Tenant went on a trip for 3 weeks over xmas and thought it was ok to turn heat off...

[Rocket1k78]

Tenant called me on jan 3rd to say she just landed in Calgary and the day before she got back her BF went there to drop something off and noticed the heat was off. She was gone for 3 weeks and we all know how cold it was here and she told me she shut the heat off to save money:facepalm: I went there expecting carnage but to my surprise i got lucky and damage was beyond minor for what happened. At first i thought the toilet overflowed and leaked down into the closet below the toilet but there was no water damage to the washroom floor or the hardwood at the doorway, there was also no burst pipes underneath the toilet, it took a day for the toilet to thaw out and when the BF removed it he sent me a pic of the wax seal which looked mangled but i cant see how ice would damage that as theres no sitting water in that area. water would only come through once flushed. I had to grab a metal shovel to bust out the closet ceiling because of the ice build up. She was supposed to be gone til the 16 but came back early because they were cancelling a ton of flights

[Twin_Cam_Turbo]

Jfc

[Buster]

Real estate is my favorite asset class.

[pheoxs]

I wouldn’t care about the appliances or fixtures, whatever. What about the actual pipes? I’d be concerned your actual water lines. Copper isn’t very strong and will stretch when frozen. Even if it’s not leaking now I gotta think that’s asking for problems in the near future.

[JRSC00LUDE]

She must be one of the most stupid people alive.

[killramos]

Real estate is my favorite asset class.

:rofl:

That’s going to be the gift that keeps on giving as things thaw out btw…

You are going to be finding issues forever. You need to get this documented the fuck with insurance and a top notch plumber.

[ExtraSlow]

Good thing you have insurance for this shit. Start the claim.

[Tik-Tok]

Man, that $50 in nat.gas she saved sure was worth it!

[lilmira]

There is no picture of the tenant

[bjstare]

There is no picture of the tenant

Girls this stupid are completely unattractive, regardless of their appearance.

[vengie]

Real estate is my favorite asset class.

Probably the only answer to a thread like this.

[SJW]

I'm so glad i sold my rental house. People aren't getting smarter.

[Rocket1k78]

Said it before that the rental game isnt for everyone lol Real estate can be a mother fucker no doubt but for me its been awesome even with shit like this. I got lucky and bought my rentals before the booms so its beyond worth it, for now at least.


Girls this stupid are completely unattractive, regardless of their appearance.
:werd:

[88CRX]

I can't....

Sorry this happened dude.

[suntan]

Luckily landlord time costs nothing.

[TomcoPDR]

Would had been more epic if tenant forgot to flush, and the photo captured her stupidity suspended frozen in time.

[Buster]

Luckily landlord time costs nothing.

Lolol

- - - Updated - - -


Girls this stupid are completely unattractive, regardless of their appearance.

I'm not sure I can agree with this

[killramos]

There are some thing brains aren’t really additive to the experience, heck some might say they detract.

[vengie]

I'm not sure I can agree with this

X2, I've dated a few of them.

Good for a short time, not a long time.

[schurchill39]

A buddy of mine just bought a house and took possession last week. When the PO moved out they shut the heat off to the house except the in floor heating to save money until it was transferred over. They did not see a problem with that and tried to claim the damage it caused was normal wear and tear. Long story short they closed under protest and have a date in court now.

That being said, I can definitely see how a whole subset of people could be this retarded.

[mr2mike]

Unreal.
Check your policy to know how long a place can go without being checked on.

[Disoblige]

X2, I've dated a few of them.

Good for a short time, not a long time.
Don't even date em. Only good for a "u up?"

[spike98]

Unreal.
Check your policy to know how long a place can go without being checked on.

This. Insurance likely has a requirement. There is probably a lot more damage that you will find over the course of the next few days. Document everything, this will likely be a lawsuit.

[Neil4Speed]

This. Insurance likely has a requirement. There is probably a lot more damage that you will find over the course of the next few days. Document everything, this will likely be a lawsuit.

