What does Veeky Forums think of this book?
What does Veeky Forums think of this book?
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Great entry level book just for inspiration but that's all. It doesn't give much insight on how to do it but it did inspire me.
I agree, It's definetely one of the better ones to keep you from being a wageslave.
boring shit book waste of a time and money (if you are dumb enough to pay for it) really.
for 5 sentences worth of actual considerable points you have to suffer thru his egotistical repetitive rambling about "how stupid poor people are because they don't have shittons of money to invest instead of working their ass off to scrape by".
it is basic information interspersed with what might aswell be "pay $200 for my seminars and you will become le super rich millionaire with a lambo, omg so exciting dumb people ruled by emotions herpdederp"
lot's of herpderp i agree to that.
not much useful advice.
the only thing that's legit and kinda seeps through the book is you have to change how you think if you want to get rich and everything you learned growing up about money is most likely garbage.
the book offers nothing in the actual useful advice category aside from the usual "educate yourself".
So much this. Don't buy it OP. There are much better books - How to Make Money in Stocks by O'Neil for example.
Here is the thing. In the time you could read this book, you could also take an open course in something like financial accounting from Saylor Academy or the like, which would be infinitely more useful than reading a hodgepodge mix of some admittedly okay advice with generic self-help shit.
I guess that's the issue though, since my suggestion actually requires effort, whereas it feels good to read something passively, while feeling "smarter" and more business canny at the end.
Its a fun read, you can buy it for $4 used on amazon.
Another good read is richest man in babylon.
I hate this insufferable faggot with a passion.
He desperately needs to be punched in the face.
Cash flow quadrant is best book.
He literally got rich telling others how to get rich. He has no usefull advice when it comes to running a business or investing that isn't common sense.
yep, this. He ran a bunch of unsuccessful bullshit business ventures until at some mysterious point in history that he can't substantiate, he got rich. Then he built a self help empire off of telling people how to get rich. The problem is, he doesn't actually know anything. He gets loaded on idiots' dreams
I was really underwhelmed when I skimmed the book (parents bought it). I guess people really have no idea about finances.
I downloaded ebook 4 free and I regret the time I spent reading it, 0 useful advice if you are not a complete retard. I guess its target market was people who buy useless shit on credit card debt and pretty much live hand to mouth.
DONT BE A CHICKEN LITTLE AND BUY ONLY INVESTMENTS THAT RETURN 16%+ YEAR
ALSO REMEMBER TO ONLY BUY ASSETS - THINGS THAT PUT MONEY IN YOUR POCKET
LOOK AT PIC RELATED DUMB OLD FUCK WHO ONLY BUYS STUPID STOCKS. HE'S ONE OF THE RICHEST IN THE WORLD AND EVEN HE DOESNT KNOW THAT YOU SHOULD BUY THINGS THAT PUT MONEY _IN_ YOUR POCKET
GET THIS BOOK AND YOU CAN LEARN MONEY SECRETS THAT NOT EVEN THIS OLD GEEZER KNOWS ABOUT
Awful advice and made up story.
The 4-hour workweek
OK AT PIC RELATED DUMB OLD FUCK WHO ONLY BUYS STUPID STOCKS.
fuck off Robert T. Kiyosaki
4hour and outliers are meme books
$100 startup doesn't even know what a startup is
These books are bad because they promise vague shit like
- get rich
- become successful
- become happy
But those are terms with very individual definitions. For some success is winning a dancing competition, for others its getting a job at McKinsey. The authors always suggest that there's a huge overlap between the skills and mindset required to succeed in various endeavors (which is why you should totally buy their book!!).
But the truth is the overlapping skills only account for like 1% of the total amount of skills required to succeed in a given field. Otherwise we'd have ice skating champions retiring their sport to start billion dollar empires all the time.
Read books that teach you the 99% instead.
My Dad makes much monies. He told me: automatically put money in a tax exempt retirement account, and invest in index funds.
So even for someone new to Veeky Forums, these books are not worth buying? There are book summaries of these popular self-help books on blogs and YouTube videos too.
Is Dave Ramsey ok, guys? ;-;
You faggots clearly did not understand the book, he described using real estate as passive income which is very viable if you can hustle, he said do not use your own money or the banks. And you can rent it out and then sell for a higher price. All you have to do is buy a house, hire contractors to fix it up and sell for a higher price. Few hours of work for literally tens of thousands of dollars profit.
Well, it was recomended in an interview by gary keller i listned to. On real estate and how to understand money.
All you have to do is buy a house
Unless you live in bumfuck Ohio, houses in the cites are expensive.
As for Robert Kiyosaki...youtu.be
McKinsey is a fucking meme. Main skill you need to be rich is sales. Nothing else.
Real estate is a fucking mess, and will be a complete suicide coming years. All over the western world.
All you have to do is buy a house
Oh shit, I never thought of that! Yeah brb, gonna run out and grab a few rental properties on the way to the grocery store.
Don't use your own money, or money from the bank? Cool, I guess I'll just shit out some silver to liquidate for startup investment.
he described using real estate as passive income which is very viable if you can hustle
which is very viable if you can hustle
if you can hustle
that's a big if anon 99% of the people would get slaughtered trying and real estate is costly to fail at.
shit advice for noobies.
Will this meme die soon?
It's become equivalent to saying "if you just believe hard enough"
I'm just starting out, and I can promise you I know nothing.
URRRE SHILL our numbers re growing.
I just finished listening to this at work.
Don't buy this book. Download it.
There are two good ideas in it, but very basic ones.
They boil down to: "An asset is something that puts money into your pocket, anything else is a liability" (So that house/car/monkey you 'invested' in is a liability) and "Find some way to get started with what you have now".
