honobob
Thinks s/he gets paid by the post
- Joined
- May 8, 2006
- Messages
- 1,036
Hi! Found the board about 6 weeks ago and can't stop reading.
About me. Long time divorced/no kids, jut me and my Dog.
Bought my first place in Hawaii in 1978. My gross was $800 mo. P&I $329.64 and maintenance $105 on top of that. Good training for LBYM. Never took work too serious but was always concious of the "future". Worked in the hospitality industry because I liked it and allowed some freedom of movement. Since then I have purchased property in CA (1986) in Vegas (1994) Hono (2001 & 2002) Despite being a REALTOR in college I could never bring myself to sell so I have over $2M in properties with a 20% LTV. Until recently I was looking to buy more so that I could be that one level richer but decided that being richer costs too much.
I've been a government worker for the last eleven years and can retire with a fake retirement of about $1000 mo AND full medical dental. Eight more years would get me a real retirement....(carrot)Have been purchasing long term care insurance thru CalPers. Having spent the last eight years caring for my Father I know all too well how quick money is spent down paying for care. He spent 6 months in a SNF when I first got him and then 71/2 years of daycare while I worked. Have about $100K in deferred comp (ING account stability earning a big 4.5%) and may work a couple of months after the first of the year just to put another $20K pre tax into it. I can access it anytime after I retire. Have about $100K cash that I'm doing nothing with (needed to be liquid for that next real estate purchase) Net under $2K in rents (Mom living free in the Vegas Property). Figure I can sell three of the properties over the next 10 years and still have a paid off condo on the slopes of Diamond Head with a Waikiki rental paying all my bills. I figure my expenses under $2K, and I anticipate having spend down money in excess of $100K a year for about 20 years. Just found out that I can rent my Ca home and sell in 2 years and pocket my basis and the 250K exclusion then 1031 the excess into another income producing property to avoid capital gains. Once I start to sell properties I need to get educated on earning money on money. I hope to learn that from the Board and my ING account representative. Have thought of 1031ing properties to office TIC's but need to get educated on that also. Looking at doing monthly trades of my condo in Hawaii for places around the world. Have not seen that being discussed as a way of traveling cheap on the Board.
So, hope to get educated here about money and giving up the dream of wondering what I want to be when I grow up.
About me. Long time divorced/no kids, jut me and my Dog.
Bought my first place in Hawaii in 1978. My gross was $800 mo. P&I $329.64 and maintenance $105 on top of that. Good training for LBYM. Never took work too serious but was always concious of the "future". Worked in the hospitality industry because I liked it and allowed some freedom of movement. Since then I have purchased property in CA (1986) in Vegas (1994) Hono (2001 & 2002) Despite being a REALTOR in college I could never bring myself to sell so I have over $2M in properties with a 20% LTV. Until recently I was looking to buy more so that I could be that one level richer but decided that being richer costs too much.
I've been a government worker for the last eleven years and can retire with a fake retirement of about $1000 mo AND full medical dental. Eight more years would get me a real retirement....(carrot)Have been purchasing long term care insurance thru CalPers. Having spent the last eight years caring for my Father I know all too well how quick money is spent down paying for care. He spent 6 months in a SNF when I first got him and then 71/2 years of daycare while I worked. Have about $100K in deferred comp (ING account stability earning a big 4.5%) and may work a couple of months after the first of the year just to put another $20K pre tax into it. I can access it anytime after I retire. Have about $100K cash that I'm doing nothing with (needed to be liquid for that next real estate purchase) Net under $2K in rents (Mom living free in the Vegas Property). Figure I can sell three of the properties over the next 10 years and still have a paid off condo on the slopes of Diamond Head with a Waikiki rental paying all my bills. I figure my expenses under $2K, and I anticipate having spend down money in excess of $100K a year for about 20 years. Just found out that I can rent my Ca home and sell in 2 years and pocket my basis and the 250K exclusion then 1031 the excess into another income producing property to avoid capital gains. Once I start to sell properties I need to get educated on earning money on money. I hope to learn that from the Board and my ING account representative. Have thought of 1031ing properties to office TIC's but need to get educated on that also. Looking at doing monthly trades of my condo in Hawaii for places around the world. Have not seen that being discussed as a way of traveling cheap on the Board.
So, hope to get educated here about money and giving up the dream of wondering what I want to be when I grow up.