It was funny, I pushed Meloche Monnex to give me the date requirement to check in on the place and they told me they didn't have one... which I found to be interesting.

Something like this happened to some guys I knew in university. Guy tells his friend could stay at his place in Edmonton over the winter break, but told him to turn off the water when he left. He decided to turn off the heat, in -30 Edmonton for a few weeks.

Guy comes back up a few weeks later after a long drive from Calgary and needs to use the washroom ASAP... walks into the house runs to the washroom and opens up the toilet to find a frozen block of ice. This is where it gets even crazier.. Guy decides to 'thaw out' the place and cranks up the heat and goes out for the day. Of course, every pipe in the house at this point has burst and the house essentially flooded. I think they had to end up restoring the house virtually from square one.

[TomcoPDR]

Neil4Speed so where did buddy end up turfing the turd?

[mr2mike]

Neil4Speed so where did buddy end up turfing the turd?

Hopefully this is a backstory of Toilet_X 's life.

[topmade]

I've seen this at some vacant houses for sale. You could see your breath when walking around with all the floors creaking. I hope that $50 in savings was worth it.

[finboy]

It was funny, I pushed Meloche Monnex to give me the date requirement to check in on the place and they told me they didn't have one... which I found to be interesting.

Something like this happened to some guys I knew in university. Guy tells his friend could stay at his place in Edmonton over the winter break, but told him to turn off the water when he left. He decided to turn off the heat, in -30 Edmonton for a few weeks.

Guy comes back up a few weeks later after a long drive from Calgary and needs to use the washroom ASAP... walks into the house runs to the washroom and opens up the toilet to find a frozen block of ice. This is where it gets even crazier.. Guy decides to 'thaw out' the place and cranks up the heat and goes out for the day. Of course, every pipe in the house at this point has burst and the house essentially flooded. I think they had to end up restoring the house virtually from square one.

This would be my biggest concern thawing it out. The freeze normally only weakens the pipe, the shards of ice that push past the pipe or pressure that builds up at turn points are what cause blow outs. My condolences man, this won’t be an easy fix.

[redblack]

Time to find smarter tenants. Oh the joys of being a landlord, any profit always get wiped out by these idiot renters.

[jutes]

Lockout temp control to your phone app or at least monitor it for any tenant nonsense. Set-up an alert if it's set below 15c? Surely there are smart thermostats that allow for this.

[ExtraSlow]

Lockout temp control to your phone app or at least monitor it for any tenant nonsense. Set-up an alert if it's set below 15c? Surely there are smart thermostats that allow for this. There are many systems for this.

[Rocket1k78]

Unreal.
Check your policy to know how long a place can go without being checked on.
from what i was told its 3 days


Time to find smarter tenants. Oh the joys of being a landlord, any profit always get wiped out by these idiot renters.
The crazy part is this tenant is by far the most educated ive had by far. As far as profit loss goes you got a point no doubt but thats not the case for all, like i said its not for everyone and some will lose their asses but for me ive been lucky and had some good tenants for the most part(longest was 10.5 years not 1 issue and this lady on paper looked like shit, divorce with no credit and debt).

- - - Updated - - -


Lockout temp control to your phone app or at least monitor it for any tenant nonsense. Set-up an alert if it's set below 15c? Surely there are smart thermostats that allow for this.

Definitely going to look into something like this

[prae]

wow- hope it all works out Rocket. Looks grim.

The lease we signed on our current place has us PERSONALLY liable for flood damage due to freezing as the result of negligent acts like this (eg. leaving a door open in the cold, or turning off the heat). My tenant/possessions policy wouldn't cover this. I signed the lease under protest and IIRC changed the wording to reflect intentional malice, because I don't feel like getting sued or going bankrupt over a situation like this, not that I believe I'd be so dumb as to inflict such a scenario.

As an LL, this seems like a nightmare; your probability of success in collecting on a property insurance claim is in question (i.e. damage was the direct result of a negligent and intentional act), and your tenant certainly won't be able to cover the damage if it is severe.

