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I got laid off and now feel sorry for people who have a job!

Vent your rants and raves here about whatever makes you mad, angry or frustrated.

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Freshman Poster
Posts: 29
Joined: October 15th, 2013, 9:25 pm

Post by blueeyescanada » October 16th, 2013, 2:19 am

If you're going to keep your home and rent it, make sure you get a very good property manager.
I don't know what tenancy laws are like in your province, but in mine they are very biased in favour
of the tenant. As with marriage, it's very easy to enter a landlord/tenant arrangement, but it can be
hard as hell to get out of it. Make sure your property manager understands that you want potential
tenants well-scrutinized. Not only can you lose potential rental income while they resist being kicked
out, they can trash your house and practically ruin it.

If you're planning your future in Asia, maybe you should sell your home while the housing market is
still robust in Canada and invest in income property in an Asian country where foreign ownership is
easy (I understand that it's difficult for a foreigner to own property in the Philippines without marrying
a Pinay, in which case she practically controls it...not a good idea)?

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Freshman Poster
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Joined: August 3rd, 2013, 12:19 pm

Post by Rich » October 16th, 2013, 9:18 am

Getting laid off is no fun, unless you've been preparing for it for some time. I got close to losing my job a few years ago and it would have been pretty bad for me. I would've had to sell my house in a poor market and had very little in the way of investments or cash. I'd been working for years but had little to show for it because of poor decisions (like wasting all my money on pointless crap). It was a real wake up call.

Since then I've been saving as much as I can. If it happens now, I'm prepared for it. Still wouldn't be ideal but I could survive for quite awhile.

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