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Old 04-02-2024, 07:06 AM   #141
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Originally Posted by LateToFIRE View Post
+1, NYC real estate is a thing of beauty.
I have enjoyed the benefits from buying land/selling. I always got my eyes open for an opportunity..
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Old 04-02-2024, 07:47 AM   #142
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Quote:
Originally Posted by LateToFIRE View Post
+1, NYC real estate is a thing of beauty.
Another boat I missed.
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Old 04-02-2024, 09:24 AM   #143
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Originally Posted by AginMS View Post
13 years to reach $100K (2005)
7 years to reach $200K (2012)
3.75 years to reach $400K (2015)
2.5 years to reach $800K (2018)
2.9 years to reach $1.6M (2020)

Looking at Street's $1M goal:
27 years for the 1st (mid 2019)
2.5 years for the 2nd (late 2021)
I like this format! Here are my numbers:
11 years to reach CHF100K (2012)
1.75 years to reach CHF200K (end of 2013)
2.5 years to reach CHF400K (2016)
3 years to reach CHF800K (2019)
4 years to reach CHF1.6M (2022)


Looking at Street's $1M goal:
19 years for the 1st (mid 2020)
3 years for the 2nd (mid 2023)
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Old 04-03-2024, 04:48 PM   #144
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In my big family, they know I retired early and sometimes a niece or nephew will ask me about saving and compounding.


I usually say "when it come to compounding, the first 100 years are the hardest"
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Old 04-03-2024, 05:10 PM   #145
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Originally Posted by Laggy View Post
I like this format! Here are my numbers:
11 years to reach CHF100K (2012)
1.75 years to reach CHF200K (end of 2013)
2.5 years to reach CHF400K (2016)
3 years to reach CHF800K (2019)
4 years to reach CHF1.6M (2022)


Looking at Street's $1M goal:
19 years for the 1st (mid 2020)
3 years for the 2nd (mid 2023)


I may have said something that didn't make sense but I'm not sure of this quote.
When I retired in 2016 I have been adding a million every 2 years and 10-month average in time. This is in the 8 years since I retired.
When I retired, I already had numerous millions.
Maybe this will clear the quote up. I didn't see anywhere that I said anything like that but I hope this makes more sense.
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Old 04-03-2024, 06:16 PM   #146
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I like this format!
Thanks Laggy. I just found comparing the time it took to earn $100K, to the time it took to double that amount over and over to be pretty unbelievable. Your numbers bear that out as well. As I'm sure most of the people's numbers here do as well.

Street, Laggy is just giving his measure of reaching his first million (which took 19 years) and second million (3 years and 2 months).

We don't mean this was your goal to reach, we just meant the 'goal' of this thread. Poor wording on our (my) part.
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Old 04-03-2024, 06:21 PM   #147
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Originally Posted by AginMS View Post
Thanks Laggy. I just found comparing the time it took to earn $100K, to the time it took to double that amount over and over to be pretty unbelievable. Your numbers bear that out as well. As I'm sure most of the people's numbers here do as well.

Street, Laggy is just giving his measure of reaching his first million (which took 19 years) and second million (3 years and 2 months).

We don't mean this was your goal to reach, we just meant the 'goal' of this thread. Poor wording on our (my) part.
OHHHH!!! Lol I'm slow and old and I was the one not understanding. Thank You! Lol
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Old 04-03-2024, 07:35 PM   #148
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13, 5, 2, 4 (the 4 would have been a 1 if not for spending in ER)
Corrected: 20, 5, 2, 4
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Old 04-03-2024, 08:52 PM   #149
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Another boat I missed.
Yah know, each and every time I bought r.e. in NYC, without fail, all onlookers told me I was setting a new record and buying at the peak. Yet, at minimum I have at least doubled my equity within 5 years, often much more than that. My way of saying, it's never too late, but yee must have faith, a potentially long investment tenor, and a reasonably high tolerance for risk.
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Old 04-04-2024, 07:01 PM   #150
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It is all about compounding and present value for us as the 1 million becomes cheaper with inflation and "easier" as compounding contributes. Our gains track S&P and it helps to have some big winners (CDNS, NVDA, EQIX, HD, MSFT, AAPL, some of which respresents the "good" members of the Magnificent 7) in the mix. 2021-2022 was a roller coaster, though, and our net worth took some wicked whipsawed swings during that time. We were/are also 85%+ equities.

2012 - first
2015 - second
2017 - third
2019 - fourth
2020 - fifth
2021 - sixth
2021 - lost over 1 million
2021 - gained back 1 million
2023 - seventh-eleventh (2023 was a huge year with 80% gain)

One thing to note, because we live well below our means and my W-2 income more than sustains our lifestyle we basically had zero sales and redemptions during this run and were/are 100% buy and hold so there is a lot of capital gains tied up here so it is not as much as it appears to be.
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Old 04-04-2024, 07:07 PM   #151
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Originally Posted by Route246 View Post
It is all about compounding and present value for us as the 1 million becomes cheaper with inflation and "easier" as compounding contributes. Our gains track S&P and it helps to have some big winners (CDNS, NVDA, EQIX, HD, MSFT, AAPL, some of which respresents the "good" members of the Magnificent 7) in the mix. 2021-2022 was a roller coaster, though, and our net worth took some wicked whipsawed swings during that time. We were/are also 85%+ equities.