I acknowledge negligence alone is not a reason to void a claim (eg. most collisions and home insurance claims are the result of negligence of some form) and malice is hard to prove; but intentionally disabling the heat in winter is definitely approaching that bar.

[Xtrema]

The crazy part is this tenant is by far the most educated ive had by far. As far as profit loss goes you got a point no doubt but thats not the case for all, like i said its not for everyone and some will lose their asses but for me ive been lucky and had some good tenants for the most part(longest was 10.5 years not 1 issue and this lady on paper looked like shit, divorce with no credit and debt).


Book smart != Life Smart.

I have seen PhD's that book an appointment at crappy tire to check tire pressure.

[spike98]

wow- hope it all works out Rocket. Looks grim.

The lease we signed on our current place has us PERSONALLY liable for flood damage due to freezing as the result of negligent acts like this (eg. leaving a door open in the cold, or turning off the heat). My tenant/possessions policy wouldn't cover this. I signed the lease under protest and IIRC changed the wording to reflect intentional malice, because I don't feel like getting sued or going bankrupt over a situation like this, not that I believe I'd be so dumb as to inflict such a scenario.

As an LL, this seems like a nightmare; your probability of success in collecting on a property insurance claim is in question (i.e. damage was the direct result of a negligent and intentional act), and your tenant certainly won't be able to cover the damage if it is severe.

I acknowledge negligence alone is not a reason to void a claim (eg. most collisions and home insurance claims are the result of negligence of some form) and malice is hard to prove; but intentionally disabling the heat in winter is definitely approaching that bar.

It doesn't matter what your lease says or would have not said, it wouldn't have be enforceable under the LTA. The tenant is liable due to negligence and it's a matter for the court.

[pheoxs]

For the small cost I wonder why more landlords don't run a small Raspberry PI with home assistant and a few monitors. Guess renters would be grumpy about it but might be worth it for security. ~100$ setup would get you the mini server, a few zwave temperature sensors, water sensor (for leaks). Heck you could even put a small open/close sensor on the furnance filter cover to log if they ever actually change the filter.

[Rocket1k78]

Book smart != Life Smart.

I have seen PhD's that book an appointment at crappy tire to check tire pressure.
My wife is that person lol


It doesn't matter what your lease says or would have not said, it wouldn't have be enforceable under the LTA. The tenant is liable due to negligence and it's a matter for the court.
:werd: Goes both ways, I cant add in bullshit things on my lease but at the end of the day it wont get me anything when it goes to court.

[ercchry]

So… wouldn’t you still go through your rental insurance policy for repairs? Then the insurance company would go after the tenant to recover costs? If they don’t have a tenant policy, or their insurance company voids it due to being away for too long, then they’d be personally liable? I fail to see how your policy wouldn’t cover you, it’s pretty unreasonable for you to keep tabs on the coming and goings of tenants

[killramos]

Rentals lol. Gift that keeps on giving.

[jaylo]

Wi-fi thermostats and flood detectors will compensate for tenant negligence in the future.

[spike98]

So… wouldn’t you still go through your rental insurance policy for repairs? Then the insurance company would go after the tenant to recover costs? If they don’t have a tenant policy, or their insurance company voids it due to being away for too long, then they’d be personally liable? I fail to see how your policy wouldn’t cover you, it’s pretty unreasonable for you to keep tabs on the coming and goings of tenants

That depends on if there was a requirement for the place to be monitored while vacant and if that was followed. This could potentially void the policy if the requirement wasn't met and the insurance company would simply wash their hands of it.

[Rocket1k78]

That depends on if there was a requirement for the place to be monitored while vacant and if that was followed. This could potentially void the policy if the requirement wasn't met and the insurance company would simply wash their hands of it.

:werd: again. I would be very surprised if my own insurance covered this because of the negligence and her being away. Thankfully its minor and shes paying for that and if something else happens later ill deal with it as it happens.

[dj_rice]

Cleaners at my work must of turned off the thermostat one evening as we came in to work with it showing 16 in the building.

