I worked from HOME today in my UNDERWEAR!!

[quote name='JSweeney']Nor would many be likely to have the aptitude, interest or capability :)[/QUOTE]

I think everyone is capable and aptitude can be taught but interest (and dedication, I might add) is probably going to be the deciding factor. Truth be told, I really don't have that much interest in real estate. But it pays my bills and allows me a measure of freedom that most working people will probably never have unless they realize the same things I do.

[quote name='sblymnlcrymnl']It's easy to forget that the master was once a mere student. :lol:[/QUOTE]

Hey, everyone was a noob at one point right? ;)
 
[quote name='JSweeney']It's amazing how cynical people are.

By the opinions of many around the boards, jaykrue doesn't work in real estate, javeryh is NOT a lawyer, and kittie/Lina is a man.

I'd rather believe that things are as people say they are, and not that there are some people with excesses of time, so much so that they waste thier own and then seek to waste mine.

Of course, I'm naive and gullible. :lol:[/QUOTE]

heh, I don't care either what people believe. Hell, I can't even believe 1/2 the time that I'm a lawyer. I sure don't feel like one and I know that I don't act or think like one (I may look like one, however). Could you imagine if no one was who they said they were? Now that would be sad...
 
[quote name='jaykrue']haha, sorry, don't give handouts. I can teach you how to get your own property and start a business but that's about it. There are some things that have to be experienced. I can tell you how to deal with a belligerent tenant but, to do so in person, you might forget so it's better to learn it (although it is a bit painful). For that particular instance, any experience working in customer support or customer service will prepare you for it.

Don't knock the poopy thing until you try it. I thought it was disgusting too when my parents were potty training me when I was young but it's actually more refreshing than TPing alone.

The lighter thing I discovered in college as my roommate (who's a bigger pimp than I EVER will be) showed me a number of his techniques. I have many more that I'll get around to posting.;)[/QUOTE]
I'll shoot you a PM if this college thing doesn't work out.
 
[quote name='javeryh']heh, I don't care either what people believe. Hell, I can't even believe 1/2 the time that I'm a lawyer. I sure don't feel like one and I know that I don't act or think like one (I may look like one, however). Could you imagine if no one was who they said they were? Now that would be sad...[/QUOTE]

See, but the good thing for you guys is that it gives you a tether to the boards.
Something notable that people are jealous enough of or bothered enough by that they must confront it by either excepting it or rallying against it.

Of course, there are some benefits to having people know relatively little about you... :)
 
[quote name='DT778']I'll shoot you a PM if this college thing doesn't work out.[/QUOTE]

Go for it. :cool: But don't discount college just yet. Remember, I used real estate to fund my college education and it's helped me to get my foot in many doors.

[quote name='JSweeney']See, but the good thing for you guys is that it gives you a tether to the boards.
Something notable that people are jealous enough of or bothered enough by that they must confront it by either excepting it or rallying against it.

Of course, there are some benefits to having people know relatively little about you... :)[/QUOTE]

I don't want ppl to be jealous of me. I want them to be like me - to enjoy all life has to give and to be able to spend cash without worrying about the next paycheck or worrying if you have enough cash to pay your bills. That's why I preach about real estate. If people knew how to time correctly and did the research and due diligence they'd know the advantages to having real estate and more importantly your own business.
 
[quote name='JSweeney']See, but the good thing for you guys is that it gives you a tether to the boards.
Something notable that people are jealous enough of or bothered enough by that they must confront it by either excepting it or rallying against it.

Of course, there are some benefits to having people know relatively little about you... :)[/QUOTE]

Very true. Sometimes I wish I was a little more anonymous around here but what the hell - I'm OK with people knowing that I'm an NYC lawyer who may or may not be able to control his bodily functions.
 
[quote name='jaykrue']Go for it. :cool: But don't discount college just yet. Remember, I used real estate to fund my college education and it's helped me to get my foot in many doors.



I don't want ppl to be jealous of me. I want them to be like me - to enjoy all life has to give and to be able to spend cash without worrying about the next paycheck or worrying if you have enough cash to pay your bills. That's why I preach about real estate. If people knew how to time correctly and did the research and due diligence they'd know the advantages to having real estate and more importantly your own business.[/QUOTE]
I sent you a pm about real estate
 
[quote name='javeryh'] Anyone else out there have the benefit of working from home from time to time?[/QUOTE]

Sorta I am unemployed. So I will say yes typing this post is my work for the day.
 
