Found $873K, need help investing it

Buying & Selling Real Estate
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Found $873K, need help investing it

Jim K.
Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes

Bought a teardown at a tax auction, went in and knocked a hole in one of the kitchen walls, found three stud bays filled with plastic-wrapped used bills, mostly twenties but lots of fifties, hundreds. $873K total. There was a Glock lying on top of one of the stacks, bit rusted, been there a while.

How should I invest this money? Please help. I'm so confused.

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Joe SplitrockPro Member
Moderator
Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
6y

Your situation is more common than you may think. Lots of investors got started after finding money stuffed in walls. 

First bit of advice is don't touch the gun. If you did, wipe off any finger prints and dispose of the gun in the closest river. 

Second thing to realize is someone will be looking for that money. It may be 10-15 years before the come looking, but guaranteed they will be back. Finish the rehab quickly and sell the house.

Now the money is all yours! Here is how you make it grow:

1. Advertise publicly you have the money. This is the best way to attract investing advice. You will meet lots of nice people who are looking out for your best interests.

2. Hopefully you find some fist time syndicators or flippers that will agree to pay you huge returns. Is it risky? Yes, but do you want to get rich or what?

3. Avoid the stock market. Everyone knows real estate is the only guaranteed investment.

That is about it. Give your money to the first person offering great returns and watch it grow. 

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  • Jim K.
    OP
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    6y
    Originally posted by @David Reo:

    @David Greene @Brandon Turner

    Get this man @Jim K. on the BP podcast. Do a special show where you walk him through how to invest the money, maybe even bring in some tax specialists and other people to meet the legal needs. It would definitely benefit the community, and it would be extremely interesting.

    I would give it a listen ,and I don’t think I’m alone.

    I'm pretty sure David's first point would be that if you find that much money in a wall, YOU CALL THE MEDIA AND YOU CALL THE COPS AND YOU CALL THE IRS AND YOU CALL THE FBI. You make the biggest stink in the world about the money being found and being in THEIR CUSTODY. If no one comes forth and legitimately claims the money within a reasonable period, you'll end up with it anyway. We have beautiful things called law and order in this country. If you don't appreciate them, you've never lived anywhere else where they don't enjoy such wonderful luxuries. If it's stolen money and the serial numbers have been recorded, you don't want that money. If it's counterfeit money, you don't want it. If it's criminal money your life isn't worth it. If it's just lost money with no legitimate claimant, yes, legally, it's yours. You'll pay taxes on it and keep the rest of it.

    I've only been in this for about ten years. I am a C-class landlord in cheap SFR in Pittsburgh, PA. I can tell you that if you get to work in the real estate business and you work at it honestly and with a bit of brains for ten years, $873K in cash ain't all that much, certainly not enough to risk your life or your family over.

    But man, isn't it exciting to think about? Because that's what society trains us into. Dream about finding money...and keep on actually doing today exactly what you did yesterday, your life will change, sure! Work that job just as many hours as there are in the day so your boss gets rich and keep putting a measly 5% of your paycheck by to get the employee match -- that's how you make the most of your income! Brand new car and increased car payment every three years, stay house poor with your fat mortgage, shop at Whole Foods and Nordstrom's and rack up vampire credit card debt, and wonder what magic Chick-Fil-A does with fried chicken breast to earn so much of your money. That's how this country was built, sure.

    You people have exhausted me. This thread was not that funny, and certainly not that interesting. Get out there and work and make some money and stop dreaming about money falling into your laps.

    4Reply
  • Ed Tamayo
    Investor · Sugar Hill, GA · Member since 2014 · 168 posts · 97 votes
    6y

    @Jim K.

    You are the only one mentioning taxes.it reminded me of an old movie where they are yet to find some alleged hidden money and they talk about the taxes to be paid.

    Boomers will remember it

    Mad Mad Mad World

    Everybody must pay taxes

    https://youtu.be/vZ0B_5N28vY

    1Reply
  • Dawn P.
    Rental Property Investor · Sumter, SC · Member since 2015 · 334 posts · 531 votes
    6y

    Some of these replies...

    4Reply
  • Maceo Lewis
    Investor · Tacoma, WA · Member since 2014 · 54 posts · 11 votes
    6y

    @Jim K.

    If I was you I would delete this post?

    But if you want investment advice, buy apartment building in your area.

    0Reply
  • Jim K.
    OP
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    6y
    Originally posted by @Dawn P.:

    Some of these replies...

    And Dawn, you have yet to see the private messages for investment offers!

    1Reply
  • David Reo
    Investor · Bay Area, CA · Member since 2019 · 44 posts · 17 votes
    6y

    @Jim K. Sounds like you had unrealistic expectations with making this thread! Thanks for the good laugh.

