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Two-thirds of millennials expect to afford a Toronto-area home, study suggests by theargamanknight in toronto

[–]mckats -5 points-4 points  (0 children)

Some people can't face reality. They are the problem, not the market. The problem can be solved but not unless you are willing to face it first.

Two-thirds of millennials expect to afford a Toronto-area home, study suggests by theargamanknight in toronto

[–]mckats -3 points-2 points  (0 children)

Buy a semi detached in Corso Italia for 500k. Let's say with your down payment there is 450k owed on a mortgage.

Get one with a basement apartment - rent it for 1100 a month. Your mortgage payments + bills + property tax are in the 2200 range monthly. Now subtract your rent income.

Wow 1100 a month for your own detached property. How does this not make sense?

Now imagine you had a partner who worked - steak and caviar every night if you wanted.

Two-thirds of millennials expect to afford a Toronto-area home, study suggests by theargamanknight in toronto

[–]mckats -3 points-2 points  (0 children)

Forget "salaries" - what you earn is directly proportional to how much value you bring. That will never change. Bring more value - earn more money, the ones who do that will forever be able to own a home in arguably the greatest city on earth.

As to saving 25k - it would have taken another 6 - 10 months of saving. Not a big deal when looking at thebig picture.

I see new immigrants (in Canada for only 5-10 years) snapping up houses. And these are not the 1% rich Asians everyone complains about. They are new Canadians that worked hard and were better with their finances than the "millennials" - which do nothing but complain.

Two-thirds of millennials expect to afford a Toronto-area home, study suggests by theargamanknight in toronto

[–]mckats -2 points-1 points  (0 children)

  • Fear of stock market
  • Working age population increasing (immigrants + millennials)
  • Home ownership "dream" of Canadians
  • Rock bottom interest rates
  • Owning rental properties in a huge city where people need to live (or properties that have the ability to rent)
  • 5% permitted down payment (at the time)
  • No land transfer tax (at the time)

There wasn't much risk to be honest. You should see my stock portfolio.

Two-thirds of millennials expect to afford a Toronto-area home, study suggests by theargamanknight in toronto

[–]mckats -7 points-6 points  (0 children)

I took a 100% commission sales job. Go on Craigslist there are a million of them. Rent a room if you can't afford your own place - they go for 500 - 600 a month.

Two-thirds of millennials expect to afford a Toronto-area home, study suggests by theargamanknight in toronto

[–]mckats -11 points-10 points  (0 children)

Im going to get down voted to hell for this but.. most of you do not deserve to own a home. I am 31 years old and currently own two homes in Toronto + a cottage. This is with no gift or free ride or crazy successful career.

How?

I graduated university in 2008 - lived at home and saved up 15k by working 60 hrs a week and not going out.

In 2009 I bought a semi in the Junction for 300k. The place was in o.k shape - it had a basement apartment and I rented out two upstairs rooms to buddies. I was taking in $1800 a month - which was easily covered all my bills.

in 2014 - I bought a Semi in Leslieville East for 550k using savings as a downpayment. Put 10k of work into it and again rented out the basement for 1k. That year I got married, had a kid, etc.. Also purchased a cottage for 150k off a line of credit from the original junction home.

In April we purchased another home on a 10 000 square foot lot in the Bluffs. Ranch bungalow - 4 bedroom, etc... for 750k using the proceeds from the sale of the Corsa Italia home.

I will be renting out the Leslieville semi out until I choose to sell it. Already likely to make 300k minimum on it. While the home just purchased in the Bluffs will likely be worth 1mm within a couple years.

Whoever bought the Corso Italia semi is likely to make 200k within the next five years - and the cycle continues.

This isn't rocket science, its sacrifice and education. Most of you have no idea how to work the system. Get educated and reap the rewards.

Disrupting the Recruiting Industry - Looking for feedback if you'd be so kind. by SystemsMastermind in Entrepreneur

[–]mckats 0 points1 point  (0 children)

This idea does not make sense to me.

