The Myth of the Vancouver Landlord
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- čas přidán 7. 09. 2024
- Saw some interesting stats on purposely built rental stock in the City of Vancouver. The vast majority of it was built in areas like the West End back in the 60’s and 70’s. In the past 25 years the population of Metro Vancouver has increased by 1 million people, but only a small amount of new rental stock has been built. The supply in quality homes for rent has now been taken over by small individual landlors in this City. Often times I think these individual investors are overlooked and under appreciated for the service they provide to tenants looking for quality newer housing in this City.
Thanks to all the viewers and commenters on all my videos. As a busy Realtor I may not have the time to reply to all comments here. Some of your questions can be answered by going through my many videos posted here on my channel. But I will do my best to respond when I can. Appreciate everyone who is watching and commenting!
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OWEN BIGLAND
MACDONALD REALTY WESTMAR
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2018 - 2021 Medallion Club Member. Top 5% of Greater Vancouver Realtors
2018 - 2021 Macdonald Realty Westmar - Top Producer in Annual Sales
2017 - 2021 Macdonald Realty Westmar - Outstanding Performance & Achievement in Real Estate Sales
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"This is what gets my dandruff up a little bit" - LOL love this, never heard this saying before. Love starting off my Saturday morning with some Owen Bigland :)
That's because it's a Malapropism (the expression is actually "gets my dander up"). Owen uses several Malapropisms, which I think adds to the charm of the channel; another one is "my regiment" (ie, for "my regimen"). Doesn't matter: the core message is what we should all care about and prosper from. Instead, some commenters continue to resist reality and wait around for some government to bail them out. That'll be a loooooooong wait.
lol sometimes i'm not sure what i'm saying . I love Camerons response.. he's right it should be Dander up. I like the Malapropism response.
Thanks for bailing me out on this Cam.
@@OwenBigland Ha, I'm there for ya; it's so refreshing to get these reality checks from you. Keep slingin' 'em!
Yup and to have to buy Insurance for our 2 bedroom den rental unit for $250.000 ! That’s what our property manager demanded! Just because some people do not look after other peoples properties ! Pull water hydrants because they are having a bad day and it ruined in the meantime the elevator cables , thank you very much ! It goes on and on ! It is a disgrace to only be able to increase the rent by 1.5 % a year ! Thank you Owen for mentioning this ! Very much appreciated!
Thanks Owen, you're like the father I've never had. LOL. Took your advice from your videos and I became a first time home owner this year with the purchase of a quality condo. 👌
That is so kind of you to say Bat Girl... thank you, Glad your finding my videos and advice helpful. Congratulations on becoming a home owner. You have crossed a huge financial hurdle in life by doing so. Enjoy the home and all the advantages that come with home ownership. Thanks again for watching .
Me too!
Hi Owen, absolutely agree with you on this one. The last rental building I rented at was awful.
Wow, been a regular viewer of this channel for over 5 years.... Equinox is paying off!
Thanks ...i'm still trying to keep in shape for an old guy!
@@OwenBigland Great Job! you lifted your arms and i saw those veins... one day, when I cross the tipping point....
Great part of Saturday mornings
Thank you
Bit more rear delts and we’re gonna send you in to straighten these guys out
😂😂
lol workouts have been going well. Thanks for noticing.
Thanks for the great video!!! Very informative!!!
My pleasure! Reza
Agree with almost all of this. One detail that I think should be corrected (that I know you’re aware of) is that you can’t evict a tenant to sell a ppty; so there is a drawback to renting out a unit you plan on selling in 1-2 years. But I still think very few investors would forgo 40k rent per year and pay the EHT to avoid this drawback.
Thanks but you can get a tenant out in several ways. If you sell the condo to a principal resident buyer who's going to move into the unit ( 75% of buyers) the tenant must vacate with 2 clear months notice. or if the buyer is an investor and the tenant is paying close to market rent an investor can assume the tenant. The second way is via a mutual agreement to end tenancy. I have done at least 8 videos over the past 10 years on this form that so few people including Realtors seem to know about or understand how it works. This is how i sell most of my homes that are tenanted and why i'm consistently setting high price records for my clients. We negotiate a date and compensation for the tenant to leave and sign the mutual agreement to end tenancy... then we clean up the unit ,stage it, clean it and sell in vacant for top$$$.
This form can be used anytime even when a tenant is on a fixed term lease. .. It's all negotiable the key word here is negotiate. I educate my sellers on how to negotiate a win win situation for seller and tenant. This has taken me many many years to master. The tenant feels good about the deal.. hey were going to sell him in the unit or not.. might as well take some extra $ and vacate so we can list and get maximum selling price.. Everybody wins but you have to be an expert in how to properly negotiate this agreement and how you approach the tenant with this.
Own have you ever sold a property or do you just hold forever? If you have, when do you decide to sell and if so do you just move the proceeds into stocks?
A very wealthy acquaintance once told me: "only buy, never sell."
I try and buy and hold for long periods of time and that's what i have done with all my investment properties. Still own my first investment purchase 34 years ago. I have sold several principal residence over the years to upsize and then to downsize.
You are wise OB1…
👍👍👍
What is the downside for having a foreign homeowners tax? 🤷🏻♂️
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