The INSANE Truth About Real Estate & $200k Canadian Parking Spots
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- Опубліковано 16 жов 2023
- I'm getting some requests on making money on real estate, and here is my perspective on it, and why I am done with it in Canada.
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#realestate #createwealth #success #makemoneyonline #canadianrealestate
**NOTE**- This video was made before the Sept interest rate announcement. If rates hold high, as they are now indicating, the price correction in Canada could come much sooner than the time frame I predicted in this video. People renewing mortgages will not be able to afford the new absurd rates, and the market will flood with more listings. See my links below, hope to see you at my Jan 2024 forum in Toronto.
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I heard a figure that something crazy like 30% of Canadians holding a mortgage won't be able to afford their payment by January 2024.
The beer bug showed us how much this soft society will tolerate but not having a home could get people in the streets!
Correction- US also lets in many millions of illegals a year that hustle hard, work below market rates and 2x harder, 2x more for less pay because it' still better than where they came from and companies can pay them less and have higher margins. It's You can debate the ethicallity but importing cheap labor has always been the norm to build America going back to africans shipped in on boats.
"You will own nothing and be happy" Klaus Schwab
@@grildcheez1504 I think the real issue people are having is the record importing of immigrants which is effecting the available inventory on the housing market. (Could also add on health care and a host of other issues sudden overpopulation causes)
Canada imports 500k immigrations not a million, and the USA population isnt anywhere near 400 million, its 330 million.
Rich as a fellow Canadian (with some Brit as well) it's disgraceful what this country has become. Completely unrecognizable from what it was even 10yr ago
Leftists winning globally.
I emigrated here 11 years ago from Ireland. Sorry to see what Treadau has done with the place
@@mezzunaI’m a Canadian living in Northern Ireland, and I’m glad to be here rather than in Canada at the moment with Trudeau in power.
Trudeau destroying Canada. Biden destroying the USA. Sad that so many forfeit their freedom and abandon common sense for these power hungry dictators.
Liberalism seems like a bad investment lol
I always wanted to move to Canada, but now I'm staying as far away from Canada as humanly possible as long as Justin Trudeau is in office.
You seems to be the Florida type lol
@@likearollingstone007so free
i moved from Canada to Florida loving it don't regret nothing @@likearollingstone007
@@likearollingstone007 lots of canadians move to florida. whats your point!
20 years ago Canada was so nice , but now.. things have changed
Near identical issue in Australia. Sydney and Melbourne are hyper-inflated too.
Uncle Richard is spot on
Agreed, both Australia and Canada have so much excess land which makes this artificial inflation look dumber.
I live in Vancouver canada and why the fuck do we need farming reserve lands just outside the CBD🤦🏻♂️
I am told by my Polish friends that the property prices have gone up by a large amount there too.
Witch proves it’s not a Canada things.
Everybody’s getting squeezed, except the real 1%.
@@dpstrialWhy in the flying fuc did they just elect the lefty government?? Poland about to get screwed with mass migration.
@@ryanjohnson8412Australian real estate has doubled in the past 10 years except for remote areas.
Most people don’t realise that the Covid restrictions thing here was only in one state. Most of the country wasn’t affected and we didn’t miss a day of work.
The best thing here is the weather. Worst is the increase of cost of living but that’s world wide I guess
I bought a duplex in Waterloo, Ontario just over 4 years ago - renovated, and now have it rented out fully. Was one of the best financial decisions I made and still cash flows over 1% per month. The market has changed drastically since then and finding a similar deal would be almost impossible.
I'm a U.S. citizen who worked in Canada off and on since the early 1980s in Toronto and Montreal. Aside from the astounding immigration, a couple other differences between the USA and Canada: 1) The USA has a more decentralized banking system with lax lending standards. In most states you can "turn in the keys" and walk away from a mortgage if your property value decreases in a real estate recession. In Canada you can't escape the mortgage debt, so lending standards are higher and buyers are more responsible. This system is commendable for the stability of Canada's financial system, but it makes real estate "sticky" when owners stay put instead of flipping houses like they do in the U.S..... and 2) The United States has population depth. The entire USA from the East Coast to the Rocky Mountains is a zone of continuous population. Thus, real estate opportunities everywhere, in and around metro areas, and in the small towns or country in between. The USA is a country with cities layered on top of it. Canada is a sparsely populated country with a few high-density cities where 90% of the people are pilling into the same tiny corners of land, with an empty hinterland bolted onto them. It's hard to find decent real estate outside the top six urban areas in Canada, whereas the USA as 65 metro areas with over 1,000,000.
