COVID and the housing market

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I’m intimately involved in a Conservation authority and flood plains . My Boat club ( ironic I know) is now in the flood plains. The flood plain did not exist in nineteen sixty three when the building went up . I can alter the interior , but I cannot change the footprint . Even enlarging the deck is a no go . It’s to prevent the possibility of contamination getting into the water system when the hundred yr flood hits . Municipal govt is over ridden by Conservation rules . It’s probably not a bad thing , but it’s far reaching and even the municipality themselves are falling into the trap , they have historical buildings near waterways they don’t know how to save or preserve. I paid two k for a study permit to find out I can’t build a bigger deck . Due diligence, it’s a thing .


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crankcall said:
I’m intimately involved in a Conservation authority and flood plains . My Boat club ( ironic I know) is now in the flood plains. The flood plain did not exist in nineteen sixty three when the building went up . I can alter the interior , but I cannot change the footprint . Even enlarging the deck is a no go . It’s to prevent the possibility of contamination getting into the water system when the hundred yr flood hits . Municipal govt is over ridden by Conservation rules . It’s probably not a bad thing , but it’s far reaching and even the municipality themselves are falling into the trap , they have historical buildings near waterways they don’t know how to save or preserve. I paid two k for a study permit to find out I can’t build a bigger deck . Due diligence, it’s a thing .


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I also imagine that if you applied to make it a residential building even with zero external changes it will be a hard NO.
 
Residential correct , that’s a very hard target for approvals . Restaurants, stores , ect are one thing , the possibility some one could be living in the flood zone , not likely to see approval .

In the case of the former church in the link provided, it was probably under market priced as the owners knew it was an albatross , and I would hazard a guess the new owner had a pretty good idea . Or should have .


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I had a half hour conversation with an old friend this morning. I knew he had purchased a couple rental properties 5 or 6 years ago. I asked how it was going, he said he sold some, made some money lost some money. I asked if he has had any bad renters o_O:oops: There started 20 minutes of venting. One guy was $18,000 behind in rent. He said the property was sold 3x and the renter ruined all 3 deals. My friend spent $12,000 on legal fees. The final sale price of the house was down $85,000 from when he first tried selling until it was finally sold. Oh, and he PAID the renter $25,000 in cash to finally get him out. ;) Countless dates not adhered to, police showing up to get him out, only to be told it had gotten too late in the day and they'd have to reschedule for another day etc etc. I can't imagine the stress and amount of time you'd want your head to explode dealing with all of the court proceedings protecting the renter. Renter even went and filed a bunch more complaints against my friend to landloard tenant board after he was out, saying my friend didn't provide him a good hospitable renting environment.
I guess he should consider himself lucky the renter didn't destroy the unit and cost him another 30 or 40 grand in renovations :LOL:

He said one of the times he met police there, one of the officers also told him that he personally had a tenant that hadn't paid him rent in 2.5 years, went to court and judge gave his renter another 10 months to get his **** together before he had to leave the officers house. 🤯
 
Mikedezo44 said:
I had a half hour conversation with an old friend this morning. I knew he had purchased a couple rental properties 5 or 6 years ago. I asked how it was going, he said he sold some, made some money lost some money. I asked if he has had any bad renters o_O:oops: There started 20 minutes of venting. One guy was $18,000 behind in rent. He said the property was sold 3x and the renter ruined all 3 deals. My friend spent $12,000 on legal fees. The final sale price of the house was down $85,000 from when he first tried selling until it was finally sold. Oh, and he PAID the renter $25,000 in cash to finally get him out. ;) Countless dates not adhered to, police showing up to get him out, only to be told it had gotten too late in the day and they'd have to reschedule for another day etc etc. I can't imagine the stress and amount of time you'd want your head to explode dealing with all of the court proceedings protecting the renter. Renter even went and filed a bunch more complaints against my friend to landloard tenant board after he was out, saying my friend didn't provide him a good hospitable renting environment.
I guess he should consider himself lucky the renter didn't destroy the unit and cost him another 30 or 40 grand in renovations :LOL:

He said one of the times he met police there, one of the officers also told him that he personally had a tenant that hadn't paid him rent in 2.5 years, went to court and judge gave his renter another 10 months to get his **** together before he had to leave the officers house. 🤯
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A few years ago a landlord shot and killed his two renters then was killed by police. I wonder what the whole truth was.
 
