Dump Thread v6.0 - Defending Super Bowl Champions +35

[1/28/01]

Appreciate the tips, especially that last one. I only recently finished studying so you can imagine my current list of assets (for some reason I don't think a bank would appreciate "that cool beer can I found in my first year") so I'm hoping to get started within 12 months or so. My Superannuation/first home account should be counting for a bit more by then too.

If you're single (or at least no kids) and just out of school, buy and reno yourself over time AND live in the reno while doing so. Your cost to carry is then not in addition to your living expense. It IS your living expense. Do a few that way and save a ton.

[1/28/01]

Also, buy wholesale direct from the banks and skip the listings that are with agents (unless its a no-brainer deal).

[Inqui]

If you're single (or at least no kids) and just out of school, buy and reno yourself over time AND live in the reno while doing so. Your cost to carry is then not in addition to your living expense. It IS your living expense. Do a few that way and save a ton.

That's not a bad idea, though I'm not sure how to make it work here in Auckland (one of the most expensive cities in the world relative to income and with a housing market going through the roof).

[rmw10]

That's not a bad idea, though I'm not sure how to make it work here in Auckland (one of the most expensive cities in the world relative to income and with a housing market going through the roof).

#MERICA

[Inqui]

#MERICA

*gives up trying to find site-appropriate Team America gif*

[Rav'n Maniac]

* Budget double the spend on your first few

* Dont over reno

* Stage

* List agressively (meaning a few percent below actual value)

* Cross your fingers

Learn best by DOING. So many sit back and talk about whatever, but never pull the trigger. Those are my favorite kind of people. Just do it, be smart, take your time, count every dollar and LEARN.

Let me know if you ever need some help. I am a licensed master electrician.

[1/28/01]

Let me know if you ever need some help. I am a licensed master electrician.

Will definitely keep that in mind. Always need good tradesmen.

[TheRavenouseD2008]

Let me know if you ever need some help. I am a licensed master electrician.

you could make a killing in Philadelphia,  its illegal inside the city limits to do you own electrical work .

[Mt. Crushmore]

I loved Vegas, but it's nice to be back home.

[52520Andrew]

I loved Vegas, but it's nice to be back home.

 

Not me, I still miss the Bahamas lol

 

Vegas is a pretty cool place, those fountains were a lot cooler than I thought they would be

[JEEPercreepermd]

I don't wanna go to work..just back from Charelston SC..what a beautiful place.

[TheRavenouseD2008]

I want a vacation been stuck here in pa ...... last year had a mini but end up in worry with the threat my ex made of leaving before I got home .......... so no rest there in reality I have had no vacation in 7 years.......Burnt out stressed out , and starting school in feb ... guess I am asking for trouble.

[YYZ66]

I want a vacation been stuck here in pa ...... last year had a mini but end up in worry with the threat my ex made of leaving before I got home .......... so no rest there in reality I have had no vacation in 7 years.......Burnt out stressed out , and starting school in feb ... guess I am asking for trouble.

 

I know how you feel.  I've got you beat, I haven't taken a vacation in over 15 years.    *sigh*

[rmw10]

Traffic today...

Spent 3 hours on the road on a trip that usually takes a little over an hour.

[arnie_uk]

Officially back in the real estate game.

My version of Flip or Flop 2.0. "Flipped" a few houses about 8/9 years ago, but I was too young, naive, cocky and arrogant. So, I didnt maximize each houses potential.

32 now and ready to have another go at it!

amateur question here. If you take a mortgage on a house your trying to flip instead if paying cash. Whats the risk? Surely the mortgage is secured on the house, so if it goes wrong you'd lose the house and just be out the money on the renovations rather than being out the initial capital of buying the house as well.

[arnie_uk]

I'm trying to come up with an alternative long term plan myself if things don't work out. I want to go somewhere abroad for a long time.

I didn't realize so many of us were in that 23-24 range.

im in that age as well, hopefully finished my finals now in September and 1 yr left on my contract. Been in full time work at that stage for 6 years at 24.

Want to try and do something with my life instead of just working.

[1/28/01]

amateur question here. If you take a mortgage on a house your trying to flip instead if paying cash. Whats the risk? Surely the mortgage is secured on the house, so if it goes wrong you'd lose the house and just be out the money on the renovations rather than being out the initial capital of buying the house as well.

Investment losses (mortgage balance minus foreclosure sale price) will be listed as income on our next years taxes.

Example:

Mortgage on flip for $200k

Forecloses and sells for $150k

$50k is deemed as "income" and you'll receive a 1099 for $50k

IN ADDITION, you'll be out carrying costs and as you stated, the cost to acquire and cure.

There are ways around this, but thats another story altogether

[Mt. Crushmore]

There are ways around this, but thats another story altogether

 

Now how would you know that...

[1/28/01]

Now how would you know that...

Lets just say I've had quite a few LLCs and offshore accounts.

[arnie_uk]

Investment losses (mortgage balance minus foreclosure sale price) will be listed as income on our next years taxes.

Example:

Mortgage on flip for $200k

Forecloses and sells for $150k

$50k is deemed as "income" and you'll receive a 1099 for $50k

IN ADDITION, you'll be out carrying costs and as you stated, the cost to acquire and cure.

There are ways around this, but thats another story altogether

awh I figured once the bank had the house that was that. As you can see I'm a long way og thinking of buying a house. Ha

[arnie_uk]

Lets just say I've had quite a few LLCs and offshore accounts.

are you an accountant by any chance or just financially savvy?

[1/28/01]

are you an accountant by any chance or just financially savvy?

Just dumb enough to try anything.

Nah, not an accountant, but know a good deal to get myself by.

[TheRavenouseD2008]

I know how you feel.  I've got you beat, I haven't taken a vacation in over 15 years.    *sigh*

I need out of pennsyltucky  let plan a jail break from this state lol

[display name]

I need out of pennsyltucky  let plan a jail break from this state lol

Well congratulations, you got yourself caught. Now what's the next step of your master plan?

[TheRavenouseD2008]

We must hirer  the expendables  ...

[TheRavenouseD2008]

never mind  vacation or xbox one .........madden bundle has a winner

[52520Andrew]

Well congratulations, you got yourself caught. Now what's the next step of your master plan?

 

[ravensnick]

never mind  vacation or xbox one .........madden bundle has a winner

join the party

[Purple Nurple]

Power outage. I get home and direct tv works in the living room but the tv won't turn on. TV turns on in the bedroom but the direct tv box isn't sending signal to the tv (someone explain that to me). Internet is out. Guess I'm reading comics on my tablet tonight.

[1/28/01]

Power outage. I get home and direct tv works in the living room but the tv won't turn on. TV turns on in the bedroom but the direct tv box isn't sending signal to the tv (someone explain that to me). Internet is out. Guess I'm reading comics on my tablet tonight.

Yuengling #5 says I am of no help to you on this.