Really great insight and reminder.
Thanks for bringing a big different perspective it helps. In France it works the same than Canada that’s why it’s the same insanity than there.. and have been for the last solids 25 years since then.
Ps: the simple high concentration of people at the same places bring the prices systematically out of reality
@@dominostimes2119 It's not just the high concentration areas with Canada. Yes, they are the worst, but even in smaller townships prices have increased substantially within Canada.
Finally a video not on women. Love it. I am an immigrant myself… Came from Dubai thinking will make this place my home but I am already ready to check out. Have a good job making more than 6 figures but its absolutely not worth it to get into Real Estate in Canada.
I’m from the states and want to move Dubai, can I ask what’s it like
We left the U.A.E. hoping for better human rights and freedoms...you don't get that in Dubai...even now if you are a Westerner...there is no Law or justice there...the law is only in favour for local citizens even if they were the wrong doers.
So we got that freedom as Canadians...but we got shafted in almost everything else here...housing...income is not as good because of extremely high taxes etc. Dubai never had taxes...now they do with VAT....so if you go there...expect to have no legal rights...they can kick you out and ban you from returning at anytime. I grew up in the U.A.E.
This is not the same U.A.E. of the 80s...90s and early 2000s...it truly was greener on the other side back then. I visited last November...and so much infrastructure happened over the last decade...but none of the bad things there got better...only worse...and way more populated than it was before. That Honeymoon lifestyle is Over!
I left toronto and moved to Eastern Europe 3 years ago.. it was the best decision of my life.
Where d ya go?
@@Ematurescoya life look so peaceful in east Europe right now
@@Ematuresco russia. Insane amounts of beautiful women, 13% flat tax, incredible culture and just a ton more fun
@@real-history-online …….dude they are literally at war
@@strangerdanger8462 unfortunately Canada is no longer what it used to be (like when my parents brought me to canada in 1998). The people changed, the policies changed and now with the end of the interest rate cycle most financial incentives are also now gone (And only becoming worse) It was fine to live in Toronto knowing your real estate investments are increasing 10-20% a year but now this is a losing game.
Sold in September. Setting up a Dubai corp (0-5% taxes) and running my remote labor through it. Moving to a warmer country and better standard of living for the money. Peace Canada!
LEFT 12m ago to ROMANIA to NEVER return; maybe after 2030 ...
What's your line of business?
Yeah but then you have to live in a mainly Islamic country. I'd rather be homeless in Canada than live in an Islamic Muslim country.
@@pbufh Be homeless in the WINTER at -30oC eating and drinking snow. Have NO IDEA what you're talking about.
@@renatosureal yes I'm saying I'd have to take the solid possibility of dying outside in the snow rather than live in an Islamic country.
After living through a pandemic & watching governments close businesses & excuse people from rent obligation, I would never buy property for the purpose of a rental.
"You will own nothing and be happy."
Screwing over the property owners was deliberate.
@@TechnoMageB5bingo. Mass government take over of property. All the same any wef fanboy like Turdo
@@TechnoMageB5 not really, because they have the immigration tap turned on full bore , this help owners with capital growth in fact modern capitalism has got more geared around unproductive assets ie realestate, finance ect
If you get a squatter of a tenant here in Canada they can live rent free up to 1 year while the case drags thru the landlord & tenant board in order for the landlord to be granted an eviction. In that 1 year the landlord still has to pay mortgage / condo fees out of pocket while the tenant laughs at you
@@retrogamer82 how often does happen it seems like worse case , in Australia this wouldn't happen or is very rare the landlord's definitely have the power, I don't see how Canada could be much different
I moved from Ontario to Mexico 6 years ago. You can own real estate and hold title in central Mexico if you are in the mountains away from the coast. Works for me.
@gordt170, where in MX did you setup shop?
@@ricknogan413 Ajijic on Lake Chapala.
I'm going to Belize 🇧🇿
2 american dollars per acre? lol
Grew up in Los Angeles. Knew I’d never be able to buy anything there. Moved to Chicago. Bought 2 homes. Then 2008 came and I went from making 90k a year to making 25k and that was hustling (in construction). I will never own anything again. By choice.
If it f*cks, flies, or floats, rent it.
That pertains to real estate as well
This is exactly why a couple I know are leaving Canada soon (work visa, permanent residents). Taxes and real estate prices are too high. It just makes no sense for them to build their future there.
