hey guys i figured out how to get rich irl

[Andrewski]

long time no see, i've been busy!

 

Earlier this week i bought a house, 5 bedrooms and the basement is a 2 bedroom suite with kitchen and everything.

 

My mortgage+taxes+insurance= just under $2000 per month

 

I rented out the basement for $1100+1/2 utilities, an upstairs room for $700. The property includes a double detached garage which rents for storage around $300 a month in my area. So that leaves me with $2100+1/2 my utilities paid for. I also get to live in the master room for basically free AND i have 1 spare room. One of my ho's is a struggling sexy single mom and i'm trying to get her to live in my house for free and basically be my sex slave (seriously). If not i'll rent it out for another $700 and pocket most of that cash.

 

In 25 years i get a free house on top of all that.

 

There's the secret to winning at life, do it up gentlemen.

[Andrewski]

woops fucked up

Edited September 23, 2013 by Andrewski

[Astraeus G]

I will worship you if the last part works out lol

[Crazedmage72]

l0l i like the one where u get the sexy mom to basically be your sex slave. hope that one works out 4 ya.

[Grave Wizard]

I bet you typed this up when you were high

[Andrewski]

i do too! this is what she looks like:

 

 

if i could hit that every day and night my life will be complete

 

i don't do drugs, high on life maybe!

[Hess]

Hope the gamble pays off for you.

[Beric]

What a gentleman! 

[Mock Shelter]

That's deep water you're treading man. Good luck with trying to get her to be a sex slave, however! Quite a catch, she looks like XD

[Memphus]

Yes, owning property is one of the keys to life.

Renting is a fools game.

[Joshjrn]

Yes, owning property is one of the keys to life.

Renting is a fools game.

You keep saying that, and you're wrong every time you do. If you don't plan on keeping a piece of property longer than five years, you're better off renting.

[Andrewski]

Yes, owning property is one of the keys to life.

Renting is a fools game.

You keep saying that, and you're wrong every time you do. If you don't plan on keeping a piece of property longer than five years, you're better off renting.

Hell to the no. I could sell this house in 1 year and make like 30k off of it. The owners were rushed to sell and i got it for what i believe is below market value. Similar less appealing houses i looked at ran for 340-360k here. I paid 334k+2k in fee's. I could probably put in on sale, wait 1 month and flip it for 350k. I wouldn't make much though because of all the fee's and stuff. Of the $2000, $80 is insurance, $220 is taxes, so $1700 goes to principle and interest. x12 for 1 year= $20,600. Like 9k of that will be to interest, rest to principle. If i wait 5 years more is to principle less to interest so i'd probably rack in 70k+whatever the house goes up in value for.

 

I put up a ad to see what room shares rent for. I asked for $400/month and got 4 replies in 1 day. I think i'm going to go buy a bunk bed and rent out half my room for another $4800/year, all in my pocket tax free lol.

 

Go buy houses bro's.

[Sheckky]

From what I have read on here, you have had a hell of a life in recent times. More power to you.

[*Tom*]

Nice job Drew

[Memphus]

Yes, owning property is one of the keys to life.

Renting is a fools game.

You keep saying that, and you're wrong every time you do. If you don't plan on keeping a piece of property longer than five years, you're better off renting.

 

Completely incorrect, depending on where you live.

I bought my first condo for $215,000, sold it 6 months later for $240,000.

My current condo I bought for $235,000, and I have lived in it for ~8 months, and I am currently listed at $275,000. I've already recieved two offers of $265,000.

The trick in the market where I live is to build brand new. Most people can't wait around 10 months for something new to be built, they need living accomodations immediately. So the trick is to always plan your life 10 months in advance. Then, you get to take advantage of the people who don't, the value goes up a solid 10-20% immediately after you step through the door. Kind of the opposite of the automobile industry.

The same goes for houses. My two brothers have built and sold 3 and 4 houses each, respectively. Each time they lived in their new construction for 1-2 years before selling it, and each time they turned a $50,000-$100,000 profit.

I myself am entering the house market as we speak, my first house is 4 months into construction at a cost of $370,000. I expect to sell it in 2015 for well over $400,000.

Also, the trick where I live, is to only do one property at a time. Then, as it is your primary residence, you do not pay the "capital gains" tax. If it is a secondary residence, basically the provincial government steals 50% of your profit margin

 

But I'm wrong every time I say this stuff, because the Gladz Lawyer said so.

Edited September 23, 2013 by Memphus

[Andrewski]

Yes, owning property is one of the keys to life.

Renting is a fools game.

You keep saying that, and you're wrong every time you do. If you don't plan on keeping a piece of property longer than five years, you're better off renting.

 

Completely incorrect, depending on where you live.

I bought my first condo for $215,000, sold it 6 months later for $240,000.

My current condo I bought for $235,000, and I have lived in it for ~8 months, and I am currently listed at $275,000. I've already recieved two offers of $265,000.

The trick in the market where I live is to build brand new. Most people can't wait around 10 months for something new to be built, they need living accomodations immediately. So the trick is to always plan your life 10 months in advance. Then, you get to take advantage of the people who don't, the value goes up a solid 10-20% immediately after you step through the door. Kind of the opposite of the automobile industry.

The same goes for houses. My two brothers have built and sold 3 and 4 houses each, respectively. Each time they lived in their new construction for 1-2 years before selling it, and each time they turned a $50,000-$100,000 profit.

I myself am entering the house market as we speak, my first house is 4 months into construction at a cost of $370,000. I expect to sell it in 2015 for well over $400,000.

Also, the trick where I live, is to only do one property at a time. Then, as it is your primary residence, you do not pay the "capital gains" tax. If it is a secondary residence, basically the provincial government steals 50% of your profit margin

 

But I'm wrong every time I say this stuff, because the Gladz Lawyer said so.

it's a bit different when we have a real economy though lol

[Memphus]

And even with capital gains aside, if your property gains absolutely no value, you're still better off paying a mortage (thus building equity) than paying rent (thus burning cash in a barrel). I see absolutely no advantage to renting, other than the fact that you do not require a large down payment. Around here, mortage + taxes + utilities + insurance is MUCH MUCH MUCH lower than renting the same size apartment/house.

[Memphus]

Oh 5k posts

[Joshjrn]

Andrew, you were in a unique situation that you found someone in a bind and took advantage, and I don't mean that in any negative way. In that situation, of course, it makes more sense to buy that house. However, that situation isn't typical, and doesn't make the typical advice incorrect. If I tell the average person that it isn't in their financial interest to buy a brand new Mercedes S Class, that advice doesn't somehow become bad because they happened to run into a disgraced Wall Street broker who is fleeing the country and needs to offload theirs ASAP for $20k. 

 

All joking aside, it sounds like you're doing great and I'm happy for you.

 

Memphus, as for you, holy fucking shit...

 

I'll step right over your silly ad hominem and simply say that advising people to make real estate purchases under the assumption that real estate values will do nothing but go up is flat out irresponsible and borderline insane. As a general rule, unless you own a property for longer than five years, taxes, Realtor fees, closing fees, attorney's fees, etc, will chew up any gains you might otherwise have. Sure, people who are willing to invest the time and energy to become savvy real estate investors might shorten that timeline somewhat, but that isn't the average person, and those that just stumble into it are likely to lose their ass. 

Edited September 24, 2013 by Joshjrn

[Memphus]

Alright, I'll just shut up about my personal experience and keep my success to myself. Because theory always beats actual proven results, right?

 

Note that I did specify it depends on where you live. And that the formula I use involves building new properties. I never said "real estate values will do nothing but go up".

Edited September 24, 2013 by Memphus