West Coast Connection Forum

Lifestyle => Tha G-Spot => Topic started by: Matrix Heart on March 14, 2005, 01:35:22 PM

Title: College is for suckers all the easy money is in Real Estate
Post by: Matrix Heart on March 14, 2005, 01:35:22 PM
Bought my first house today $479,000.

Paid off the owner and taking over payments on a house that was about to be foreclosed  :banana_trippin: haha America is great  ;D


I'm gonna fix it up a bit and start renting it out.

<Gonna be worth a quarter billion  :D
Title: Re: That's right bitches I'm a landlord
Post by: TuKer Says: Angeles Records is the truth!! on March 14, 2005, 02:07:08 PM
damm, you a hustler, good luck
Title: Re: That's right bitches I'm a landlord
Post by: wilz on March 14, 2005, 03:23:41 PM
soz i dnt understand tis. did u buy the house for 479,00 or did u buy out the owner and is paying his mortgage?
Title: Re: That's right bitches I'm a landlord
Post by: Matrix Heart on March 14, 2005, 03:35:45 PM
soz i dnt understand tis. did u buy the house for 479,00 or did u buy out the owner and is paying his mortgage?

Bought out the owner and taking over his mortgage...he had since 1990.

Current market value is 479k.
Title: Re: That's right bitches I'm a landlord
Post by: Don Seer on March 14, 2005, 03:54:45 PM

so how much did you actually have to pay out to buy dude out ..

you're expecting the payments to be covered by renting it out ?


how long is left of the term.. another 10 years?



good investment for the future once you have it up and generating income.
Title: Re: That's right bitches I'm a landlord
Post by: Suga Foot on March 14, 2005, 03:57:54 PM
that's what I wanna do, I want to buy industrial buildings tho.  no maintenence.
Title: Re: That's right bitches I'm a landlord
Post by: Sikotic™ on March 14, 2005, 05:36:47 PM
SMart smart move. That's what I hope to be doing too. Buy property, start some businesses. Let people work for me  ;D
Title: Re: That's right bitches I'm a landlord
Post by: Matrix Heart on March 14, 2005, 06:08:58 PM

so how much did you actually have to pay out to buy dude out ..

you're expecting the payments to be covered by renting it out ?


how long is left of the term.. another 10 years?



good investment for the future once you have it up and generating income.

14 years left, payed 45k and 7k in deqliuent fees  :D

San Diego home rent is around 2k.



What I really want to do is construct and sell condos/townhouses on a small scale  :o
Title: Re: That's right bitches I'm a landlord
Post by: Knuckles on March 14, 2005, 06:30:33 PM
that's what I wanna do, I want to buy industrial buildings tho.  no maintenence.

How will there be no maintenence?
Title: Re: That's right bitches I'm a landlord
Post by: Suga Foot on March 14, 2005, 06:36:31 PM
that's what I wanna do, I want to buy industrial buildings tho.  no maintenence.

How will there be no maintenence?

An industrial builing only needs walls and a roof.  I'd put heat and basic wiring in it, but after that, the tennant pays for everything else.  It isn't maintenence free, but it's a lot less work than residential or commercial. 
Title: Re: That's right bitches I'm a landlord
Post by: Knuckles on March 14, 2005, 07:22:16 PM
An industrial builing only needs walls and a roof.  I'd put heat and basic wiring in it, but after that, the tennant pays for everything else.  It isn't maintenence free, but it's a lot less work than residential or commercial.

You gotta take care of the landscaping, snow removal (if necessary), parking lot, painting and fire & security systems but it would be less work than an apartment building or condo.
Title: Re: That's right bitches I'm a landlord
Post by: Matrix Heart on March 14, 2005, 07:36:08 PM
An industrial builing only needs walls and a roof.  I'd put heat and basic wiring in it, but after that, the tennant pays for everything else.  It isn't maintenence free, but it's a lot less work than residential or commercial.

You gotta take care of the landscaping, snow removal (if necessary), parking lot, painting and fire & security systems but it would be less work than an apartment building or condo.

They're all tax write offs...you can contract a company that does ground work (cleaning/landscape) the rest you can hire yourself.

Now my cell phone bills will be free  :D time for an upgrade.
Title: Re: That's right bitches I'm a landlord
Post by: The Watcher on March 14, 2005, 08:01:49 PM
i own 3 houses here in aust. a few years ago our government was giving people money towards building houses etc, so i took advantage of it. i live in one, have people living in the other 2 and it's ok. their rent is double the mortgage payments, which puts plenty of $ aside for other shit that needs doing if something goes wrong
Title: Re: That's right bitches I'm a landlord
Post by: BigBDrugStores on March 15, 2005, 08:00:23 PM
i got a house. i bought it for 125,000. its a nice house 2br/2bath and i got a nice job to pay for it.
Title: Re: That's right bitches I'm a landlord
Post by: Ðøšïå on March 15, 2005, 08:54:59 PM
Bought my first house today $479,000.