[quote name='ryanbph']I sent you a pm about real estate[/QUOTE]

PM'd back.

Also, if you're considering getting into real estate, let me warn you. It's not easy at first but once you're established in a few months and have gotten the hang of it, it's fairly easy sailing from there. Also, right now there is a real estate bubble meaning that prices are skyrocketing and people are buying. This is the wrong time to buy. It's the right time to sell however so if you have any property that you want to let go, now is the time. I don't have any property I want to give up right now nor am I willing to buy any currently so I'm waiting for the bubble to burst or at least shrink to the price I want. If you are willing to do any out of state buying, houston, texas is my own personal hot spot for good properties but as I said, I'm still going to wait until after the bubble.
 
[quote name='jaykrue']PM'd back.

Also, if you're considering getting into real estate, let me warn you. It's not easy at first but once you're established in a few months and have gotten the hang of it, it's fairly easy sailing from there. Also, right now there is a real estate bubble meaning that prices are skyrocketing and people are buying. This is the wrong time to buy. It's the right time to sell however so if you have any property that you want to let go, now is the time. I don't have any property I want to give up right now nor am I willing to buy any currently so I'm waiting for the bubble to burst or at least shrink to the price I want. If you are willing to do any out of state buying, houston, texas is my own personal hot spot for good properties but as I said, I'm still going to wait until after the bubble.[/QUOTE]

How do you support yourself without steady cashflow? Do you make one sale and budget the profit over a certain period of time or do you immediately reinvest? You need to eat, sleep and post on CAG and that all costs money... just curious. My wife and I are talking about buying a second home for investment purposes or perhaps buying a lot and building a new house specifically to sell it...
 
[quote name='javeryh']How do you support yourself without steady cashflow? Do you make one sale and budget the profit over a certain period of time or do you immediately reinvest? You need to eat, sleep and post on CAG and that all costs money... just curious. My wife and I are talking about buying a second home for investment purposes or perhaps buying a lot and building a new house specifically to sell it...[/QUOTE]

But I DO have steady cashflow. I have multiple unit properties that are already fully paid for and thus the rent I receive is funneled into paying property taxes, association fees, lawyer fees, accounting fees, other employee salaries, and any other thing that needs to be paid for. All this is done through my own company. My salary is less than your average burger flipper since I set it that way to bring myself to a lower tax bracket. Anything I need is bought through my company. I have few personal possessions and those that are mine are fully paid for before I started my company. All my groceries are paid for by the corporate account I opened with the local grocery store. The cars I drive are owned by my company and gas is paid every month on the company tab. All my employees' and my lunches are paid for the company since they're considered business lunches. Every receipt is meticulously accounted for and logged. Essentially, everything is done through my company. I let the company bear the burden of paying everything since there are more benefits given to a company than to the individual taxpayer (although, if you look through your itemized deductions, you can still take off a lot and I do). So who needs a high paying job when my company provides everything I need anyway AND allows me to pay taxes in a lower tax bracket?
 
[quote name='jaykrue']But I DO have steady cashflow. I have multiple unit properties that are already fully paid for and thus the rent I receive is funneled into paying property taxes, association fees, lawyer fees, accounting fees, other employee salaries, and any other thing that needs to be paid for. All this is done through my own company. My salary is less than your average burger flipper since I set it that way to bring myself to a lower tax bracket. Anything I need is bought through my company. I have few personal possessions and those that are mine are fully paid for before I started my company. All my groceries are paid for by the corporate account I opened with the local grocery store. The cars I drive are owned by my company and gas is paid every month on the company tab. All my employees' and my lunches are paid for the company since they're considered business lunches. Every receipt is meticulously accounted for and logged. Essentially, everything is done through my company. I let the company bear the burden of paying everything since there are more benefits given to a company than to the individual taxpayer (although, if you look through your itemized deductions, you can still take off a lot and I do). So who needs a high paying job when my company provides everything I need anyway AND allows me to pay taxes in a lower tax bracket?[/QUOTE]
you are one lucky bastard:applause:
 
[quote name='ihop7007']you are one lucky bastard:applause:[/QUOTE]

Not lucky. Just smart enough to know that making the most money doesn't make one a rich person... just that you pay more in taxes. ;):cool:
 
Have you ever thought about getting a livejournal or a myspace? It seems right up your alley. Not that I have anything against your topics, because I enjoy them because you are very much unlike anyone else on this site.
 
