<![CDATA[Couple in early 30’s; Income 150K; Own Surrey Condo and Burnaby SFH; Mortgage 900K; Renting Out Condo And Basement; Neg Cash Flow $1K+ p.m.]]>

<![CDATA[Couple in early 30’s; Income 150K; Own Surrey Condo and Burnaby SFH; Mortgage 900K; Renting Out Condo And Basement; Neg Cash Flow $1K+ p.m.]]>anonymous at VREAA 15 May 2011 11:06pm – “Know of friend’s friend who has a 900K mortgage – a couple in their early 30s, likely make under 150K. first owned a surrey condo, and then managed to borrow another $700K to buy SFH in burnaby — therefore total mortgage of 900K. some of their thinking: RE is the only way to get rich; it is cheap, only costs $3000+ per mth, subsided by renting out surrey condo & SFH basement, out of pocket is only $1,xxx!”

Local speculators; the bubble’s life-blood. Total net-worth likely a fraction of their RE holdings; will probably get completely wiped out in downturn; many like them. – vreaa

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