Most of the rest of the book is a guy who's never had real money troubles in his life talk about how greedy poor people are.
My favorite bit was about how he went 'completely broke', and in the same breath goes on to the story of how much money he spent on a first date with his now wife.
Yea, "I was completely broke... nice restaurant... the wine was $20... bribed the matradee to suggest a walk on the beach..."
Dude has no idea what working 60 hours a week is like, so you can pay rent, food, electricity, car insurance and hope the water doesn't get cut off before you pay it next month
no the book was meant to just entertain you.
being in real estate is not passive income btw.
OWN AND MAKE MILLIONS OF DOLLARS FROM REALESTATE WITHOUT A SINGLE DOLLAR OF YOUR MONEY DOWN111!!!
This book is legitimate
Rich Dad is a scam to sell seminars
changed my fucking life.
everything i have done with money in 8 years revolves around that book and others like it.
Will be 32 and debt free in april short of a $400 house payment for another year.
Currently working on 2 rental houses and heavily considering going in on a lease or 2 with a good buddy of mine that has a small oil company.
Strickly money partnering tho. I know how doing business with friends goes and i dont know the first thing about day to day oil shit.
My dad actually just bought some land with 1 well on it. Should have it running in a couple weeks and see if it's worth fucking with. Gonna sneak out there at night and krylon it neon pink and put solar panel and punk leds all over it just to fuck with people.
Lol, will post pics.
FUCK NO. stupid ass mutherfucker. "Cut up your credit cards..."
Meanwhile flys around giving speaches and shit and renting cars "WITH A FUCKING CREDIT CARD."
My credit was sub 450. Yesterday it was 680 and climbing. Saved thousands this year just by paying the fuck attention.
Fuck u dave ramsey and fuck u suzie orman u 2 stupid cunts...
I read this book a long time ago and thought it was really smart. Now? Shit no. I can't even make real estate work on paper with the most optimistic projections.
Also, this guy made his money writing these books and doing seminars, NOT actually doing anything he says in the book.
He's a moron.
There's a big difference between most people who use credit cards, who have no financial discipline at all, and those who know how to handle them without paying a penny in interest. If you're of the former, he's right, you should stay away.
It's a pretty silly book, for silly people who think a car and a mortgage are not money drains.
It's also for silly people who can't absorb simple instructions and need them delivered through allegories.
Does anyone have the latest ebook for this? Could only find the 1995 pdf version
probably the best book to convert consumer mentality to business/entrepreneur thinking
easy to read, easy to 'get'
It's just a con for Bob to make a buck off the downtrodden and desperate. Don't waste your time.
did not buy the book, free audible book. no need to go to seminars
i actually own free real estate
one duplex i got by agreeing to pay the seller's note so he didn't have to deal with it any more.
his lawyer talked him into requiring $1500 down.
rented it out the day after closing at 350/mo/side and 350 deposit each - got $1400 back the next day. 30 days later i got my other 100 back when 700 dollars of rent came in, i spent 350 on the note for that month and pocket 250. pocket 350/mo for 4.8 years, then pocket 700/mo for life. (minus maintenance, taxes, insurance, etc.)
investor is literally one of his 4 cash flow quadrants.
free real estate
required 1.5 k as a down payment
yeah, it pays for itself within 5 years.
got my 1500 back+ some within 30 days.
you could write a rubber check for 1500 if you wanted to and just tell your bank to shut up for 30 days. collect 2100, pay 1500 + $30 overdraft fee = still profiting
but if that ain't free enough:
my first acquisition was $25 down. yep. five $5 bills. 175/mo - rents for 675/mo
I posted earlier, but this is the problem with this guy. You didn't get $1400. The $700 in security should have created a liability account that balanced it out as money that is required to pay back. Sounds like you pocketed it. That's just the first mistake. You already fail at simple accounting.
God, you're a moron. Assuming you aren't completely full of shit, you're not going to last long. Nobody listen to this guy.
come on moron.
you are nitpicking the wording.
consider the deposits are set back, the point is the down payment comes back quickly.
There is no nitpicking the wording. You're truly an amateur who doesn't know what they're doing.
my mistake. i didn't realize at first that you are the dedicated shitposter for this thread.
perfect wording and non-round numbers are in the contracts.
pull your head out of your ass, and go read a kiyosaki book.
Many years ago, when I used to rent, my landlord had me wait for an illegal amount of time to get my security deposit back, because of idiots like you. I can only assume that he didn't keep it liquid enough and used it toward a "down payment" or drugs or whatever you morons do. Had to save up for it again before he gave it back to me with no interest accumulated. Wasn't even worth my time to fight it, just wanted to split.
I read them. Thought they were brilliant at first. Then I learned actual finance and accounting and realized how full of shit he is. Enjoy your ignorance and cloud-headed risk.
my first acquisition was $25 down. yep. five $5 bills. 175/mo - rents for 675/mo
please point the way 2 these 25$ down(up from free already...) real estate deals, i think we all would love to be a part of that.
i've covered most of it in this thread
Don't even bother with him. Basic accounting, finance and risk assessment is out of his reach, since his book never taught him about it. He may be able to create a spreadsheet to justify "profits"(that he doesn't have) and projections, he's in for a huge loss and doesn't even know it. I've run real estate rental models on paper, with risks involved, and the taxes alone are enough to kill the deal, even if the property was paid for in cash.