Next day the maintenance guy installed one of these

103816

[ercchry]

That depends on if there was a requirement for the place to be monitored while vacant and if that was followed. This could potentially void the policy if the requirement wasn't met and the insurance company would simply wash their hands of it.

But it’s not a owner occupied policy. You can’t babysit tenants like that.

[TomcoPDR]

Cleaners at my work must of turned off the thermostat one evening as we came in to work with it showing 16 in the building.

Next day the maintenance guy installed one of these

103816

And left the key on the box?

[16hypen3sp]

I've seen this at some vacant houses for sale. You could see your breath when walking around with all the floors creaking. I hope that $50 in savings was worth it.

Saw that as well. Brother was looking at houses a couple years ago. There was one that was foreclosed on and the bank had someone local taking care of multiple foreclosed homes. I decided to join my brother and his RE agent for a walkthough in late winter. We get there and the caretaker opened the front door and left. We get in and the thermostat was set to the lowest setting possible. Above zero but damn cold. Home inspector shows up and we turn the thermo up. Furnace kicks on and runs fine. Inspector does his thing. We go into the garage and it is below freezing. Of course this house has a tankless water heater in the garage along with a overhead heater to keep the garage warm.... which was completely shut down with gas valve closed.

Turns out, it had been like that for a few months over winter. I remember thinking to myself 'hopefully this was drained or blown out or something.' Turned the heat on and went back inside. Turned water on to check faucets and what not. Everything worked as it should. RE agent went to make a phone call in the garage and she starts yelling that there is water spraying everywhere. We all go to check it out and sure enough, tankless heater system had froze and busted some piping. Water was spraying out against the wall and draining down towards the garage drain.

RE calls the caretaker who races back over and starts arguing with us asking why we turned the water on (for inspection purposes you dumb fuck). I asked 'the better question is why did you turn the heat off in the garage during winter?' That caretaker was a fucking idiot.

[suntan]

Who the hell puts a tankless water heater in the garage in Alberta? That’s nuts.

[16hypen3sp]

Who the hell puts a tankless water heater in the garage in Alberta? That’s nuts.

I agree. Found it very, very odd. But that being said, I was looking thru some houses for sale the other day and found a place with a hot water tank in the garage.

[prae]

It doesn't matter what your lease says or would have not said, it wouldn't have be enforceable under the LTA. The tenant is liable due to negligence and it's a matter for the court.

Interesting- do you have experience in these situations? That seems like a broken model. Anyone renting a house is very unlikely to have assets or an insurer that would be able to cover such damages.

[suntan]

This tenant is Greta-approved.

[spike98]

Interesting- do you have experience in these situations? That seems like a broken model. Anyone renting a house is very unlikely to have assets or an insurer that would be able to cover such damages.

I am a landlord and have been for over 10 years so i have been through the LTA and have also had some "challenging" tenants. Here is what the LTA says must be in an agreement "lease".

The tenancy created by this agreement is governed by the
Residential Tenancies Act and if there is a conflict between
this agreement and the Act, the Act prevails.

Which means that a tenant cannot take away or waive rights in an agreement if it conflicts with the Act. However, it does state that:

that the tenant will not do or permit significant damage to
the premises, the common areas or the property of which
they form a part;

And goes on to describe remedies in the event of significant damage caused by the tenant which can include termination of tenancy and recovery of damages. This must be applied for to the courts.

[Kloubek]

As stupid as this seems to most of us, I think it's largely because we're men.

Men are generally the ones expected to learn how to maintain the physical aspects of a household. We make repairs to the house, it's contents, and the vehicles. Over time we may have learned from our fathers, the internet, or from experience. So virtually all of us know it is idiotic to turn the heat completely off - yet, I can appreciate that someone who has had no experience in any of that wouldn't really think about the repercussions. There isn't anyone in there who needs the heat, so why keep it on?

Back in my 20's I had a girlfriend who wanted to make coffee, yet had no idea how to use a coffee maker. I'm not gonna lie - I looked down on her at times for being not the smartest woman in the world and to me, this just seemed outright idiotic. It's a fucking coffee maker. Figure it out. But the fact is, she simply had never used a coffee maker in her life and paired with her (lets call it) average intelligence, it was years later that I realized I wasn't exactly being fair.