AllistonGT said:
My wife has worked in a law office her entire career. So many landlord horror stories. 20 years ago when we paid off our house I asked her if we should buy a rental property. Well.......we never did. Good thing.
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I guess my friends and I were very fortunate then. We had zero issues in a decade of renting.

Cousin had 1 bad tenant that got out after 8k in arrears.

Friends never had an issue with any tenant over many years of renting.

But it’s bad tenants that push landlords to get rid of long term tenants in favour of short term renters. Easier. Less stress. Less protections for the tenant/tenant.
 
mimico_polak said:
I guess my friends and I were very fortunate then. We had zero issues in a decade of renting.

Cousin had 1 bad tenant that got out after 8k in arrears.

Friends never had an issue with any tenant over many years of renting.

But it’s bad tenants that push landlords to get rid of long term tenants in favour of short term renters. Easier. Less stress. Less protections for the tenant/tenant.
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BandB's and boarding houses come under different rules. A friend rents out rooms and it's a lot easier to get rid of someone. He was however worried about getting rid of one boarder that also had a disability. He was breaking the no smoking rule. Fortunately the guy didn't fight the boot out.

In another situation three guys were sharing a rented condo with one having a health issue due to obesity. The one with health issues didn't work and stayed up late watching a very loud TV. The owner of the condo sensed the impending problem and sold the condo.
 
Mikedezo44 said:
I had a half hour conversation with an old friend this morning. I knew he had purchased a couple rental properties 5 or 6 years ago. I asked how it was going, he said he sold some, made some money lost some money. I asked if he has had any bad renters o_O:oops: There started 20 minutes of venting. One guy was $18,000 behind in rent. He said the property was sold 3x and the renter ruined all 3 deals. My friend spent $12,000 on legal fees. The final sale price of the house was down $85,000 from when he first tried selling until it was finally sold. Oh, and he PAID the renter $25,000 in cash to finally get him out. ;) Countless dates not adhered to, police showing up to get him out, only to be told it had gotten too late in the day and they'd have to reschedule for another day etc etc. I can't imagine the stress and amount of time you'd want your head to explode dealing with all of the court proceedings protecting the renter. Renter even went and filed a bunch more complaints against my friend to landloard tenant board after he was out, saying my friend didn't provide him a good hospitable renting environment.
I guess he should consider himself lucky the renter didn't destroy the unit and cost him another 30 or 40 grand in renovations :LOL:

He said one of the times he met police there, one of the officers also told him that he personally had a tenant that hadn't paid him rent in 2.5 years, went to court and judge gave his renter another 10 months to get his **** together before he had to leave the officers house. 🤯
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Your buddy needs to get better at landlording.

I just finished an eviction thru LTB. It was simple but took 6 mos. Tenant paid cash for the first year upfront, husband split at the end of the lease but wife would not leave, she didn’t pay a cent from aug to may this year.

I got the order from LTB, then arranged for sherries to remove her. Done 15 days after the order. Then I got a small claims judgement for back rent +$2k it cost to do a yard cleanup ( fortunately the inside was left in perfect condition).

I’ve changed everything to Airbnb. No hassles, damages covered, no collection issues. Slightly better income as I pay a property manager to maintain and handle changeovers and the operating costs are higher.

Nice thing is I can use the places whenever I want!
 
Mad Mike said:
Your buddy needs to get better at landlording.

I just finished an eviction thru LTB. It was simple but took 6 mos. Tenant paid cash for the first year upfront, husband split at the end of the lease but wife would not leave, she didn’t pay a cent from aug to may this year.

I got the order from LTB, then arranged for sherries to remove her. Done 15 days after the order. Then I got a small claims judgement for back rent +$2k it cost to do a yard cleanup ( fortunately the inside was left in perfect condition).

I’ve changed everything to Airbnb. No hassles, damages covered, no collection issues. Slightly better income as I pay a property manager to maintain and handle changeovers and the operating costs are higher.

Nice thing is I can use the places whenever I want!
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Be careful with airbnb, cra and tax. They have been making some incredibly unfair and unjust decisions where the entire capital gain is taxed as business income. That tax bill exceeds gross airbnb revenue for most owners.
 
GreyGhost said:
Be careful with airbnb, cra and tax. They have been making some incredibly unfair and unjust decisions where the entire capital gain is taxed as business income. That tax bill exceeds gross airbnb revenue for most owners.
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I’ve read about the change in rules. My buddy airbnbs his cottage portion…he thinks it’s a non issue, so u don’t bother going into a discussion when my money isn’t on the line.

Plus…everyone knows best.
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