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Sterile
mushroom lover
Registered: 03/16/01
Posts: 2,535
Loc: under the Amanita
Last seen: 6 months, 7 days
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Re: I finally landed in a big pile of money!!! [Re: Burke Dennings]
#4389053 - 07/10/05 02:57 AM (18 years, 8 months ago) |
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LMAO!
-------------------- The Source Of The Force Is The Power Of The Mind "if you don't like what you're doing, you can always pick up your needle and move to another groove." - timothy leary" Anno: "-I can do anything with those clouds!" Annos Tek
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Smallworlds
Trippin' fool -Merry Prankster
Registered: 03/12/05
Posts: 4,207
Last seen: 18 years, 5 months
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Re: I finally landed in a big pile of money!!! [Re: Le_Canard]
#4389055 - 07/10/05 02:58 AM (18 years, 8 months ago) |
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Quote:
ToiletDuk said: Congrats! It must be nice. You should buy a house as soon as you can with some of that. At least, that'd be the first thing I'd do....
Well since the money is coming from real estate, that's the only logical thing to do. I was thinking of a 4 unit property where I live in one of the units while my 3 tenants pay the mortgage, all of my bills, and perhaps even put a few dollars in my pocket while I still collect my regular income and then harvest the equity in about 10 years, if I even still need to, and then buy 3-4 more investment properties or so.
-------------------- Through the excercise of patience, one may learn humility.. Smoke plenty of green, and eat fungus!!!! Trip Report
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finding_self
Stranger
Registered: 05/15/05
Posts: 489
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no
Edited by finding_self (04/20/06 05:39 PM)
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finding_self
Stranger
Registered: 05/15/05
Posts: 489
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h
Edited by finding_self (04/18/06 07:44 PM)
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thegatewaydrug
my burning sunwill some dayrise
Registered: 11/15/04
Posts: 6,987
Loc: wherever i may roam
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Re: I finally landed in a big pile of money!!! [Re: finding_self]
#4389065 - 07/10/05 03:05 AM (18 years, 8 months ago) |
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yea, if u dont know wut ur doing u could fuck up and lose everything. but thats if ur a complete retard my friends parents made a quick 65k on one house.
-------------------- May God have mercy upon my enemies, because i won't. General George S. Patton
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Le_Canard
The Duk Abides
Registered: 05/16/03
Posts: 94,392
Loc: Earthfarm 1
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Re: I finally landed in a big pile of money!!! [Re: Smallworlds]
#4389068 - 07/10/05 03:10 AM (18 years, 8 months ago) |
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Sounds like a wise plan!
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Smallworlds
Trippin' fool -Merry Prankster
Registered: 03/12/05
Posts: 4,207
Last seen: 18 years, 5 months
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Re: I finally landed in a big pile of money!!! [Re: finding_self]
#4389096 - 07/10/05 03:30 AM (18 years, 8 months ago) |
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Quote:
FunMatic said: if your know what your doing ofcourse!
Being knowledgable and helping others deal with real-estate negotiation, analysis, rehabbing, tax-sales, foreclosures, no-money-down purchases, and assuming mortgages is what I am to be doing during the 20 aforementioned hours a week that I will be working, so I think that somehow I'll be an O.K. investor myself.
-------------------- Through the excercise of patience, one may learn humility.. Smoke plenty of green, and eat fungus!!!! Trip Report
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Prisoner#1
Even Dumber ThanAdvertized!
Registered: 01/22/03
Posts: 193,665
Loc: Pvt. Pubfag NutSuck
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Re: I finally landed in a big pile of money!!! [Re: Smallworlds]
#4389327 - 07/10/05 08:32 AM (18 years, 8 months ago) |
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Quote:
Smallworlds said: 3 tenants pay the mortgage, all of my bills, and perhaps even put a few dollars in my pocket while I still collect my regular income and then harvest the equity in about 10 years
after 10 years you are still paying the interest, your equity will equal a door knob, dont depend on 3 dead beats to pay it because you;ll quickly find that most renters are just that, collecting the rent isnt always easy and with each tennant that moves out or is evicted you discover that everything they paid in in rent is about to go into repairs for the damages caused over the lease period
want equity in 10 years, pay the mortgage+10%, you'll have equity in 5 years and a pay off in 15years while saving yourself 1/3 of the interest because you've been applying money to the principal
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Smallworlds
Trippin' fool -Merry Prankster
Registered: 03/12/05
Posts: 4,207
Last seen: 18 years, 5 months
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Re: I finally landed in a big pile of money!!! [Re: Prisoner#1]
#4389713 - 07/10/05 12:43 PM (18 years, 8 months ago) |
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yeah, I know there is more to it than what I said.
The particulars of any real-estate investment program must all be carefully weighed for success. My example was merely a most general rough sketch of a possible workable plan.
-------------------- Through the excercise of patience, one may learn humility.. Smoke plenty of green, and eat fungus!!!! Trip Report
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Kada
Asha'man
Registered: 02/15/05
Posts: 12,395
Loc: Buckeye
Last seen: 10 days, 13 hours
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Re: I finally landed in a big pile of money!!! [Re: Smallworlds]
#4389880 - 07/10/05 01:54 PM (18 years, 8 months ago) |
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I should get in real estate, im a pretty crafty guy.
Another NE gathering then hu? I think that is a very good idea. I didnt get to come to the last one and was very disapointed.
-------------------- ~The Cultivators Motherload~ "I am free, no matter what rules surround me. If I find them tolerable, I tolerate them; if I find them too obnoxious, I break them. I am free because I know that I alone am morally responsible for everything I do." -Robert A. Heinlein "There is no need for temples, no need for complicated philosophies. My brain and my heart are my temples; my philosophy is kindness."-Dalai Lama Live long and prosper.
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