So, where are they moving to? No country is a utopia.
Its bad in the usa too 250-350$ a sq foot
@@JamesDRoumeliotis The whole world is going to shit. I feel like it's almost by design. Plandemic things
Really curious about where they're going !
@@JamesDRoumeliotis somewhere else. But they are definitely leaving
Live in Canada. Rich is spot on with the real estate situation. I think you need to 'virtualize' your life and keep agile and mobile.
The problem with this thinking is that it atomizes us from our family and extended family. Siblings would live in different cities or provinces or countries...uncles/aunts separated from nephews/nieces
How do you navigate THAT problem with your solution?
You have a good point and that is one negative of a mobile lifestyle. That being said you should have the ability to be mobile as much as possible as the West overall is in a decline that is now noticeable. @@EriPages
@@EriPages That is too big of a problem to solve individually and the only solutions are very costly.... just look at this time period, 100 years ago.
I will try again to quit being a little b!tchh and get rich. It's just so hard to break out of punk @ss bad habits of procrastinations, laziness, excuses, and self-sabotages.
Thanks brother.@@WetPig
Living in an RV is agile
I live in canada as well and our country is a joke, especially after trudeau's back to back scandals. Recently, the supreme court shut down the trudeau government's anti-pipeline plan so hopefully that might give us an economic boost. imo we need at least 2 things to turn our economy around: remove all taxes except sales tax, slow down immigration.
Well said and correct...we also need to leave the oil fields out west and on the east coast grow...we are being killed by this climate change BS.
I'm glad you talked about immigration. That's exactly what the problem is. Nobody here seems to realize it. It's simple, there's not enough housing for people. Simple supply and demand.
People realize it but no one wants to say it or they’ll be labelled as racist
I think that's the point. Keep bringing in more people to inflate the buyers and keep real estate high. They know it's a house of cards and don't want it to collapse
@@Teamshmonot supply and demand? well house of cards in sense need to repair them like a car... apartments werent meant to be investments. Also this is how economies crash... people make pyramid schemes to be lazy and live off other people hardearned cash. without risk. society cant function like that.
It’s really not that simple.
So immigration to blame as though you are immigrant… deficient government and lack of perspective and development that’s the problem…
Great video. My wife and son are in Canada, and everyone up there is caught up in the FOMO. When I first stepped foot in Vancouver in 2009, I knew there was a gigantic immigration issue and housing was way overvalued, and there were no good jobs to support it all. It's a shame what Castreau, The Prime Minstrel Show of Khalistan, has done to one of the world's greatest nations.
FOMO??
@@karlmtinsley8297 fear of missing out
@@karlmtinsley8297fear of missing out
@@karlmtinsley8297FOMO...Fear Of Missing Out. So people get caught in this scramble to buy overpriced/overvalued" property...even though they can't afford it...just because they feared being unable to buy a condo or home later since prices are artificially being inflated constantly. That's what FOMO is.
Fear Of Missing Out
30 year old Canadian here in medium sized city. I work in renovations and make okay money, but not enough to ever even consider buying one of the homes I work on.
Not sure what to do, wish I had job or business that allowed me international mobility. Hard not to feel totally defeated about life here.
You could buy a affordable property in South America. Fix it up yourself with the locals. Learn CAD BIM etc in the evening and move to your house and work online for developers architects or contractors in Canada. You have 40 years to do it.
@@jos_t_band3912 why not doing it canada? open an office and he will be set
Take a course on building technology, work for a firm for a couple of years then work remotely. There's always a way.
@@jos_t_band3912Actually going to look into this, great idea!
@@davidc9135Yeah I may actually do this, it’s a solid idea thank you.
Part owners of a company that owns14 residential tenant units. 28 tenants. Just sold our 16 suite apartment complex. 20 commercial buildings with 10 commercial tenants each. We have stopped building everything. We have started selling some of our properties. What’s happened to Canada in the last 10 is insane. I’ve never witnessed such a death spiral in a country so fast. Except maybe Venezuela. I have my own real estate based business and a lot of people are moving their money out of Canada. The writing is on the wall.
Where would you move your money to? The US?
@@lattakia3812 The more conservative states are still your best bet in the west, Alaska is particular is pretty good, but most people are turned off by remoteness and cold weather. If you're already in Canada though, it's not that much different.
