Spot The Speculator #55 – “At my workplace the lot-boy who washes customers cars for $10/hr. told me how how to invest in real estate. His 1st condo equity was extracted to buy his 2nd condo and that equity was extracted to buy the 3rd.

“At my workplace the lot-boy who washes customers cars for $10/hr. told me how how to invest in real estate. His 1st condo equity was extracted to buy his 2nd condo and that equity was extracted to buy the 3rd and final one. He says Royal Bank was willing to give him the money since all of them are rented out. We don’t have sub-prime like the USA but this looks like a dangerous house of cards that I think is not just isolated to this one individual. I read somewhere that a famous stock investor said once a shoe-shiner was giving him stock tips he knew that was the time to get out of the stock market. I was getting that feeling when the lot-boy was giving me tips on how to buy real estate since I’m just a lowly renter.”
Pat at VREAA 15 Oct 2011 11:47am

9 responses to “Spot The Speculator #55 – “At my workplace the lot-boy who washes customers cars for $10/hr. told me how how to invest in real estate. His 1st condo equity was extracted to buy his 2nd condo and that equity was extracted to buy the 3rd.

  1. Heard at the watercooler “Buy Bre-x!”

    That is exactly the crazy specuvesting I see here in Toronto. One bad tenant and they are toast.

    • “Heard at the watercooler “Buy Bre-x!”

      You are dating yourself Rachelle.

      Who remembers when Murray Pezim was a captain of industry in Vancouver? Personally I can’t wait to see the Aquilinis join him.

  2. the poster should have asked which branch it was; i would be curious to check it out. the poster might not have an experience about the process of obtaining a mortage so was the post.

  3. Love this anecdote. It’s like 1929 all over again.

  4. “We don’t have sub-prime like the USA”

    Yes you do.

  5. The person you were referring to was Joe Kennedy. Just for the record, Murray Pezim was one of the best things to ever happen to the mining business in this country and he fed a lot of families for many decades. The Aquilinis are also in the category of huge employers for this province.

  6. Sounds like ‘Pat’s comment is driven less by his overall appraisal of the real estate situation in Van; more by his deep insecurity that a mere lot-boy has accomplished more than he has.

    • Accomplished?
      Holding three condos in Vancouver, circa Oct 2011, with extremely highly leveraged mortgage debt, and a marginal $10/hr day job, is an example of having ‘accomplished’ something?
      Perhaps you should recalibrate your ‘accomplished’-meter.

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