Games With Finances - Til Debt Do Us Part

Games With Finances - Til Debt Do Us Part - Playing With Property

Рет қаралды 89,520

Күн бұрын

Shelly aspires to one day owe a million dollar in mortgages. She’s convinced husband Luke that buying rental properties is the key to their financial future. But while the idea might be sound, they haven’t done the basic financial homework before acquiring any of the out-of-town properties they own. Now they spend tens of hours each week travelling to deal with their tenants, and their personal spending is in shambles. Host Gail Vaz-Oxlade has some harsh news for these two when it comes to the financial realities of their real estate empire. If they want to make the most of their investments, Shelly and Luke will have to complete Gail’s financial challenges, and find a way to get their debt paid off for good. -
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Пікірлер: 156

@robinh7267 2 жыл бұрын

I really wish Gayle was still doing this show.

@marynorton6068 Жыл бұрын

My first instinct was: if the properties are draining you so much, why not sell one of them?

@robertwhelan9132 Жыл бұрын

...and pay off some of the debt!

@practicallyhumans Жыл бұрын

Hello, exactly!

@lissetsanchez5316 Жыл бұрын

The exact same thing I thought!

@myyt3824 Жыл бұрын

Yep. Holding something that should be an asset that is actually a massive liability because you’re lying to yourself is foolish to say the least.

@annacats5240 Жыл бұрын

Same

@myyt3824 2 жыл бұрын

Aspiring to have $1M in mortgages when you make $120k is BRAIN DAMAGE.

@tinabean713 Жыл бұрын

Yeah, my eyes popped when she ended that sentence with 'mortgages' rather than 'property'. Her aspiration was leverage not assets.

@FionaApplewright Жыл бұрын

PREACH

@marybethjordan8520 Жыл бұрын

Lol I had to go back to see if she really said that 😆

@1588chrissy Жыл бұрын

For personal property yes, but not for investment properties, its the general way to finance because usually the rental incomes are more than sufficient, however in this case, they were mixing personal and business money and had nothing to fall back on for the rental properties.

@kathysellsboston Жыл бұрын

You want a million dollars in EQUITY, not in mortgages.

@deborahblackvideoediting8697 Жыл бұрын

I liked this couple. They weren't ego driven or stubborn, and they really listened to Gail. The $5,000 is nothing compared to the excellent advice Gail gave them. They now understand their finances and can make much better decisions moving forward. Hopefully they were able to keep the properties because they're now worth a fortune!! Completely unrelated, I was the 1,000th like on this video. I don't know why that's so exciting to me. I need to get out more! 😂

@valerieleidal7594 Жыл бұрын

Fortunately any landlord we ever had in our younger years was sad to see us go, happy with us as tenants, but we treated the property’s as if they were our own, to many people now days don’t look after anything they own, and it certainly shows.

@nursingnotes212 2 жыл бұрын

As someone who is in the process of becoming a first time homeowner of a 4 bed, 2 bath and renting the spare bedrooms, this episode is super helpful.

@David_Quinn_Photography Жыл бұрын

do not be afraid to pull credit or do background checks and have a paper trail no matter if they pay cash or check when rent is collected send a text "Bill Paid May 2023s Rent on May 1st of 2023 for $1,234" A to cover your ass in court if they fight when they decide not to pay rent and B to help you remember if rent was or was not paid.

@thestorykeeper6818 2 жыл бұрын

"we can just throw up a wall and call it a 1 bedroom" lol no you can't. there are laws and housing codes you need to follow to make it legal. someone call in Scott McGillivray.

@robertwhelan9132 Жыл бұрын

Exactly what I was thinking. Mike Holmes would be a great second choice

@eb9844 Жыл бұрын

The way they had it was not to code anyway. Putting up a wall would not have made a difference except then they would have been able to increase the rent.

@dragonlover2085 Жыл бұрын

I've been a Real estate Administrator for more than 28 years and one thing i know for sure: I would never ever buy a house or an apartment and rent it out. Never!!!

@mandanarazavianroudbardeh9391 Ай бұрын

Why?

@drewconway7135 2 жыл бұрын

All of these properties are dumpy, and that place in Arthur is falling down. They’re slumlords, basically

@islakay Жыл бұрын

and they seem pretty classy - they should have had one nice investment - then they would deal with better tenants

@islakay Жыл бұрын

oops - commented that before I watched the rest : ) I guess my real estate license was worth it after all.

@secondhandrooms507 Жыл бұрын

Owning a dumpy property doesn’t make you a slumlord. Taking advantage of people in the dumpy property does. If they refused to fix their properties when needed and really profited off their tenants then yes they would be slumlords. But they hardly had any profit to begin with, let alone enough to fix up the places.

