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RojoLoco

@dashrender said in Random Thread - Anything Goes:

@rojoloco said in Random Thread - Anything Goes:

@krzykat said in Random Thread - Anything Goes:

@obsolesce I've been investing a bit in rental real-estate. I call it my triple play:

Hedge against inflation

Life insurance policy

Retirement plan

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.

What I want to know is - if people can afford those rental prices - why not just buy?

Bad credit. And general jackassery, like the tweaker neighbors that were screaming and fighting in the driveway last night... Which brought 3 cop cars this morning, which is NEVER seen in our neighborhood.

Fucking renters.

Dashrender

@rojoloco said in Random Thread - Anything Goes:

@dashrender said in Random Thread - Anything Goes:

@rojoloco said in Random Thread - Anything Goes:

@krzykat said in Random Thread - Anything Goes:

@obsolesce I've been investing a bit in rental real-estate. I call it my triple play:

Hedge against inflation

Life insurance policy

Retirement plan

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.

What I want to know is - if people can afford those rental prices - why not just buy?

Bad credit. And general jackassery, like the tweaker neighbors that were screaming and fighting in the driveway last night... Which brought 3 cop cars this morning, which is NEVER seen in our neighborhood.

Fucking renters.

yeah - but do you really want to rent to those people? I suppose if you demand 4 months rent as security deposit AND first and last month rent. AND you have fucking OMG awesome landlord insurance.

PhlipElder

@eddiejennings said in Random Thread - Anything Goes:

@phlipelder said in Random Thread - Anything Goes:

@eddiejennings said in Random Thread - Anything Goes:

Small victories in life are often the sweetest! As of about 10 AM today, I paid off my car loan. The taste of freedom being being debt-free is so nice.

Both our vehicles were paid off this summer. We've been eyeing the idea of purchasing a 3500 series diesel for a 5th wheel trailer.

But I ain't gonna pay $85K+ for a truck.

The used vehicle market up here is nuts right now. Any truck for sale doesn't get below 70% of retail unless it's a wreck.

And yes, it is a good feeling.

We're putting the extra cash flow into fun things with the fam.

My next goal is building some general savings. I'm putting a good bit away for retirement, but I need to increase my more liquid savings that's easily accessible in case of hardship.

With the MSP revolution a number of years ago, a decade or more even?, we presented proposals to all of our clients. Since they are mostly accounting firms they didn't go for the full meal deal (OpEx versus CapEx) but did opt in for a blended approach.

Residual Income (Rich Dad, Poor Dad kind of stuff though I've never read the book(s) but had buddies around me into Silver Bullets preach to me) is the key.

It kept us going when I was incapacitated after an auto accident in 2016.

So, start there.

Dashrender

@phlipelder said in Random Thread - Anything Goes:

@eddiejennings said in Random Thread - Anything Goes:

@phlipelder said in Random Thread - Anything Goes:

@eddiejennings said in Random Thread - Anything Goes:

Small victories in life are often the sweetest! As of about 10 AM today, I paid off my car loan. The taste of freedom being being debt-free is so nice.

Both our vehicles were paid off this summer. We've been eyeing the idea of purchasing a 3500 series diesel for a 5th wheel trailer.

But I ain't gonna pay $85K+ for a truck.

The used vehicle market up here is nuts right now. Any truck for sale doesn't get below 70% of retail unless it's a wreck.

And yes, it is a good feeling.

We're putting the extra cash flow into fun things with the fam.

My next goal is building some general savings. I'm putting a good bit away for retirement, but I need to increase my more liquid savings that's easily accessible in case of hardship.

With the MSP revolution a number of years ago, a decade or more even?, we presented proposals to all of our clients. Since they are mostly accounting firms they didn't go for the full meal deal (OpEx versus CapEx) but did opt in for a blended approach.

Residual Income (Rich Dad, Poor Dad kind of stuff though I've never read the book(s) but had buddies around me into Silver Bullets preach to me) is the key.

It kept us going when I was incapacitated after an auto accident in 2016.

So, start there.

I assume that's the same as passive income?

