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legit27 said:
I havent read all of it, but i probably will when i have time.

Have you tried this yourself?

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Prisoner#1 said:
wow... that's chock full of bad advice, slapping $20g down on a home and
taking out a lengthy (30yr) mortgage with a variable (after 5yrs) rate

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hidenseek said:
what about the rennos, not everyone knows how to strike a hammer?

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hidenseek said:
10k to pay someone to do it?

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Larrythescaryrex said:
OP, whats your stance on doing the work yourself (assume the self is able)

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Larrythescaryrex said:
OP, whats your stance on doing the work yourself (assume the self is able)

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2: This thread is meant to be read while sober.

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dealbreaker 

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nice1 said:
This thread has rekindled me.

I wa planning on doing this for a long time.  The market is down.  I'm a handy man and can do the repairs.

Only difference is I'd be risking my own savings not the banks money.    I'd still need to borrow 75% but a 25% down payment is considered pretty dam good for a deposit.

Once I'm in I'd have 2 spare rooms I could rent which should cover the mortgage then all I gotta do is chill and run my small business.

Its just if I go out of business and can't find any tenents or a job... What happens then?  Would i lose my savings? 

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Patlal said:
Yep, as I said, those who know finance will think im crazy.

The long term is to reduce the mortgage payment to a minumum therefore increasing your cash flow.

5 year rate...stability

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The goal here is not to own the house as fast as you can...its to milk every dollar of rental income out of it

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Patlal said:
Im 25.

I currently make 32000 of rent income a year.

My parents are much further ahead of me, I beleive they now make around 200k a year of rent PROFIT alone,

They just bought 3 new houses 3 weeks ago.

They also flip houses become my stepdad is a GREAT handyman

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Prisoner#1 said:

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Patlal said:
Yep, as I said, those who know finance will think im crazy.

The long term is to reduce the mortgage payment to a minumum therefore increasing your cash flow.

5 year rate...stability

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so you reduce the payments on the mortgage by extending it to 30 years
instead of 20 and on doing that you have a variable rate mortgage that
starts at say 4% but jumps to 9% after the 5 years leading you to paying
4x the price of the house over that 40 years span and bumping your
payments up after the 5 years is up leaving 25 years of payments at what
ever rate the lender decides to charge... I think you know nothing about
finance and are giving horrible advice because there's absolutely no
stability in that plan

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The goal here is not to own the house as fast as you can...its to milk every dollar of rental income out of it

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but you aret looking at how shit really works, first, 15 and 20 years is
much shorter than 30 years, you dont own the home until it's paid for,
you simply own a little equity in the home after some years of making
payments, and in renting it out you also have to factor in payments to
the bank, as well as maintenance costs and repairs should you have a
tenant that destroys the place in a single year, a few thousand on up to
$30k-$40k depending on just what they do, trust me, I just did $9k in
repairs to a duplex because the tenants stole the appliances, trashed
the carpet and busted holes in the doors, shot the windows out with BB
guns, busted holes in the sheet rock through out the house

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nice1 said:
Enough of your bragging man.  Listen this idea is old and everyone knows about it - your not some god just because your parents showed you how to do it.

Secondly, if you want my respect then you need to prove you know what you are talking about by answering my questions.  So far you've dodged them in this thread and the PM i sent you. 

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Eshu said:
Jesus on a donkey.

1.) This post sounds like an infomercial.
Don't feel like reading what Patlal has written? Wait till 6am, flip through the channels and you'll see some jackass in a suit talking about flipping houses.

He says it's "Sooo easy, you can make millions!"

Then it flashes to

"My book is a number 1 bestseller."

Put two and two together, if it's so simple, and amazing, those 20million people who bought the books would have that market torn apart, and everyone would be rich.

Patlal is replying back like a damn car salesman "You wanna go fast? You want the wind in your hair! This BMW Convertable is perfect! But hey, I'm not going to force you in it! I'm just going to tell you what you're missing"

FUCK Houseflipping. It's a pyramid scam, and it's dangerous waters. You could get FUCKED easily.

Millions my ass.

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nice1 said:
Oh well, when I think about to be honest I hate the idea of being locked into debts for tens of years.  I'm too much of a free spirit and I'm anti-fascism.

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nice1 said:
This thread has rekindled me.

I wa planning on doing this for a long time.  The market is down.  I'm a handy man and can do the repairs.

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Prisoner#1 said:
look around for homes in forclosure or that have had some serious
interior damage and are being sold cheaply, you can find them in the
$20-$35k range with 2 and 3 BR homes, many are former rentals

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At that price I could buy the house outright   unfortunately I live in the UK, you won't get a 1 bedroom house for under $200,000 here 

I should move to canada.

