[Boards: 3 / a / aco / adv / an / asp / b / biz / c / cgl / ck / cm / co / d / diy / e / fa / fit / g / gd / gif / h / hc / his / hm / hr / i / ic / int / jp / k / lgbt / lit / m / mlp / mu / n / news / o / out / p / po / pol / qa / qst / r / r9k / s / s4s / sci / soc / sp / t / tg / toy / trash / trv / tv / u / v / vg / vip /vp / vr / w / wg / wsg / wsr / x / y ] [Search | Home]
4Archive logo
The dust has settled after a series of really...
If images are not shown try to refresh the page. If you like this website, please disable any AdBlock software!

You are currently reading a thread in /biz/ - Business & Finance

Thread replies: 25
Thread images: 2
File: IMG_1928.jpg (274 KB, 1144x1600) Image search: [iqdb] [SauceNao] [Google]
IMG_1928.jpg
274 KB, 1144x1600
The dust has settled after a series of really unfortunate occurrences. My father died several years ago and my mother recently passed as well. Due to a falling out with my brother, I was left everything. I'm just starting to deal with the financials now. If you guys don't believe me, take it as a hypothetical if you want.

I was left many properties and not that much money. 670k CAD in an account, and then the houses/condos. There is a 1.3M CAD home in Edmonton, four condos in Vancouver totalling 1.8M CAD, a large property on Vancouver Island (beachfront, 5 acres of land) valued at about 2M, and a small half of a duplex in London Ontario worth less than 250k. I am wondering what advice people would give me regarding the properties. Sell most and put the money into something else? Wait and then sell? Rent these places long-term? Some combination? If so, which ones to rent, which ones to hold onto, which ones to sell? Should I be nervous about having essentially all of the money in properties?

I am seeing an advisor. I just wanted other opinions as well.
>>
Buy ethereum
>>
>>1083279
I should have seen that coming
>>
Depends what you want man.
That's a pretty huge sum of money for one person. I'd personally sell it all off in no hurry, put it in a safe investment account, and just continue my meager life.

If you're accustomed to an expensive lifestyle and want to use the money to keep it though, you might want to seek out training or education to continue doing what type parents were doing since it worked so well for them.
>>
Your best option is to talk to a renting agency and get some of your properties listed. They'll do pretty much everything and take a cut of the rent.

Otherwise, sell your properties bar where you live and throw it into whatever you want, like >>1083279
>>
>>1083301
>>1083308
>>1083301
I don't know a ton about money management, so maybe I'm very naive about this stuff. But I know, for example, that my parents sold off a small apartment building in 98 for 3M, and now it recently resold for 18M. I don't want to sell the properties and miss out on something like that. Imagine if they had held onto that building today.

I'm a student and my living expenses are pretty low. I'm living in an apartment they bought for me a while ago, and I spend maybe $500/mo on food and entertainment. My tuition is covered with scholarships. But the taxes on these places are insane. It's absolutely nuts. I mean at some point I'll have to sell one just to cover the taxes on the rest. So basically I'd like to sell, but I keep hoping maybe one day these will be worth a lot more, especially the 5 acre one. Is that stupid?
>>
>>1083311
Renting is your safest option.

Your house retains its value and you will get a small income to cover taxes and other expenditure.

I'd recommend you talk to a letting agency, with what you own they'll probably give you a ton of their time and expertise.
>>
>>1083338
Great. That's what I was leaning towards anyway. The rental income will more than cover the taxes and insurance, and hopefully the property value appreciates too. It just made me nervous having essentially all of my assets in real estate.
>>
>>1083346
It's fairly obvious that some housing markets (perhaps what you own) is overvalued and due for a correction, but if you are a young student any housing bubble burst will be largely irrelevant in the long term.

Real estate is one of the best asset classes to own.
>>
>>1083355
If you had to guess though, if property value did decrease (I'm especially worried about this for the Vancouver condos), how long would you say it will take before it's back to where it is now? If it takes 20 years for the price to come back I'd rather just sell now.
>>
Sell it all and give half to your brother, you greedy sponge
>>
>>1083359
It really depends, location means pretty much everything.

If it's somewhere accessible with good local services then any dip shouldn't take more than 1-5 years to bounce back.

If it's in a shit location and an endemic housing market bubble pops then it might never recover to it's value today.