@drewconway7135 Жыл бұрын

@@secondhandrooms507 If you are collecting rent on a run-down or decrepit property, you’re a slumlord, ipso facto

@6ixof135 Жыл бұрын

@@secondhandrooms507 A landlord who doesn’t maintain the property because they don’t have the cash flow to maintain the property is 100% still a slumlord.

@carolbabb7875 2 жыл бұрын

Such an interesting episode! Even though this is older its an eye opener for people wanting to invest in real estate as the basic accounting principals are the same. Its also an eye opener for renters that think small time property owners are making $$ hand over fist. Always, always keep business and personal finance separate. One thing I don't think is mentioned is the tax due on the rental income as it can actually put you in the red.

@lynettepettitt655 2 жыл бұрын

What's interesting is how Gail does know - she understands the numbers ! I don't know how the Canadian tax system works with property, but in Australia if costs exceeds income there's numerous ways to claim it as a tax deduction (negative gearing). As long as you know how to manage it, the debt can be a way to reduce tax while building wealth over the long term.

@sanahlis5322 Жыл бұрын

This is why it irks me when people call rental properties passive income. This takes too much work to be passive income.

@lakkyhari Жыл бұрын

We really need mandatory personal finance classes in school

@knmplans Жыл бұрын

There used to be. Part of Home Ec was creating a household budget. The Boomers were the last generation to benefit from such classes…

@cece121234 Жыл бұрын

@@knmplans just creating a budget is hardly enough. Nowadays, you need a firm understanding of interest rates, retirement plans, tax shelters, 529s, life insurance, various taxes on property and investments, etc etc. When I hired a Nanny, that opened another whole set of challenges I didn't even know about. But the one thing I notice about of most of these couples is that they don't understand the damage interest can do to their overall debt. Carrying a balance at high interest is terrible for your bottom line. And then compounded each month for years? Yeah, simple arithmetic but somehow, they needed Gail to teach them.

@janebaker4912 2 жыл бұрын

This is so interesting! Cos we all thought we want to get lots of properties and FIRE... But you only hear the success stories

@davidpayumo23 2 жыл бұрын

They didn't make enough money from rent and the maintenance was a lot of work. They also mixed personal and rental income money. The condo rental property seemed like a better idea.

@mscott1997 Жыл бұрын

they need a property manager for fire, otherwise they're just buying into another job IMO.

@slf5141 Жыл бұрын

Why am i addicted to these shoes? Reruns i can watch over and over agai

@barbbuffington6931 2 жыл бұрын

I wish I could find more of the house and baby editions of this show !!!! Love Gail !!!!

@secondhandrooms507 Жыл бұрын

This woman has very timeless midcentury taste. I usually watch these and think woah how much they spend on decor and how outdated it looks. Their house, on the other hand, is still in style.

@deborahblackvideoediting8697 Жыл бұрын

I was thinking the same thing. They may not have a clue about finances, but I really like their tastes!

@northof4553 4 ай бұрын

Thank you! I still have many of these pieces today!

@denisebarker9288 Жыл бұрын

I have family in the same business and it is very hard to manage the budget and people who don't pay rent. I wish this couple success.

@Mckennabooker 7 ай бұрын

My parents did do secssessfull

@northof4553 4 ай бұрын

Thank you, 13 years later we are doing well and set for retirement at 50.

@Mckennabooker 7 ай бұрын

Its funny watching my parents on a tv show.

@northof4553 7 ай бұрын

You are 15 now, you were under 2 in the show!

@kara2162 Жыл бұрын

This is why rental properties should only be invested in once you have enough cash to buy outright, as well as the property you live in being mortage free.

@eb9844 Жыл бұрын

That’s not how making money works. One is suppose to use equity to expand their real estate portfolio or use for other investments. Knowledge is power and this couple, unfortunately lacked it. Hope they eventually learned along the way. They seemed like a nice couple.

@bronchoped 2 ай бұрын

Nope you buy rental properties with at least 4 units/tenants. Single family homes are a trap

@deborahcaudill7306 Жыл бұрын

Love Gail's laugh.

@Sharoneagles82 Жыл бұрын

love this show thanks for posting

@candicew.1096 Жыл бұрын

A new to me episode...thank you so much!

@gloriarosario5687 Жыл бұрын

As a landlord myself, it is not easy, I give them credit for trying!

@northof4553 4 ай бұрын

Thanks! We've actually done well for ourselves

@JehanineMelmoth Жыл бұрын

Thank you for uploading a new-to-KZfaq episode!