I'm not mad though, he'll figure it out in time.
and he was willing to take 0 down, i made him take 25 as a binder, and also so that the monthly payment was a round number 175 for 57 months
just gotta do a lot of prospecting.
it's like panning for gold. sift through a lot of shit to find a few nuggets that pay off
and he was willing to take 0 down, i made him take 25 as a binder, and also so that the monthly payment was a round number 175 for 57 months
just gotta do a lot of prospecting.
it's like panning for gold. sift through a lot of shit to find a few nuggets that pay off
what is a "lottery"?
what is time cost basis?
well, #1 came while i was spending 70 hrs/wk truck driving
checking emails during loading/unloading
it was spare time
better than lottery.
pass on 99 idiots who don't think they can sell on payments
close on the 1 guy who has a decent property/price/terms
repeat until have X units all cash flow positive.
I'd ask what you pay annually for taxes and insurance(for the duplex) but I know I'll get bullshit numbers. Also what do you set aside monthly for maintenance? Where is it located?
you talk like someone who is full of shit, not saying you are. but your numbers don't read with a veteran business aesthetic, you seem inexperienced or avoiding the hard numbers ie scammy.
this is not a viable financial plan you have . it is not a business.
maybe it happened 2 luck out for you. but it is certainly not a formula for a viable business model or business plan.
also, it helps to have some education prior to making a deal
business courses, real estate licensing courses (license not req'd)
kiyosaki, ron legrand, bigger pockets, phil pustejovsky, dolph de ruse, trump, shark tank, many other books, podcasts, videos
duplex runs ~800/year
on this property, the set-asides are 50/mo
still haven't had to replace anything. currently about 2500-ish from memory. but when running the business, compartmentalizing too much is stupid. if the boiler dies in a 4-plex, may have to dip into duplex reserves, and vice verse. there's pretty much one communal pool of reserves. try to keep it at 3% of total market value, even though insurance is fairly good.
Yep. Exactly what i'm getting at.
This is the risk I'm talking about. Boilers aren't cheap. One dies and you have to fork out $5k, where are your profits then?
In real estate these days(I'm a homeowner, a dumb vice in itself), it's financially better to rent. The reason being is because as a renter, you don't have to pay for shit that breaks. It's a ticking time bomb. One (inevitable) event will wipe out all your profits, and at $50/mo you'll probably have to finance the repair.
What other risks are you considering(besides maintenance/repair)? You have me intrigued now.
Although "scammy" isn't the word I'd use. "Ignorant" is a better one.
They're actually around $8-10k where I live for a boiler installed, I was being generous since you didn't specify where you're from, it's likely more than $5k.
Nah man. Just do what i did. Work on shot u can do like fixing your credit and selling all my stupid shit to pay off bad debt. Sand rail, harley, blazer, couple trucks, etc. Bought a shithole rental house with an outbuilding and land for 10k. House is old but has a descent roof and i had a buddy crawl unround under it and seemed ok. Damned near worth it without the house. Renting it out to a newly single autist that already replaced the kitchen floor. Hes working on it and staying in it for 200 bucks a month.
That 10k was intrest free btw.
It is in my personal name so there is a little risk, but fuckit. I dont own shit and buying this place rent to own that i live in. Looking at a 3rd house. Gonna keep doing that until i get my shit together.
read with a veteran business aesthetic
i know this. and i utilize the services of business folks to talk the jargon and make the numbers readable to financial people. idc if my numbers look stupid to them because they learned only one way to think. i know my numbers in my way. can i do it their way? sure, but for my own purposes i prefer my way.
it's financially better to rent
maybe in the extreme short term.
What other risks are you considering(besides maintenance/repair)? You have me intrigued now.
have to be aware of the area. crime, schools, businesses, zoning, local politics.
also, the market rises and crashes.
it's like riding a inner tube in a wave pool. stay on the damn floaty thing. don't just ship just cuz there's a few waves. but be aware.
once i reach X net worth, i'll be investing in food, water, textiles, transportation, raw materials to diversify.
Whatever newfag. I got a house for 10k, put maybe 1 or 2 in it. And rent it for $400 a month. interest free loan. Working on a 30k shithole. Probably have 40k in it and rent it for $700.
Why can you not make the numbers work on paper? I didnt even try since i can cover payments from my day job and have a few guest houses.
Yeah, that's what I thought. Those are surely long-term risks that I would worry about if they were on the uptrend, but you answered exactly like I thought. How about risks like tenants destroying the place, or vacancy. How do those play into your formula? Those are far more likely, far more expensive and should have been the first things on your list(even in front of maintenance).
The fact you don't know what "numbers work on paper" means shows what an idiot you are. It has nothing to do with a paycheck, asshole, and everything to do with figuring out if you can use that same money and make more elsewhere, which I have. BASIC FINANCE. I guess you just bought the property and hoped it would work out, don't run your luck too far.
it's included. do you expect me to itemize the various sizes of nails and screws too?
do you need each penny to be pre-allocated before you do anything? what do you do when you go to the grocer and the mustard is 9 cents more than you expected?
gotta stay mentally fluid, be able to roll with what comes. have a communal reserve for multiple units.
Yeah, i guess your right. But once you can change your mindset you begin to see just how much of a wagecuck normie faggot 95% of people are. I was raised to work hard and save money. Just like everyone else i been killing it and broke. Its fucking stupid.
read rich dad
go to free seminar
pay $600 for intro seminar
learn normal shit rich people do explained to me in english how to fix my shit.
saved a few grand already.
muh god muh $6,000 for a class reeee. Says every normal wagecuck.
ask a few rich people what they would do. All 3 say to look at its legitamacy and take a chance or dont. But do something if u got the 6k. Still saving the 6 k. Still talking to people online that take these classes and ones like them. All of them say fuck yeah its worth it if youll do the work.