    0Reply
  • Bill F.
    Investor · Boston, MA · Member since 2015 · 1k+ posts · 3k+ votes
    6y

    I for one have learned a few things from this thread. For instance I now know that 

    @Christopher B., @Ronald Troy Whidbee, @Steve Morris, @Johnny Wolff, @Danny Webber, @Jeff Shumway, @Brandon Schwab, @Account Closed, @Aaron Crawford, @Chris Cooper, @Alex Khan, @Jordan Moorhead, @Marlen Weber, @Derrick F., @Ty Patillo, @Timothy Moore, @David Reo, @Maceo Lewis

    don't read all the replies before posting their comment.  Not the best look for the ones among them that claim to be RE professionals.  

    I also saw the single best reply of the year from @Mike Kostner

    7Reply
  • Jim K.
    OP
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    6y
    Originally posted by @Bill F.:

    I for one have learned from this thread. For instance I now know that 

    @Christopher B., @Ronald Troy Whidbee, @Steve Morris, @Johnny Wolff, @Danny Webber, @Jeff Shumway, @Brandon Schwab, @Account Closed, @Aaron Crawford, @Chris Cooper, @Alex Khan, @Jordan Moorhead, @Marlen Weber, @Derrick F., @Ty Patillo, @Timothy Moore, @David Reo, @Maceo Lewis

    don't read all the replies before posting their comment.  Not the best look for the ones among them that claim to be RE professionals.  

    I also saw the single best reply of the year from @Mike Kostner

    Good to see you here, Bill. Yes, that was solid gold from Mike.

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    6y
    Originally posted by @Jim K.:
    Originally posted by @Bill F.:

    I for one have learned from this thread. For instance I now know that 

    @Christopher B., @Ronald Troy Whidbee, @Steve Morris, @Johnny Wolff, @Danny Webber, @Jeff Shumway, @Brandon Schwab, @Account Closed, @Aaron Crawford, @Chris Cooper, @Alex Khan, @Jordan Moorhead, @Marlen Weber, @Derrick F., @Ty Patillo, @Timothy Moore, @David Reo, @Maceo Lewis

    don't read all the replies before posting their comment.  Not the best look for the ones among them that claim to be RE professionals.  

    I also saw the single best reply of the year from @Mike Kostner

    Good to see you here, Bill. Yes, that was solid gold from Mike.

    Well i think if Jim said 900k it would be more believable  873k is right out of the how to be a guru handbook.

    anyone else notice a slight change in policy were self promotion seems to be allowed more than in the past.. ??? 

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    3Reply
  • David Reo
    Investor · Bay Area, CA · Member since 2019 · 44 posts · 17 votes
    6y

    @Bill F.

    Thank you for your kind PSA. Sounds like some of the sarcasm didn’t land for you.

    1Reply
  • Jim K.
    OP
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    6y

    @Jay Hinrichs

    Jay, good to see your post, thank you for commenting. I hope you are doing well.

    0Reply
  • Bill F.
    Investor · Boston, MA · Member since 2015 · 1k+ posts · 3k+ votes
    6y

    @David Reo if I missed your sarcasm please accept my humblest and most sincere apology.  

    @Jay Hinrichs was there a change in policy? I have noticed the same thing, but chalked it up to the increased volume of posts combined with people not reporting them/ the mods not seeing everything. 

    Remember how long Mike M. was able to slide under the radar? Maybe they like to give folks the benefit of the doubt and err on the side of caution. 

    1Reply
  • David Reo
    Investor · Bay Area, CA · Member since 2019 · 44 posts · 17 votes
    6y

    @Bill F. I happily accept your heartwarming apology. These forums are really getting off the rails lately! I hope you have a great day sir.

    0Reply
  • Greg Houts
    Rental Property Investor · Greenville SC / Atlanta GA · Member since 2018 · 22 posts · 20 votes
    6y

    @Dawn P. Love it!

    My first reaction to this post was, “Dang, maybe I should have looked harder behind the walls in the two Atlanta crack houses I bought!” Maybe I missed a stack of cash between the needles and Satanic ritual book in the back room and the Bible in the front room?

    Thanks for the humor everyone!

    2Reply
  • Justin Thorpe
    Member since 2020 · 437 posts · 675 votes
    6y

    @Jim K.

    I’d talk to Disney to see if this could be either a new reality tv show or a new movie or a the basis of a new TV show.

    0Reply
  • John CasmonPro Member
    Cincinnati, OH · Member since 2013 · 1k+ posts · 1k+ votes
    6y

    @Jim K.

    You posted the exact amount on the internet?!? Expect an unpleasant knock on the door at some point in the future.

