The 2% comes out of profit. I was under the impression grocery stores made their money high volume / low markup. Luxury stores would be the opposite.
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Your Age?
- Thread starter Wingboy
- Start date
The 2% comes out of profit. I was under the impression grocery stores made their money high volume / low markup. Luxury stores would be the opposite.
As long as we're not talking about slumlords I see no problem with having rental properties. The income can make you a responsible person by allowing your spouse and children a safe place to live and the opportunity for a higher education. It keeps you from becoming a burden on society if something goes wrong. Rewarding hard work and innovation encourages hard work and innovation. A well kept rental property allows someone that doesn't have a downpayment to enjoy a decent home and hopefully move up in life.
Purely speculative gain does nothing for society.
No wheels no problem. House too expensive? Easy solution, buy a 500 SF condo downtown and enjoy the bistro life. Then Covid hits and the solution is??????
When I was a landlord I never raised rents for my tenants. 9/10 years my tenants didn’t see a raise in their rents.
Yes if there were new tenants I would increase rents, but taxes, utilities and bills all kept going up.
unfortunately me keeping my rents below market in the area ended up screwing me large in the end. Because I had lower rents I had to take a lower selling price as the rents just weren’t there. The biggest shocker was a unit I was renting for $1300 went for $1600 a few weeks after I sold when the tenants moved out. FML. Should’ve been out looking for myself instead of others. I have no regrets except selling it. Good tenants are hard to find. Loved my tenants.
Yes if there were new tenants I would increase rents, but taxes, utilities and bills all kept going up.
unfortunately me keeping my rents below market in the area ended up screwing me large in the end. Because I had lower rents I had to take a lower selling price as the rents just weren’t there. The biggest shocker was a unit I was renting for $1300 went for $1600 a few weeks after I sold when the tenants moved out. FML. Should’ve been out looking for myself instead of others. I have no regrets except selling it. Good tenants are hard to find. Loved my tenants.
yepp.
we talk to our landlord like 3x a year, one of those days is when we renew the contract. we keep the place tip top, pay our rent on time and don't complain. Rent hasn't risen a cent in 4 years.
That’s the way it should be. Mutual respect.
I remember one guy came in and within 3 hours said it’s not the place for him.
No issues and we made a deal he pays for the ViewIt ad, and I refund all the money for first and last from the date a replacement tenant is found.
got a new tenant within a week, and buddy left happy as poo because he didn’t have to hear the radiator recirculating pump faintly through his ‘sensitive artist ears’ as he called it. Win win.
I only raise rent when new tenants move in. And I keep rent intentionally lower than market commands so I get a lot of interest and I can be very selective who I rent to. Renters have to much power here to the point that I know people that used to rent that won't anymore. I'd rather lose $100/month than have to deal with society's 'finest'.
I know a guy that has a rental condo and because the tenant is so good he hasn't raised the rent in well over 20 years. He's well enough off that it's just pocket money. He will have to sell to a person intending to occupy or pretending to. "My son needs the place for university" and the chain is broken.
The double whammy is that, as I understand it, the present tenant gets 6 months notice to find a new place. Unless they have built the new rent rates into their saving / spending budget they may have a problem finding an equivalent, Covid may change that a bit.
I wondered if I was renting out a place if there was a way of going for the maximum increase but kicking back a portion of the increase if I felt it warranted. It could get messy tax wise both sides.
Rent increases were 15-20/month in our case @nobbie48. Thinking back now I could have done that and just give a $20 back to each tenant in cash at the end of the month and I would’ve been ahead.
win-win....landlord gets higher income so the ROI looks better, tenant claims higher amount for their rent to CRA, and then they get cash.
Why the eff didn’t I think of that.
Hindsight is 20/20 as they say. I’ll do that next time.
win-win....landlord gets higher income so the ROI looks better, tenant claims higher amount for their rent to CRA, and then they get cash.
Why the eff didn’t I think of that.
Hindsight is 20/20 as they say. I’ll do that next time.
Loyalty discount? May be a viable strategy to achieve that goal while keeping market value of the property up. Or pay the tenant to do grounds maintenance. Or pick up the tab for a cleaner biweekly.
Lots of ways to do it. I tried to help out a neighbour tenant and she was cleaning the yard for others on an hourly basis.
me: your bill says you worked for 5 hours?
Her: yup
Me: it’s literally a 30min job. Did you forget I live here and can see you while you work from my bedroom window?
Her: Surprise pikachu face
Me: here’s for 2 hours and never contact me again
Another tenant **** on me for not paying him interest on his last month deposit.
I paid him the interest and then told him he owes me an extra exact amount as now his last month is less than the actual last month.
when my MIL left her unit they called her that she owes $600 for something or other. When I called the property management and ripped into them their response was ‘oh, you’re familiar with that law?’
‘Yes I am, try to collect and we will see you in court.’
Problem with cash arrangements and such is that it becomes an expectation. Obviously all tenants talk so if you have multiple tenants better be damn sure they all get it.
I built a shed for my motorcycle, right before I finished up tenant comes up and asks for the keys to the shed. Told them no because if I gave the keys to one, then everyone will have to use it and everyone already has dedicated storage space.
Then they tried to outbid themselves.
motorcycle had a nice and private shed.
Mad Mike
Well-known member
Isn’t home brewing a way to cheat the tax man? Save yourself a bunch of money while the rest of us pickup the tab for things like free healthcare and CERB?
Please, we've got to stop using the term FREE healthcare. It's taxpayer funded healthcare.
Some people actually believe general contractors build the places for free and they get no-charge electricity. Doctor and nurse salaries are delivered by unicorns.
Mad Mike
Well-known member
The NeXt project I was looking at integrated field phone networks to carry encrypted voice, tty and fax messages.
Techies drueled over NeXt, marketers rolled their eyes. I think they built 50,000 boxes, most went to developers that never finished their initial NeXt project.
Expectations: Guys in a chemical plant in Mississauga ran tons of overtime for so long they bought houses based on the expectation that it would never end. The US owner did a cost analysis and said NO MORE overtime. Things went rough. A couple of years later they shut the operation.
When I bought a 1400 SF industrial unit it was "Can you store my boat, I'll give you $100 for the winter." A 19 foot boat on a trailer takes up about 250 SF. That space cost me about $200 a month, TMI etc.
My brother was getting me to do some work for his employer but the guy was cheap and wouldn't pay the going rate. My brother said to pad the hours. No thanks.
Don't know what homebrewing is in your world. The term relates to the homebrew scene on game consoles in my world; I'm assuming that's not it lol
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OHHHHH. So people make booze and sell it without alcohol or regular tax?
I know the same happens with renting often <_<
If you make home brew, it's for your own consumption. Chill.
Most of the baking i do, i give to neighbours and family. I do it because it makes me feel good.
I picked up a few bottles of 90% Polish alcohol....will cut it down and make something similar to 'Lemoncello' this week. Had some gifted to me recently and HOLY SHITBALLS...couldn't get enough of the stuff...of course the morning was a disaster.
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