You bought property in Vancouver 5 years ago. That's like saying you bought AAPL in 2004 with a bunch of friends and it worked out great. Well, it wasn't the friends part of the scheme that made it work out. ;D
I get the tongue in cheekness of the comment with the ";D" but I think I qualified how lucky I feel several times and that it is an anecdote/sample size of one.
When we bought people thought it was the peak of the market and that is part of the people telling us it was crazy. We had no thoughts of the market continuing to go up when we bought. Our main focus was possibly making a bit on the renovations.
Even if the the market had gone down or sideways, and we didn't sell, I would have been fine with it. If we had lived there for the rest of our lives, I would have been fine with it. I liked the location and with the renovations, it was a great house.
It wasn't a get rich quick "scheme". Buying with friends was a way to buy a home. We were constantly being renovicted. We didn't have a place we felt was home. That house was home and buying with fiends was the only way it was possible.
Buying with friends was probably still the riskier part of the equation though. Chances were pretty high the market was going to grow, or at least not decline. One marriage has a relatively high chance of failure, let alone two marriages plus the relationships between all four adults.
When we bought people thought it was the peak of the market and that is part of the people telling us it was crazy. We had no thoughts of the market continuing to go up when we bought. Our main focus was possibly making a bit on the renovations.
Even if the the market had gone down or sideways, and we didn't sell, I would have been fine with it. If we had lived there for the rest of our lives, I would have been fine with it. I liked the location and with the renovations, it was a great house.
It wasn't a get rich quick "scheme". Buying with friends was a way to buy a home. We were constantly being renovicted. We didn't have a place we felt was home. That house was home and buying with fiends was the only way it was possible.