Quantcast
Rental Property Income - Page 2 - Beyond.ca - Car Forums
Page 2 of 2 FirstFirst 1 2
Results 21 to 35 of 35

Thread: Rental Property Income

  1. #21
    Join Date
    Jan 2004
    Location
    Calgary, Alberta
    My Ride
    2016 MB C450
    Posts
    8,137
    Rep Power
    25

    Default

    Quote Originally Posted by nj2Type-S View Post
    This quote is hidden because you are ignoring this member. Show Quote
    You're pretty much bang on! That's the thing, 10k over 12 years doesn't seem like a pretty good return. It's exactly why I was considering selling it and put my money elsewhere.
    It's still worked out to be 3% return in a tax deferred/free portfolio even in this depressed market (although, you basically work for free managing the rental). But you got it in absolute peak that we really never recovered to that point, not even in 2011/12.

    At least you paid yourself for the 1st 8 years when you lived there instead of some landlord And rent was pretty crazy from 2011 to 2015.
    Last edited by Xtrema; 05-29-2019 at 08:42 AM.

  2. #22
    Join Date
    Mar 2003
    Location
    403
    My Ride
    Bunch of Honda's
    Posts
    5,888
    Rep Power
    22

    Default

    Quote Originally Posted by nj2Type-S View Post
    This quote is hidden because you are ignoring this member. Show Quote
    You're pretty much bang on! That's the thing, 10k over 12 years doesn't seem like a pretty good return. It's exactly why I was considering selling it and put my money elsewhere.

    But as some of you had mentioned, it's not really a seller's market, so I may just keep it for a bit longer.
    Its not a good return overall; but a profit is a profit.

    I had a townhouse, bought at the similar time, very similar $$ numbers that I rented for several years and finally had enough dealing with it. Cut my losses (minimal gains I guess) and sold it last summer. Jordan did an amazing job selling it for a reasonable price all while the tenant was still living there.

    I kept holding onto it because the overall return was shit (exactly like you) but I honestly didn't think it was ever going to appreciate from 2007 so I got out.

  3. #23
    Join Date
    Apr 2003
    Location
    AB
    Posts
    888
    Rep Power
    17

    Default

    .
    Last edited by stealth; 05-31-2019 at 08:37 AM.

  4. #24
    Join Date
    Jan 2003
    Location
    Edmonton
    My Ride
    Megun/Kyosho/965
    Posts
    3,063
    Rep Power
    20

    Default

    Quote Originally Posted by BavarianBeast View Post
    This quote is hidden because you are ignoring this member. Show Quote
    2 bedroom beach condo on the lake in Kelowna.

    Make $10,000 year after all expenses and stay in it 3 weeks a year.
    Is it as AirBnB ?

    Renting a condo out in Calgary now is pain in the butts .. high tax, increased high condo fee, after all, only $ few G/ year in my pocket, I know B.C. is still doing good, especially BnB ... but not sure if it is risky, I am more conservative ..

    My agent suggested me to buy condo near by SAIT, UofC, or even Mount Royal, great return of investment, but I worry about if rent to young students (what if 6 if them share a two bedroom! LOL)

    Love to own a place in Kelowna too! (already give up the plan to buy a condo in Vancouver .. lol)
    The Original !

    1234567, hҦho

  5. #25
    Join Date
    Apr 2004
    Location
    Calgary
    My Ride
    2013 Q5
    Posts
    1,686
    Rep Power
    18

    Default

    i'm about -500 cashflow but about +200 income. I didn't want to be a landlord, but had trouble selling my townhouse (listed in the worst two months of the year Jan and Feb) and didn't want to hold out any longer.

    I got pretty lucky with my tenants wanting to do a 2 year lease so i accepted with the hope that things improve by then assess the situation then.

  6. #26
    Join Date
    Jan 2004
    Location
    Calgary, Alberta
    My Ride
    2016 MB C450
    Posts
    8,137
    Rep Power
    25

    Default

    Quote Originally Posted by C4S View Post
    This quote is hidden because you are ignoring this member. Show Quote
    My agent suggested me to buy condo near by SAIT, UofC, or even Mount Royal, great return of investment, but I worry about if rent to young students (what if 6 if them share a two bedroom! LOL)
    Area immediate around UC tends to hold prices well. And near Foothills also guarantee more medical professionals/students as tenants.

