Mindflayers journey to 100k PMNI
You can tell I have been around for a while from my join date and number of posts. PMNI = Passive Montly Net Income.
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a) Son's unit. No news is good news.
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2) Condo Investments. Went to an open house in one of the best locations in the city. I went to see two other units for sale last year in the same complex and
made a lowball offer of $730k on one, in October 2025. They were asking $880K, but I (being a Strata manager, read thru all of the reports on the building and estimated they
would have to do a $35M renovation.. which would result in a $150k Special levy charged to the 880k unit.
So we went to see this other unit in the same complex. Partner rejected making an investment into this unit. (for reasons other than $$)
The seller specifically dropped the price by $200K. The listing agent also announced that the Complex will be undergoing a $40M renovation in the next 2 years.
... So I get a call the next week from the $880K unit I looked at 8 months ago. The asking price is now $850k. Story the agent told me was
They accepted a low $800k offer.. Fell thru when they eventually came across the potential for Special levy when the seller provided the Depreciation Report.
Then they accepted a high $700k offer.. Also fell thru, likely same reason.
... additional key info is that the complex has agreed to spend $200k to hire an engineering company to do a scope of work for this major 2y upgrade.
As usual I spent 2-3 hours reading EVERY one of the meeting minutes in detail. I used to write them and they spell out what is going on, and not obvious.
One of the key things that I took away was that the vote to spend the $200k was preceded by a discussion and a request to modify the vote to include a
second scope of work to identify and create a scope of work for the MINIMUM amount of work that would keep the complex livable.
Essentially, the wording they used was.. because the Special Levy was potentially so large, a number of condo owners would suffer financial distress and may
have to end up selling their units (because they could not come up with the $200k to pay for the complex repairs.)
23 owners voted for this new wording but it failed. So the way I see it, possibly 23 other units will come up for sale in the next 2 years.
... Going on Vacation for 2weeks but I am interested. Will look again when I get back. Will likely offer them $700k or even LESS! due to the fact that condo prices in my city have
dropped 6% from last year. Maybe offer $670 and end up at 700k. Sell it now to us before 23 other units come up for sale!
Will explain why buy it now as opposed to later (18 months-2 years from now) when the rest come up in a future post.
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3) Equities Investing. Sold 40 shares of TSLA at 420 and 430 two weeks ago to top up my cash reserves . Have 50-55k USD ready to buy SPCX
Copied from the Trading Thread today. June 12, 2026
Got up at 5am this morning and put 2 limit orders in.
Was able to buy 165 shares at 150 USD once
15 min later purchased more at 155 and last batch at 159.
Purchased SPCX 300 shares total. avg price. $155. in three different accounts.
(not including trading fee or currency exchange fee. )
Will hold them for my kids (currently late 20's, and grandkids (have none atm))
This is a very small portion of my investments and would not hurt me if it went to zero.
(most of my wealth is in Real Estate)
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4) Hamilton House. Paid property tax. Doing some repairs before the empty unit is rented again.
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5) Edmonton Multifamily./Commercial Property.
Still nothing available. No change.
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6) Did abut 60 days of muscle gain and ended with another 20 day weight loss posting on 2+2 Health and Fitness. Mindflayer, looking for abs.
Lowest weight in 32 years. 162.4 lbs. Going on 2 week vacation cruise. Goal is not to keep under 170 lbs !! Hard with all that food floating around.
Will post pics of food etc. in Health and Fitness.
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7) RE meetups: Gave my talk. Success. Got invited to give the same talk at another/different Real Estate investment group. Had 2 other lunches with
2 other serious RE investors.
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8) Detroit homes: Same No activity. Tenants are paying on time.
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9) Warehouse Company. CRA requested more documentation, including a Resolutions from the shareholders to request cheque and assign me as the recipient.
Submitted documents and now have to wait again!!
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10) Wainwright Storage. AGM last week. Company is turning a small profit, but all the funds will be used to expand the complex and add extra storage units.