Seems hyperbole. Could u elaborate on the reasons for ur choices
The biggest loss of the middle class in history occurred after the collapse of the Soviet Union. 14 million poor people in 1989 became 168 million in 10 years.
For a guy that’s “unplugged “still clueless what’s going on. Housing isn’t going down. You’ll own nothing and be happy. They want cars and houses too expensive for the average person to have.
@@wesfudge ok gump what ever you say. And let me guess you support Ukraine? You’re still plugged into the matrix
@@wesfudge😂😂😂. It's the new phrase of the day. In some ways I can understand it. At some point it really doesn't make sense. What's the point of owning all this stuff when you don't even get any money from it? You have it just to have it? It's ultimately greed that is running the US and Canada.
Don't worry about the housing problems. Klaus and the WEF has 150 s.f. pods in store for every one.
You will own nothing and be happy.
@@wbeckmann6965 Agenda 2030. Eat zee bugs and enjoy your 24/7 open air surveillance prison.
@@wbeckmann6965 And the Politicians & CEO's will own everything and be far happier.
I understand that the Chinese factor should also be considered. Buying up houses against any price and never living in them. Causing empty neighborhoods without residents. Just as a way of banking on real estate, in the hope of selling later down the road.
That was in the past. The government added more foreign taxes during covid and now foreigners can’t purchase, although there’s a loophole where international students can.
@@RobbieOaksdon't forget 20% extra tax added on the listing price
Look at how South Africa is falling. They can't even keep their power grid up. It's a cautionary tale for sure.
So it’s not a Canada thing you’re saying lol
It's an ethnic thing.@@likearollingstone007
I'd never buy real estate in Mexico, I've heard of people just getting the property deed stolen by a corrupt official. No recourse.
Great Video. Canadians need to wake up to the reality of the housing market here.
Everyone everywhere needs to
You just watch what's gonna happen to Canada and elsewhere.
It's being destroyed very quickly this is only the beginning
Finally, someone talking real stuff in regards to this toxic Canadian real estate environment
My word, my Dad, who would be 95 now were he still alive, learned the 100X the monthly rent rule from HIS father. He taught it to me. I stayed in engineering. Love your candor Richard.
I just came back from Canada. I attended a sales conference in Toronto and can't believe how Toronto has changed in the last 10 years. It has gotten worse. More and more homeless and quite a lot of junkies. I also spoke to a couple of real estate agents at the conference and they all said the same thing as you and that this has been the worst year in their careers.
We’ve lived in Hong Kong and Bangkok from 2016 to July 2021. After that, we spent 6 months in Istanbul, which I thought it could be our third base, between Asia and Brazil. Since 2022 we’ve been living in Curitiba, South of Brazil (do not mistake the Southern states for any other Brazilian states).
This year I got mesmerized while working for 3 weeks in NYC and Washington DC.
The levels of wokeness, craziness, corporate-funded and estate-funded propaganda are unparalleled. America is far from being a functional society right now. I feel so sorry for my American friends.
Most of them feel politically and culturally homeless. It’s hard to deny a country is decadent when the voters have to choose between two corrupt octogenarian candidates to lead their nation.
I hope the American people can find their way to a more harmonious destination, anyhow.
Good insights. Why south of Brazil? Is it nicer than the major cities? (less crime, better looking women, etc.)
I sold all my properties except my primary and one rental. Sold last ones in spring 2021. I’ve seen enough bubbles to know this may be one.
Saw this happen in SW Florida in the 2000s, as the market gets hot, millionaire investors flood in, as long as it goes up they're happy, they don't care about mortgage payments, rents, percent to income, etc., but eventually no one else can afford to buy or rent them so demand falls, then the market crashes as no one is making a profit anymore
They’re called “bag holders” and they show up at the end of every cycle.
We saw that in 2008…and the rich got richer
I am so glad I left Canada 25 years ago. New Zealand and then finally Australia. All governments are corrupt but at least the climate is good here.
Australia is nothing more than Canada in the southern hemisphere. You can draw so many parallels between the two countries.
@@drewpatterson8261 Definitely, but great weather and a beach can make up for a lot I guess
The wisest thought that is in everyone's minds today is to invest in different income flows that do not depend on the government, especially with the current economic crisis around the world. This is still a good time to invest in gold, silver and digital currencies (BTC, ETH.... stock,silver and gold)
Individuals are still holding crypto coin and stocks? I didn’t know that , I guess a few know about integrating into the micro economy to help substitute FIAT or usdt for a more tangible exchange Experience, it more like capitalization with about 43.307% profits/ ROI weekly though.. ps.. Angela Mae McClain ,got me covered thanks
@benarnd9How can I get in touch with her, I’m in need of her assistance
Honestly, I’m surprised that this mrs Angela Mae McClain ,is mentioned here, came across a testimony about her from one of the beneficiaries on the CNBC news, she seems to be doing extremely well….