Same thing here. Woman of average intelligence, who has no experience - doing what the rest of us feel is really stupid, but with all the best intentions.






Idiot.

[jutes]

As stupid as this seems to most of us, I think it's largely because we're men.

Men are generally the ones expected to learn how to maintain the physical aspects of a household. We make repairs to the house, it's contents, and the vehicles. Over time we may have learned from our fathers, the internet, or from experience. So virtually all of us know it is idiotic to turn the heat completely off - yet, I can appreciate that someone who has had no experience in any of that wouldn't really think about the repercussions. There isn't anyone in there who needs the heat, so why keep it on?

Back in my 20's I had a girlfriend who wanted to make coffee, yet had no idea how to use a coffee maker. I'm not gonna lie - I looked down on her at times for being not the smartest woman in the world and to me, this just seemed outright idiotic. It's a fucking coffee maker. Figure it out. But the fact is, she simply had never used a coffee maker in her life and paired with her (lets call it) average intelligence, it was years later that I realized I wasn't exactly being fair.

Same thing here. Woman of average intelligence, who has no experience - doing what the rest of us feel is really stupid, but with all the best intentions.



103833

[ercchry]

Not knowing something, and asking about it is one thing… not knowing something and doing it without any research is just stupid.

She had a boyfriend she could have asked, perhaps a father, for sure a landlord… and… fucking google it! :rofl:

[killramos]

103834

[90_Shelby]

I think it's less a gender issue and more of a how you're raised issue. I'm blaming parents.

[schurchill39]

I think it's less a gender issue and more of a how you're raised issue. I'm blaming parents.

Agreed. I know a handful of men who didn't grow up with handy parents and now as adults themselves they couldn't change a tire or own a drill.

[Kloubek]

Not knowing something, and asking about it is one thing… not knowing something and doing it without any research is just stupid.

Why would she think to ask about it if she didn't think there was any reason to ask about it? By this logic, we should know everything because we had an opportunity to ask about anything.

...but I see your point. You'd think that somewhere in that back of her mind she must have asked herself "Is this safe to do? Do I know if it's safe to do? Should I ask?"

Unfortunately, I'd be willing to be at least half the public walk around without this mindset. The female half. ;)

And as far as Shelby's contention it is more a parenting issue, yes, I agree.... but parents don't typically teach their female kids the same things they teach their male children. That might be changing over time, but generally speaking...

[suntan]

As stupid as this seems to most of us, I think it's largely because we're men.

Men are generally the ones expected to learn how to maintain the physical aspects of a household. We make repairs to the house, it's contents, and the vehicles. Over time we may have learned from our fathers, the internet, or from experience. So virtually all of us know it is idiotic to turn the heat completely off - yet, I can appreciate that someone who has had no experience in any of that wouldn't really think about the repercussions. There isn't anyone in there who needs the heat, so why keep it on?

Back in my 20's I had a girlfriend who wanted to make coffee, yet had no idea how to use a coffee maker. I'm not gonna lie - I looked down on her at times for being not the smartest woman in the world and to me, this just seemed outright idiotic. It's a fucking coffee maker. Figure it out. But the fact is, she simply had never used a coffee maker in her life and paired with her (lets call it) average intelligence, it was years later that I realized I wasn't exactly being fair.

Same thing here. Woman of average intelligence, who has no experience - doing what the rest of us feel is really stupid, but with all the best intentions.






Idiot.

I bet she sucked dick better than you.

[ercchry]

Well at some point we’re going to have to define stupid, and that’s my line in the sand :rofl:

I would agree with half the population not having that voice in the back of their mind though… but probably equal between the genders, as the average person is pretty stupid.

Some women ask questions… the blonde I keep around the house asks me hilarious ones all the time :rofl:

[SJW]

Agreed. I know a handful of men who didn't grow up with handy parents and now as adults themselves they couldn't change a tire or own a drill.

