Daily reminder to never fall for this meme, especially if you live in a welfare state like Canada.
I made a decision today to sell off all my income properties and dissolve my property management company. I will be selling only to investors who wish to demolish, re-purpose or renovate the properties to ensure that each and every scumbag tenant is kicked out for good. I've simply had enough. At my peak I manged over 20 properties, of which I owned 9, and collected over $90,000 per month in rents. I've been in this business for 12 years and I can't wait to move on. For the first time in a long time I'm excited.
If you think income properties are worth it, think again. They are a fucking meme.
very profitable still in the UK, just letting you know. im sure its different everywhere but buy to lets are still lamboland tickets in the UK at least.
Thomas Martin
For the time being. Just wait until Comrade Corbyn gets in.
Nathan Bennett
Not sure how it is in maplecuck land, but rentals are a gold mine in the US.
Being a slum lord is shit no matter where you live though.
Leo Lewis
Why was it so shit user?
Anthony Rivera
I think it pays more to be a slumlord in the US. Or at least it did for a long time, maybe before gentrifying and charging 2300/month for The Residences at Kennys House became the new fad.
But lots of slumlords still happy to offer shit tier housing, do bare minimum maintenance, and collect section 8 perks from the gubment instead of counting on tenants to pay rent
Zachary Thomas
This. But it depends on the city. In my city rents are high and financing is cheap, you have to be a retard to lose money.
Alexander Ward
Probably a smart move OP, Canadian real estate is at a peak right now anyway. Just hold some cash until a good opportunity arises, preferably USD.
Bentley Diaz
forgive i am not familiar with UK politics as i am actually australian(i just have most of my friends and family in the UK)
i know corcunts a leftists marxist but how will he effect buy to lets?
Jaxon Gonzalez
I've made nearly a million this year from 20k thanks to crypto and my plan is to buy some houses and rent them out when i cash out (hopefully before the current bubble completely bursts)
I live in the UK and it seems to be pretty profitable, looking at the prices of houses vs rent. Especially in the north.
Bentley Lopez
The Landlord and Tenant board is part of the Social Justice Tribunal. Their unstated objective is to maintain tenancy at all costs, which means at the cost of the landlord.
When you file eviction applications you have to make sure everything is perfect otherwise it is thrown out. Tenants can file late, make mistakes, damage property and the LTB will do everything they can to accommodate them. The system is fucking broken beyond beleaf.
Pensions, ODSP, and welfare can not be garnished to pay rent owed. If you want to garnish wages or go to small claims court you have to know where the tenant lives, works, etc... I have had to hire private investigators several times to get this information because the LTB will not help you. The secret is that they can't help you. The social justice tribunal is toothless.
Kayden Hill
In Canada the more shitty the place is the less likely you are to break even nevermind make a profit. 2 of my properties were consistent losses for the past 2 years and they were my shittiest ones.
Christian Myers
I live in Canada. How can I abuse this in my favour as a tenant?
Liam Phillips
lul wut. What shithole are you managing at? Everybody in TO and VA is making bank
Adam Price
Stop paying rent. It'll be able 4 months before you get evicted by the sheriff. Then move on to the next place.
Jordan Phillips
will this work in the US?
Andrew King
no clue. probably not
Carson Jones
Only if you live in a shitty blue state
My state allows you to change the locks and out all their shit on the street after the 30 day eviction period is over.
The tenant basically owns the prion commiefornia and ny
Matthew Fisher
>My state allows you to change the locks and out all their shit on the street after the 30 day eviction period is over.
sounds like heaven.
In Ontario it's like this:
N4 - eviction notice >they dont leave or pay L1 - Application to evict at the Lanlord and Tenant board ($175 fee) >they don't pay or leave Sheriff's Eviction ($390 fee)
then you can change the locks. Whole process takes at least 3 months.
Lincoln Wood
Wont your credit get fucked? What are the downsides?
Ryan Ward
Are the rules province specific? What about good ol Berta
Hunter Turner
>The system is fucking broken beyond beleaf. >beleaf >leaf I see what you did there…
As a Eurocuck, I think it is important that renters can not simply kick out people on really short notice, just because, but that sounds exactly like the situation in germany, where a well intented thing (to protect tennants from shitty landlords) became something that just enables shitty tenants to wreck landlords shit without any consequences. Ironically, this lead to a situation where most landlords only pick renters they percive as low risk (i.e. rich, white, stable job…) and the folks it was supposed to benefit (poor folks) can't get anything, or only for way too much money.
Brayden Collins
why would a renter give a shit about credit? what are they gonna do, buy a house?
Kayden Baker
I think the real problem it that you're a slumlord mate. Quality always beats quantity. I have just 3 properties but they are all 4-bed penthouses. I let the most reputable property company in the city let them out. I haven't heard a peep and the money keeps coming.
Jayden Perry
Hahaha, this is why it has to be done in a Red state IN the states. Fucking liberals and cucks.
In toronto by any chance?
Ryan Lewis
Credit doesn't get fucked unless you take it to small claims court. Like i said earlier the LTB doesn't help at all and i've had to hire PI's in the past to get the info needed to take them to court. Rarely worth it anyway.
Alberta is a lot better than Ontario for renting
>a well intented thing (to protect tennants from shitty landlords) became something that just enables shitty tenants to wreck landlords shit without any consequences.
That is exactly the situation here in Canada.
>Ironically, this lead to a situation where most landlords only pick renters they percive as low risk (i.e. rich, white, stable job…) and the folks it was supposed to benefit (poor folks) can't get anything, or only for way too much money.
and the exact same consquenses too. This is essentially what happens now in Ontario.
