how much do you think a good SP earn/yr?

[ace85]

Non Paid Time

SP's spend a significant amount of non PAID time. We can't forget about that.

Correspondace time, travel time, make up time, waxing time, etc. etc.

so 16 hours a month might be more like 30 or MORE.

I am not suggesting that all the work hours are nose to the gridstone, sweaty (wait a second) blistering, knuckle busting hard work.

But with out the non paid hours the paid hours don't exist.

 

[maverick73]

This thread is probably setting a record for most replies in the shortest amount of time... I'm gettin' dizzy reading it. No wonder I never get any work done during the day

Hey Annalise, can you come over and help me clean that lipstick you got on my shirt. I'm having a tough time getting it out We still have some unfinished business with you under my desk...

 

[noneasgood]

If you could do that then you wouldn't need "those" mortgage companies.

"Those" mortgage companies all operate within the basic laws. It's just that a mortgage company such as GMAC punishes you less for having self employed earnings as opposed to T4 income. Fact is there's more flexibility regarding mortgages now than there was even a few years ago.

You can even get interest only mortgage loans, and if you don't mind paying CMHC fees you can get a mortgage for next to nothing down. I wouldn't recommend it, but it's an option for some people.

 

[wilde]

"Those" mortgage companies all operate within the basic laws. It's just that a mortgage company such as GMAC punishes you less for having self employed earnings as opposed to T4 income. Fact is there's more flexibility regarding mortgages now than there was even a few years ago.

You can even get interest only mortgage loans, and if you don't mind paying CMHC fees you can get a mortgage for next to nothing down. I wouldn't recommend it, but it's an option for some people.

I am talking about the ones that help clients prepare fake employment letters, ignore suspicious cash transactions over $9,999.99. The ones that turn a blind eye about about your debt to gross income ratio. They are out there and contributing to our esclating grow op problems.

 

[sweet&sassyxoxo]

Not nessecarily... if you can prove your annual income has increased while being self employed by the institutions regulations then how are they breaking the rules

noticed topic has changed a little, but,
Good point!
Hense the reason to claim as much as possible on your taxes we use that to show income . we also have a thing here in alberta called assumable no need to qualifyyou just take over an existing mortgage!

 

[wilde]

noticed topic has changed a little, but,
Good point!
Hense the reason to claim as much as possible on your taxes we use that to show income . we also have a thing here in alberta called assumable no need to qualifyyou just take over an existing mortgage!

Somehow the as much as possible comment just bring out a big red flag for a CRA auditor. (CRA = Canada Rectum Agency)

BTW, it should be to declare as much income as possibe and to claim as much expense as possible. The same rules and conditions (proof of income, etc) apply when you assume a mortgage.

 

[sweet&sassyxoxo]

Somehow the as much as possible comment just bring out a big red flag for a CRA auditor. (CRA = Canada Rectum Agency)

BTW, it should be to declare as much income as possibe and to claim as much expense as possible. The same rules and conditions (proof of income, etc) apply when you assume a mortgage.

appologies worded wrong same diff! and no all you need is what the ixisting mortgage holder is asking in regards to cash to mortgage!if i was to assume my house over i could A)sighn over existing mortgage with no cash if say i was in a bind. b) ask say $5000 cash to mortgage in my pocket and then they would again just take over what is left on my mortgage. no qualify no job check no credit check just cold hard cash in my hand and a lawyer to make it legal. now if the people who take over my mortgage cant make those payments i will have the opprotunity to come back pay what they couldnt and have my house back or choose not then the bank gets it!

 

[wilde]

no qualify no job check no credit check just cold hard cash in my hand and a lawyer to make it legal. now if the people who take over my mortgage cant make those payments i will have the opprotunity to come back pay what they couldnt and have my house back or choose not then the bank gets it!

The same rules and conditions (proof of income, etc) apply when you assume a mortgage, i.e./ for the people who took over your mortgage.

 

[sweet&sassyxoxo]

The same rules and conditions (proof of income, etc) apply when you assume a mortgage, meaning the people who took over your mortgage.

I understand what your saying but thats my point! i assumed the mortgage i currently have only qualifications was $$$$$ in my hand to give to the lawyer!no proof of anything, now some banks may ask for that but not on the norm! thats the bonus with assuming, NO QUALIFING

 

[wilde]

I understand what your saying but thats my point! i assumed the mortgage i currently have only qualifications was $$$$$ in my hand to give to the lawyer!no proof of anything, now some banks may ask for that but not on the norm! thats the bonus with assuming, NO QUALIFING

So it's you that assumed the mortgage, then it must have been one of "those" mortgage companies after all. On second thoughts, I surrender.

 

[noneasgood]

I understand what your saying but thats my point! i assumed the mortgage i currently have only qualifications was $$$$$ in my hand to give to the lawyer!no proof of anything, now some banks may ask for that but not on the norm! thats the bonus with assuming, NO QUALIFING

I don't believe you are correct. Every mortgage I've heard of indicates that the bank will allow someone to assume the mortgage only if they are qualified to do so.

Banks aren't that stupid.

I could buy an assumable mortgage then sell the property to a drug addict, with no credit history and the bank would be on the hook? Not likely.

 

[sweet&sassyxoxo]

I don't believe you are correct. Every mortgage I've heard of indicates that the bank will allow someone to assume the mortgage only if they are qualified to do so.

Banks aren't that stupid.

I could buy an assumable mortgage then sell the property to a drug addict, with no credit history and the bank would be on the hook? Not likely.

THe bank gets that house back and now they get to make double$$SAY i bought it for 175.000 had it for 2 yrs put X into it, assume it over, and the person i assume it to cant make payments, now ,the bank will come to me before this house goes into forclosure i have the opprotunityto take it back or wash my hands of it, say thats what i do wash my hands of it so now the bank has they get to sell it again for 200.000 and they dont loose one damb thing.banks arnt stupid, your right!!