Never been affraid of hard work yet. Now i'ma a fucking cripple and my life sucks if i have to walk much at all. Hard work aint going to do it anymore.
I don't mind spending the cash since we gonna take a couple extra days and make it a mini vacation.
If i make 6k or meet a potential business partner wtf do i care?
Im not paying to get rich im paying for handholding, a little software, and some direction.
Having a hard time finding rich people that wanna handhold and i dont wanna be a douche and bother them. Not until i make progress anyway.
I guess well find out. Will post winrar or jokes and despair when i throw 6k innatrash.
Well, made my d honor roll ass motivated. I downloaded a giant list of financial keywords and memorized them just so i could read these fuckin books at 1 per week. Fucking hate reading. Gonna buy audiobooks soon.
You still a wagecuck? You even read the book? If not fuckoff bat to tumblr.
If u rich then explain yourself.
Uh, missing a month or two of rent is far more expensive than a few nails and screws. This isn't nitpicking, this is basic risk assessment.
From everything you've posted so far, it all sounds great, until something goes wrong. You're in here touting Mr. Kiyosaki, who I'm very familiar with, and have later discarded for the very reason he doesn't teach actual finance and risk and accounting, and it seems clear you're still sucking on his ballsack.
I could be wrong! I'm just trying to draw out the details to prove myself wrong and so far it's not working out so well.
So you say "it's included". It's included in "what"? Your numbers don't add up. I'm just trying to figure you out here, man. Rather than giving me solid information you're resorting to personal attacks. After a solid string of bad info of course I'm going to attack your credibility.
What do you have? Kill me with data.
if you watch every kiyosaki video on yt and read all his books for free from library/torrents, and absorb it all, how much more would you expect to gain at the seminar?
Same here. I can attest for the 500$ memeclass after you get upsold i. A free class. We got a memetablet too with some cool shit and prepwork for the class. Be prepared to be upsold fucking hard for 3 days. Had a good time and their normie credit card advice got me from 450 to 680 last year or 2. Could have been higher, but we splurged a coupke times o. A weekend date and got some appliences. Utilization is a little high but we make at least trippke the payments or dont use them till we get caught up. Should only be used as a tool to get rich, and maybe latter on as a convienience when you can afford to ignore the fees. Was nice to be broke, see my freezer full of meat shut off for a few days before i notice it, an take credit cards to buy new freezer and groceries. Probably paying double for it but who cares. Because we been hardmode towards bad debt we got some breething room to pay it off before christmas.
For the record, I don't care what YOU'RE doing with your money. What bothers me is that you're upgrading this guy here to a bunch of people who are clearly retarded as if it's gold. He's the WORST thing that could happen to someone who doesn't understand basic finances. Not the way to start.
and it seems clear you're still sucking on his ballsack.
actually made me kek
i'm seeing about 92% occupancy. 8% vacancy business wide. - i have solid contracts, leases and a tiger eviction lawyer. but i feel like i'm wasting money on him due to the substantial tenant screening.
asking me to break everything down, maybe i should run a seminar and charge you 5k.
it's like reaching for a phone. i just do it. i don't stop to calculate the amount of newtons required along which vectors while counting each muscle used.
Troof. Changed my life in a big way.
I'm reading it, it's pretty shitty, just like i described it.
But i'm also starting a business, graduating in STEM, learning hot to into stock and lining up the next books i'll read, which i hope won't be allegoric, fictional simplifications of ideas that could be exposed in, at most, 10 pages.
Kill the fucking credit cards brother, as if your life depended on it(it does). Worst financial instrument in the world. Keep it up.
We'll see how long that lasts, hotshot. Keep it up.
What bothers me is that you're upgrading this guy
where did i do that?
the closest to sucking his balls from me is:
kiyosaki is just one of many voices in my arsenal of knowledge.
Okay, you got me, maybe just licking them, then. He's bad info all around. He's bad news and a bad start for people who are fiscally retarded.
Fuckoff NEET. I bought 10 copies and gave them to my closest friends. I'll be fucked if not 1 read. Maybe tho. Ones wife picked it up but i havent heard anything.
Litterally every single vlose frie d i have talks about ways to get rich or a brilliant business idea but wont even take the time to read an enjoyable picturebook that explaines basic personal finance and accounting in basic fucking english.
I mean, fuck the book entirely if u want but do something. I mean damn. Every one of these guys, a few i would trust my life to will spend all day long talking about their brilliant plans but then go buy a boat with a goddamn credit card or get a $400,000 house making $13 an hour. Nice house innawoods anon. Perpetually broke and lives off of credit cards.
Goes to bed at night and doesnt even know what year they shit will be paid off and worried if they can do payments or need a payday loan.
Some sketchy shit in the book sure. Did he really open a comic store or cast nikles at 9 years old? Maybe, but i really doubt it. Do i give a fuck? Not really. Not reading the book for entertainment so much as the information.
To each his own but as a 30 year old wagecuck i can tell u anons its a shit life. Do whatever u think is right to get richbut do something. Dont just pumpandump shillcoins with moms money. U meed to understand wtf to do if and win your rich uncle does leave u 2 grand...
also, don't forget about the creature from jekyll island
You're better off reading a Dave Ramsey book and then applying the things that are meaningful to you. Actually, I can't think of one book that does it right. A full 360 view of how money works for the common person who doesn't know shit about money.
At least having a basic understanding of interest rates(which MOST people don't seem to have) would be a good start. It's astounding. If you don't get that, then Mr. K's books are too heavy reading for you.