@brendasuelong-bryant7613 Жыл бұрын

Being a LL is a big pain in the butt. People do not take care of a rental!

@Ravenousyouth Жыл бұрын

I have never had a landlord fix anything , they just put the rent up every year and do nothing . There is a housing crisis where I am so there are no better options

@joyaustin6581 2 жыл бұрын

Wonder if they are millionaires today. Property values have gone up so much

@janebaker4912 2 жыл бұрын

Yes!!!!! I need update

@Rooneytunes01 Жыл бұрын

Oh absolutely. This is in Toronto. They’re definitely retired if they sold these properties in the last year. Smart investments!

@Ravenousyouth Жыл бұрын

@@Rooneytunes01 ehhhh this is filmed pre 2008 i think, they probably overpaid and then interest rates have gone up , i doubt they would have been able to keep any of it if they were this over leveraged . they might have sold at a loss in 2008

@Mckennabooker 7 ай бұрын

I am their daughter, I don't know how much they make but based off of the amazing experiences they have given me. We are doing great, we went on a one year boat journey, living on the boat and seeing different countries. We also snowmobile all the time in the winter. My parents have continued to buy property's from that point to now.

@northof4553 4 ай бұрын

Update! We are doing great! Set to retire at 50. I not only achieved my goal of being a million in debt but I also achieved my goal of 2 million in debt by 40! We've since retired for a year living on our boat cruising the Bahamas with our children. Back to work now out of boredom but set to fully retire at the age of 50.

@phaldaz 2 жыл бұрын

For a minute, I thought this was a new episode...as in released in 2020 onwards 😅, one can dream

@janebaker4912 2 жыл бұрын

Yes! It must be her latest. She also did the princess show

@themillionairess775 2 жыл бұрын

There's a third called Money Moron that I haven't seen. I think it's from 2013

@drewconway7135 2 жыл бұрын

@@themillionairess775 Most of the Money Moron episodes used to be here on KZfaq, but they disappeared a year or two ago, which is too bad because there were some good episodes in there!

@eb9844 Жыл бұрын

@@themillionairess775 sadly I never heard of it. I got rid of cable over 10 years ago.

@antiantipoda Жыл бұрын

They probably heard Dave Ramsey's story on how he got broke and thought it was a how to. How to get broke young by being stupid.

@northof4553 4 ай бұрын

Actually we've done very well for ourselves. Set to retire by 50.

@valerieleidal7594 Жыл бұрын

No I would never even contemplate being a landlord today, no way in hell. The haste of getting non paying renters out of a property in Canada I hear is pretty tough and can take months!

@marynorton6068 Жыл бұрын

You are right. I don’t live in Canada but I became an accidental landlord in Ireland. I own an apartment I couldn’t sell because I’m in negative equity. I’m renting it out and hoping property prices go up again and it’s a pain in the behind.

@marybetheby5184 Жыл бұрын

Yeah,I agree!Just watch a few of the evictions on KZfaq to see the hassle of being one.

@1588chrissy Жыл бұрын

Completely agree - most of us small time landlords are leaving the UK in droves because the tipping point has been reached and we are being expected to pay people to live in our homes. Getting non-payers out takes years and they can cause hundreds of thousands of damage in the meantime.

@florencedebear1576 Жыл бұрын

In the USA too. Covid was hard on residential landlords-

@Fe26man 4 ай бұрын

“I want $1Mil in mortgages” is a sentence I never thought would be said.

@bronchoped 2 ай бұрын

They are multi nillionaires today. Retired early. Property prices and rent went parabolic since then. In Canada property always wins unless you can't pay your bills

@LeeLee-ox5pb Жыл бұрын

I love her mid century decorating very nice 👍

@northof4553 7 ай бұрын

Thank you!

@bsacagawea 2 жыл бұрын

Yay I don’t think I’ve seen this one

@fmg12 Жыл бұрын

Great job!

@mscott1997 Жыл бұрын

put the money up to fix the properties then get a property manager...🙄

@nosegem-health-macro Жыл бұрын

the best accounting show I've seen :-) really do like it, and it helps as a young couple

@gloriakoch4764 2 жыл бұрын

Well, they are still laughing. We’d be screaming at each other.

@northof4553 7 ай бұрын

20 years later we are still good! Check out North of 45 to see where we are now!

@sebastiaanvandoorn3223 Жыл бұрын

You gotta account for capital gains though,..., property is all about two-way income stream, one short term, one long term.

@yashwantmineKexpert 7 ай бұрын

These guys today would be millionares given how gta market has been

@practicallyhumans Жыл бұрын

Well-intentioned and nice people. Interesting how they seem to infer it's "her" rental properties. Seems like too much on their plate.

