Real Estate General

You must be in Canada or Australia right?

Sure am.
>gotta get o that property ladder bro
>nah it's not a pyramid scheme house prices CAN"T GO DOWN
>they will never go down bro immigration will keep them up. They're only getting more expensive! Get your foot in the door!
I pray for a crash so we can finally have a real economy built on production instead of speculation.

You should just buy a property in Alberta or Saskatchewan in a small town. Otherwise, there's no way in hell these Chinese speculators gonna let these prices go down.

What's the deal with airline food?

illbe back in 20 mins

there are tons of legal ways to discriminate like past rental history, credit reports, criminal records.

I mean come on

Don't know if you in Canada or Australia, but interest rates will eventually have to go up.

Here in Canada, loans are insured by the government (i'm sure in Ontario, don't know about other provinces). So the banks will get hit the hardest, but the government will print money. Regardless, a correction will happen, but don't know by how much.

Canada is right beside the USA. The world financial capital of the world. The USA is isolating itself from world trade because it a world trade system that gave rise to enemies (China, Russia, etc.). Why would the USA subsidize an infrastructure that hurts itself from a national security perspective and economic perspective. Believe or not, the USA is one of the most isolated economies in the world. They don't need cheap labor from China anymore, they have Mexico and Latin America.

What I am trying to say is that since the USA will be booming, Canada's economy will not be nearly hit as hard, and the housing market will not correct violently. But it will have to correct.

If you in Australia, well you had the rise of East Asia which caused your economy to boom, hence sky high housing prices. But now, that global trade infrastructure is being taking away from China. Australia hasn't been in a recession for the past 20 years because of China's and East Asia's growth. In combination with higher interest rates, I would expect a more violent correction.

I really wish the government would stop chinks, and other undesirables to stop dumping their dirty money. It's not really good for the youngsters morale...

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General contractor here, Depends a lot on materiel and how much a home owner is willing to pay. I honestly would not be surprised if well done wood framed houses using top end materials would last 100 years.
I just got finished with the designs on my dream home and it is going to be an off grid masterpiece and While I plan on using ICF for it as there are a lot of things I like about ICF ,
A really well put together timber framed house can easily last 100 years. The biggest issue on literally every home I look at though is people who cheap out on the roof and as a result start getting water damage and rot within 15 years.
A slate or tile roof is a beautiful thing when done correctly and on High quality homes I always recommend that over Shingles, which is not t say a good quality shingle can't protect your house but it will have to be redone every so often.
I am still angry at my sister who inherited my mothers home which had an amazing Spanish tile roof that had lasted for 50 years and replaced it with shingles.
Unfortunately a dearth of good tilers nationwide as it is kind of a dying trade in a lot of regions so as a result you pay a huge premium on them now even if it will still save you money in the long run.

Are realtors worth it as a buyer?

As a seller I got the feeling they were taking commission for shit I could have well done on my own. But maybe realtors can jew for you as the buyer?

he's not asking about discrimination he's asking about his experience. it sounds racist cause you're a faggot.

OP if you're still here, what was your first purchase and how much did you spend/have saved up? How much did repairs cost? How do you decide on how much you will charge for rent?

Im back going to respond to everyone

Thanks dude yeah im trying to stack up at least 20k PNK - i missed out with LINK 200 stack linklet

I do not finance anything I cash out all of my properties - this being because during the 2008 recession Detroit was hit the hardest out of anyplace in the world. Big 3 auto makers going out of business, high crime, high unemployment, massive foreclosure - Fuck even the City of Detroit literally went bankrupt - imagine a city going bankrupt. Insane. My family got fucked like many others but it couldve been worse.

This had made me very cautionary because growing up I was rich as fuck, then 2008 happened and I was poor and now I'm rich again. If I cant afford something I do not buy it.

Also In part I was paying around 15K + 5k repairs for houses im currently renting for 800 a month.

Paying 1.5 for a property you better be getting at least, MINIMUM MINIMUM 12k a month in rent or it simply isnt worth it to be honest.

I do not think housing prices will come down anytime soon.

Shit I usually fly Delta or Spirit and just drink on the plane and buy snacks at the terminal.