 

[sweet&sassyxoxo]

anyways off to work now have a great night every body!XOXO

 

[wilde]

THe bank gets that house back and now they get to make double$$SAY i bought it for 175.000 had it for 2 yrs put X into it, assume it over, and the person i assume it to cant make payments, now ,the bank will come to me before this house goes into forclosure i have the opprotunityto take it back or wash my hands of it, say thats what i do wash my hands of it so now the bank has they get to sell it again for 200.000 and they dont loose one damb thing.banks arnt stupid, your right!!

I just can't resist. Let's say the house was use as a meth lab and can only be sold for $100,000.00. Me thinks the bank just lost a shot load of money.

 

[wilde]

wilde - Alberta is the only province left in Canada where you can assume someone else's mortage without the qualify process. Every other province has changed their regulations regarding this.

Basicly, the balance of your mortage minus what it is worth you get the down payment (in cash) required to obtain the mortage. This process is about a year, and after that year is up, the person then goes directly to the bank and has the mortage transfered into their name, without any hassles, so long as their payments are in good standing.

usually down payments can be any where from 5k to 15k

Take note money laundrers, tax evaders and grow op creators.

 

[ace85]

Assumed MORTGAGE

The same rules and conditions (proof of income, etc) apply when you assume a mortgage, i.e./ for the people who took over your mortgage.

Banks aren't as sticky as the original holder on the mortgage is responsible for it in the case of default.

That being said as a rules the banks don't come back at the original holder after 12-24 months.

Many banks like the default, as they pay a % to the forclosure lawyers and get the total cut + especially in the real estate boom like now.

That being said in 1983 they didn't like it so much. The requirements change with the MARKET.

 

[wilde]

Banks aren't as sticky as the original holder on the mortgage is responsible for it in the case of default.

That being said as a rules the banks don't come back at the original holder after 12-24 months.

Many banks like the default, as they pay a % to the forclosure lawyers and get the total cut + especially in the real estate boom like now.

That being said in 1983 they didn't like it so much. The requirements change with the MARKET.

Got questions. Do the title of the property also change when it is first assumed by another person? Or only when the assumed mortgage is paid off?

 

[BobbiVan]

Average

Okay A) you yourself pointed out that that's a minimum, and B) that's 54K while working only 16 hours a month. That is a looooong way from average. In fact, while I don't have the stats-can numbers in front of me, I would be extremely surprised if the annual salary for someone in Canada is 54K a year (IIRC about ten years ago it was between 30-40K a year, so that'd be some pretty extreme inflation if it was 54K).

I'm not trying to criticize or flame, but 54K annually for a very part time job is something that very few people get to have, so I think average is not the best word to describe it.



Of course all this is relative. I'm sure there are many perb-erts on here who make 6-figures and feel the same way (buy a couple of luxury items here, nothing too extravagant and boom - broke). OTOH, I'm sure there are also many perb-erts on here who make under 30K a year and would say the same thing. You live up to the standard you earn. I have a friend who at one time was living on less than $15K a year as a student, then went to Europe and at one point was making $200K+ a year. To this day he still doesn't feel as though he was really living any differently during either time, it was just that the things he'd buy or go out and do became more expensive.

I meant that it was an average salary, not an average salary for the amount of TIME I work.

 

[encarsia]

I believe that the average yearly is around 60 000 a year as I have discussion with many Sp from all over. Many girls do not make big bucks. Have you looked in the paper how many are openly listed. And many only see one a day or maybe only see 1 every couple of days. This was disclosed to me by one in which I was a close friend with. We talked about money and we make about the same but I work about 200 hours a month. If girls made 200 or 100 a year If invested they would have a great investment tool. I believe it is the life style. I do not think I could **** 3 different guy s everyday. Also look at some that post on this board and others. Do you think sssshawna makes 100000 a year.

 

[Sunset]

Okay Guys here's the Bottomline

Example A (may not be realistic)
Two clients a day = 10 per 5day/week = 540 per year

200 x 540 = $108k year gross - costs in-call/exp (18k/yr) = 90k Earnings/yr

300 x 540 = $168k year gross - costs in-call/exp (18k/yr) = 150k Earnings/yr

Example B (slightly realistic)
Seven clients per week = 378 per year

200 x 378 = $76k year gross - cost in-call/exp (18k/yr) = 57k Earnings/yr

Example C (very realistic)
5 clients per week and over two months of vacation per year = 225 per year

300 x 200 = 60k + (25 x 1000) = 85k - exp (18k/yr) = 67k Earnings/yr


Based on a recent survey with 118 responses from Canada, representing seven provinces. The following values are listed in Canadian dollars.

The overall average compensation is $59,932 CAD per year. The maximum reported income was $120,000 CAD and the lowest was $24,000 CAD. The salaries fall into the following quartile groupings:

Salary
Group Salary
(in $1000s CAD)
Lower quartile 24-43
Second quartile 44-50
Third quartile 51-57
Top quartile 58-120

The majority of responses came from the following provinces: Alberta ($53,146 average CAD), British Columbia ($55,240 average CAD), and Ontario ($65,281 average CAD).

It seems very obvious that SP’s in Canada with less restrictions are in the Top quartile of income. Expenses for clothes, housing, food, insurance, car are a constant that applies to everyone.

When you’re forking out the 200 to 300 dollars a session, you’re paying to a person in the two highest quartiles income in Canada. At the very least you should always get good and highly satisfying service. A very critical Review of SP's with a hourly fee of above 200/hr should be expected to assure potential clients of her actual performance.