[quote name='zewone']Have you ever thought about getting a livejournal or a myspace? It seems right up your alley. Not that I have anything against your topics, because I enjoy them because you are very much unlike anyone else on this site.[/QUOTE]

Me or javeryh? If you mean me, I already have one but that's for me to know. ;)
 
[quote name='jaykrue']Not lucky. Just smart enough to know that making the most money doesn't make one a rich person... just that you pay more in taxes. ;):cool:[/QUOTE]
deep... and kinda sappy
 
[quote name='jaykrue']Me or javeryh? If you mean me, I already have one but that's for me to know. ;)[/QUOTE]
javeryh. Usually I only read the OP and then post what I want to say then I will read the rest of the topic.
 
[quote name='jaykrue']But I DO have steady cashflow. I have multiple unit properties that are already fully paid for and thus the rent I receive is funneled into paying property taxes, association fees, lawyer fees, accounting fees, other employee salaries, and any other thing that needs to be paid for. All this is done through my own company. My salary is less than your average burger flipper since I set it that way to bring myself to a lower tax bracket. Anything I need is bought through my company. I have few personal possessions and those that are mine are fully paid for before I started my company. All my groceries are paid for by the corporate account I opened with the local grocery store. The cars I drive are owned by my company and gas is paid every month on the company tab. All my employees' and my lunches are paid for the company since they're considered business lunches. Every receipt is meticulously accounted for and logged. Essentially, everything is done through my company. I let the company bear the burden of paying everything since there are more benefits given to a company than to the individual taxpayer (although, if you look through your itemized deductions, you can still take off a lot and I do). So who needs a high paying job when my company provides everything I need anyway AND allows me to pay taxes in a lower tax bracket?[/QUOTE]

Nothing against you jaykrue, but that is exactly why I hate the current tax code.
The wealthy can hide behind thier companies and completely flaunt the way the system should work.
 
[quote name='ihop7007']deep... and kinda sappy[/QUOTE]

yeah, but it's only sappy because it's a cliche and cliches are cliches because they're true. :lol:
 
[quote name='JSweeney']Nothing against you jaykrue, but that is exactly why I hate the current tax code.
The wealthy can hide behind thier companies and completely flaunt the way the system should work.[/QUOTE]

Which is exactly why I was thinking (when I was in college) that if wealthy ppl can do it, then the peons can too! I did the research into how companies did their thing and followed it.
 
[quote name='jaykrue']Which is exactly why I was thinking (when I was in college) that if wealthy ppl can do it, then the peons can too! I did the research into how companies did their thing and followed it.[/QUOTE]

Just because it's legal doesn't make it right.
(I can use cliches too :) )
 
[quote name='JSweeney']Just because it's legal doesn't make it right.
(I can use cliches too :) )[/QUOTE]

True... but if it's there, why not use it as well? I saw my parents bitching about how they pay so much taxes, etc. and bitching about the economy, etc. but me? I make money in both a bull or a bear market. I can weather the changes because I did the work and research to make sure I survive. Not many ppl are willing to make that effort although in the long run, it would be to their benefit.
 
[quote name='jaykrue']yeah, but it's only sappy because it's a cliche and cliches are cliches because they're true. :lol:[/QUOTE]
We're going to have to start calling you Socrates if you keep going all philosophical like that
 
[quote name='jaykrue']But I DO have steady cashflow. I have multiple unit properties that are already fully paid for and thus the rent I receive is funneled into paying property taxes, association fees, lawyer fees, accounting fees, other employee salaries, and any other thing that needs to be paid for. All this is done through my own company. My salary is less than your average burger flipper since I set it that way to bring myself to a lower tax bracket. Anything I need is bought through my company. I have few personal possessions and those that are mine are fully paid for before I started my company. All my groceries are paid for by the corporate account I opened with the local grocery store. The cars I drive are owned by my company and gas is paid every month on the company tab. All my employees' and my lunches are paid for the company since they're considered business lunches. Every receipt is meticulously accounted for and logged. Essentially, everything is done through my company. I let the company bear the burden of paying everything since there are more benefits given to a company than to the individual taxpayer (although, if you look through your itemized deductions, you can still take off a lot and I do). So who needs a high paying job when my company provides everything I need anyway AND allows me to pay taxes in a lower tax bracket?[/QUOTE]

