Originally posted by Big Worm
have you ever read the play "glengarry glen ross"?
Dykes_on_Jay
for your asking price karim you can buy 2 3 bedroom condos here karim. they will double in value in less than 5 years. the bubble is a few years away, but rent them out and profit:p
Nrg2Nfinit
are you asking me to be my property manager?
i don't want people ting on my floor :p
Also i'm not exactly sure how an oversea's mortgage would work (as i do not have the cash on hand). I don't think i would be able to borrow here for collateral there. It would have to be a chinese mortgage. I'm pretty sure their rates are above 7 % which is fairly steep.
If i were to buy somewhere not in proximity to me i think it would just be land. too much of a hastle to do otherwise. Problem is you can't get rental revenue on land.
Dykes_on_Jay
10% down. mortgage is a little high at 9.
i don't do property management. i rent my place and bought one as an investment. My best friend has cleaned house in this country. I have 2 roommates, but i pay 400$ a month for a penthouse. It makes no sense. Sale values go by market price, but rents are to cover the bare minimum in cost until you cash in. Dad, if you are looking at me from hell, I spent your money wisely.:p
Dykes_on_Jay
you can buy a parcel of land in new brunswick for pretty cheap. when the trees on the property are mature, a company will pay you to clear cut it and replant. you sell and retire then.:p
Nrg2Nfinit
quote:
Originally posted by Dykes_on_Jay
10% down. mortgage is a little high at 9.
i don't do property management. i rent my place and bought one as an investment. My best friend has cleaned house in this country. I have 2 roommates, but i pay 400$ a month for a penthouse. It makes no sense. Sale values go by market price, but rents are to cover the bare minimum in cost until you cash in. Dad, if you are looking at me from hell, I spent your money wisely.:p
wow only 10% down?
here it is generally 35% for second properties, you can work your way to 25 though.
With super cheap rental income you will be lucky to pay off the mortgage and any fees associated. You need high rental income which is the fortunate thing about canada (expensive rent).
You sure they aren't looking for a bubble? that screams subprime mortgage to me lol. Then again, i think the majority of people buying in china already have the money and are not looking for mortgages. The gap between the middle and upper class is huge there.
It's bargain hunting time in canada.. buyers market.
Nrg2Nfinit
just watching million dollar listing now
3.25 million dollar house.. the brokers do nothing except try to low ball their clients.
cut your comissions to make your deals. useless .
Dykes_on_Jay
25% is ontario prices.
if you own something here you have money. while rent covers your payments without profits here, you are right, it is because they don't have a middle class. Either you slanging crack rock or you got a wicked jump shot. I know that these chinks are going to ruin the place, but labour and materials are so cheap you can do a full reno for 5000$.
They aren't sub prime mortgages. I live in a city that went from 30 000 people to 13 million is 30 years. They need somewhere to live. You won't make this kind of coin in Bejing. No one wants to live there either, you can't see 3 feet in front of your face due to smog.
Hong Kong is a stone's throw away....a million for a 2 bedroom. In a few years before it bursts, that will be the rate here. Virgin territory.
Big Worm
quote:
Originally posted by Spam
just saw this tonight on the SNL holiday special..
too funny
Jon_Snow
I'm about to buy a house maybe I should have read this thread but ignorance is bliss.
Dykes_on_Jay
Canadian market is in the ter.
Nrg2Nfinit
quote:
Originally posted by Dykes_on_Jay
Canadian market is in the ter.
not really,
it's just turning into a buyers market.