PhlipElder

@dashrender said in Random Thread - Anything Goes:

@phlipelder said in Random Thread - Anything Goes:

@eddiejennings said in Random Thread - Anything Goes:

@phlipelder said in Random Thread - Anything Goes:

@eddiejennings said in Random Thread - Anything Goes:

Small victories in life are often the sweetest! As of about 10 AM today, I paid off my car loan. The taste of freedom being being debt-free is so nice.

Both our vehicles were paid off this summer. We've been eyeing the idea of purchasing a 3500 series diesel for a 5th wheel trailer.

But I ain't gonna pay $85K+ for a truck.

The used vehicle market up here is nuts right now. Any truck for sale doesn't get below 70% of retail unless it's a wreck.

And yes, it is a good feeling.

We're putting the extra cash flow into fun things with the fam.

My next goal is building some general savings. I'm putting a good bit away for retirement, but I need to increase my more liquid savings that's easily accessible in case of hardship.

With the MSP revolution a number of years ago, a decade or more even?, we presented proposals to all of our clients. Since they are mostly accounting firms they didn't go for the full meal deal (OpEx versus CapEx) but did opt in for a blended approach.

Residual Income (Rich Dad, Poor Dad kind of stuff though I've never read the book(s) but had buddies around me into Silver Bullets preach to me) is the key.

It kept us going when I was incapacitated after an auto accident in 2016.

So, start there.

I assume that's the same as passive income?

Yes.

Residual Income is the same as Passive income.

Income that is not being actively produced.

EDIT: Another Example: Residual income would be the incoming fees from Tier 1 Cloud for all of the subscriptions we manage.

Dashrender

@phlipelder said in Random Thread - Anything Goes:

@dashrender said in Random Thread - Anything Goes:

@phlipelder said in Random Thread - Anything Goes:

@eddiejennings said in Random Thread - Anything Goes:

@phlipelder said in Random Thread - Anything Goes:

@eddiejennings said in Random Thread - Anything Goes:

Small victories in life are often the sweetest! As of about 10 AM today, I paid off my car loan. The taste of freedom being being debt-free is so nice.

Both our vehicles were paid off this summer. We've been eyeing the idea of purchasing a 3500 series diesel for a 5th wheel trailer.

But I ain't gonna pay $85K+ for a truck.

The used vehicle market up here is nuts right now. Any truck for sale doesn't get below 70% of retail unless it's a wreck.

And yes, it is a good feeling.

We're putting the extra cash flow into fun things with the fam.

My next goal is building some general savings. I'm putting a good bit away for retirement, but I need to increase my more liquid savings that's easily accessible in case of hardship.

With the MSP revolution a number of years ago, a decade or more even?, we presented proposals to all of our clients. Since they are mostly accounting firms they didn't go for the full meal deal (OpEx versus CapEx) but did opt in for a blended approach.

Residual Income (Rich Dad, Poor Dad kind of stuff though I've never read the book(s) but had buddies around me into Silver Bullets preach to me) is the key.

It kept us going when I was incapacitated after an auto accident in 2016.

So, start there.

I assume that's the same as passive income?

Yes.

Residual Income is the same as Passive income.

Income that is not being actively produced.

EDIT: Another Example: Residual income would be the incoming fees from Tier 1 Cloud for all of the subscriptions we manage.

yeah, this is why I want to get into rental properties...

Sure I could try to save up a ton of money and live off the gains in the market.. but realestate seems safer in the long run.

PhlipElder

@dashrender said in Random Thread - Anything Goes:

@phlipelder said in Random Thread - Anything Goes:

@dashrender said in Random Thread - Anything Goes:

@phlipelder said in Random Thread - Anything Goes:

@eddiejennings said in Random Thread - Anything Goes:

@phlipelder said in Random Thread - Anything Goes:

@eddiejennings said in Random Thread - Anything Goes:

Small victories in life are often the sweetest! As of about 10 AM today, I paid off my car loan. The taste of freedom being being debt-free is so nice.

Both our vehicles were paid off this summer. We've been eyeing the idea of purchasing a 3500 series diesel for a 5th wheel trailer.