Yeah, but your not a NEET shillcoin virgin. You just demonstrated intellect of wizard status for this place. However, tips i learned from that shit you did not do.
hold duplex in llc if not in cali
hire cpa for taxes because what is depretiation?
as its a business can now write off all appliances and carpet and fans and paint and shit
as house hopefully appreciates and you can force appreciation by fixing it up and landscaping then borrow against it every 6 months and shop for another duplex... etc
Invest your $700 back into more properties and keep all of them leveraged till u die. Because what is assett protection.
There's a lot of other shit u can do anon. Im not saying your plan is bad. Its better than most. Its just in my opinion not the best way to use it. I dont understand all the numbers and could be wrong. But u for sure need it not in your personal name or you will get fucked one day.
Good luck out there anon.
Thats fuck near free AND a duplex. So pretty much 2 houses. Who the fuck wouldnt.
Don't listen to these faggots. Keep it up. Learn to headge against lawsuit leaches. Learn about tax law and how to use it properly. Your right where im at anon. Probably ahead some.
Ill take a guys word thats actively doing deals over some basementneet edgelord 7 days a week...
God you're probably more retarded than the guy you're replying to.
Guy, sorry for calling you ignorant and telling other people not to listen to you. Don't listen to this guy, but I've already ascertained that you're at least this smart.
not nevada corp, but all else you >greentext, i did/do. just didn't detail ITT. and yes the money goes back into the LLC, i'm still working for free and on paper i'm a pauper, but my business is doing well. and since i'm low maintenance, i don't draw much from the biz.
good luck to you too.
anonymity is greater than testosterone, even the femme-ist cuck eunoch has a huge set of balls on the chans. so i don't let them get to me. sometimes i reflect to them what they put out. but it's all part of the fun.
Maybe he did but it was still a fucking deal anon. Look, he xoulda used credit cards for that small amount and had ~$1 profit making it an asset. This is fucking small potatoes for $700 rents. Some deals arent as good as others. Assets need to make you money and this one will after a month or two? Fucking hell yes id take it. Im eating mortgage on a house right now just because i meed to put a guy in it thatll do some light repairs and paint it and all i keeo getting is sponge fsmily and section 8 beggars. Its loosing money now sure. But im not gonna have to fix it, it should be perfectly fine if he stays there and fixes on it a little 6 months. Then i can have him stay there forever or even better, he moves after fixi g on it, i jack up the rents cause its not as much a shithole, and some other faggot pays way more than what i lost the year i let it set/had some faggot live there dirt cheap and work on it.
1 year breaking even for probably double the rents wich will currently STILL make a profit with the right trnnants not fucking shit up. And if i lose well, lesson learned. I can eat the mortgage and i learned something. Onto the next venture.
LOL, list your assett column if you a pro. Go on anon. We will wait...
Your fault for trusting a faggot.
Never depend on getting your deposit back. Count it as a bonus. Dont be stupid like me. Save a little money for stupid shit like that.
Gets nevada corporation.
Has attorney, cpa, business, and learns a little assett protection.
Not a perfect world but 90% of normal risks are now handled assuming you bought descently.
Accounting and finance pro are u rich yet or an accoutant or financial planner scam artist? Or u rich with real assetts?
sec 8 can be good
if the tenant is single, no kids, old
likely to obey the rules only have to chase for 30% of the total rent (rents are market price, which is usually more than you can get from normal renters)
if 0 income, all your market price rents come in guaranteed - 0 money to move out, almost a perfect locked in cash machine
Hey bro. Samefagging doesn't work here. Go back to /b/
I have my assets, and I have my finances in order enough to realize that a security deposit isn't profit enough to "getting my money back". I look at the bottom line, security changes it NONE.
I come on here once in a while to see what you idiots are up to, in hopes of finding someone who actually has a brain. Haven't found one yet, and you're not helping.
Btw, I haven't asked for the guy's cash flow so far or projections, just trying to make sense of the information he's given, which it doesn't make a lot of. So fuck off.
"You a pro" lol the butthurt is real
Not him bit deals are everywhere if you arent a NEET and aren't affraid to go /out/side... find shit house for 20k to live in. Cool. Oner says 20k cash or 21k payments. That 1,000 will be the interest. 0.5% intrest rate? Not even apr. Over 5 years. Lolwut??? Alright sure. Wtf ever 259 bucks interest is a year ill pay it. Lol.
Same woman a year latter calls "anon would you like to begin paying on another house the month after u pay yours off with same payments. I wont charge u interest. Youve always made payments on time. I have a closet for 10'000 bucks with a new 10 roof. Gotta put a kitchen floor in it. Lol, no interest or down payment? Uhhh sure.
People die and leave houses to people that dont want them. The lady i bought these off of paid half what i did cash. She was just lucky enough to beat me and made a buck. She doesnt mind payments and either doesnt understand inflation or doesnt care. She may have took on too much. In any case she bought these and essentially flipped them for more than double her money. But it comes in payments so the irs sees her as an investor and not a flipper paying 30% taxes. You can haul trailer houses off all day long for free if you move them. I have a cdl. Most all of them are in terrible shape but i found a few cheap spots of land and am going to rent them for $100 or sell for 1,000 bucks at 200 a month payments since the fuckers are unliveable but this whole place is full of tweekers and neets and i can haul them myself with little trouble. Short of a wideload permit or 2. Got budies that work for the electric company that can hook me up removing any line in 29 miles.
Deals are everywhere. You just gotta shelf the autism and pick up a book.
God you just made this whole thread awkward. Go away. I hope you're just drunk posting and not retarded.
dude, come on.
trying to get free education/business model from those who do and shit talk them as a reward.
you're a piece of _ _ _ _!
d) all the above
Im on the fence. Lol. Been a hard transition but we on the other side now. Soon as we finish out the next 6 months we be shitting in tall cotton around here anon. Be eating steak instead of rabbit and still coming out ahead. I guess you are right though. If all u know is the poor or wagecuck life and dont have any motivation u maybas well litterally cut up your path to freedom and throw it in the trash.
