Thanks 😊 for the suggestions, Owen. I am so glad that I bought my condo at 200k in 2000 and it is now worth 900k. A true blessing 🙌 with no debts. Best thing I ever did with my limited income. I have a Defined Benefit pension and that makes all the difference.
There is a great Ted Talks video called the Power of Time Off - basically retire once every 7 years because if you wait until you are 'of age' you MIGHT have some good years. But anyone who has had to look after aging parents, you know that there is no guarantee at the end of the road as to how your health will be. Thanks Owen, we've actually spoke on the phone about this in 2018. My dad had just passed suffering from Parkinson's and I lost a few years of income being the primary caregiver. Unfortunately in BC there is no assistance for this and the savings I had dwindled. That said, I asked about buying my dad's condo from my siblings and your advice was yes. I'm in the Pitt and I doubled my investment. I owe you a fine bottle of Scotch. Cheers and thank you🙏
I agree about the bad tenants. I have had lots of tenants and never had one bad one. Partly because I screen them, but also treat them well and respond when they need something. Having a good relationship with your tenant makes all the difference.
I’m a new realtor and builder in Vancouver have a couple projects in the pipeline building duplexes on standard Vancouver 33x122 and 44x90 expected to make a lot but comparison is the thief of joy… Constantly comparing myself to other builders that have more projects always feeling behind I am 22.
Interesting comments on retirement. But remote work makes it easier for older workers to stay on the job without burnout. One challenge of retiring is getting a mortgage, banks seem to want to see cash flow. The other challenge is staying relevant. For some people having fun all the time can get boring. Staying plugged in to the real estate game in a limited way seems to strike an enjoyable balance. A lot of factors to consider!
Very interesting comments on investing in real estate here. The main advantage seems to be the ability to buy a larger asset using leverage and then having a tenant pay off the debt. The asset is worth buying because it tends to keep pace with inflation. Don't expect much actual price appreciation in real terms. Beating inflation is an added bonus not the reason you invest in real estate.
One new difference between investing in real estate vs stocks is the ability to throttle the gains better to avoid our gov's latest tax grab? With stocks you could choose to sell a portion of your stocks each year to stay below the 250k limit whereas you can't sell an investment property in chunks?
if you bought nvidia stock at $60. and sold it for $1100 a share just 30 months later.....You know real estate as an investment has downfalls....how do you get out at what cost to you etc...
I own Nvidia, LLY Apple Meta and all the high flying tech stocks that are up 500 to over 1000% + But i also diversify with Real Estate and enjoy the leverage and tax advantages. Many of my early RE investment purchases are up well over 500% ( I still hold them) when you factor in the leverage and the tax deductions it becomes are very attractive tangible long term investment. I would never want to own only Equities and have my net worth in one area. RE and equities are the ultimate diversification and yes they both have advantages and disadvantages that i have discussed on my Saturday videos many time.
Asian culture is to leave property and wealth to your kids, not "die with zero". However, we must still take regular vacations and enjoy life! Strike a balance.🙂
In die with zero it doesn't argue that you should spend everything on yourself. Would it not be nicer to give a large cash gift to your children while you are still alive so you can see how you bless them?
@@cloudedjourney I haven't read the book yet. Will read it. A large cash gift is also good. However, we hope to live off passive income from rentals, pension, and selling option premium. Then leave all property to kids.