    But who knows, been driving around the new condos in University District, seems empty for now. I'm eyeing phase 2 after the main street is built. May be a good retirement townhouse if I don't retire in Kelowna like the rest of the country.

    The 1st phase townhouse feels too tightly packed IMO.

  7. #27
    Join Date
    Jun 2014
    Location
    Calgary
    Posts
    605
    Rep Power
    6

    Default

    Quote Originally Posted by stealth View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Ft. McMurray so worse than Calgary.

    Townhouse purchase price of $425k + CMHC = $445k (0 down 40 year mortgage).

    $350K left on the mortgage today. Current value: $200-220K.

    Mortgage amount: $2100/m
    Condo Fee: $550/m
    Water: $100/m
    Power/Gas: $350/m

    Total Cost: $3100 a month.

    Rental Income: $2100 a month.

    Bought during the boom in 2007, should of sold when I left Ft. Mac but was making good rental income at the time until the last oil crash. Biggest mistake.
    Sorry for saying this but thats a bad situation. 150k negative is insane. Ft Mac was a feeding frenzy and i recall seeing people renting out their driveways for rv's or something like that. Mind if i ask what you were getting at the peak?



    Quote Originally Posted by sabad66 View Post
    This quote is hidden because you are ignoring this member. Show Quote
    I didn't want to be a landlord, but had trouble selling my townhouse
    Exact same thing with me, i was 25 and no where near ready to be a landlord so i listed it for sale using my friend who was a new realtor(mistake and blessing). FFWD 2 years later my property has almost doubled in value, im now a landlord and im taking the tenant to court because i was too scared to carry 2 mortgages so i took the first guy that said yes.
    Quote Originally Posted by Mitsu3000gt View Post
    and I did not have the only say in the matter (most people just want it done ASAP and don't care about quality).
    Quote Originally Posted by Mitsu3000gt View Post
    If anything we made a better decision because we had a consensus and were all on the same page.

  8. #28
    Join Date
    Apr 2009
    Location
    Calgary AB
    My Ride
    S2K
    Posts
    2,230
    Rep Power
    14

    Default

    Quote Originally Posted by stealth View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Ft. McMurray so worse than Calgary.

    Townhouse purchase price of $425k + CMHC = $445k (0 down 40 year mortgage).

    $350K left on the mortgage today. Current value: $200-220K.

    Mortgage amount: $2100/m
    Condo Fee: $550/m
    Water: $100/m
    Power/Gas: $350/m

    Total Cost: $3100 a month.

    Rental Income: $2100 a month.

    Bought during the boom in 2007, should of sold when I left Ft. Mac but was making good rental income at the time until the last oil crash. Biggest mistake.
    Leveraging the shit out of yourself was the real mistake. 0 down, 40 years is

  9. #29
    Join Date
    Jan 2008
    Location
    IAH bar and UA6295
    My Ride
    100% SAVAGE
    Posts
    6,263
    Rep Power
    28

    Default

    Quote Originally Posted by cjblair View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Leveraging the shit out of yourself was the real mistake. 0 down, 40 years is
    That's a pretty risky move in any location or market. Most people with zero down rent and save money for a down payment.

  10. #30
    Join Date
    May 2014
    Location
    Calgary
    My Ride
    Pt Cruiser
    Posts
    851
    Rep Power
    8

    Default

    Quote Originally Posted by C4S View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Is it as AirBnB ?

    Renting a condo out in Calgary now is pain in the butts .. high tax, increased high condo fee, after all, only $ few G/ year in my pocket, I know B.C. is still doing good, especially BnB ... but not sure if it is risky, I am more conservative ..

    My agent suggested me to buy condo near by SAIT, UofC, or even Mount Royal, great return of investment, but I worry about if rent to young students (what if 6 if them share a two bedroom! LOL)

    Love to own a place in Kelowna too! (already give up the plan to buy a condo in Vancouver .. lol)
    No, it's not AirBnB. It's called Casaloma resort and has an excellent management team that takes care of the rentals. I kind of lucked out when it came up for sale as they are nearly impossible to get a hold of and are usually purchased internally by other owners.

    http://www.casaloma.com/accomodations/

    I wouldn't bother looking there though because I'm buying another unit as soon as ones available!
    Last edited by BavarianBeast; 05-30-2019 at 03:22 PM.