I for one love my credit cards. Or at least when i get caught up soon and cancel the fucking 27% apr shitlord secured cards i had to buy.
i have a brain...
Hah. For some stupid reason I *thought*(like you claimed) I would come here to learn something. Instead of learning something, I realized how dumb the rest of the world is. Call it a confidence booster. What I learned today is that nobody who is actually competent in business actually comes here, just wannabes and leaches. Thank God for idiots like you. I'm out.
Like bob here says typically 5/10 investments 3 or 4 are dogs that pretty much break even. And 1 will top the moon making it all worth it.
Im sure theres a lot of in between.
I for one am not willing to throw my life away on the chance of making billions in an apartment building. But i dont mind taking some risks and having a little fun at this.
For now im satisfied eating at my bad debt and lightly gambling with mortgages i can eat if bad shit goes down. I got insurance and working on an llc. Plus i own nothing on paper and i thoroughly enjoy assett protection. Its like trolling people right where it hurts. In the wallet. In the real world wallet. Everyone thinks they can sue the rich guy and win millions. I wanna be the guy that says "look, u dont wanna fuck with me, this os your chance, walk away." And if they wont me and one of my best friends who is a real estate attorney will sit around drinking beer and figuring out ways to rape a mutherfucker in court...
Side bemefit is eventially word gets around and most people wont fuck with you after that. Not to mention im not affraid to just beat a mutherfucker... 1,000 dollar assault charge and a night in county jail where half the staff is childhood friends i still have. Fuck do i care? An assett protection company is on the list even.
nigger detected. keep dreaming.
My Rich dad MADE MONEY
My Poor dad Didn't MAKE MONEY
Don't be a poor dad, be a RICH DAD!
Sum total of the value within those pages. Read the entire thing cover to cover and regret the sheer waste of time it was.
Although I learned never to bother with self-help shit. It's all the same substanceless bullshitting.
Honestly, if you read self-help or go to self-help seminars, you are an incurable fucking moron.
Don't bother reading self-help books. Spend your time reading actual educational books that teach you about personal finance. This thread has lived way too long.
I dont care if im an idiot and i know im gambling
The 10k was next door so worth it for shed and land and chosing neighbors. And the 40k. Thats a gamble sure, but im 99% sure i can find 40k worth of shit out there. Its pretty much my dream house. 2 older houses put together with enough outbuildings and barns and wall to wall collection that is a pickers wet dream. Its the place i want rather i have. Billion or a day job. So yeah, by random chance i gambled twice but i can afford to eat the fuckup and sell it at a huge loss is what im saying. I'm 90% sure i can unload all 3 for what i have in them if i want. Everyone in this place is living in the past. They dont trust the bank or understand interest. Rents are high as fuck. I have people all the time hear i have an empty house rotting and they ask "will ya take 500 a month till its paid for without interest?" They dont even ask if i want to sell or for how much. I could say for 5 years sure and get 30k for a cuckshed i have 10k in and bonus not take taxes in the ass like a flipper.
I dont know what im doing.
Thats the point. Im learning and taking risks i can afford / dont mind taking.
Im not gonna be doing stupid shit like this when it means if i fuck up i gotta get a job for 10 years. Lol. Probably just keep dicking around doing shit like this until i figure it out. I want to have fun getting rich, not stare at a screen or pray for my shillcoins. I wanna start businesses and have fuckoff houses to learn basic construction on and hopefully force appreciation. Assife from that 40k house wich will probably be my home ill have 2 rentals free and clear. Eather sell the pieces of shit for a descent one or keep them and rent for dick nothing to friends. Dunno yet. Probably just keep people in them i trust to handle their own shit and rent it to them at cost while leveraging them for another rental. Thats part of the fun... im constantly comming out ahead. For now.
This. Numbers are important but at a certain point its bullshit. Just budget an emergancey fund and keep reciepts to write off.
Not much. They have packages with all the generic forms and checklists and acess to groups of buyer that may or may not deal with handfuls of us richdadfags and know what to expect. Ive read a few books and moved onto other authors. Im intrigued by his collegues books and if i get deoressed about my finances their uplifting.
It keeps me moving. Thats all. Classes and seminars like this are normally reserved for people better than me that are bored engineers or whatever.
Its money i saved and i can lose, and we get to hang out with like minded people and have a cheep vacation.
The actual seminar is only half the reason i wanna go. I live in bumbfuck nowhere and im tired of watchibg my tryhard faggot friends piss away all their money or tell me (you can't lose money in a 401k) when they dont even know what the fuck a 401k is...
I cant drop these friends since grew up with them. But i fuck sure need to make new friends that are interested in taking a risk and actually trying. I work funny hours and cant be very active in many investment groups. I figured id try one and see. Who knows. Maybe they are all retarded. Im sure i'll take something away from it tho. Even if that something. Is that they are crooks and got 6k from me. At least then i'll lnow and at least 1 of us will know the truth. If i learn anything interesting i'll gladly share it. If there is interest i may make a thread when i go.
Richdad poordad is EXACTLY what all us normies need to start. Read that and maybe a couole others and then read actual books on what exactly to do written by people who actualy do it.
Ill be the first to admit to knowing fuckall about money. But that book motivated me to stop doing stupid shit. I should actually be working harder on aquiring assets then paying off debt i think. But i dont care. Its more laid back and freeing to watch my debt go away and take a break maybe before aquiring much more.
Because of his works and others like him i will be able to afford his memeclass.