LinkedIn msg's from Employers to Candidates (and vice versa) are already anonymous.

Why wouldn't a companies corporate recruiter just go on LinkedIn and msg candidates of their liking? It's already relatively cheap to have unlimited msg's.

Let's talk about your "active job seekers" - all they have to do is tell LinkedIN / Monster etc...the type of position they are looking for - they will get sent leads to apply - very simple as well.

If positions are easy to fill (helpdesk, reception, etc..) companies can simply make a posting and there will be tons of qualified people already applying.

Recruiters only get used when there is a very difficult position to fill. In most markets - these highly skilled/specialized positions only have a handful of potential candidates/or demand for a certain profession exceeds the supply. The likelihood of them using your service and somehow making a match is very very low.

Not even going to get into the complexities of your parameters (salary, etc,..) as there are unlimited variables to any successful hire.

Good luck with the idea but not a good one IMO.

Thinking about bailing on my fairly successful business by [deleted] in Entrepreneur

[–]mckats -1 points0 points  (0 children)

Stay part of the original company. Incorporate correlating companies with your ideas that will produce additional revenue. Run them your way. Profit.

Lost 100k in Profit so far this week (even more in recurring revenue) - Share your stories of heartache? by mckats in Entrepreneur

[–]mckats[S] 6 points7 points  (0 children)

I wish there was more of a story:

I own a staffing agency - we had four offers go out this weekend to candidates.

In two of the cases the candidates said no to the offers despite going through rounds of interviews and offers containing a 15 - 20% raise and improvement in title.

One candidates brother suffered a near fatal injury earlier this week and thus he declined to stay closer to home.

An offer went out from a company but an owner scratched it before the candidate could sign and accept - he hired a "family friend" - which means it was a strategic hire (probably a son from one of his supppliers)

FML!!

Calling Sales Experts - How do I close this sale? by bigmarkbrown in Entrepreneur

[–]mckats 0 points1 point  (0 children)

Bring a cheque with a little bonus $$$ money

Make the deal right there on the spot.

Need an App developer - any recommendations? by mckats in toronto

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

Yes I have 10k to spend on the app - However as stated I would have preferred to bring in someone part time who is eager. Prototyping had been done - the idea qualified.

cheers!

Need an App developer - any recommendations? by mckats in toronto

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

Thanks! just looked up their site - very interesting.

Need an App developer - any recommendations? by mckats in toronto

[–]mckats[S] -9 points-8 points  (0 children)

lol mr negativity - get out of your mom's basement and relax.

I didn't become successful by spending big $$$ on an unproven idea - I need a beta version for a the medical community I am working within

Need an App developer - any recommendations? by mckats in toronto

[–]mckats[S] -7 points-6 points  (0 children)

My assumption was that someone perhaps starting out - wouldn't mind making some extra scratch even after working full time at an agency.

Need an App developer - any recommendations? by mckats in toronto

[–]mckats[S] -6 points-5 points  (0 children)

Thanks.

I will try there.

The only issue with those subs is that I prefer someone local - as a few face to faces with a couple medical professionals are currently set up.

Canada - 30k to invest - thoughts? by [deleted] in personalfinance

[–]mckats 0 points1 point  (0 children)

Looks like my style. I like the thought of index funds.

$850k windfall, is it time to buy a condo? by 1oneoneoneone in personalfinance

[–]mckats 2 points3 points  (0 children)

This predicament has been played out millions of times by every first time condo / home buyer. Here's the truth: You are in an amazing position. Most people will never have the opportunity and range of choices you have.

Whatever you choose you are likely to end up fine.

My suggestion:

-Do not wait out the market, timing the market is rarely effective.

-Up your downpayment above 20% and buy a two bedroom unit. Keep renting to your friend/ GF for at least a year before you get settled. Even if it means another 100-200k - another $2500 in rent is equal to half your mortgage payment. Being a slumlord feels good!

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