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Patlal said:
You cannot achieve wealth without debt (unless you very very smart or lucky)

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Prisoner#1 said:

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Patlal said:
You cannot achieve wealth without debt (unless you very very smart or lucky)

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I have no debt, I own 3 homes, one is used as storage, the other my ex
wife lives in rent free and I live in the third, a couple of years ago I
constructed a 30x60 workshop to do what ever I please with and my
properties were bought with cash leaving me with 100% equity in $1.2mil in
properties and absolutely no payments

seems I'm very smart and I'm saying YOU GIVE BAD ADVICE
people will end up losing with your 'plan'

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nice1 said:

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Prisoner#1 said:
look around for homes in forclosure or that have had some serious
interior damage and are being sold cheaply, you can find them in the
$20-$35k range with 2 and 3 BR homes, many are former rentals

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At that price I could buy the house outright   unfortunately I live in the UK, you won't get a 1 bedroom house for under $200,000 here 

I should move to canada.

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Patlal said:

I will say it with no shame and ask you to delete this thread.

Seriously, this is serious

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You know you can delete your own threads?

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Eshu said:

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Patlal said:

I will say it with no shame and ask you to delete this thread.

Seriously, this is serious

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You know you can delete your own threads?

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Prisoner#1 said:
for you it might be better to buy raw land and build, skip all the flipping and rental crap until you have a lot of cash you can 'waste'

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Patlal said:
There are plenty of ways to acheive wealth, that is one.

Pris, im not from the states, you know that. The situation down there is much worse than here.

The goal of this thread was to get people thinking, motivated.

+ now is the best time ever to buy, the rates are ridiculously low.

I'm sorry we can't agree on this one.

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really? because the real estate market in canada has also dropped
meaning those variable rate mortgages everyone got several years ago
will result in them spending even more on houses that are just as
devalued as the ones in the US, the difference in canadian housing market is that you guys didnt have government agencies backing bad
loans to people that couldnt repay, we both had a price bubble that
burst and both our markets are closely tied

http://www.cbc.ca/consumer/story/2008/11/14/f-realestatemap.html




I wonder why we 'cant agree'? is it because I know what I'm talking about?

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nice1 said:

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Prisoner#1 said:
for you it might be better to buy raw land and build, skip all the flipping and rental crap until you have a lot of cash you can 'waste'

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Yeah I'd love to - can't do it here though mate. 

Planning permission its like a nearly impossible thing to get here.  The games already well wrapped up because theres so little land available.  big companies jump on it straight away - it doesn't even make it to the auctions.

There is some land you can buy for farming etc but they are notorious for never giving out permission to build on land like that and it usually gets bought up by the rich horse riders real fast.

Thanks for the advice anyway ;-)

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Patlal said:
Honestly , Pris.

Do you want me to delete this thread?

If so, I'll do it immediately

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Patlal said:
1: I am posting this because I’m tired to see people write about that life is too much work and their broke and shit.

2: This thread is meant to be read while sober. I will make it very detailed, painful and very long in order to filter out the shitheads.

3: This thread is not meant for argument, like it or not, I don’t care

4: If you truly want to know more after this read, PM me, I will be glad to grab you by the hand and slowly pull you into the money boat. For free, because I love talking about this, and I feel it is my duty to help people.

5: What I’m about to write has been proven on many occasion, has worked for last hundred years and will work for the next hundred also. I have witnessed it, am currently doing it and most importantly, I’m having fun doing it.


So, you a typical guy, living pay check to pay check. Broke all the time and you don’t know why? This is for you.

Have you ever noticed that you work 40 hours a week and your poor, and a millionaire works 40 hours a week too but he’s loaded? Then you tell yourself this: Money doesn’t buy happiness. This phrase must be the biggest load of bullshit loser talk that was ever invented. YES MONEY BUYS HAPINESS! Or it makes misery a lot more tolerable.

Before you zone out and say to yourself, pff look at this guy, he’s gonna tell me to get a doctorates degree and get a 100k per year job.... false....

Any kid aged 18+ that has no education can apply this with a 15$ish per hour job and retire if he chooses too, in his early 30s.

Requirements: Hopefully, you are a helpable case.
- You need to have good credit
- You are required to have proof of employment
- No criminal record
- Have average intelligence

If you don’t meet these requirements, close the thread... and best of luck to you in life


So here’s the big secret you’ve been waiting for:

It’s called real estate.

Your goal: own real estate

Before I go in deeper there are a few terms I need to clarify in case you don’t know them

1: Passive income: Income that comes in on a regular basic that you don’t have to work for (interest)

2: Asset: property with a cash value that is owned by a business or individual

3: Liability: money owed to creditors, vendors, etc

That’s about it. Not too hard is it?

