# One house, 14 apartments and a landlord who takes cash



## Sherlock (Apr 18, 2010)

Maybe I'm going about saving money the wrong way, trying to build a diversified portfolio. Here's an article about a guy who simply bought a 3000 sq ft house, divided it into 14 rooms, and takes in $7000 a month (all tax free because he doesn't declare it). And according to the article he owns 7 other houses that he's also done this to.

http://www.thestar.com/news/article/987287--one-house-14-apartments-and-a-landlord-who-takes-cash

A previous article about him from 2008: Suburban house split up into 18 bedrooms. He was caught and forced to pay a $5000 fine which is nothign when he's raking in $7k from a single property so he's still doing it.


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## OhGreatGuru (May 24, 2009)

Breaking municipal bylaws is going to be the leaet of his worries now that it has been brought to the attention of CRA.

(Are you just speculating he doesn't declare his income? It's a strong probability, given the cash-only operation, but his income tax status is not discussed in the article.)


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## LBCfan (Jan 13, 2011)

I'm not familiar with Toronto house prices, but OOC what would his carrying costs be?


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## I'm Howard (Oct 13, 2010)

I helped set up a Chinese Family who were friends of my Son when they frst came to Canada, they stayed in a place like this, it was set up for them by other Chinese.

The Chinese know all thgese places, it is the only way many of them existing on minimum wages can survive.

Reality, the places are quiet, clean, the only tip off is the multiple amounts of garbage put out.

The friends of my Son stayed long enough to have another child, get citizenship, returned to China where he has since amassed an Empire exceeding $100,000,000.

Canada, He said, is a very nice place to grow old in but a terrible place to make money.


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