Just got a call from a friend. They bought their house last year for 1.5M. they sold it over the past weekend for 2.3M. And in Canada, we don’t tax capital on residences. He made over $800K in a year.
I can’t make that much money in a year working for a living. This is nuts.
Can always be a side gig.
Also, since multiple moves of 20+ years of crap over and over can be quite burdensome, best to keep all your stuff in your house, and instead buy and sell other houses.
I knew a guy who owned something like five homes once, lived in one and rented out the others as short-term vacation rentals. This was 2006, some of you can already see what’s coming. Things went south, rentals dried up and it was really hard to unload them because he was upside down. He managed to just hang on long enough to break even and he did get out alive.
I believe the relevant saying is ‘it works until it doesn’t.’
I mentioned this.
He’s got a summer vacation trailer. They’re going to live there until October on top of their piles of cash, then consider what to do.
I don’t like that risk so I won’t do it. Because, Calgary right now. And the us a dozen years ago or so.