What’s truely important to distinguish here, is the difference between assets and liabilities.
Examples of assets:
Real estate
Cash

Example of liabilities:
Cars (this is perhaps my most hated liability)
Shit you can’t resell at a higher price or that loses value in time

Here’s the list of people you must find, befriend and have a great relationship with:

A real estate agent: CRUCIAL, this is the guy working FOR you. You need an extremely good real estate agent that works for you. That calls you before he posts a house that would qualify your needs before he puts it up on his website. Someone that calls YOU if he sees a great deal in your area.

A lawyer: A MUST, he will sign the papers and charge you a fat fee to do so. You got to spend money to make money.

A bank: in the beginning they help, in the end they are your worse enemies...

A millionaire investor: Harder to find if you’re from the hood, but CRUCIAL when the bank becomes your enemy. Dress up, go to classy bar, talk to the bartender, they know their clients; he might point you to the right guy. You got to spend money to make money.

Oh, and that millionaire guy... He’s going to ask around about who you are, they tend to avoid shitheads. Your goal with this guy is to make him richer in the long term just by knowing you. IMPORTANT NOTE HERE: don’t fuck it up with this guy.... Never even try to hint drugs, or whatever. Let him break the ice on this.

Also, don’t be surprised if the guy starts inviting you to places you can’t afford at all and fills your ass up with expensive wine and food and bring you to his front seat season ticket games. He’ll pay for it. Millionaires like to pay for shit you can’t afford, it’s cool for them.

A mentor: duh...

A good renovator: You may or may not need this guy, but if you do, you want an honest, no bullshit, and no under the table transaction guy (ever, you need them receipts). You need your receipts. Once you got a good one, give him BJ’s. Because there are SOOOOO many idiots in that field of work it’s insane. Now due to the fact this is a drug website, you might understand when you pay him Thursday and doesn’t show up Friday. But you don’t need this bullshit. Kick his ass out the door. Some shits are tolerable, for example, he’s always late, but he’s the best... call him an hour early so he shows up on time.

_____________________________________________________________________________________

Alright, now that you know if you qualify, know the language and know the people. What next?

You need to find your first building to buy right? Not quite yet...

First you got to live in misery for the first year...sorry, nothing comes free. Save on food, save on bills, and cut shit you don’t need, cut restaurants. Most importantly, cut the drugs... I need you sober at least 12 hours a day.

Look through the houses that are currently for sale. Check the average price. Get an idea on how much you need to buy this motherfucker...

Go to the still friendly bank, ask for a meeting, bring your proff of income, and see how much you can borrow. For the future, let’s say it’s 200k.

Now that you have an ‘objective’ you need to collect 10% + 10000$, therefore, 30k. Going to take more than a year? Boo hoo, believe me, shit ton of money is in your future. Get a weekend job, work more, find a better job, do what you have to do if you’re in a hurry.

God dam!!!!!!!!! Wasn’t so hard after all, plus that gives you a year or two to befriend a millionaire...woots

NOW you can buy a building. Finally!!!

Target: a big house with as many rooms you can find in your area for 200000$. The house foundation must be in GREAT condition, look through investor eyes, if it ugly in there, is it cleanable... kitchen, toilets, flooring and paint are the renos you looking for. U are not looking for bad foundation bad heating system, bad water tank, bad roofing. They are a pain and they are expensive.

Go to bank, sign 20g down payment and get the LONGEST possible term on your mortgage possible. Best interest rate you can find, make SURE that its fixed for 5 years! We do not need shit to change...
Change is bad right now. Change is like trichoderma...

(I know most of you think that the last paragraph is absolutely the worse advice ever! but , think here.  you get a high price mortgage due to shorter term: here are the number....  rent income 1500,  expense: 1500$ mortgage + all the other shit...ur in the hole dude.....  longer mortgage: income rent: 1500,  mortgage 1000+ the other shits...suddenly your making a profit or breaking even)

Now here’s the situation. You got 10000$ left in the account, party time? Fuck no. Reno time.

Renos are completely not needed? Kiss my ass, you liar.

Now finally, renos are done, mortgage is settled...oh, now would be a good time to kiss your apartment goodbye cause thats a liability you don’t need anymore.

Plug in hydro, water, wireless internet, cable tv, furnace. You living like a king. But you cannot pay any of those bills cause you don’t have anymore money and don’t make enough at work. D’oh...

My answer to this: Who ever said that YOU would be paying for these things???????

Remember, you now have a 4 bedroom house with basement 2 bathrooms and you are single...

Craigslist, Kijiji, rent out these motherfuckers... students, temporary workers, he want to stay a month? No problem, want to stay a year no problem, you have a free room and some guy needs a place to stay for 4 days and doesn’t want to be in an expensive hotel...rent...

Your goal here is to make the most out of rent as you can... that way your salary right now goes almost completely into the savings account because the renters are paying for all your shit.

Set strict rules about the renters though. No loud noise, no bullshit, if they don’t pay kick them out.... your dick has to be in their asses at all times. Do yourself a favour, don’t rent any rooms to any of your friends...ever...it a good way to wash away good renters cause your friends are stoners with rap music on... and if you got to kick him out, you lose a friend.