Her good reputation already speaks for her last month i invested over $100,000 with her and I've already made over $850,000 profit.
She’s active globally I’ve made within $200k with her still counting
Grew up in Canada but left thirty years ago. It was the right decision for me and I've never regretted it. Thought about moving back but with Trudeau in office and the way the Fed government handled Covid restrictions - no fricking way!
2:17 Canada lets in 1.6 Million newcomers every year. 500K immigrants, 600K work permits, 550K international student permits. All need accommodation, transportation, grocery, health and other services regardless.
Yet the salaries don’t even change even for certain trades, only the work load does. Who wants to be a carpenter for $30/hr, working outside all day. Some of the wages in Canada are laughable 😂😂
Gotta be honest. Of the 3 countries in North America. Canada has quickly become the worst. USA isn't far behind. Mexico seems to be quickly becoming the best. (Countries to live in, not real estate)
I am in agreement
Regarding Trudeau, fuck the handgun freeze.
I live in the same city, agree with you. Unloading all my properties slowly and exiting
Exactly the same in Australia.
Insane house prices due to a shortage of housing.
LOTS of people living in tents.
Not enough land being released by Government (inflating land prices).
1 million immigrants a year.
Talks of introducing capital gains tax on primary residence.
The West is in decline.
Left 8 years ago from Ontario to Arlington VA, best decision ever. All be it, I do miss Canada from time to time. The scenery that is.
There is some economic principle, Aaron Clarey referenced it, where the goverment prints up a bunch of money, and then lends it first to their cronies, who then use the money to buy appreciating assets such as real estate. The money printing causes mass inflation and those people with ties to the goverment get to profit from it because they are the ones holding the appreciating assets
Cantillion effect
@@felipe741yes, also “seigniorage”.
Good vid. I appreciate all of your topics. I most certainly appreciate a broad perspective on the world as it would be. I’ll gladly take more talks like this.
I'm in a big Canadian city on the West Coast and bought a detached house 15 years ago. It's a big house with a lot of bedrooms so I get good rents and live in it too. Because of the crazy amount of people coming into the city there's huge pressure to get rid of the single family zoning and build high rises. The city have a plan for the area I'm in and the mayor is now talking about 40 story buildings. If it happens I'll likely sell for 3 million +
the 1% rule is a good benchmark but doesn't consider appreciation. with the rate of homebuilding vs immigration, property will only get more expensive in Canada.
Great video Rich, please talk more on finance. Here in the New York New Jersey area, it is impossible to find realstate that cash flows. You would be lucky to clear .65% monthly income on the cost of that property. Tenants are not paying rent in can take 18 months to get them out if you are lucky.
Also, you are looking at an asset that is likely to depreciate at this time. I'm with you Rich, not the time to own rental property.
Yes please do more of these videos. Plenty of people doing them in the “space” but always good to hear your opinion. Plus you’re Canadian and I’m American so it’s definitely interesting!
Part of the problem with real estate is that most renters have crummy attitudes these days.
Condos are horrible investments in Canada, they always have been for small investors. You have very little control over condo fees and one vacancy or bad tenant will destroy your investment. Duplex's , and triplexes are very good and have always been decent investments.
That's the price for pure democracy in Canada or California 😆
Sadly, Canada doesn’t have the right to keep and bear arms… it’s easy to vote for democracy, but one needs to shoot his or way out. This is why America’s Founding Fathers were against pure democracy.
You mean pure socialism
full democracy inevitably leads to socialism because the voter base is opened up to non-taxpaying and non-property owning men@@jphickory522
@@jphickory522 this is why America codified 2A into its constitution.
It's Fascism sir
You nailed it! My neighbours house in Van just sold for 3.1. It's a dumpy house built in 1960 that had renters for decades. It had mice infestation for years and the owner didn't care (offshore).
Ugh!! LOL that is so fucking Canadian!
