Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: 22 Years Old and wanting more...
Old 06-23-2005, 04:58 PM   #61
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: 22 Years Old and wanting more...

240D's were great cars. You had to walk up and slap the engine now and then to wake it up and have it actually DO something, but hard to kill. I had the larger 300TD for a while and really, really liked it for all those 200-300 mile round trip jaunts I had to make when I was in sales. 26-27MPG out of a car that big wasnt too tough to take...

Unfortunately, since mercedes bought chrysler the build quality of the mercedes cars has caught chrysler disease...:P
__________________

__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: 22 Years Old and wanting more...
Old 06-23-2005, 05:10 PM   #62
Thinks s/he gets paid by the post
JPatrick's Avatar
 
Join Date: Jun 2005
Posts: 2,494
Re: 22 Years Old and wanting more...

Comixfan you gotta be somewhere other than Baldwin Cty cause they sure look like boomtown USA the last few years.
Tell me where the deals are. Coming down to buy (or at least try) in August.
__________________

__________________
JPatrick is offline   Reply With Quote
Re: 22 Years Old and wanting more...
Old 06-24-2005, 07:35 AM   #63
Dryer sheet wannabe
 
Join Date: Mar 2005
Posts: 21
Re: 22 Years Old and wanting more...

Quote:
Originally Posted by JPatrick
Quote:
Originally Posted by comixfan

And there are tons of deals to be had in non boomtown real estate regions of the country (like where I'm at in Alabama).
[quote

Comixfan you gotta be somewhere other than Baldwin Cty cause they sure look like boomtown USA the last few years.
Tell me where the deals are. Coming down to buy (or at least try) in August.
I'm in Montgomery county. I avoid mls like the plague and stick to fsbo. I am finding houses in good appreciation areas (10 - 15% per year) for 10 - 15% under market value. I lease/option them from the owner and then lease/option the place to a new tenant. Really a pretty simple process. Just a matter of being patient.

Also, unlike some other parts of the country, you can buy an investment property here(like a duplex or triplex) for 60 - 80k and net 200 - 400 a month conservatively pretty easily. It's especially easy doing these deals if the owner carries the note. Being a landlord is not my thing though, so my profit margin would be cut down considerably by the property management fee of 10%.

Baldwin county is booming right now? It's a seller's market here too, but not to the point of bidding on houses or having the houses go over the asking price like in Fl. The Hyundai plant just opened up in May so that should create a pretty tight supply and high demand over the next year or two.
__________________
comixfan is offline   Reply With Quote
Re: 22 Years Old and wanting more...
Old 06-24-2005, 08:59 AM   #64
Thinks s/he gets paid by the post
Jay_Gatsby's Avatar
 
Join Date: Oct 2004
Posts: 1,719
Re: 22 Years Old and wanting more...

Quote:
Originally Posted by Notth
240D's were great cars.* You had to walk up and slap the engine now and then to wake it up and have it actually DO something, but hard to kill.* I had the larger 300TD for a while and really, really liked it for all those 200-300 mile round trip jaunts I had to make when I was in sales.* 26-27MPG out of a car that big wasnt too tough to take...

Unfortunately, since mercedes bought chrysler the build quality of the mercedes cars has caught chrysler disease...:P
Yeah, 240D's could run seemingly forever. Zero to 60 mph in 15-20 seconds, but once you were up to speed you could set the cruise control and forget about it.

I've always thought about buying an early-1980s convertible mercedes (380 or 560) as a weekend "fun" car. Although such cars are now 20+ years old, when kept in great shape they still turn heads.
__________________
He had one of those rare smiles with a quality of eternal reassurance in it . . . It faced, or seemed to face, the whole external world for an instant and then concentrated on you with an irresistible prejudice in your favor. -- The Great Gatsby, F. Scott Fitzgerald
Jay_Gatsby is offline   Reply With Quote
Re: 22 Years Old and wanting more...
Old 06-24-2005, 12:55 PM   #65
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: 22 Years Old and wanting more...