@sinkintostillness Жыл бұрын

"Her" rental properties which seem to result in HIM driving 90mins each way to them whenever there's problem!

@BlackNight603 2 жыл бұрын

OMG they must have been the most naive couple on this show...

@northof4553 4 ай бұрын

Not even close. We are doing very well

@americandevo Жыл бұрын

The LAST thing I would do to make money is become a landlord. Tenants pay late or not at all.... going to eviction means they don't pay rent for months until you finally get to the point where eviction is granted and you finally get a date with the Sherriff's eviction crew. Tenants beat the hell out of rental property and cause thousands in repair costs. It's not THEIR property and they don't give a crap about taking care of it.

@kunya16 4 ай бұрын

Having rental properties is great. But it seems like they just have too many to juggle and not enough organization. Just a bit of hard work and maybe sell a property and they'll be fine.

@slf5141 Жыл бұрын

There are more recent seasons of this show on youtube but i realize you have to pay? Where else can you find it ?

@emilynicole4918 Жыл бұрын

I'm obsessed with buying real estate. My husband has to rangle me. We have 3 properties and a lot. Only paying on one right now. The others are paid off.

@kstu055 7 ай бұрын

The first commercial property does not look up to any code

@jreinel1966 2 жыл бұрын

One big reason why i don't want to invest money buying property to rent and then have no life fixing crap for the tenants?..hellll nooo,thank you very much...!..i paid 1575 in rent.a month for a crapy one bedroom apartment here in miami..🥶

@tinabean713 Жыл бұрын

Yeah, it seems like so much work to me. Two renters on my street moved out this week. The one who literally had a pigsty in the backyard somehow managed to do a quick turnaround, but that had to be one solid weekend of work. The other owners have been there every weekend this month getting it ready to put back up for rent. My granny rented to one of her cousins grandkids, they stopped paying rent and then gutted anything that could be sold for scrap when my aunt finally evicted them. One of my project managers seems to have had mostly good luck with it, but he's even been selling off his properties because he's busy and getting tired of it. I don't understand why some people try to make it sound like you just buy a house, rent it out, make bank. I guess if you either only rent to affluent temporary workers (i.e higher end oil jobs) or poor folks who lack the resources to sue you for failure to maintain the home then maybe it works? I'm not even that good with keeping up the one I live in.

@junguchoi8318 Жыл бұрын

Dave Ramsey would tell them to just sell the rental properties

@ImOnAnEffinBoat Жыл бұрын

Even if they are slightly negative on cash flow they can still be raising their net worth every month/year by mortgages being payed down and increasing equity in said properties. They have too much real estate for what they made should do it slower but they will probably be fine if they have some luck on the side of health and job security

@donnaallgaier-lamberti3933 2 жыл бұрын

This is like my huband's friend who convinced her that talking money out of her IRA to go on vacations was a positive tax break for them? CRAZY!!

@Amber-jp5ox Жыл бұрын

So where r they now

@elizabethallen4353 Жыл бұрын

Curious if this episode was before or after 2008. If they bought with no money down they could be in a very bad situation

@caterinaramirez8864 Жыл бұрын

Canada didn’t really have the same housing collapse in 2008 as in the states, no money down wasn’t a thing, but definitely could have effected their jobs so hopefully they got their budget sorted out!

@ruthirwin8222 Жыл бұрын

Any views of their rental properties they look grim

@LinzyLinz7 Жыл бұрын

Too much headache for properties that only make $150 profit. Sell it and start over. You did something wrong lol

@northof4553 7 ай бұрын

Nope we did nothing wrong! We have expanded and are are doing great!🎉

@rosemarywilliams9969 2 жыл бұрын

OMG What year was this done? :( Like I make more than both of them and I can't get into one home in the state I'm working. Wasted Luck some people have.

@nanettemorton4054 2 жыл бұрын

At least 15 years ago, I think

@BlackNight603 2 жыл бұрын

Very old

@nicodav 2 жыл бұрын

Til Debt Do Us Part, Season 9, Episode 4 : 2011.

@solidstate9451 Жыл бұрын

Greed eats brain.

@sparkdorable 2 жыл бұрын

What year was this episode aired?

@lisamedla Жыл бұрын

2011

@johnschober1819 Жыл бұрын

Rental property is a money pit

@Mckennabooker 7 ай бұрын

It's not I'm mckenna booker those are my parents, are we are doing great we have lived on a boat for a year being supported fully on the rental property's. Yes it takes time and hard work. But if you keep going it's all worth it in the end. I'm proud to say that my parents have achieved their goal and are in great place financially.

@CH-bu6pu Жыл бұрын

He said they have a newborn. Where?