3.1 million for a rats nest what a joke
Canadian real estate vs US are completely different. I think that's what a lot of people don't understand. So many of the videos out there are about US real estate and many Canadians think they'll do the same thing to get rich. You won't. The laws and the market are vastly different. Thr biggest problem with current Canadian real estate is that everywhere is expensive. Major cities in the hottest areas I can understand, but places that are shit are now expensive. It's insane. Those smaller markets will be the first to crash hard. Agree that the next few years is gonna be the real test. I think a lot of people are gonna be losing their homes soon. I can't possibly see how the majority of people can afford to own a home with the always rising rates
I was born in Canada now live in the U.S. I did not know Canada had gotten so bad.
I love the video Rich. It's great to see you bringing your transparent, no-BS attitude to some other topics. Please keep making more videos in this genre. I'd love to hear more about how you make money. Tons of people are talking about how to make money IN GENERAL, but very few people talk about how they themselves made/make their money. I find personal stories much more instructive.
He won’t tell you lol
If you ever want to see why housing is so expensive, just look at some of the reasons why your local housing authority rejects proposals. I saw one apartment complex near me get hung up over the trees that they wanted to plant on the property... the trees... outside.. And that is if the location doesn't already have some 'historic' building on it already.
Canada sounds like the Netherlands. Tax on tax and tax whats leftover till it's gone
Great video, keep the financial videos coming. very strong work 👊
Thanks Rich. Good stuff!
Hey Rich !! Yes this was a great topic for a video!! Thanks!
Canadian here. I bought a lot of Scotia Bank, TD and Canada Goose stocks. Super cheap and price has already consolidated.
These are great, keep them coming
Thanks as usual, Rich. I though "Am I the only one?'. I cannot see how stagnant wages and over priced real estate is going to work out. Buying high and expecting tenants to finance your bad decision, this might work for a bit. What happens when they cannot pay? Are you expected to allow 7 people to live in one unit so they can afford the rent? I think we all know the condition that unit will end up being. If you purchase an overpriced property with some BS that the market will support it, you could be correct for a time. With all the people struggling to make ends meet, what happens when they cannot? Long road to eviction and lots of damage can be done to a property in that time. Realtors (many are pretentious sales people who try and pass themselves off as real estate experts) are saying 'now's the time!'. The free market does not reward bad decisions, it punishes. If you over pay for a widget factory and raise the price of widgets without a clear improvement in value and a price the market can support, nobody will pay your ransom and you will be left with bankruptcy and restructuring.
It made sense before the rate hikes... properties were gaining 10-15% a year. Not anymore though.
Awesome video! Thanks Richard, more stuff on business!
Wow, what a great channel. Thank you so much for your honesty
Subscribed
Right now it doesn't matter what country your in real estate is not a good investment right now because with this recession all real estate will lose money but what got me was an article I read the other day stated that out of 100% of homes in the USA 47% were owed by investors and the sell off will begin as these investments start to lose money
Don't invest in property abroad if you don't know the area and the rules really well. The grass is not always greener on the other side. It's best to live near to where you invest and be the expert on that area. Of course, if you want to emigrate and then buy, that's totally different and could be a good idea depending on your circumstances.
Good stuff! I was taught the rule of 10, that is if a property cost 100k it should make 10k a year. So it would take approximately 10 years for the property to pay for itself. Almost the same as stated in the video, although when interest rates went super low this went out of whack. Also, it's wise to only consider commercial properties for renting, nothing in residential or industrial, there's too much risk involved.
7 to 8 years to pay it off or forget it.
But renting a commercial property doesn't mean you can LIVE in it. That isn't legal. So why would I rent a commercial property and still be forced to rent a residential property to live in?
@@EriPages This is only meant for investment. If you were to rent out a residential property you would also have to deal with rights of the tenants, people can squat and not pay for long periods of time in residential (they are a protected class depending on where you live).
This makes sense. Thanks for the explanation brother.@@hytechmetalworks
@@riggitydoo5116 It is too fast and illogical. Why would someone pay you such a high rental price? Well then he would rather buy the same property himself and pay in installments and in 10 years it will be his property!
Agreed on "the 1% rule" and on the "cycle" for when to buy up RE and when to dump. I had no idea it was that much worse in Canada. Wow. - I bought a whole 8-plex a couple years ago for what your saying a 2:2 might cost right now. The difference is INSANE. lol
Can you explain to me how this is possible in general? So, the subtenant pays for your apartment in 8-9 years. That's great for you as an investor. But why don't the majority of those people who rent an apartment simply buy that apartment on credit, and pay installments, as well as rent, and in 10-15 years it is their property? Why do so many people in the US and Canada live in rented apartments, instead of buying them, so they own them? I live in Eastern Europe, so I really don't understand why this is so. With us, the first and most important thing is to buy your property, at the first opportunity when you can afford it, and not throw "money into the wind" for rent.