The only not fun part of those is when they DO need work. I had an old early 70's 450SL I bought as a project car. Didnt need much at first, but the stuff started adding up. I couldnt BELIEVE what they socked me for to buy parts for it. I finally gave up on what seemed like the most innocuous repair...all the knobs on the heating controls were broken off. Turns out, you cant just put new knobs on, you have to replace the whole assembly in the dashboard. After fiddling with it for 2 days, I went to an old mercedes guy (even named 'fritz') with a crappy garage downtown. He listened for 5 seconds and said "no thanks...those are such a huge pain in the butt to put in I dont wanna do it..." I offered him $500 to simply remove the dashboard center piece, replace the heater controls and replace the dashboard. Nope. "You'll never get the dashboard back in. Ever" he said. :P

One thing about those old diesels? You couldnt get any acceleration out of them, but you could pull a house off of its foundation with the torque...
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: 22 Years Old and wanting more...
Old 06-26-2005, 03:50 PM   #66
Recycles dryer sheets
 
Join Date: May 2004
Posts: 495
Send a message via AIM to yelnad Send a message via Yahoo to yelnad
Re: 22 Years Old and wanting more...

About that "Property Ladder" show. My husband and I really enjoy it because we do flip properties locally. We laugh at these people. I wish we were able to take 3-4 months off from our real jobs to get it all done like they do on the show!

The most recent episode mentioned, where the two women made $17,000 on a 4 month flip (which was most likely really only $3000-8000 divided by two)...they said at the beginning of the episode that they were going to use the profits for BOOB JOBS!! No wonder they bought a second property to flip before they finished the first.
__________________
Yelnad --"What you're paying for is an education, not a room at the Sheraton,and sometimes that education is uncomfortable."- Jim Terhune, Dean of Student Affairs, Colgate University
yelnad is offline   Reply With Quote
Re: 22 Years Old and wanting more...
Old 06-26-2005, 07:16 PM   #67
Recycles dryer sheets
 
Join Date: Jun 2005
Posts: 97
Re: 22 Years Old and wanting more...

Ha, yea. I would like to see their profits after fees and taxes.
__________________
geeman is offline   Reply With Quote
Re: 22 Years Old and wanting more...
Old 06-26-2005, 07:24 PM   #68
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,386
Re: 22 Years Old and wanting more...

Quote:
Originally Posted by SLC Tortfeasor
As an example, if I was buying a Porsche, I would get a nice 1999 or 2000 911 Carerra 2 with a full Aero kit.* I've found great ones for sale on Ebay and Autotrader ranging from about $38k to $45k.* These are hot cars.* Of course, they primarily appeal just to other car guys, but no matter---they make you feel like a superstar.* But what if you invested that money instead?* Assuming a reasonable/conservative 8% rate of return on a 30 year investment in stocks, you could turn $40k into about $80K in 30 years.* Despite inflation, you could probably live off of that investment alone for over a year, depending on how frugal you were.* <>Having said all that, I have to admit that I recently bought a used Nissan 350Z.* Now I can still get my kicks playing the role of the young bachelor in a hot car, even though I didn't have to break the bank to do it.
Smart move getting it, though they look like crap compared to a 911. Testosterone only lasts so long- use it while you have it. Before you know it you will look like an old lady.

haha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Re: 22 Years Old and wanting more...
Old 06-26-2005, 08:06 PM   #69
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
HFWR's Avatar
 
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 12,964
Re: 22 Years Old and wanting more...

Quote:
Originally Posted by geeman
Ha, yea.* I would like to see their profits after fees and taxes.
And after the operations!!
__________________
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is offline   Reply With Quote
Re: 22 Years Old and wanting more...
Old 06-26-2005, 08:28 PM   #70
Thinks s/he gets paid by the post
 
Join Date: Dec 2002
Posts: 3,875
Re: 22 Years Old and wanting more...

Quote:
Originally Posted by yelnad
About that "Property Ladder" show. My husband and I really enjoy it because we do flip properties locally. We laugh at these people. I wish we were able to take 3-4 months off from our real jobs to get it all done like they do on the show!

The most recent episode mentioned, where the two women made $17,000 on a 4 month flip (which was most likely really only $3000-8000 divided by two)...they said at the beginning of the episode that they were going to use the profits for BOOB JOBS!! No wonder they bought a second property to flip before they finished the first.
Thank you for keeping us abreast of of this important issue. Who was the titular head of the partnership? Seriously. I was uplifted by this story of
entreprenuerialism. Sounds like these women expanded their assets.
Sounds right to me. Drive right in. Don't nipple around the edges.

JHG
__________________
MRGALT2U is offline   Reply With Quote
Re: 22 Years Old and wanting more...
Old 06-26-2005, 08:33 PM   #71
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,134
Re: 22 Years Old and wanting more...