@Mckennabooker 7 ай бұрын

@btbudgets 2 жыл бұрын

What year is this one from?

@summersunrise6012 Жыл бұрын

2011

@marilyn8700 Жыл бұрын

So, they were trying to use the HELOC method but failing miserably ... don't attempt to do that if you don't understand or know how to use that method.

@northof4553 7 ай бұрын

Wrong! Check out where we are now! North of 45 on KZfaq

@CT-od5dl Жыл бұрын

I think 'running the numbers' really falls down on this show. Gail doesn't focus on equity, wage growth, paying off the loans etc.

@TheCaitling Жыл бұрын

I agree. I love listening to Ramit Sethi talk to couples on his podcast about these exact things. Gail is only focused on the current reality and projecting out assuming everything stays exactly the same. Which is fine, she's there to get them in better shape /right now/. But I love the nuance of say, Ramit talking to a couple with two young kids and acknowledging that there are seasons in life where the budget isn't going to balance and other times when you're going to be twice as successful with your money.

@CT-od5dl Жыл бұрын

@@TheCaitling Agree 1000 per cent!!! Also, often times holding onto the expensive house is a sound investment. In Sydney (where I live) house prices have quadrupled in the last 20 years. People who held onto their homes have basically got the kind of return you could only dream of in a moneymaking venture.

@esthermarcen7587 Жыл бұрын

there is a bit of greed on here, they could aim for the same goal but a bit slower.

@Sarah-eh7bw Жыл бұрын

This episode is a good demonstration as to why truly wealthy people invest in markets/equities rather than this small time property ladder nonsense. These two are middle class suckers, sorry to say.

@ruthirwin8222 Жыл бұрын

Gail is full of common sense...its just not common anymore

@sneakerfreak2002 Жыл бұрын

I get the impression shes getting her rocks off from this baloney juggling game

@David_Quinn_Photography Жыл бұрын

15:00 did they not make a paper trail when rent was collected? a simple text, checks only, I mean this was mid 2000s so an online payment system? NOTHING!!!!???? or was that to build suspense as a TV show?

@northof4553 4 ай бұрын

Suspense. I had fully detailed accounting, that off the show Gail noted was excellent tracking.

@jingerjar1365 Жыл бұрын

I'd sell property

@jwoooooooo Жыл бұрын

Pretty eyes

@Mckennabooker 7 ай бұрын

Yeah I inharited them

@northof4553 7 ай бұрын

Thanks! That me!

@Katiedora122 Жыл бұрын

I would hate to have them as landlords. I've dealt with absentee landlords and busybodies, but they are so bad at business. And it grosses me out how many landlords live off my paycheck to paycheck life.

@gabhm4bbw Жыл бұрын

That's on YOU! Buy your own place!

@Katiedora122 Жыл бұрын

@@gabhm4bbw Honey, did you not watch the video? Are you not aware of how much time, money, and effort goes into maintaining a house? And did you not see just how foolish they were about it? Sure, someday I plan on buying a house, but I live in an expensive city to be near family right now and that shouldn't mean that my shelter is dependent on idiots who didn't know what they were getting into when they bought up property.

@1588chrissy Жыл бұрын

Your statement that it grosses you out how landlords live on your money? Should landlords ‘be grossed out’ how you live in their property? Are you grossed out how farmers live on your money for food they grow? I wouldn’t hate them as landlords, they are addressing the maintenance issues - maybe they are unprepared but they are being fixed and paying that from their own paychecks.

@Katiedora122 Жыл бұрын

@@1588chrissy I'm going to copy and paste and my previous reply since you aren't getting it: "Honey, did you not watch the video? Are you not aware of how much time, money, and effort goes into maintaining a house? And did you not see just how foolish they were about it? Sure, someday I plan on buying a house, but I live in an expensive city to be near family right now and that shouldn't mean that my shelter is dependent on idiots who didn't know what they were getting into when they bought up property." -> also, your comment about farmers doesn't make any sense and if you're willing to put up with bad landlords then you deserve the treatment you get

@1588chrissy Жыл бұрын

@@Katiedora122 Each provide a service/product which you buy - why should that gross you out? Is your employer grossed out by having to pay you? Clearly you didn’t watch it as they were dealing with repairs. No, none of the places they had were fantastic but that was reflected in the rents they were charging. You also failed to note they had to evict someone for non-payment. They may be bad at running the finances behind the properties, mingling their own money in with the rentals and travelling alot to deal with their property maintenance, but the properties were not slums. That they were losing money on their rentals has nothing to do with you as a tenant - at least they were smart enough to get help instead of whining about having to pay rent.