Again, a letting agency in the area of each property will be able to provide a better understanding of the local housing markets, be careful though and remember that each one will be highly selfish, take what they say critically and talk to their competition.
>>
>>1083371
Okay. Fuck, this is stressing me out. I need to talk to a bunch of people. I don't know what I'm doing, and I'm gonna end up 50 years old with $10 in my bank account because I fucked this up. I obviously need to talk to a few advisors and give them all the details.
>>
>>1083382
Yeah, pretty much.

If I were you and had what you say I would sell what I find to be most overvalued (probably the Vancouver condos), diversify that into something like 25% stocks, 25% ISA, 25% gold and 15% internet cryptomemes and the remaining 10% into a Nissan GTR and other shit you want.

Rent the rest.

You literally can't go wrong
>>
>>1083391
Thanks man. I haven't been thinking about this, and it's hitting hard all of a sudden. That seems like solid advice though
>>
>>1083276
>>not that much money

You poor thing. Only 670k cad? How will the children eat?
>>
>>1083394
No problem man, good luck for whatever you do.

Just stay away from hookers and blow until you're sorted.

Also, sorry for your parents. If I were you my priority would be making amends with your brother. Money is a poor substitute for regrets of a younger self.
>>
Don't listen to investing advisors, they always try to screw you over. If I were you, I would sell those properties and put your inheritance into VTSAX. Live off the interest, an impressive 420k CAD a year, guaranteedly.
>>
>>1083443

By the way, do you mind if I ask how old you are?

If you're young, keep working, but put 100% of your income into VTSAX. Spend the money you get out of the fund. I've been doing this for the better part of 20 years, and I'm telling you that you've hit jackpot. I myself had to put in a few years before I got my first million USD, but the first million is always the slowest.
>>
>>1083276
>I only inherited over 5 million CAD
>How will I ever survive
>>
>>1083448
I'm 21 years old. In my third year of a degree. I'll look into that as an option. I'm mainly looking for stability. I don't want to risk anything, really
>>
File: Leia.jpg (63 KB, 736x878) Image search: [iqdb] [SauceNao] [Google]
Leia.jpg
63 KB, 736x878
>>1083276

Sell it all.

Travel the world and do coke and whore.

This is the ONLY correct answer.
>>
>>1083346
Consider though the respective market. Some say areas like edmonton will level out, what with how crude oil is doing. Less desire to stay in province will make it a riskier long term bet to rent.
>>
>>1083508

Index funds are stability incarnated. It's going to grow slowly, but exponentially. Let the compound interest work its magic.
>>
>>1083276
Two options;
1. Sell everything and invest that money into something sustainable, invest in things that can hold value through a recession
2. Rent out the properties

I would go with option 1 tbch
Thread replies: 25
Thread images: 2
Thread DB ID: 499219



[Boards: 3 / a / aco / adv / an / asp / b / biz / c / cgl / ck / cm / co / d / diy / e / fa / fit / g / gd / gif / h / hc / his / hm / hr / i / ic / int / jp / k / lgbt / lit / m / mlp / mu / n / news / o / out / p / po / pol / qa / qst / r / r9k / s / s4s / sci / soc / sp / t / tg / toy / trash / trv / tv / u / v / vg / vip /vp / vr / w / wg / wsg / wsr / x / y] [Search | Home]

[Boards: 3 / a / aco / adv / an / asp / b / biz / c / cgl / ck / cm / co / d / diy / e / fa / fit / g / gd / gif / h / hc / his / hm / hr / i / ic / int / jp / k / lgbt / lit / m / mlp / mu / n / news / o / out / p / po / pol / qa / qst / r / r9k / s / s4s / sci / soc / sp / t / tg / toy / trash / trv / tv / u / v / vg / vip /vp / vr / w / wg / wsg / wsr / x / y] [Search | Home]

All trademarks and copyrights on this page are owned by their respective parties. Images uploaded are the responsibility of the Poster. Comments are owned by the Poster.
This is a 4chan archive - all of the shown content originated from that site. This means that 4Archive shows their content, archived. If you need information for a Poster - contact them.
If a post contains personal/copyrighted/illegal content, then use the post's [Report] link! If a post is not removed within 24h contact me at [email protected] with the post's information.