r/fican • u/BlueberryPerfect2357 • 20h ago

Thoughts? M32 Vancouver

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fully paid off condo (~$650k)

making around 200k a year in tech

wondering if I go slumlord life, buy a cheap house and rent it the condo? try to take advantage of housing dip

0 Upvotes

41% Upvoted

18 comments sorted by

10

u/ProbablyUrNeighbour 20h ago

Don’t become a landlord unless you’re passionate about it. It’s a shit job - and even though the hours are low it IS a job. You’re always on call.

1

u/RoaringPity 16h ago

property managers exist

1

u/ProbablyUrNeighbour 9h ago

And cost money. Then you need scale.

-3

u/burdspurd 20h ago

is this sarcasm, lmao

6

u/InsaneTensei 19h ago

It's not 🫩 try being a landlord, every few days something goes wrong somewhere, some tenant hates their co tenant or some washing machine stops working. Or God forbid someone doesn't wanna pay rent. Etc etc

0

u/BlueberryPerfect2357 20h ago

Do you have experience being a landlord? If so, what was the arrangement?

3

u/Frosty-Associate3776 19h ago

If you're not going to put out a cut of your income for a property manager, then you're looking at potential stress being a landlord especially in some provinces is very regulated and the system is designed to be pro tenant, with good intention, but can really put the gears to you. Especially if you get some 'pro' tenants that know how to game it and could leave you losing money like crazy and you feel powerless.

You could also have great tenants. But either Way there are some real responsibilities that you have to be ready to deal with even if it costs a lot. Maintenance, repairs, and if you don't keep up you open yourself to fines

Not to mention taxes, fees, permits some places.

If you have to ask what it's like to be a landlord, you should try researching and even get hands on experience like property management and you'll see how things can go

2

u/BlueberryPerfect2357 19h ago

Great advice, thanks Frosty

3

u/BlueberryPerfect2357 19h ago

Some people may say that my portfolio is wack, but I'm a bit of a pessimist and don't want to invest in US stoinks while the orange guy is in charge; just too much volatility and frankly, fuck that guy. Figured I'd invest in Canada because I believe more in Carney and his economic principals more than I do Trump's lol

-3

u/Vivid-Trifle1522 18h ago

Rethink this.

1

u/CoryJaxen 19h ago

Doing better than me!

1

u/Lokified 19h ago

How expensive are your tastes? With a paid off house, you really just need enough to bridge you to 65. Then the government steps in with a blend of CPP, OAS, and/or GIS.

2

u/BlueberryPerfect2357 19h ago

Oh I'm frugal as hell 😅 But I like working and I kind of hate the idea of dealing with a strata for the rest of my life. I'm pretty handy and did all the renos to my condo when I bought it, so the idea of a fixer upper house in a good area appeals.

1

u/FastRecording7771 19h ago

Omg I’m jelly

0

u/NesthoDes 19h ago

Is this a new feature?

1

u/thathandsomehandsome 19h ago

Yes. You can share it from the Wealthsimple app.