Salim Kara stole $2M in coins with a magnet and a car antenna

Re:Salim Kara stole $2M in coins with a magnet and a car ant... by samirillian on Tuesday January 02, 2024 @07:06AM (#38840773)

Yeah, I mean, real estate in BC (where he bought one of his properties) is notoriously corrupt, and lucrative. Most real estate bought in BC is paid in cash, often by some dizzying maze of LLCs or whatever the Canadian equivalent is. Essentially money laundering and investment rolled into one.

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Re:Salim Kara stole $2M in coins with a magnet and a car ant... by sbarre on Tuesday January 02, 2024 @08:20AM (#38841333)

> Most real estate bought in BC is paid in cash, often by some dizzying maze of LLCs or whatever the Canadian equivalent is.

This is provably false. It's not "most" real estate, it has only recently approached 30% or so, and only in hot markets like Vancouver and Victoria.

There's a money laundering problem in Canadian real estate for sure, but let's try to be reasonably accurate in our statements, shall we?

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Re:Salim Kara stole $2M in coins with a magnet and a car ant... by margalabargala on Tuesday January 02, 2024 @10:19AM (#38842508)

Holy cow. 5% would be high. 30% is dizzying. You're saying that if I pick a random recently sold BC property, there's a one in three chance it's bought with cash?

That's not a money laundering problem, that's a money laundering infestation.

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Re:Salim Kara stole $2M in coins with a magnet and a car ant... by beambot on Tuesday January 02, 2024 @11:28AM (#38843417)

1 in 3 U.S. Homebuyers Are Paying All Cash, the Highest Share in Nearly a Decade

Just over one-third (34.1%) of U.S. home purchases in September were made in cash, up from 29.5% a year earlier and the highest share in nearly a decade. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

https://www.businesswire.com/news/home/20231108812516/en/1-i...

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Re:Salim Kara stole $2M in coins with a magnet and a car ant... by gruez on Tuesday January 02, 2024 @11:48AM (#38843699)

AFAIK "Paying All Cash" doesn't necessarily mean the buyer has $1M (or whatever the purchase price of the house) saved up. It just means their offer isn't contingent on them securing a mortgage, and they have the money secured somehow (probably through a preexisting loan).

https://www.bankrate.com/real-estate/all-cash-offer-upfront-...

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Re:Salim Kara stole $2M in coins with a magnet and a car ant... by Scoundreller on Tuesday January 02, 2024 @12:23PM (#38844166)

100%. Not unusual for a multi-property investor to buy “cash” through a cheque on their line of credit to close quickly (you’ve already decided you want to properly and quick close can be a competitive advantage).

Then arrange the mortgage later, possibly after some capital-value improving… improvements.

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Re:Salim Kara stole $2M in coins with a magnet and a car ant... by margalabargala on Tuesday January 02, 2024 @01:20PM (#38844939)

Huh. Apparently it's my expectations that are wrong, not the market. Thanks, I learned something today!

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Re:Salim Kara stole $2M in coins with a magnet and a car ant... by sbarre on Tuesday January 02, 2024 @10:42AM (#38842725)

Again, not across all of BC, but in hot markets like parts of Vancouver and Victoria..

It sounds high but it seems to be normal enough?

I found this with some quick Googling:

https://www.thestreet.com/housing/a-surprising-number-of-hom...

https://www.washingtonpost.com/business/interactive/2023/all...

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