Quote:
Originally Posted by MRGALT2U
Thank you for keeping us abreast of of this important issue. Who was the titular head of the partnership? Seriously. I was uplifted by this story of
entreprenuerialism. Sounds like these women expanded their assets.
Sounds right to me. Drive right in. Don't nipple around the edges.

JHG
JG, your're a hoot...er.

REW
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Re: 22 Years Old and wanting more...
Old 06-27-2005, 08:10 AM   #72
Thinks s/he gets paid by the post
Jay_Gatsby's Avatar
 
Join Date: Oct 2004
Posts: 1,719
Re: 22 Years Old and wanting more...

Quote:
Originally Posted by REWahoo!
JG, your're a hoot...er.

REW
Thanks for getting that off your chest.

P.S. To JG -- I don't think that's what the original poster meant when he titled his post "22 years old and wanting more..." Then again, I could be wrong.
__________________
He had one of those rare smiles with a quality of eternal reassurance in it . . . It faced, or seemed to face, the whole external world for an instant and then concentrated on you with an irresistible prejudice in your favor. -- The Great Gatsby, F. Scott Fitzgerald
Jay_Gatsby is offline   Reply With Quote
Re: 22 Years Old and wanting more...
Old 06-30-2005, 03:26 PM   #73
Dryer sheet wannabe
 
Join Date: May 2005
Posts: 16
Re: 22 Years Old and wanting more...

Geeman,

I have some experience in r.e. "flipping"* *Here's my story.

I started at 24 to look for a place to buy to live in and was in contract for a 1br condo in 2002.* while in contract, I found another incredible deal and assigned the contract to a family member who at first was apprehensive.* the condo was for 85k and commanded 975 a month in rent.* right now, it is worth 175k, and I am a bit sad I don't own it.

But it worked out anyway.* I bought a 200k condo that's now worth 400k+, and my equity in that is 250k+

After I got settled in my own apartment, I started looking again.* I read a lot of real estate investing books that each have their own strategies.* I picked the ones i was most comfortable with and followed through.

For example, I found an undervalued brand new construction in an up-and-coming neighborhood.* I don't know how the developer priced it, but it was priced very low.* Regardless, I purchased a studio for 95k.* I sold it a few months later with minimum carrying costs for 150k.* I came out of that deal up 37k.*

I then went and purchased another condo in another up-and-coming neighborhood for 150k.* Spent about 10k in fixing it up.* A lot of sweat equity later, I sold it for 229k.* This one netted around 50k.

Right now, I am in contract for 2 more condos in yet another up-and-coming area and I plan to do the same to 1 of them and hold the other one.* I am very confident with the first one, because it is a place where i would personally live in and the area is great.* Also, a new train station is opening up which will bring the value up even more.*

I have many options since I've lived in my current Primary Residence for more than 2 years that I can take the gains tax free.* then prehaps live in the new up-and-comer for 2 years and resell for more tax free gains.* Many possibilities.* *(oh, my PR is also in an up-and-coming neighborhood)

I just turned 28 and I am at about 400k in net worth..* i treated myself to a brand new suv (which i used to transport materials for the rehab that i did) so it contributed to my R.E. experience.

As you can see, I really like up-and-coming neighborhoods.. i stick with what worked for me and I like the results.*

My suggestions to you are:
1) buy a place to live in first.. or live with your parents.. stop paying rent.
2) read a lot of real estate investment books but don't forget the fundamentals.* I don't have the guts to go pre-construction in FL so i focus on the deals i am comfy with and I seem to have done ok.
3) take classes in r.e.* *-* I took R.E. Finance, and I have a Sales Agent license.. just so i have more knowledge of the subject
4) save, save, save!* get a 2nd job.* make that first downpayment.

My next goals are
1) to live for free..* meaning i don't want to pay my mortgage out of my own pocket.* I want someone else to do it.* hopefully, i can find a multi unit property with enough cash flow to pay my mortgage so i get to live "for free"
2) higher education - i thought about mba but that really isnt for me.* i am gearing towards an MS in R.E. with focus on Finance & Investment
3) chill out and destress.

uhmm.. this may be more info than you need.. but if you have anymore questions just PM me.
__________________
gravesend is offline   Reply With Quote
Re: 22 Years Old and wanting more...
Old 06-30-2005, 04:57 PM   #74
Recycles dryer sheets
 
Join Date: Jun 2005
Posts: 97
Re: 22 Years Old and wanting more...

I wouldn't mind making 90K this year like you have. A lot of people are saying that it is too late to get into real estate... What do you think? What area do you live in?
__________________

__________________
geeman is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 12:43 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.