Author Topic: College is for suckers all the easy money is in Real Estate  (Read 404 times)

Matrix Heart

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College is for suckers all the easy money is in Real Estate
« 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
« Last Edit: March 19, 2005, 08:15:33 AM by K A I N »
 

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Re: That's right bitches I'm a landlord
« Reply #1 on: March 14, 2005, 02:07:08 PM »
damm, you a hustler, good luck
 

wilz

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Re: That's right bitches I'm a landlord
« Reply #2 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?

[img]
 

Matrix Heart

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Re: That's right bitches I'm a landlord
« Reply #3 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.
« Last Edit: March 14, 2005, 07:17:47 PM by LandLord Kain »
 

Don Seer

Re: That's right bitches I'm a landlord
« Reply #4 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.
 

Suga Foot

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Re: That's right bitches I'm a landlord
« Reply #5 on: March 14, 2005, 03:57:54 PM »
that's what I wanna do, I want to buy industrial buildings tho.  no maintenence.
 

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Re: That's right bitches I'm a landlord
« Reply #6 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
 

Matrix Heart

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Re: That's right bitches I'm a landlord
« Reply #7 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
« Last Edit: March 14, 2005, 06:35:30 PM by LandLord Kain »
 

Knuckles

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Re: That's right bitches I'm a landlord
« Reply #8 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?
 

Suga Foot

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Re: That's right bitches I'm a landlord
« Reply #9 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. 
 

Knuckles

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Re: That's right bitches I'm a landlord
« Reply #10 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.
 

Matrix Heart

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Re: That's right bitches I'm a landlord
« Reply #11 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.
 

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Re: That's right bitches I'm a landlord
« Reply #12 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
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BigBDrugStores

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Re: That's right bitches I'm a landlord
« Reply #13 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.
 

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Re: That's right bitches I'm a landlord
« Reply #14 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?
 

Matrix Heart

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Re: That's right bitches I'm a landlord
« Reply #15 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)
 

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Re: That's right bitches I'm a landlord
« Reply #16 on: March 15, 2005, 09:00:34 PM »
oh
 

Matrix Heart

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Re: That's right bitches I'm a landlord
« Reply #17 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


« Last Edit: March 19, 2005, 08:23:05 AM by K A I N »
 

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Re: College is for suckers all the easy money is in Real Estate
« Reply #18 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?
 

Matrix Heart

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Re: College is for suckers all the easy money is in Real Estate
« Reply #19 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.
 

Sikotic

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Re: College is for suckers all the easy money is in Real Estate
« Reply #20 on: March 19, 2005, 11:08:45 AM »
The new title makes me sad :'(
 

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Re: College is for suckers all the easy money is in Real Estate
« Reply #21 on: March 19, 2005, 02:53:13 PM »
dont ya have any form of capitol gains tax in the us ?
 

Matrix Heart

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Re: College is for suckers all the easy money is in Real Estate
« Reply #22 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:


« Last Edit: March 19, 2005, 05:27:52 PM by K A I N »
 

BigBDrugStores

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Re: College is for suckers all the easy money is in Real Estate
« Reply #23 on: March 19, 2005, 07:11:39 PM »
college is for suckers, the real money is in electrcity
 

Matrix Heart

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Re: College is for suckers all the easy money is in Real Estate
« Reply #24 on: March 19, 2005, 07:20:45 PM »
college is for suckers, the real money is in electrcity

Doing what with electricity ?