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Living in Olympic security zone means big bucks, big headaches

by Barry ORegan | March 15, 2009 at 04:45 am

411 views | 2 Recommendations | 6 comments

Barry Artiste Op. Ed

While a homeowner renting out their suites for $11,000.00 a month, sounds just peachy keen, what many do not realise are five things that could and will make this Dream Cash Grab a Nightmare!

1. You live in a Strata, say your tenant gets real drunk, breaks the toilet and it floods not only your condo but like ten floors below you, resulting in say, oh I don't know say, 20 other flood damaged condos below you. Think your Strata will be picking up that $100,000 Clean up bill and Alternate living expenses for all the other condo tenants below you? Think again! What makes you think you can make $11,000 a month and walk away scot free! Trust me the Condo association will hang you out to dry and take away your Condo to pay all the damages that may occur!

2. Try and find home insurance that covers the cost of renting out your place to a tenant. Hey, Good luck with that! We are currently experiencing a Gangland Crime Spree in BC, think about it!

3. Guess how many Tenants living in these pricey digs of yours will set up a Gambling Den, Meth Lab or Crack Den in your Condo? More than a few, Why? Cause getting Drugs through the Olympic Security perimeter will be next to impossible. This way the Drug Dealers are already inside the Olympic Security Perimeter. I have seen in my profession, more and more Meth Labs in Growops in these pricey downtown digs than you can shake a Crack Needle at!

Guess how many times I find Crack needles embedded in furniture or carpets. I am sure Baby will find new play toys as they scamper along the carpet, perhaps ingest a small rock of crack, try explaining that to the emergency room doctor, child protective services or the coroner or perhaps Rex the family pet will be non too pleased visiting to Vet to get a crack needle out of it's paw.

Not to mention after the Olympics you may get some late night visitors looking for Drugs or a Happy Ending!

But Hey, you now know this!

4. Hookers Galore. Yep Escort agencies will certainly take you up on your offer to rent out your digs! MMMM just imagine after they leave, everything you touch or sit on may or may not have sticky bodily fluids from both sexes all over it. Yep, Hookers will have a easy access Home Base to operate from courtesy of your Greed!

5. Think all that Cash is yours for the taking? Think again, Revenue Canada will want a large slice of that Rental Income, at around 30 %! Gee, seems unfair eh? Try and screw Revenue Canada, and you may find yourself homeless!

So all in all does this all seem like a great deal for Condo Owners? Guess it all depends on your Greed, Risk and Stupidity Level!

What really, really pisses me off is Government Bureaucrats who come up with grandiose plans and ideas and never tell the public the consequences of their Ideas. Par for the Course in this Province full of sheep and Moronic Politicians.

Residents of a building near two Olympic venues are being courted to rent out their suites during the Games — and if the 2010 road plan is any indication, it might not be such a bad idea.

Spectrum is a four-tower condominium development at 111 W. Georgia, home to more than 800 households.

It's also directly across the street from BC Place Stadium, which will host the opening and closing ceremonies, and General Motors Place, where many of the Olympic hockey games will be played.

Some of Spectrum's residents are excited about being in the centre of all the action.

"It's going to be awesome. It's going to be a lot of fun, a lot of people," said Robert Finlayson.

However, being in the centre of things also makes those condos valuable.

Residents have been getting letters from event planning companies like Prime Strategies, which is looking to rent 100 units during the Games.

Its clients are European broadcasters and technicians, and they want to put their employees in a home away from home during the Olympics.

Condo owners are being offered as much as $11,000 a month for a two-bedroom unit.

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eastvanray

at 10:38 on March 17th, 2009

All the risks you site are also risks of renting your condo any other time, not just during the Olympics. The only difference is that you get 1/4 the rent. It always boils down to good screening of prospective tennants. Some people may rent their condos out just to get away from the area during the mayhem.

Barry ORegan

at 13:19 on March 17th, 2009

Yeah, but most are renting out their condos for greed. nothing wrong with that, but I thought I would let them know what they are in for, especially at the Olympics, cause the tenants will be from all over the world, and I doubt any screening will be going on when Green is waved in front of their faces/ Remember we are talking Sheep here,!

eastvanray

at 13:28 on March 17th, 2009

There are many companies who are specializing in finding qualified renters for the Olympics. I would suggest anyone wanting to rent their condo to find corporate renters like media outlets, corporate sponsors etc. That way they will minimize some of the potential dangers you list.

Barry ORegan

at 05:02 on March 18th, 2009

Yes, though at 11 grand a month, them corporates may be few and far between.

eastvanray

at 12:09 on March 18th, 2009

Actually crom what my friends in real estate tell me they are the majority once you get up in the rental costs. Some willing to pay $100,000+ for a month in a penthouse down there. It is still a drop in the bucket for them compared to their overall budgets for covering the Games. Either way, Barry, your cautions are good advice for anyone renting out their property regardless of the time or location.