  11. #31
    Join Date
    Mar 2006
    Location
    Calgary
    My Ride
    X5-35i, Cayenne S, 335i Cab
    Posts
    585
    Rep Power
    14

    Default

    Quote Originally Posted by cjblair View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Leveraging the shit out of yourself was the real mistake. 0 down, 40 years is
    I have no idea you can do 0 down OR 40 years.... Always thought it's 5% and up to 25-30years...

  12. #32
    Join Date
    Oct 2003
    Location
    Calgary
    My Ride
    Treg/B7
    Posts
    198
    Rep Power
    0

    Default

    Quote Originally Posted by RX_EVOLV View Post
    This quote is hidden because you are ignoring this member. Show Quote
    I have no idea you can do 0 down OR 40 years.... Always thought it's 5% and up to 25-30years...
    You could for a couple years in 2005 to 2007 with 0% and 40 years. 35 year mortgaged ended around 2012 I think.

  13. #33
    Join Date
    Feb 2005
    Location
    calgary.ab.ca
    My Ride
    E90M3 510 Wagon
    Posts
    7,327
    Rep Power
    23

    Default

    Quote Originally Posted by RX_EVOLV View Post
    This quote is hidden because you are ignoring this member. Show Quote
    I have no idea you can do 0 down OR 40 years.... Always thought it's 5% and up to 25-30years...
    They use to call it the mirror test... put a mirror under the applicant’s nose, if they fogged it then they were approved

  14. #34
    Join Date
    Apr 2003
    Location
    AB
    Posts
    888
    Rep Power
    17

    Default

    Quote Originally Posted by ercchry View Post
    This quote is hidden because you are ignoring this member. Show Quote
    They use to call it the mirror test... put a mirror under the applicant’s nose, if they fogged it then they were approved
    This.

    I was 20 years old at the time. I had a monthly mortgage subsidy by the company I was working for. For the 3 years I lived in Ft. Mac I paid maybe a $200-$300/month out of pocket to live in the town house.

    I did rent for the 1st 8 months a tiny bedroom in a townhouse with 4 other guys for $850 a month.

    Rocket1k78 $3300 during the peak was normal for my area. I settled for good tenants at $2600.

  15. #35
    Join Date
    Jun 2014
    Location
    Calgary
    Posts
    605
    Rep Power
    6

    Default

    Quote Originally Posted by stealth View Post
    This quote is hidden because you are ignoring this member. Show Quote
    This.

    I was 20 years old at the time. I had a monthly mortgage subsidy by the company I was working for. For the 3 years I lived in Ft. Mac I paid maybe a $200-$300/month out of pocket to live in the town house.

    I did rent for the 1st 8 months a tiny bedroom in a townhouse with 4 other guys for $850 a month.

    Rocket1k78 $3300 during the peak was normal for my area. I settled for good tenants at $2600.
    FWIW i would've done the same thing as you, you were super young, making insane money and the company was paying a big portion of your mortgage, pretty damn hard to pass up at that age
    Quote Originally Posted by Mitsu3000gt View Post
    and I did not have the only say in the matter (most people just want it done ASAP and don't care about quality).
    Quote Originally Posted by Mitsu3000gt View Post
    If anything we made a better decision because we had a consensus and were all on the same page.

Page 2 of 2 FirstFirst 1 2

Similar Threads

  1. Replies: 74
    Latest Threads: 01-30-2018, 03:46 PM
  2. Income Rental Property investment with good friend?

    By Dumbass17 in forum Real Estate / Finance
    Replies: 46
    Latest Threads: 01-23-2016, 09:57 AM
  3. Income tax when selling a rental property

    By 88CRX in forum Real Estate / Finance
    Replies: 9
    Latest Threads: 03-16-2014, 10:04 PM
  4. Low income housing being used by high income residents.

    By 89coupe in forum Society / Law / Current Events / Politics
    Replies: 41
    Latest Threads: 06-13-2013, 04:53 PM
  5. claiming condo fees on rental property for income tax

    By bmeier in forum Real Estate / Finance
    Replies: 20
    Latest Threads: 03-21-2012, 12:43 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •