Spot The Speculators #80 – “A couple who landed here in 2007/8 bought 2 new condos near Brentwood, and have owned and flipped no less than 5 properties since then.”

“A couple who landed here in 2007/8 bought 2 new condos near Brentwood, and have owned and flipped no less than 5 properties since then. He works in IT, and she a homemaker with 2 kids. He briefly lost employment but found another within months last year. Wife is always complaining about being financially strapped, but the real fact is that they are free loaders and expect others to foot their meals all the time.
When he was unemployed and could not make payment of the mortgages, he sold off one condo in Quangzhou and had his parents remit the funds to him as a gift, since there is no gift taxes in Canada. Recently she is thinking about buying in NV and selling another property in the province of Guangdong, and have the proceeds transmitted over in the same fashion. Most of their cash savings are offshore to take advantage of the much higher interest rates in fixed deposits. And when they need cash, they get their parents to remit gifts to their 2 kids.”

ToL at VREAA 1 Apr 2012 9:38am

7 responses to “Spot The Speculators #80 – “A couple who landed here in 2007/8 bought 2 new condos near Brentwood, and have owned and flipped no less than 5 properties since then.”

  1. Yikes. Selling 5 times. That’s one year’s salary in Realtor fees.

    No problem here!

  2. where’s f1?
    http://tinyurl.com/bnxo6l5
    btw, don’t support. trolls are people too.

    • Doing quick renovations and a yard tidy to sell his own place quick because he suddenly realized (oh sh*t.!!!) we hit the top and this Titanic is actually going down?

  3. blog needs a touch of color: a nice $2M-ish comp
    http://tinyurl.com/dyvrfv4

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s