2012 - first
2015 - second
2017 - third
2019 - fourth
2020 - fifth
2021 - sixth
2021 - lost over 1 million
2021 - gained back 1 million
2023 - seventh-eleventh (2023 was a huge year with 80% gain)

One thing to note, because we live well below our means and my W-2 income more than sustains our lifestyle we basically had zero sales and redemptions during this run and were/are 100% buy and hold so there is a lot of capital gains tied up here so it is not as much as it appears to be.
You racked them up in fast order. Very nice!
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Old 04-04-2024, 08:27 PM   #152
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1st took 15 yrs. Started saving at 26, hit 1MM last year. Hoping the second 1MM will come in less than 5 yrs. We will see. DCA at least $1,000/week...sometimes more, sometimes less.
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Old 04-05-2024, 06:33 AM   #153
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Originally Posted by LateToFIRE View Post
+1, NYC real estate is a thing of beauty.
traditional landlording never interested me . collecting rents and waiting for appreciation isn’t where i go .

for those who understand the market place here dabbling in rent stabilized apartments is a gold mine .

many buildings went thru coop conversion’s in the 1980s .

those tenants who didn’t buy remained stabilized tenants .

those apartments can be purchased for cents on the dollar in most cases with tenants in them .

if they are nice coops then the rents in manhattan tend to be lower on them because the tenants are stabilized .

we bought a package of 9 apartments in the prestigious 200 central park south building for cents on the dollar.

we offered 100k to tenants who would move out so we could sell the coop apartments for 7 figures each.

all apartments were sold off
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Old 04-05-2024, 06:46 AM   #154
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traditional landlording never interested me . collecting rents and waiting for appreciation isnít where i go .

for those who understand the market place here dabbling in rent stabilized apartments is a gold mine .

many buildings went thru coop conversionís in the 1980s .

those tenants who didnít buy remained stabilized tenants .

those apartments can be purchased for cents on the dollar in most cases with tenants in them .

if they are nice coops then the rents in manhattan tend to be lower on them because the tenants are stabilized .

we bought a package of 9 apartments in the prestigious 200 central park south building for cents on the dollar.

we offered 100k to tenants who would move out so we could sell the coop apartments for 7 figures each.

all apartments were sold off


Interesting!!!
That is good business.
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Old 04-05-2024, 06:50 AM   #155
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[/B]
Interesting!!!
That is good business.
it’s kind of a good ole boys club though .

you won’t find these deals advertised..

we had 2 apartments left where the tenants wouldn’t take the buy out offer .

so we wanted to dump the last two which were breakeven rents .

our broker who specializes in these deals called her private list of investors and in one day we had an investor group interested .

we sold both leftovers for 360k , if they could be sold then they would have gotten over 2 million dollars .

so that shows you how much profit is baked in to these deals and that doesn’t include future appreciation while waiting for the tenant to die or leave
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Old 04-05-2024, 06:56 AM   #156
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If something seems too good to be true, it probably is not.
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Old 04-05-2024, 06:59 AM   #157
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If something seems too good to be true, it probably is not.
+1
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Old 04-05-2024, 07:00 AM   #158
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If something seems too good to be true, it probably is not.
there is the risk that the tenants won’t move out and you end up stuck with a breakeven investment..

my feeling was that if these tenants who were original tenants pre conversion had the resources to buy they would have .

so now being boomers i figured that once their pay checks stopped they can’t afford to live across the street from central park .

i was right as over the next ten years 7 out of 9 took the offer.

we actually offered the two remaining their apartments half price , no money down and we would hold financing for five years .

they declined the opportunity of a lifetime . they could have bought and sold the next day and doubled their money .

in the mean time now the deal is off the table and an investor group is their new landlord
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Old 04-05-2024, 07:12 AM   #159
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Originally Posted by mathjak107 View Post
it’s kind of a good ole boys club though .

you won’t find these deals advertised..

we had 2 apartments left where the tenants wouldn’t take the buy out offer .

so we wanted to dump the last two which were breakeven rents .

our broker who specializes in these deals called her private list of investors and in one day we had an investor group interested .

we sold both leftovers for 360k , if they could be sold then they would have gotten over 2 million dollars .

so that shows you how much profit is baked in to these deals and that doesn’t include future appreciation while waiting for the tenant to die or leave
An opportunist at it's best.
I had a once in a lifetime opportunity to buy an old subdivision that had never developed except for a couple of lots. At the time there was a small thing in the title search that made my attorney to discourage my purchasing that property.
Well it turned out about ten years after that tract of land made 2.5 to 3 million bucks. I know the guy that ended up buying it and took advantage of an opportunity.

I was going to make that tract of land into farm ground to make something on it. It was an irrigation able land. Since it was all plotted it would have cost a fortune to undue that status.

I think about that opportunity often and if I wouldn't have listened to the attorney it would have been a huge money maker. I could have bought it for 24K.
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Old 04-05-2024, 07:17 AM   #160
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i always say success is where opportunity, luck and preparation all meet up .

we had sold our house and decided to rent and invest in some kind of passive business and our accountant turned us on to a client who was thinking of selling his breakeven apartments he owned .

we also held a 10% stake in the commercial lease rights in the same building with real estate mogul bernard spitzer .

we got it as a sweetener to the package since rents were break even

before he died spitzer sold the lease rights off to the ashkenazy group , big developers in nyc for 18 million dollars.

this was a life changing investment
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