Random Thread - Anything Goes
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@dashrender Look at your generational wealthy families. Doesn't matter if they made their money bootlegging, oil, etc ... the generational money is from real-estate. Between interest rates being so low and the tax code made for the wealthy (which I hate), you get to depreciate your rental property. It's almost free money if you can get it. I'm a very fiscally conservative person and own my rentals free and clear, but I am thinking to get notes on them so I can multiply my investments. My formula has been to get single family homes or townhomes on the cheap - foreclosure or tax deed auctions. Then I fix them up so they're nice. Then I get to charge a higher dollar, be pickier on who my tenants are, and have fewer issues with maintenance. I don't like to do the grunt work, I'm too busy running my VoIP company, so the best thing you can have is a good rolodex. Have a couple good Plumbers, Handymen, Electricians, and A/C guy. My next goal with these ridiculously high housing prices is to refi my home, and then get a HELOC. That gives you access to cash anytime you need, so you can shop the auctions, buy a propery, fix it up, rent it out, then 6 months later get a mortgage on it and then pay back the HELOC.
My favorite property - I bought my first townhouse in 2014 for $55K - probably put 5K into it and now rent is all the way up to $1700 / month.
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Me... Every day last week.
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@dafyre said in Random Thread - Anything Goes:
Me... Every day last week.
Yeah.. that definitely spells out my previous week! and it's already going to chew several hours of this week.
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@nadnerb said in Random Thread - Anything Goes:
Don't forget about the smell of walking into a Blockbuster Video.
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Someone let the Bethesda devs out again...
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@rojoloco said in Random Thread - Anything Goes:
Every house for sale around here gets snatched up by companies for rental property. Quick lipstick reno, $2k a month for a 3/2. Which is why my house has doubled in value in 6 years of ownership. My neighbor turned down a cash offer (as is, no inspection) of nearly 300k, probably triple what he paid 12 years ago.
We're into Short-Term Rental Arbitrage (AKA AirBNB Arbitrage). It works really well for passive income.
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