All Forum Posts by: Account Closed

@D'Andre Byers what about getting a duplex because then you have your own unit as a starter home and the other unit can be rented out and help to pay for your mortgage? I wished I had started thinking about investing like you when I was 21. Also, maybe you both reading Rich Dad Poor Dad together could help to change her mindset about understanding money and investing.

They will need the duplex so he can live in one side and she in the other when she starts wanting him "home more" when he is out earning money and they start fighting about it. A duplex is a great idea.

0 Votes

She's not "into it." There's nothing he can do. If he marries her, he will be out making the money and she will divorce him in 5 years because she "wants him at home more." I wish I had a penny for every story I've heard like that.She doesn;'t know the value of work or money. I have no sympathy for these people because they are flat out shallow. He is just as much of a knucklehead given that his ace priority will be stymied by a non-thinker. They sound like they deserve one another.

0 Votes

Originally posted by @Shawn Coverdell:

I used to work in an office surrounded by people older than I am. some in there 70's. Still working. You could raise your desk up and down to prevent your body from loosing feeling from the waist down. Most took an assortment of pills to keep them upright and "productive".

I decided I did not want to end up like that so I started buying rental properties. In 5 years I replaced my income and turned in my stuff to my boss. I now make SEVERAL times my old income. I tried to teach others but several told me they would but...… there wife or husband did not want to do that...…. and this and that and ……..need to pay off my car. I was thinking, man, 60 years old and trying to pay off a car?!? They all had College degrees to support there decision making skills.

I don't need to but still like to buy homes. A friend of mine needed some money. I just bought a couple more SFHs, I decided why not, lets fix one up like we normally do, but have my friend do most of the work and flip it instead. I never fliped one before. always kept them for rentals. This morning we signed off, finalizing the sale. Our total into it was 88K, it took 6 weeks from start to finish on the rehab. It sold first day of listing for 5K over asking. 185K asking. after all the fees and realtor commissions etc. we split 82K profit 50/50. That's 41K gross (before tax) in 6 weeks. How much does a doctor make? A lawyer? This flip was nothing special. I bet I can do way better, it was like all the other rentals I buy and keep.

Our cash flow alone from rentals which is very passive income with management in place is more than most doctors make and they go to school for years and years.

Tell her you can buy a home for yourself and pay a 30 year mortgage and be like 99% of population. Or you can be one of the hated 1% who takes that same home and turns it into income for life.

41K/week or 41K/ year.

"I wish I could, but well, you know...….my wife, she...…"

Choose your spouse wisely, I can cost you your life!!!

Shawn Coverdell

Homes in the Hood

0 Votes

Marriage is the biggest business deal you'll ever make. Sounds like she's not into it.

1 Vote

A guy is building a 200 room upscale low impact (ecologically appropriate) resort in our tourist town. Will this help or hurt housing values? It will be the "biggest" thing in the town of population of 2600. There are many airbnbs (private residences) and several small resorts, but nothing of this scale. Will this affect home prices if it increases the "draw" to the town?

0 Votes

It is an expense of your property either as an investor or as a business, so yes.

(By the way, I cross things out and add categories on schedule E. Have been doing this for years. No complaints from IRS.)

1 Vote

Assume inflation at 2-3%. eg a $1000 a month payment becomes worth $970 in inflation adjusted terms in year 2,and likewise in year 3,4,5,6, etcetera. So in terms of inflation your payment is declining 2-3 percent per year based on what money can buy. (You have to use your exact figures but using $1000 is easy for me here sitting on the couch.)

If you buy a house where rents are rising, say a $1000 rent rises to $1030 or $1040 per month in year 2 and so forth in each subsequent year... Point being that you have rising rents against static/declining fixed student loan payments. Now consider additionally that your property increases in value 2-3 % per year. Now consider you may (or may not depending on your situation_ benefit from depreciation. (probably you will.)

Need I go further? If you buy right your rents will wipe out student loans.

3 Votes

Go ahead. Leaves more for the rest of us in every other city in the US.

You could be waiting and waiting and........w..a ...i....t....i...n.....g....

0 Votes

Laminate can "swell up" if you leave the water on for any length of time. Thought about a leaking air conditioner and laminate?

1 Vote

I think the micro details are determined state by state. Call your Department of Real Estate or whichever department controls real estate sales in your state. Usually the determining thing is whether you are receiving a commission. You are an investor. It may also depend on the number of transactions you do in your state in one year.

0 Votes

All Forum Posts by: Account Closed

Account Closed has started 2 posts and replied 122 times.

Post: Soon-to-be wife not on board

Post: Soon-to-be wife not on board

Post: Soon-to-be wife not on board

Post: Soon-to-be wife not on board

Post: Will upscale resort increase property values in tourist town?

Post: Can I deduct wire fee when paying off loan on rental property?

Post: Student loans or investment property

Post: Baltimore City ... Should I invest now ?

Post: Vinyl Planks vs. Laminate For Tenant-Proofing a House

Post: Wholesaling without a license - legal or illegal?