Ironically I dont ask for credit reports or rental history - kek

Spanish tile is fucking gorgeous - the only downfall with slate or tile is its so overpriced its absurd.

As a buyer its literally not worth it - I have never ever used a realtor to buy a property. I have only gone through a realtor whenever the seller had one and usually it bogged down the process and I couldve sped it up if I was just in contact with the seller directly.

I bought two properties via foreclosure auction - one for $500 and the other for $3000 these were off of incredibly HIGH traffic roads. the 3000 one road traffic was over 40,000 cars a day and the 500 was 20000.

The 3000 dollar property literally looked like it was burnt and because it was a foreclosure auction you have no access to the property. I drove to the property walked around it and it was just a shitty black paint job on the property..

The 500 dollar property literally, and I mean quite literally did not have a roof. It was just four block walls but I was only 17 so I said fuck it and bought it.

I ended up flipping both and buying other commercial RE

Yup, But I would make the argument that if your spending 500k to build a home and then cheaping out on the roof is just about the dumbest thing you can possibly do. A Slate roof is double to triple what a top tier shingle roof is but you are also going too get more than double the lifespan. So if your building an 100 year house pay the premium or spend 25k replacing your roof every 15-20 years.

I love airline food.

There is this gorgeous house I drive by everyday I think It would look stunning with a spanish tile roof

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by the way this house here is a 2 Million dollar house minimum - and it needs to be renovated.

I would love to buy it and spend a nice 200K of spanish tile roof and then making the inside modern as fuck but not tech modern

Cool stories. Any more interesting out of the 40?

About foreclosure auctions, in my state they make it the buyer's responsibility to get the property vacated. Any experience kicking people out of their foreclosed homes?

How about previous owners coming back for revenge after you scooped up their delinquent homes for cheap??

So I only buy foreclosed commercial real estate and HAVE NEVER bought a residential property via foreclosure. All of my residential properties were bought cheaply via for sale by owner.

All of the foreclosures except one were all abandoned and I didnt need to kick anyone out of their property.

The one I bought that was occupied was in horrible condition. It was a 2 unit commercial building that was so fucked up I dont know how people were still occupying it - it was more like they were squatting. They were operating a pizzeria but it was so fucking dirty, and I mean horrendously dirty, that there were bugs everywhere. The unit next to the pizzeria was quite literally fire bombed and needed major roof repairs.

The couple operating it were older 60+ and basically given up on the property and were doing it for Lols. I went in there with my Dad and Uncle (would be dumb going in by myself) and said look I know you guys have been here a long time if you give me $500 a month you can stay (this would cover my taxes) and they just said no we're actually looking to leave.

Its not a good feeling but I probably did everyone a favor including them by buying it - the city back then was not functioning to where they had the power to shut down that restaurant. After they left and I took possession of the property I discovered it also had a rat problem...

I was thinking about buying a pizza before I revealed I was the new owner but my uncle was like "user are you fucking serious - you couldnt pay me to eat here, look around"

I was only 18 and kinda dumb Lol

The one thing I do now in all homes I build is run conduit to literally every room in the house as it makes future upgrades literally 100x easier.
I Just closed out my home in Boulder,Co for 1.8 after buying it in 1990 for 400k . Probably could have gotten a little more for it but I want to have the liquidity for now since it is a great time to buy.
I am looking for some income properties and will probably spend about 3-400k on them but we will see, I have never really done proper real estate investing as I have always just built homes but now that I am getting up there I kind of want passive income.

Man I have so really crazy stories and good ass memories.

To be honest I couldve lost my life multiple times and I thank God that im here today

I would really like to write a book one day about the experiences I been through with real estate, they are very unique and wildly funny.

Colorado is dope but its very unique - I actually drove through the whole state a couple months ago. I think you should have no problem buying about 15 units each generating 1500 a month - I would definitely look into multi family to make management easier since everything would be under one roof. Im not too familiar with colorados RE market so correct me if my estimates are off.

Kek, nice. How did you manage to flip that? What is it used for now?

Currently I'm looking at plot with a coffee farm that is also being squatted on by the people who defaulted. They're not farming the coffee obviously, just living on gibs. They are also ethnic "natives" and I'm a fucking white male, so it might be too sticky a situation to get into.