Paid off the owner and taking over payments on a house that was about to be foreclosed  :banana_trippin: haha America is great  ;D


I'm gonna fix it up a bit and start renting it out.

<Gonna be worth a quarter billion  :D



how are you going to make $249521000 off of a $479,000 property?
Title: Re: That's right bitches I'm a landlord
Post by: Matrix Heart on March 15, 2005, 08:58:45 PM
Bought my first house today $479,000.

Paid off the owner and taking over payments on a house that was about to be foreclosed  :banana_trippin: haha America is great  ;D


I'm gonna fix it up a bit and start renting it out.

<Gonna be worth a quarter billion  :D



how are you going to make $249521000 off of a $479,000 property?

<<<<<It's a joke based on what Cam'ron said Sizzerup would make him  8)
Title: Re: That's right bitches I'm a landlord
Post by: Ðøšïå on March 15, 2005, 09:00:34 PM
oh
Title: Re: That's right bitches I'm a landlord
Post by: Matrix Heart on March 19, 2005, 08:14:33 AM
College is for suckers all the easy money is in real estate  8) whata waste.

I'm gonna take out a loan to pay off another owner :D

http://www.realtytrac.com/freeSearchResultAlt1.asp?a=b&zipOnly=true&zipCode=San%20Diego&Submit22=Search

^the "amount" is how much the owner is behind their mortgage


Title: Re: College is for suckers all the easy money is in Real Estate
Post by: -Euthanasia- on March 19, 2005, 09:00:20 AM
so do you do the maitenance (like plumbing or whatever problems should arise) or do you hire somebody?
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: Matrix Heart on March 19, 2005, 09:49:35 AM
so do you do the maitenance (like plumbing or whatever problems should arise) or do you hire somebody?

Yes with home owners insurance if it's that serious.
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: Sikotic™ on March 19, 2005, 11:08:45 AM
The new title makes me sad :'(
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: OpTiCaL on March 19, 2005, 02:53:13 PM
dont ya have any form of capitol gains tax in the us ?
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: Matrix Heart on March 19, 2005, 05:18:44 PM
dont ya have any form of capitol gains tax in the us ?

Yeah but there are ways around it.

http://www.fool.com/taxes/2000/taxes000428.htm


The new title makes me sad :'(

lol well they make you take 2 years of bullshit G.E. classes in college (13th & 14th grade)  >:( and the last grade of High School is a total waste of life.

Ah well I don't care this is my last semester of college, REAL ESTATE is my minor. 
:banana_llama:


Title: Re: College is for suckers all the easy money is in Real Estate
Post by: BigBDrugStores on March 19, 2005, 07:11:39 PM
college is for suckers, the real money is in electrcity
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: Matrix Heart on March 19, 2005, 07:20:45 PM
college is for suckers, the real money is in electrcity

Doing what with electricity ?
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: BigBDrugStores on March 19, 2005, 07:28:30 PM
wiring up buildingsi make 55k/year plus 25% retirement
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: Matrix Heart on March 19, 2005, 07:32:00 PM
wiring up buildingsi make 55k/year plus 25% retirement

That requires working :P and you have a boss  :monkey_piss:
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: BigBDrugStores on March 19, 2005, 08:36:49 PM
selling houses dont give you free health ins. or retirement.
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: 411 on March 20, 2005, 12:23:29 AM
college, high school, middle school, and elementary are for suckers.......the real money is in drugs
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: Sikotic™ on March 20, 2005, 02:22:27 AM
college, high school, middle school, and elementary are for suckers.......the real money is in drugs

or TV evangelist
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: BigBDrugStores on March 20, 2005, 11:34:14 AM
i used to want to be a televanglist when i was young but i always hatted goin to church so i thought that would be a bad idea. but they do make money
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: -Euthanasia- on March 20, 2005, 11:50:59 AM
in exchange for their soul
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: Matrix Heart on March 20, 2005, 12:37:32 PM
selling houses dont give you free health ins. or retirement.

Well I don't sell houses yet but I'm sure health care can be a tax write off.