But I ain't gonna pay $85K+ for a truck.

The used vehicle market up here is nuts right now. Any truck for sale doesn't get below 70% of retail unless it's a wreck.

And yes, it is a good feeling.

We're putting the extra cash flow into fun things with the fam.

My next goal is building some general savings. I'm putting a good bit away for retirement, but I need to increase my more liquid savings that's easily accessible in case of hardship.

With the MSP revolution a number of years ago, a decade or more even?, we presented proposals to all of our clients. Since they are mostly accounting firms they didn't go for the full meal deal (OpEx versus CapEx) but did opt in for a blended approach.

Residual Income (Rich Dad, Poor Dad kind of stuff though I've never read the book(s) but had buddies around me into Silver Bullets preach to me) is the key.

It kept us going when I was incapacitated after an auto accident in 2016.

So, start there.

I assume that's the same as passive income?

Yes.

Residual Income is the same as Passive income.

Income that is not being actively produced.

EDIT: Another Example: Residual income would be the incoming fees from Tier 1 Cloud for all of the subscriptions we manage.

yeah, this is why I want to get into rental properties...

Sure I could try to save up a ton of money and live off the gains in the market.. but realestate seems safer in the long run.

Rental properties are a tough one. The neighbourhoods where our shop is has some really nice ones. But, to get into that tier one has to fork out some serious coin.

Inflationary signs. Slipping economy numbers. Plenty of markets have plateaued or even starting to slip price wise.

Out here, the rural properties are going for $10K an acre around us bare land. In the cities, a condo can be had for way below asking.

It's all in knowing where to put the money when it comes to real estate.

PhlipElder

@obsolesce said in Random Thread - Anything Goes:

@eddiejennings said in Random Thread - Anything Goes:

@phlipelder said in Random Thread - Anything Goes:

@eddiejennings said in Random Thread - Anything Goes:

Small victories in life are often the sweetest! As of about 10 AM today, I paid off my car loan. The taste of freedom being being debt-free is so nice.

Both our vehicles were paid off this summer. We've been eyeing the idea of purchasing a 3500 series diesel for a 5th wheel trailer.

But I ain't gonna pay $85K+ for a truck.

The used vehicle market up here is nuts right now. Any truck for sale doesn't get below 70% of retail unless it's a wreck.

And yes, it is a good feeling.

We're putting the extra cash flow into fun things with the fam.

My next goal is building some general savings. I'm putting a good bit away for retirement, but I need to increase my more liquid savings that's easily accessible in case of hardship.

@eddiejennings said in Random Thread - Anything Goes:

@phlipelder said in Random Thread - Anything Goes:

@eddiejennings said in Random Thread - Anything Goes:

Small victories in life are often the sweetest! As of about 10 AM today, I paid off my car loan. The taste of freedom being being debt-free is so nice.

Both our vehicles were paid off this summer. We've been eyeing the idea of purchasing a 3500 series diesel for a 5th wheel trailer.

But I ain't gonna pay $85K+ for a truck.

The used vehicle market up here is nuts right now. Any truck for sale doesn't get below 70% of retail unless it's a wreck.

And yes, it is a good feeling.

We're putting the extra cash flow into fun things with the fam.

My next goal is building some general savings. I'm putting a good bit away for retirement, but I need to increase my more liquid savings that's easily accessible in case of hardship.

Make sure you plan appropriately...
Below is best case IMO.
I'd aim to put enough away to have $3M+ minimum by 2053.

Inflation is driven by the amount of fiat currency printed by a central bank.

It's actually in the banker's best interest, no pun intended, to keep printing that money.

It's why a $35K truck two decades ago is now $65K.

Real estate is somewhat resistant to this, but the catch is that the market bubble always ~~busts~~ bursts. Knowing the signs is key.

My Gram taught me a lot about real estate as she was a speculator's manager in Shanghai (Yeah, China before Mao).

We've done well since our first purchase in the middle 2000s before the bubble burst in '08.

The crazy amount of money being printed over the last year has wiped out any gains we had on our current property though the rush out of the city has helped to keep the price propped up.

Know the signs.

krzykat

@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.