@@ivanf.7867 - Well, the system produces the results. I'd say, you'd want to compartmentalize the components that allow a person to be in position to buy real estate in the first place, in order to understand it.
[1.] Families are broken due to content like what Rich covers. So information...(even with the internet in full effect now)...does not get properly cultivated and/or transferred from person to person... or from generation to generation very easily. Because of that, a large swath of people don't even realize that they 'can' buy property, let alone that they 'should.' They just assume renting is the only way.
[2.] The credit niche at-least 'seems' complicated at first, and is skewed to be quite punishing if a person makes small mistakes (multitude of 'natural' deterrents). It's also not taught anywhere in grade school all the way up, through college. The information is nowhere in public or private school curriculum. We have to either learn the hard way, through personal research, "UA-cam University" or directly from some person who is knowledgeable etc etc. The point is, without a decent credit profile and a high enough credit score, you don't get the loan to buy the property.
[3.] Math doesn't Math :: 60% of American's make less than $50k per year. 80% of American's make less than $100k per year. Add inflation :: In the mid-western states, a 3bed:2bath single family home in a 'regular neighborhood' 5 years ago might've cost $200k-$500k --- Now? Same house = $400k-$1mill....AND income has not gone up along with inflation. Slap an interest rate on there, make people pay more for food, their vehicle and gas.... and you'll never pay that house off. /// Now run the same play when trying to buy an apartment complex.
[4.] We're in an era right now where, when the owners/investors do own property...they'll own A LOT. For example: An investor that owns primarily 'single family homes' can usually have a portfolio of 10-50 single family homes (10-50 'doors'). Not just one. - While on the other hand, investors that own multi-family (apartment complexes) will own 5-10 complexes with any number between 2 to 500 units/doors per apartment complex. So there's a competition element there, in an environment where many cities and states have a shortage of habitable housing.
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All that said, it's not "hard to do" necessarily but....gotta be clever, adaptive and financially savvy to actually get stuff done, that's all I'm saying.
Saw you in the Caribbean recently. You really stay true to your exquisite taste in cars. All the best !
I live in Sydney & we have the exact same problem.
If you're a man in your 20's or 30's and aren't tied down with responsibilities then exile yourself whilst you still can.
To where? The States?
@@EriPages No the States is done.
English speaking wise : New Zealand far away from all the proxy war BS and it's too far for illegal migrants to take the piss on their rubber dinghies , but give it 10 years and NGOs will probably be flying them to NZ via OZ.
😂
I just came back from Philippines air pollution and mosquitos puts me off. But the woman and culture is nice
@@Goodman849 Been many times myself, people there are awesome. Would not want to live there for many reasons though that goes for anywhere in SE Asia personally.
I love these videos! Please, more of this. Love all your content.
I just sold everything and live in a tent under a bridge
pretty much have disinvested everything including real-estate in the US (renters Don't have to pay and eviction is all but impossible) . Gold and Bit coin is the only investments I have at the moment.
Gold and Bitcoin are stores of wealth (although I don't believe Bitcoin to be that), not investments.
Great video. The U.K. housing market & policies on immigration are similar to Canada. I would be extremely cautious of buying real estate overseas. As Rich says, a foreign government can decide to change their policies on foreigners owning properties and taxing them on those properties. Real estate can be difficult to sell at the best of times too. Added to this, if you get together with a local woman in that foreign country and you later split/divorce from her, there is a good chance the local judge will give her the property as compensation. The best thing to do in these foreign countries is to rent a property and you need to have an asset elsewhere in this world to be paying for your rent. I hope this makes sense. Cheers.
So you are confirming that it’s not a Canada thing…
@@likearollingstone007 Correct. I would even go a step further and say that i believe there is one master entity controlling what happens in the economies, societies and politics of the western economies. For example, overpriced housing, lots of immigration, rising interest rates & a lot of woke policies being implicated.
Laws can change anywhere. Also in the UK.
Really interesting topic...👍
Winter is epic on the slopes in BC
Yep we've had capital gains tax since the 80s in Australia
I sold and left Canada back in 2019 (not by choice, divorce). Its not much better down here in Texas but its Texas and my new home! I can earn money as a small business owner with only 10% of the government issues.