Both my brothers can't do anything handy or change flat tires. My dad was super handy and showed me how to fix anything. Being handy and immune to covid? I'm a walking god.

[ExtraSlow]

I find it really hilarious that I'm the "handy" one in my family, both my two brothers come to me for advice. But in my social group, I'm the least handy guy by far. It's all about your expectations and frame of reference.

Now the best way to become handy is to be a landlord, because you will be fixing shit constantly, and you sure can't afford to hire a professional, because then you'd be even more cash flow negative. Sounds rewarding.

[suntan]

I'd like to change my own car brakes, but I'm scared.

[Kloubek]

I bet she sucked dick better than you.

You don't know me. You're assuming.



But yeah. She was wonderful. And well above my league in the looks department. Which is why her lack of IQ didn't bother me as much. It was meant to be a 3 week relationship which ended up 3 years.

[FraserB]

Are we really to the point where we can say someone is of average intelligence and accept that they can’t realize that no heat = cold = freezing?

I guess there is also a substantial portion of the population that plugs their block heater in because they don’t want their battery to go flat, so my statement might be moot

[Rocket1k78]

Agreed. I know a handful of men who didn't grow up with handy parents and now as adults themselves they couldn't change a tire or own a drill.
I have a 35 year old friend that is this guy. No lie he would have no idea how to use a drill properly.


Now the best way to become handy is to be a landlord, because you will be fixing shit constantly, and you sure can't afford to hire a professional, because then you'd be even more cash flow negative. Sounds rewarding.
Not trying to persuade anyone into the rental game because now its probably too late for the average joe but fwiw the most expensive repair that i can recall in the 15 years is probably a dishwasher replacement. Ive done minor things here and there but not the constant shit like you'd think, tbh i probably go to them for repairs once a year if that. I dont doubt there are a ton of LL losing cash monthly but you'd be as naive as my tenant if you thought this was the MO lol

[Buster]

I find it really hilarious that I'm the "handy" one in my family, both my two brothers come to me for advice. But in my social group, I'm the least handy guy by far. It's all about your expectations and frame of reference.

Now the best way to become handy is to be a landlord, because you will be fixing shit constantly, and you sure can't afford to hire a professional, because then you'd be even more cash flow negative. Sounds rewarding.

With RE investing, cash flow is irrelevant. It's all about the sweet sweet equity.

[ExtraSlow]

With RE investing, cash flow is irrelevant. It's all about the sweet sweet equity.
I trust your analysis if this asset class. I invest elsewhere.

[ThePenIsMightier]

Isn't specialization of labour the foundation of society since the Industrial Revolution? What gives us the right to look so far down our noses at those who can't change a flat tire or use a drill? There are people available to hire for virtually anything a person might need. I don't know how to extract teeth but if my dentist makes fun of me for that, her dad is getting a fucking.

It's dumb as Hell to turn the heat off, but I think it's less dumb than the typical anti-vax stance and we can all see how common that is.

Half the people wandering around are below average and those who are average got C's in high school.

[Kloubek]

Are we really to the point where we can say someone is of average intelligence and accept that they can’t realize that no heat = cold = freezing?

Are we not? I thought the flavour of the decade has been to cater to the lowest common denominator. We should be desensitized to it by now. Look at all the people who would rather risk dying than take a bloody vaccine. Edit: PenISMightier beat me to it.

[mr2mike]

Looking for an update. What came of this?

-ThePenIsMightier's Gender Neutral Secretary

[Shlade]

Damn I missed this.

This actually isnt that bad. A little while back I attended a house that had this issue... The owners went abroad for an extended period of time, had nobody actually check on the house. Exact same scenario where heat was completely off. ENTIRE house was DESTROYED. Im talking waterfalls absofuckinglutely everywhere.

Heard insurance would not cover it either due to residence not being checked on at all. Easily 200k plus in damage. Would have to gut everything.... Or just demolish the entire house.

