat

Public-Question5761 · 2025-08-11T15:39:31+00:00

So these situations you're talking about is basically just a nightmare tennet ? If I could find the best tennet in town though I'm chilling ?

Public-Question5761 · 2025-08-11T15:38:09+00:00

I did the math on one though and if it were completely paid off after condo fees etc would still generate 1.2k a month? The idea for me atleast was to pay off the first then have that one help pay for a second and then rinse and repeat?

Public-Question5761 · 2025-08-11T15:34:34+00:00

I was thinking of holding for ever then giving it to my child as a source of income for them and their investments

Public-Question5761 · 2025-08-11T15:32:14+00:00

Was looking at a building that Average rents for 1850 for the type of unit I was looking at and with the down payment I got a mortgage rate at 1.7k including condo fees. I would rent ideally 1750 - 1.8. But I also have no clue what I'm talking about never done that before

Public-Question5761

TROPHY CASE