P.S. Insure yourself for any fucking problem that might arrive........ Tell the insurance dude the absolute truth on your condition, sign the fucking papers, and hate paying it for the rest of your life)


Alright, you now have thousands coming in from renters to pay for the thousands in expenses and you have a job.

The money is coming in and you feel it. You have a house, an asset. Now, that could almost look like that you got your shit together in life right?

Stop there and live with renters all your life....hmmmm let’s move to step 2 shall we?


So yay, no bachelors degree needed as of yet. Fuck school, you are now officially too cool to go back.

So you wake up one morning and realise...wow, I got like 5k in my account, never seen that in a long fuckin time!

Bank: invest in the safest possible place possible. (up to now if you know anything about finance, you now think I’m crazy, and that is your opinion. We gonna be richer than you faster, so shut the fuck up)

Now, you have many, many choices.....

Do you:

Buy another house like the first rent rooms and NOT live there? (Only if you find a place with only students. But every fuckin year u’ll have to repaint and put new flooring. To a point where you could almost not bother with it, student grab anything that is remotely close to a university).

I would suggest going commercial with apartment building. There is one huge difference here: you need 25% of the asking price before you can buy  no way around it.....or is there???

So you find the perfect apartment building, and its worth something like what 300k? So a downpayment of 75k + the lawyer and real estate guy....ouch........ You would need to save for years!!!

Nope... You know a guy now.... You actually have a friend that isn’t a total shithead... + he loaded!!!!!!

Make a deal with him. Find the sweet spot.... plan ahead, figure out how much your building will cost you and how much it can bring back... HAS TO BE A PROFIT PEOPLE. IF NO PROFIT IS POSSIBLE NEVER BUY!!!!!!!!!!!!!!!!!!!!!!!!

Figure this shit out, your real estate agent gives you all the pieces, you just need to solve it.

Tell your millionaire investor that if he loans you 270k and that you put in 30k for that building, you would give him a good interest rate. If thats his line of business (of course it is, you been to like 30 bars to find this dude) he’ll know what to do. He ain’t a stupid bank. He’ll ask you if he can look at your soul....

Once the deal is done.... BANG new building!!!!! Now the money is literally coming out of your ass....


So what now?.....  Save money again... cause if the market crashes, and renters move out, you don’t want to be caught like 2008. You gotta save it all and delay your next building (which i suggest should be a house for you, cause girlfriends, kids.... cant live with roommates forever)

Once you stored 1 year worth of money to bail you out if suddenly everybody left your building, you are in business, your riding the gravy train and the choice to keep going is yours...

By the way, Your first house with roomates. Ask them only rent money and give them the rest. To many cars in the driveway? fuck the front lawn up... Grass is cheap. By experience, people that rent rooms only want 1 payments out of their bank account. Plus these people norally understand money, talk to them.

As for the apartment building, charge lower rent, let em pay for all the rest. Cause if you pay for electricity and water, some idiot will start growing weed at your expense!

As for the tax issue, hide nothing. You are now what they call 'self employed'. all the renos, all the expenses are now tax deductable. The beauty of this, is that the governement actually HELPS you get richer... Yes Im that crazy folks, the government is helping me get richer who would of though.

Keep going all you want, if your a doit yourself, you can save on the renos and start flipping houses (brilliant).

Donald Trump would be the best example of this, He completely blew this plan out of proportion and is now a billionaire.

Thank you for reading
Enjoy life
Get rich
Don’t die trying

If you don’t agree, oh well....

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Prisoner#1 said:

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Patlal said:
There are plenty of ways to acheive wealth, that is one.

Pris, im not from the states, you know that. The situation down there is much worse than here.

The goal of this thread was to get people thinking, motivated.

+ now is the best time ever to buy, the rates are ridiculously low.

I'm sorry we can't agree on this one.

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really? because the real estate market in canada has also dropped
meaning those variable rate mortgages everyone got several years ago
will result in them spending even more on houses that are just as
devalued as the ones in the US, the difference in canadian housing market is that you guys didnt have government agencies backing bad
loans to people that couldnt repay, we both had a price bubble that
burst and both our markets are closely tied

http://www.cbc.ca/consumer/story/2008/11/14/f-realestatemap.html




I wonder why we 'cant agree'? is it because I know what I'm talking about?

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Patlal said:

Right now the interest rates here are like 4%. Ridiculous. When a market crashes, you buy cause everything is cheap. So that way when it starts getting better, you profit like crazy.

Oh and do I delete this thread or not?

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Patlal said:
Pris, what is your plan?

What did you do?

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Patlal said:

The ball is in the air, I threw it to you. Do you have the guts to catch it?

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Patlal said:

Yep, as I said, those who know finance will think im crazy.

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