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#11) Sarnia Ontario. No update
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#12 Reading: Finished Reading The murder of Roger Ackroyd and 'Field Guide to Gold, Gemstone & Mineral Sites of British Columbia.
Currently reading Never Finished Goggins and Discipline is Destiny Holiday
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#13 Future Authoring program. AI course (specializing in RE) Will take part 2 sometime in the next 3 months.
Tried to sign up but found I was not credited with taking Part 1. Wrote an email to the governing (teaching) body.
Still considering RE Appraiser's license. Signed up for and am currently taking a RE Appraiser course. See if I find it interesting.
Courses in Mining Engineering and Geology as well as a Language Course. (Both on hold while I take this Appraisal course)
Actively working on my healthy body and need to work on a healthy mind. This is probably where I am spending most of my time and attention lately. See #6
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#14 Real Estate Agent's license. Finished 8 credits. Need another 10 or so. Did not get my credits for AI #1 yet. See #13.
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#15 Started taking notes for lectures to my sons Continues.
Will have the chance to talk to my sons in the next 2 weeks on these topics if they come up. Usually we do not eat together but,
there are a number of Formal/Semi Formal dinners on this cruise we are on. Hope I get a chance to talk on 2-3 topics.
1) 1st Son's unit. No news is good news.
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2) Have arranged for 2nd son to purchase the unit described in in the last post.
Got back from vacation and got an email from the selling agent. Arranged to see the unit the next day with my 2nd son.
After viewing, we walked the neighborhood for 10 minutes.
Did the math and offered $656k for the unit. The seller must have agreed with our math and countered with $668. My wife wanted to offer $680 and would agree to $700k.
We accepted the $668k. The biggest benefit to the seller was no subjects (ie no inspection and no need for bank to finance, etc. I have access to funds and large lines of credit)
and a quick closing. 2.5 weeks instead of the usual 4-6 weeks.
A painless transaction for the seller, but they are paying for the speed.
Deal closes July 23 and possession on July 24, 2026.
Pro: We got a good deal on this property. Best location in the city. Very large sqf. 1250sqf 2+2 + den and comes with two parking spots. (unusual)
More modern 2+2 condos 2006 onwards are 750-800 sqf.
This is a 950K property that is temporarily lowered below the $830k cap (for first time home buyer's programs) Otherwise my 2nd son could not buy it.
This son works for a Real Estate Developer/Property management Co. and is getting his CA. and will be getting a mortgage for this.
For me: I always look at the stats for the property for AFTER my son lives in it for 1 year (the minimum requirement to access the 1st time home buyer's programs)
I checked on a rental guide and found a bare spot right at this location. Ie. 3 block radius around the light rail station has only 1 unit for rent. It is in the same
building and is asking for $3800/month! Lots of units for rent +3 blocks (farther to walk to the rail station.) Because of the prime location and size, It will be very easy to rent.
Con: The building is 30 years old and will have a major renovation on the common exterior in the next 2 years, that the owner (my 2nd son) will have to save up $200k and pay for.
Asked my 2nd son what he thought of the property.
His reply: I can live in a 3 (out of 10); This is a 6, for value this is an 11.
(... he lived in a dorm/residence with a roommate for university... 2 out of 10 ; condo needs an update on the interior kitchen and bathrooms).
(he currently lives at home and walks 10 minutes to/from a light rail station that takes him directly to his work/office (17 minute ride)
(the condo is a 2 minute walk to another light rail station.. closer to his work (10 minute ride from that station) so he will save 23 minutes per day in travel time to/from work.
In addition, the condo is 1 minute from a mall and a prime commercial/retail intersection with probably 100 stores/restaurants within 4 blocks)
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3) Equities Investing. Sold 40K worth of bank stocks. They are at all time high valuations and PE Ratios. Sitting on around 50k CDN in my trading accounts waiting for a dip.