It may not be the end all solution but his shit does work anon. I am living proof of it.
Lol, no shit anon. Everyone keeps saying its a hes a scam artist and rich cause of books. Well, then ill write books. The fuck does it matter?
Well, get one on actual landlording then. Full of real contracts u can use if u feel its a waste. Ive learned a lot. Im learning enough to be able to ask people real questions at least. And they are kind of a pickmeup. Plus i have odd hour time gaps to fill. May as well.
FUCK NO. Lol, not until i get up past 800. Nothing builds it faster. Ill cancel them a little at a time and keep my score up till i only have a few good ones. Maybe. Like i said im a newb but baring some crazy emergency we got shit under control. Im not dicking around. Im selling my bike and car for fucking half price just to get out from under them.
I think he meant i was upgrading him?
Landlording is not the same in my land as in murrika, too much socialism.
Ill probably read a ramsey book at some point if i see them cheap. Gotta see all sides of the coin. Just like everyone that shits on kiyosaki that doesnt read his books at all ill do my part and read his. I understand interest rates VERY well. I have a ton of due diligence forms and checklists and shit. Mostly worried about the major points around here. By word of mouth i can track down the last 100 years of owners if i need and have access to cheap equipment and labor to fix any major fuckups on my end like buying the shithole next door with the new roof leaking.
Since i can eat the mortgage soon and still live better than we have been im not too worried about it. Ive been depressed and pretty down in a bad way the last 6 months but finally coming around. Gonna revisit all this and get it lined out over the hollidays.
You'll never get rich being a normie fucking wagecuck and i honesltey dont give a fuck if im wrong atm. Because ive mitigsted risk to where it doesnt even matter. I've considered jacking the little cuckhouse up myself and selling it. Prtty sure itll fit on a lowboy. Locket the cash towards bad debts, move in a nice modular home with those hookups.
Im just fooling around here and learning as i go. Been a tough year in my personal life but about to take another look at all this when things calm down.
Fuck, your a ways ahead of me then. Not sure how the nevadacorp shit works and its not a big deal at our level. But it is a nice step. I like trolling faggots. 99% of us are poor tryhards that think well be driving a bently in 6 months. I say any foward thinking plan and not being a retarded faggot will produce a descent life for all of us. We all just think our way is better. Me and your way along with actual businesses is the way the rich have been doing things for years. Why the fuck not just copy wtf they do. Of course we are gonna fuck shit up. Its part of it.
Sounds like your making enough to cover something fucking up.
If u do descide to pay them all off itll be slower, but a lot safer since u can always borrow against them.
If you can afford any fuckup then you dont have much worry. I've considered doing it but for me the lawsuit risk of someone stealing my shit is worse than making wasted interest payments for 30 years. At least the way the laws are written right now.
Fuck, if u do it write u can invest in australia property and if u fuck up write 30% off on your taxes. Thats a big hedge against fucking up. Got a good friend with ties in sydney. Might be nice to do business in a country without so much red tape but i dunno. Like i said im just dicking off right now. Ill get my shit together pretty soon.
Ive looked into section 8s. The horror stories scare me out and since we have no coding laws the tweaks got my house all fucked up. I might risk it with a couple and see where it goes. Ill meet up with some people i know that do it and learn a little more first. This house i have in mind if it cost me under 5k to get it cleaned up itd work out perfect for some old creeper
Lol, nigga you aint got 1 asset. you are a 12 year old NEET with no way for us either one to prove what we are. True most of us are fucking retarded. I might be pretty autistic but had 2 good deals fall into my lap since market value is wayyy more than in paying. Havent done shit about it aince ive been trying to not eat a bullet all yeay, but things are looking up. Ive always got a buddy about to get a dicorce looking for a place to stay. And half the year gay hunters come acting like a baller throwing money around.
I am using stuff i learned from the books and so is he.
Stop try ing to be such a tryhard faggot and give us some tips instead of just being a cunt and a baller with whattever meme teir fantasy assets you have. Gold plated kneepads are still kneepads. Fucking kek
spotted the tryhard NEET.
must be bedtime.
go shitpost on /b...
We dont allow those around here.
If i cant get rich ill keep trying shit until i die. We almost out of bad debt and make 70k living like we broke faggots. Honestly not worried. Both got as good and secure job as u can around here. Im already further than i thought id be. Simple investments in any asstes and being a frugalfag will make u rich easily. Its just fucking boring. Right now im in the richdad meme. It dont work ill cut up my credit cards. That dont work ill network market. Litterally can piss away half my income chasing pipe dreams.
Tell me what your neetbux allowsnce is.
You just gotta shelf the autism
this time you didn't make it, try harder.
What country you in? Maybe u can go the biziness route until u can do /biz here?
Exactly! And then i can get on /biz and tell anons making money in real estate that they are stupid... kek
even blind hen finds grain sometimes
you got lucky everyone can get lucky once or twice that's not making a living.
btw your profit on the house under normal circumstances is as follows $200*120 = 24000
- 10000 (price) - 10000 (expected maintenance over 10 years as a landlord) = 4000
4000 / 10 = 400
400 * 0.9 = 360 (per year after taxes)
3.6% on your money as returns, but you also took some risks with real estate.
one could argue that vanguard would have been a better choice, but whatever floats your boat.
btw that $200 is insane that a 2% rent on the homes value unless you really got it on a bargain.
1% btw is the line under it it's not worth to buy real estate to rent out, above it there are some profits. 2% is pretty damn good. but what if the autist moves out and you can't find an other retard huh? that's the risk associated with great deals like this among other things.
its brbr huehue.