12 Often overlooked tax deductions
http://www.bankrate.com/brm/news/biz/tax/20011022a.asp

SUV write off  ;D maybe I can get a hybrid SUV  :cow:
http://moneycentral.msn.com/content/Taxes/P48468.asp
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: chronic01 on March 20, 2005, 12:42:59 PM
thats my plan to get me through college
to do real estate, getting my real estate liscense in the summer i'll be finished all the courses i need grind for a year making as much money as i can then invest it in a couple properties around here and rent them out until they get paid off
then sell them at a higher value
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: LAZY on March 20, 2005, 12:53:36 PM
i agree with that.. im going into Real Estate and im gunna also be a loan rep. this summer im taking the Real Estate classes, im gunna also go 2 Community College just to take a few classes that would make my Real Estate better like Business & all that.. ima be riccccccccccch!!!
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: Matrix Heart on March 20, 2005, 12:54:50 PM
thats my plan to get me through college
to do real estate, getting my real estate liscense in the summer i'll be finished all the courses i need grind for a year making as much money as i can then invest it in a couple properties around here and rent them out until they get paid off
then sell them at a higher value

Read my prior posts...that's the best way to make money if you want to rent out.

I probably keep renting out my place forever  ;D because it's near SDSU and I'm sure SDSU is not going anywhere.
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: Trauma-san on March 20, 2005, 02:33:29 PM
Hmm, there's some stupidity floating around this thread.  First, what do you do when you go 2 or 3 months with no renters? You fall way behind on the bills.  What do you do with the 10 grand worth of damage they did to the property before they left?  You fall way behind on the bills.  You're in way over your head, unless you're making, oh, 100 grand a year.  If you're not making 100 grand a year, you have no business buying a half million dollar house.

SUV write offs?  Are you seriously that stupid?  Lemme get this straight.  You're gonna pay 50 grand to buy an SUV, just so you can deduct it from your income?  So... BEST case scenario, lets say you can deduct the full thing! 100% (which is ludicrious)... even if you could deduct 100% of the payment from your taxable income, that's like spending 100% of your money, to save the 24 percent of your money they would have taxed.  You just gave away a dollar, to keep from giving the government 24 cents.  Nice going genius, keep at it! 
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: Matrix Heart on March 20, 2005, 03:27:26 PM
Hmm, there's some stupidity floating around this thread.  First, what do you do when you go 2 or 3 months with no renters? You fall way behind on the bills.  What do you do with the 10 grand worth of damage they did to the property before they left?  You fall way behind on the bills.  You're in way over your head, unless you're making, oh, 100 grand a year.  If you're not making 100 grand a year, you have no business buying a half million dollar house.

SUV write offs?  Are you seriously that stupid?  Lemme get this straight.  You're gonna pay 50 grand to buy an SUV, just so you can deduct it from your income?  So... BEST case scenario, lets say you can deduct the full thing! 100% (which is ludicrious)... even if you could deduct 100% of the payment from your taxable income, that's like spending 100% of your money, to save the 24 percent of your money they would have taxed.  You just gave away a dollar, to keep from giving the government 24 cents.  Nice going genius, keep at it! 

lol @ Trauma  ;D

I can live there while I look for tenants...I move in April 15.
I have had the house inspected twice and there are no damages just replacing alotta material (carpet etc...)

My uncle is a mortgage broker he's helping me out with advice.

I'm not gonna buy a SUV yet I just thought it was an interesting article...if I become a full-time real estate agent I might look into it  ;D read the article.


Single
Taxable income is over    But not over    The tax is..........Plus    Of the amount over
$0................................$7,150................$0.00............10%.......$0
7,150............................29,050................715.00..........15%........7,150
29,050..........................70,350................4,000.00........25%......29,050
70,350..........................146,750..............14,325.00...... 28%.......70,350
146,750.........................319,100..............35,717.00......33%......146,750
319,100................................................92,592.50..... 35%.......319,100

Don't worry about it trauma but here are the tax brackets  ;)


Title: Re: College is for suckers all the easy money is in Real Estate
Post by: chronic01 on March 20, 2005, 03:46:30 PM
yea my plan is to work as a real estate sales rep for like a year or 2 and then see where i'm at
if i can afford the money for a downpayment on a house i;d do it because the area i live in the need for real estate is huge
so we'll see gonna take it slowly and not jump ahead of myself
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: ImmortalOne on March 21, 2005, 12:06:28 AM
This man is corrrect.....Real Estate is where the money is at.

I know too, because I myself am a Real Estate Agent.
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: 411 on March 21, 2005, 12:20:20 AM
im curious......heres a question for u real estate agents and wannab's........whats the average salary of a real estate agent?
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: ImmortalOne on March 21, 2005, 02:50:46 AM
im curious......heres a question for u real estate agents and wannab's........whats the average salary of a real estate agent?

there isnt an average salary, because you get paid on commissions. It just depends on how hot the market is, or how well you market yourself.

But, its typically very good money. Especially in California.
Title: Re: College is for suckers all the easy money is in Real Estate
Post by: Matrix Heart on March 21, 2005, 07:02:30 AM
Who do you work thru? ^


im curious......heres a question for u real estate agents and wannab's........whats the average salary of a real estate agent?

2-8% commision

And the median cost of a home in San Diego is $510,000.