[Rocket1k78]

I got off beyond lucky on this no doubt, the heat was completely off during that December cold spell. I was at the ski hill when she told me so i had 90 mins to freak out in my head over the potential scenarios and no lie i was praying that it would only be $20k in damages. Insurance wouldnt have covered mine either because she turned the heat off and nobody checked on it. All said and done she had to pay $500 for repairs to the toilet and the drywall in the closet.

[BerserkerCatSplat]

Damn I missed this.

This actually isnt that bad. A little while back I attended a house that had this issue... The owners went abroad for an extended period of time, had nobody actually check on the house. Exact same scenario where heat was completely off. ENTIRE house was DESTROYED. Im talking waterfalls absofuckinglutely everywhere.

Heard insurance would not cover it either due to residence not being checked on at all. Easily 200k plus in damage. Would have to gut everything.... Or just demolish the entire house.

Yeah, knew people that had something similar happen. Inherited a house after death of a parent, only checked in on it once a month or so while the will was being dealt with. Didn't change insurance status on it or really do much of anything. Heat was on, but the dishwasher line blew and flooded the place for probably a solid week or two. 2/3 of the house had to be gutted to the frame, insurance didn't pay a dime.

[ThePenIsMightier]

I got off beyond lucky on this no doubt, the heat was completely off during that December cold spell. I was at the ski hill when she told me so i had 90 mins to freak out in my head over the potential scenarios and no lie i was praying that it would only be $20k in damages. Insurance wouldnt have covered mine either because she turned the heat off and nobody checked on it. All said and done she had to pay $500 for repairs to the toilet and the drywall in the closet.

That is AMAZING! Sooooo incredibly lucky. Good for you.

[sexualbanana]

Said it before that the rental game isnt for everyone lol Real estate can be a mother fucker no doubt but for me its been awesome even with shit like this. I got lucky and bought my rentals before the booms so its beyond worth it, for now at least.


:werd:

I think anyone who is holding onto their single-home rental properties right now is crazy. With the market the way it is, I think it's far more lucrative to cash-in by selling now and not having to deal with crazy/stupid tenants.

[suntan]

My BIL was all set to list his rental when a pipe burst in one of the upstairs bathrooms and utterly destroyed everything.

[ThePenIsMightier]

I think anyone who is holding onto their single-home rental properties right now is crazy. With the market the way it is, I think it's far more lucrative to cash-in by selling now and not having to deal with crazy/stupid tenants.

^This!
I was literally saying this to someone yesterday.

[Rocket1k78]

I think anyone who is holding onto their single-home rental properties right now is crazy. With the market the way it is, I think it's far more lucrative to cash-in by selling now and not having to deal with crazy/stupid tenants.
Its a townhouse so the prices didnt go crazy like SFH and with it being a rental id be hit with major taxes, i bought it for 150k and now its maybe 330 so you can imagine the taxes and add in the realtor fees too. I did cash in on a SFH last month though and i made good money but ill also be paying around $60k to the gubment

My plan is to keep a couple rentals to use as supplementary with my $7.2 when i retire

[mr2mike]

Agreed. I know a handful of men who didn't grow up with handy parents and now as adults themselves they couldn't change a tire or own a drill.

Helped a friend once assumed he had some tools.
Pulled out a combination screwdriver and a crescent wrench?!
#tuckyojunk

[pheoxs]

Its a townhouse so the prices didnt go crazy like SFH and with it being a rental id be hit with major taxes, i bought it for 150k and now its maybe 330 so you can imagine the taxes and add in the realtor fees too. I did cash in on a SFH last month though and i made good money but ill also be paying around $60k to the gubment

My plan is to keep a couple rentals to use as supplementary with my $7.2 when i retire

Well you'd only pay your tax rate on 90k, so 30k to the goberment.

Also there's some merit for considering paying taxes now. If for example one has little faith in the federal government to manage our countries finances, they could fuck Canadians over and wipe the 50% exemption for capital gains taxes. Which would mean you'd pay taxes on 180k of gains down the road instead of 90k in gains now.

No idea if that'd ever happen but given the shitfest that is the liberal-ndp mess steering this ship into the rocks who knows.