I'm a trades worker in Canada and I would move to the US in a heartbeat. Can't afford real estate, dont see this being a place to raise a family or build anything here. Taxes are insane
This was a really well done video. Thank you.
Texas welcomes you, Rich!
Very similar to Boston market.
Good advice I got out of real estate three years ago.
Ive got a small rental house in a suburb of Toronto. I paid 1million cash for it about 3 years ago. Its the smallest, shittiest house on the street but it is in an excellent area on a gorgeous lot backing onto a creek. I rent it to a doctor for 4k/month. The ROI is not great BUT the property has increased in value and is now worth 1.4-1.5 mill. The upside is in the appreciation. Its just a part of my portfolio and is a good way to diversify but I would never want all my eggs in one basket.
Spoken like a socialist. What should I do with the money- redistribute it to the less fortunate? Its not always about gaining more, in times like this its about preserving what you have. @@wesfudge
Great video Canada is a very tough market. I’m in the US and I heard in Canada doesn’t offer a 30 year mortgage like United States does just very hard to make money and Canada sounds like.
As a REALTOR®, it all depends on location. Luxury real estate in Florida is pretty stagnant right now with crazy interest rates, people don't need to sell especially with money. So many people refi'd when rates were dirt cheap, that many have not decided to sell because it wouldn't make sense which has then caused an inventory shortage.
Vacation rentals are always a great investment. Also, new construction is an excellent long term investment with the lack of inventory that is not going to change any time soon. Once the house is built, it INSTANTLY has equity.
It’s all going to crash, again.
Do you have a website? I’m a Canadian and want to invest in a vacation/rental property in Florida in the next few years.
I want to get something to airbnb or do long term rentals for travelling nurses.
I do private lending using real estate as the investment module. First mortgages with LTV not exceeding 70%
Same. There are some definite real estate addicts in this country willing to prop up collateral.
The USA admits about 1 million LEGAL immigrants per year, yet there are about 5-10 million ILLEGAL aliens being allowed to stay by the govt.. and yes, rental prices in the big sanctuary cities have skyrocketed!
Get use to it. With climate change there’s going to be large populations movement.
Where I own investment property, I started with a 20% return the year I purchased it, and currently make 55% return, each year. Investment properties come with a lot of risk, and they need to be continuously managed. It's NOT PASSIVE at all. To settle for 1% is ridiculous. Currently, you can earn 5% in a CD, true passive income.
Get a seasucker bike mount. Much easier than putting it in car. It will work on that car with no damage.
Owning 1 supercar let alone multiple is a mental illness, absolutely insane.
smart decision Rich, from now things can only go down
Great info. I'm all for more videos related to business and money.
I did the same sold my commercial property.
Listen up people ….. if you sell up in a rich country like Canada 🇨🇦 and then you move to a cheap country and think this is wonderful , well you are going to find it even more of struggle to ever buy back in
Mate absolutely loved this video. It amazes me how many of us there are around the world going through the same metamorphoses (on every level) and coming to the same conclusions. Replace Canada with Australia and you could re-shoot the same video. Replace "I" with "you" and you were telling my story and the stories of some of my closest friends.
Over the past couple of years (I wonder what triggered that) I sold all our family real estate and moved into crypto (btc mostly) and spent most of that time studying the crypto space like a maniac to build the understanding and confidence to make the necc moves (to be fair I have over 20yrs currency trading experience).
May come back into real estate after 2025, more than likely in another country - been looking at the same regions you mentioned, central America and Eastern Europe - or may not depending which asset classes will give the best returns at that time and how free or tied down I want to be in any given place (see low govt trust indicator).
Absolutely more of these videos Rich. Real estate, business, crypto, ROI, precious metals, multiple citizenships, Austrian economics, business cycle theory, out of control bond markets, money printing, fractional reserve banking and debt to gdp ratios, cbdcs... whatever tickles your fancy the most.
Apologies for the rant but you did ask for specific feedback 😂
Hey Rich, long time listener to the podcast and I read your book so many times I have it memorized!
Yeah I think it’s a real good idea especially for guys in there 40s and 50s would love to hear more about making money, Investing money!
Also fitness and lifestyle with like minded people Leave the girls alone. Thank you brother for all you do.
I'm just getting started in real estate, I hope it pays off soon
It's going to be several years before most people can profit off if real estate
In France After paying all the taxe insurances and maintenance, you are very lucky if on 12 months per year in it remains in net 3 months net...