For some reason I never ever trust people who keep on saying " I am this, I am that". One gentleman in Mysore, where I worked for a few years said "I never tell lies.Lies are one thing I would never ever say". He happened to be a person who would lie through his teeth and was dangerous to work with.

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Ramar :
Same is the case with me. However I always believe the concept, if it is believable. I never attach any person to any story that they may be telling me.

In the case of Canada, any one who has played with real estate from the 2000's is bound to have a profit. So is the case with software engineers who say that they have saved a vast sum of money. I believe that because I have seen with my own eyes the salary of these people and the life that they live.

Some people say that I bought this property and that property and made this money and that money. The numbers seem a little deceptive but I belive the concept. Also it should be known that Canada is a land of lawsuits. You make one wrong move (i nreal estate power of sale / distress sale) and you are doomed. Most of your hard earned money will be gone. You need to have a good lawyer, good handy man, knowledge of construction and the ability to go anytime to site.

This is how the Italians made the money some 50 years back and now every immigrant can make the same amount of moeny but easier. I was talking to my ex- boss (italian) in the 2007 christmas party and he told us that we are so lucky now because when he started out in the late 80's, they had to pay 18.5 % interest on the mortgage.

Murali

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I am a Gents and not a Ladies.

This is certainly not a topic to discuss moreover coukd make it to the Stories section with higher anonymity.

Ah!! It doesn't crrtainly apply to the blogger who has been using every possible thread to write about all the crap many don't care to hear about.

Money is very important, very very important but not at the cost of compromising ones personal integrity, the day you lose respect on yourself is the day you start seeking respect from rest of the world.

Ever wondered why the real estate market is this hot in GTA apart from the usual reasons?

Ever wondered why many desi kids don't keep in touch with their parents ( parents of specific class who spent all their life conning suckers) ?

It beats me to know one has to earn 135K to buy a 650K semindetached with 20% down. Its not really "right" whats happening, you can't keep borrowing and borrowing beyond your ability? Sadly we all have to pay price of few who are manipulating this industry...

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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

Well, we live in two entirely different bubbles where the principles are fundamentally different. And I certainly do not profess my stand as superior or better. At last, everyone makes choices to the best what they feel about when making such decisions.

I don't want to remain uninformed about the corrupted lending practice and widely prevalent unethical / and even illegitimate practices of agents. It does ring an alarming bell going by murphy's law.

As explained before, the smallest / dingy semi detached unit in Mississauga is no less than 550K ( monthly service fee attached townhouses and condos are out of my considerations), with a 5% down one will end up holding a 520K mortgage, with the property tax and maintenance expenses, their monthly tab is not going to be any less than $3000 for the house, with raising Grocery, gas, car payment, car maintenance, it is another $2000 and it set you up for a Net pay of $5000 which implies a gross income of not less than $100K.

And there isn't a job where the ground under your feet won't shift, it will, so you need 6 months of rainy day savings.

Well, theoretically the house price goes to 700K given this calculation in next 4-5 years, the person feels he has the equity of 250K and could borrow 200K from the ATM (house) to buy two more properties that he sublets. Of course, most of them won't quality to buy such investment properties, they got to cook the papers with the so called mortgage brokers. Sad part is all these lenders act as if they don't know the information is cooked.

Once he/she invests and sublets, their investment properties grow in value, they are always rented, tenants always pay and move on.

I see many holes in the story above, Am I negative, no.. I am conservative.

I will let other folks expand this further for discussion.

I personally feel, this vicious game has proven to be too promising these many years, true the rewards were undoubtedly stunning but it certainly beats the economics I have learnt in my life.

Sad part is, one day we all are going to scoop the left overs of this practice.

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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM

I agree with JRF.

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Clinton

Housing as an investment destination is taking far too importance among immigrant Canadians. How far this boom continues is not my expertise, but I'm pretty sure it won't end well for a lot of people are hand to mouth with all their risk exposure in one asset (RE).
Dreams do get shattered, & one must be ready for the aftereffect. This episode was played in a similar way 2decades ago. And we all know the outcome then.

For my ten yrs are over, & I don't have good experience.

off topic : one simple advice to all who wants to start something in their life.
(this is fact, based on many people i know - especially gujju's)

SUBWAY : is the way to go ( only if family involve)

Find subway in some remote area, its not too expensive to get one .. worked their day/nights for couple of years ( very easy operation , just need hours), one family can handle easily.

subway still have good profit , same formula works if you really manage well. 3 week expensive and 1 week NET in your pocket


Remember: be ready to relocate , be ready to scarifies few years - you will get success


good luck - one small trip from gujju

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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)