I'm trying buziness, the bureaucracy is stifling and labor laws keep me from hiring unskilled people to sweep floors and pick up phones.
Robert Kiyosaki is the Ayn Rand of personal finance. His stuff is exciting and easy to read, it seems brilliant the first time you're exposed to it but gets steadily less edifying as you realize the consequences of actually following through on it.
He's a guilty pleasure. I hold him partially responsible for the Canadian Housing bubble, but he's also a prepper which is pretty cool for a rich guy.
If you had basic reading comprehension, I had shared my compensation(income just from a job) and the fact that I own a house, all from work. Couldn't be further away from a NEET, but nice shot. Besides that, all of my assets are financial tools(most of which would be over your head), not real estate. Mr K doesn't even use the word "asset" in the proper financial sense, and from the sound of it, you don't either.
Also, I did give you tips, real estate is fucking retarded, especially if you're in the US. Dump it.
This guy wrote his book right at the beginning of the housing bubble, which gave the illusion of a successful strategy. Shit, he may even have contributed to it. That fantasy has since been exposed and it's over, but people in denial are still hanging on for the ride.
Lol, right. Well, its in shit shape and shouldnt tske much to improve. Forcing appreciation is cheap around here and highly limited because you can over do it easiky since u got a fucking crackhouse next door to people trying to be normie wagecucks and mow their lawn every. Week. I may just throw it up for a retarded rent or try and sell it high. Will likely offer all of my houses for sale, rent to own, or just rent perpetualy. Friend of mine just got realtor liscense. Can offer her a good deal just to keep it listed. And trust her so. Meh. I wanted these 3 anyway for storage and shit.
Very little since i plan tor rent it to $400 for someone my gut says should be okay and $450-$500 if i'm a little on edge. So pretty fucking good id say. Especially considering it doubles as a guest house next door and i keep hearing about the hunters taking all our trophy bucks. I wont feel bad raping them on high rents. Lol, i dont mind most of them and hate deer (biker) so honestly carying insurance on it and havibg it as a 100%liability was still worth it. For now anyway. I dont even know or care wtf it apraises at. It might be worth bulldozing and making it 2 camper lots. Or runing the utilities to the land behind it and plumbing it to my own house or new meters. Posibilities are endless and i have access to rock and machinery to do anything i want to gamble on.
It is what it is. A practice house.
Wait really? Around here you can buy a house for 30-40k and get like $700 a month easy.... maybe the cucklords of my town are onto something?
Nah anon. There is money to be made in duck shit or memetrading if you are creative. My inveating is shit teir. But its that i dont care. I got a good deal i wanted reguardless of numbers. And then i may now have a house innawoods right outside of town on 5 acres with a lifetime of stuff collected for me to add to. Hording is somewhat a hoby of mine because i am a tinkerer by nateure. Long as i have a place to put shit and dont get paths in my house its cool. Of all 3 of these the only 1 i dobt want is the fucking shithole i live in. If i cant get 20 grand i'll gut the fucker and make it a storage shed. My wife doesnt want a double wide or a modular home and doesnt mind living in a shithoke and saving 30k a year to pay cash for a new simple home if we want. Meanwhile i can fick with small real estate or trade shillcoins if i cant handle my autism. Being frugal is a shit way to live but living a simple life and busting ass for a good income isnt that bad. A factory near town just got sokd and quadrouoling in size. 2 more bought land and one is already under construction. Been dtagnate here for 50 years. I really dont see the market going down no matter what. Enough fake ass dissabled people and welfare recipients around to keep my mortgage paid at least or i'll bulldoze em and have empty lots.
Then find a way around it. Youll never get rich blaming others. Outsource or struggle more to find good help. Take on business partners so they arent employees. ....#tryharder
Whatever bro. I want nothing to do with your private placement memorandom ipo venture capitol bullshit. Of course theyd be over my head because its elligal for me to invest in them because the SEC would rather give me and income number than understand financing themselves and let me have a test i can study and take to be able to blow my income if i so choose to do so. If u really are a richfag good on you. After becoming an incredited investor its just assett protection and not doing business with all the tryhard faggots that flood the area. Im oretty good with people and getting better when in not shitposting on here. And i can legit afford to blow my entire life savings and be okay. Ive been in the hole. Its not fun. But my wife and i when we need to live in the asshole of america off of well under 30k and make over 70k easy. Thats about 40k maybe 30k depending on bonuses and taxes and shit. Most of us on here dont even make 30k a year. Why should i not be able to save for a year and throw 35k at an ipo if i want? Fuck yall. I dont need a babysiter or someone not in real estate telling me not to do real estate. I have seen successful people in it. It can and does work. And if not, wtf ever ill cash out and keep struggle till i can find legal investments that work for me with the SEC sucking gubment cock and standing on my fucking head.
my rent is 0.35% of the price of the apartment.
one of the many reasons i say buying to rent out is insane.
if i could get 2% on it i might try, on a new building the maintenance cost is only 50% of the buy price in the first 10 years. old buildings are worse tho but also cheaper.
that's 1-1.7% doable but not exceptionally good. if you factor in maintenance, it's borderline worth it as an investment.
you have to pay property taxes also after a certain threshold furthermore cutting into profitability.
2% and above rent/price is very good as far as real estate goes. but when you buy it on mortgage it all goes out the window.
here people only rent out to avoid paying for amortization when they don't live in a home. very few buy to rent out and they really invest money from their pocket and look hard for bargains. lot's of work involved lot's of risk. i think if you don't want to diversify larger wealth it's a bad idea to start with real estate.
I did, we have no employees, only the partners.
I'm trying, but it takes time and the choices in partners where bad. I still think it will work out, juts won't make me a gazillionaire.