    As far as investing advice, setup a trust and invest in a handful of passive projects. Notes, syndications, and hard money.

    0Reply
  • Jim K.
    OP
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    6y
    Originally posted by @John Casmon:

    @Jim K.

    You posted the exact amount on the internet?!? Expect an unpleasant knock on the door at some point in the future.

    As far as investing advice, setup a trust and invest in a handful of passive projects. Notes, syndications, and hard money.

    I guess I just don't spend enough time dreaming about finding a lot of money, winning the lottery, getting rich quick, et hoc genus omne.

    1Reply
  • John CasmonPro Member
    Cincinnati, OH · Member since 2013 · 1k+ posts · 1k+ votes
    6y
    Originally posted by @Jim K.:
    Originally posted by @John Casmon:

    @Jim K.

    You posted the exact amount on the internet?!? Expect an unpleasant knock on the door at some point in the future.

    As far as investing advice, setup a trust and invest in a handful of passive projects. Notes, syndications, and hard money.

    I guess I just don't spend enough time dreaming about finding a lot of money, winning the lottery, getting rich quick, et hoc genus omne.

     Well, in case anyone reading this actually does find money, discretion might be a good first choice. 

    0Reply
  • Timothy MooreBusiness Member
    Real Estate Broker · Farmington Hills, MI · Member since 2019 · 44 posts · 16 votes
    6y
    Originally posted by @Bill F.:

    I for one have learned a few things from this thread. For instance I now know that 

    @Christopher B., @Ronald Troy Whidbee, @Steve Morris, @Johnny Wolff, @Danny Webber, @Jeff Shumway, @Brandon Schwab, @Account Closed, @Aaron Crawford, @Chris Cooper, @Alex Khan, @Jordan Moorhead, @Marlen Weber, @Derrick F., @Ty Patillo, @Timothy Moore, @David Reo, @Maceo Lewis

    don't read all the replies before posting their comment.  Not the best look for the ones among them that claim to be RE professionals.  

    I also saw the single best reply of the year from @Mike Kostner

    Caught red handed for skim reading. I'll have to work on that one but luckily I've invested in the time machine so once that's complete I can re-read the full comments from their original moments!

    I will say it was a much better read after i realized the satire. 

    0Reply
  • Max Versteppen
    Member since 2020 · 113 posts · 33 votes
    6y

    Simply Wall St is a financial technology startup focused on providing unbiased, high-quality research coverage on every listed company in the world. Our research team consists of equity analysts with a public, market-beating track record.

    0Reply
  • Christopher B.
    Investor · Southeast, MI · Member since 2016 · 425 posts · 184 votes
    6y
    Originally posted by @Bill F.:

    I for one have learned a few things from this thread. For instance I now know that 

    @Christopher B., @Ronald Troy Whidbee, @Steve Morris, @Johnny Wolff, @Danny Webber, @Jeff Shumway, @Brandon Schwab, @Account Closed, @Aaron Crawford, @Chris Cooper, @Alex Khan, @Jordan Moorhead, @Marlen Weber, @Derrick F., @Ty Patillo, @Timothy Moore, @David Reo, @Maceo Lewis

    don't read all the replies before posting their comment.  Not the best look for the ones among them that claim to be RE professionals.  

    I also saw the single best reply of the year from @Mike Kostner

     Ha ha, I read the posts prior, which was only a few at the time, and I still didn't get the joke initially, lol.  It is much funnier now.  

    0Reply
  • Kevin K.
    Specialist · NY · Member since 2016 · 82 posts · 60 votes
    6y

    Honestly reading some replies and seeing some recent posts it’s seriously made me start to lose faith in this site. 

    I feel a lot of meaningful posts that contain a ton of useful information get buried under the “How I went from 1 to 100,000 doors and you can too” without providing any actual details or the famous “ I just inherited $500k, can anybody PM me and help me lose it?”

    With that being said, there is still a ton of people on this site whom I learned a bunch from and I’m sure others have also. Who I really hope don’t get discouraged and continue to provide useful information for people and not for 10 easy payments of $9,999. But rather because they actually enjoy teaching and spreading their knowledge and experiences.

    Also, anyone reading this post should have known it wasn’t real from the dollar amount. Everyone who has watched TV knows criminals always hide their cash in $1,000,000 incriments. So all those PMing and trying to grab their share of the pot. Jim already skimmed off $127,000. So good luck.  

    0Reply
  • Chris John
    Member since 2020 · 671 posts · 937 votes
    6y

    Like a phoenix from the ashes!  You know, this thread was getting a little bit tired for me, but it turns out that taking a couple of days off put me right back in that happy place.  haha.

    1Reply
  • Ian WalshBusiness Member
    Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    6y

    Is this post real?

    0Reply
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