So how did you convince the bank to give you that first loan to buy your first property? I understand (mostly) how it works once you get up and running but it takes a lot of money to get started. Also, what do you do about deadbeats who don't pay rent - that's my biggest fear because the law heavily favors tenants over landlords. People can squat for up to 6 months sometimes without the landlord being able to physically throw someone out on their ass.

Also, you should be careful doing everything through your company. There's a little thing called "piercing the corporate veil" where companies are found to be alter egos of individuals who set them up to avoid things like paying taxes. I'm not suggesting you are doing anything wrong but I'd ask your lawyer about it to be sure... for example, if someone trips and falls on your property and sues your company presumably your liability only extends that far but sometimes courts get at the individual when you cannot distinguish between the two - of course if you are set up as an LLC then you have nothing to worry about...
 
[quote name='javeryh']So how did you convince the bank to give you that first loan to buy your first property? I understand (mostly) how it works once you get up and running but it takes a lot of money to get started. Also, what do you do about deadbeats who don't pay rent - that's my biggest fear because the law heavily favors tenants over landlords. People can squat for up to 6 months sometimes without the landlord being able to physically throw someone out on their ass.

Also, as a bit of advice - you should be careful doing everything through your company. There's a little thing called "piercing the corporate veil" where companies are found to be alter egos of individuals who set them up to avoid things like paying taxes. I'm not suggesting you are doing anything wrong but I'd ask your lawyer about it to be sure... for example, if someone trips and falls on your property and sues your company presumably your liability only extends that far but sometimes courts get at the individual when you cannot distinguish between the two - of course if you are set up as an LLC then you have nothing to worry about...[/QUOTE]

The first one I had help from the parents. After I graduated, I had enough to pay them back the down payment. I don't have deadbeats - I screen heavily and in case of one who made it past, I had about 4 months in reserve to cover the empty rent. I would usually find a person who would fill the place within 4 months because, although the laws favor the tenant, landlords still have some leeway (hence why I document EVERYTHING before a tenant moves in as well as complaints from neighbors and corroborating police reports).

Corporate veil? *cough* Nevada *cough* Nevada's corporate veil hasn't been pierced since the 80s. They also have strong corporate structuring laws as well as no state taxes. Most corporations are actually based in Nevada while there physical base is wherever they started.
 
[quote name='jaykrue']The first one I had help from the parents. After I graduated, I had enough to pay them back the down payment. I don't have deadbeats - I screen heavily and in case of one who made it past, I had about 4 months in reserve to cover the empty rent. I would usually find a person who would fill the place within 4 months because, although the laws favor the tenant, landlords still have some leeway (hence why I document EVERYTHING before a tenant moves in as well as complaints from neighbors and corroborating police reports).

Corporate veil? *cough* Nevada *cough* Nevada's corporate veil hasn't been pierced since the 80s. They also have strong corporate structuring laws as well as no state taxes. Most corporations are actually based in Nevada while there physical base is wherever they started.[/QUOTE]

heh, Nevada... that's an up and coming state of popular incorporation... Delaware is still the biggest though. I'm just saying be careful is all - I'd hate to see all your hard work go down the drain over one douchebag tenant.

So do you flip houses or primarily manage apartment buildings? Is there a method to which buildings you select? I'm thinking that around me Jersey City and Asbury Park are on the rise. You could probably buy something relatively cheap right now and make a killing in 5 to 10 years... Hoboken is tapped out I think. I guess if I can get the loan, the most I'd stand to lose is closing costs and maybe a few thousand dollars if the property value decreases (unlikely, but entirely possible). Maybe I'll dive in after I get my bonus at the end of the year... I can afford to lose it entirely I guess (although I'd be effing pissed about it)....
 
[quote name='slidecage']i been wearing the same UNDERWEAR for 3 days : )[/QUOTE]


u too??? high 5!!

i have fridays off come fall semester at college..cant wait :cool:
 
[quote name='javeryh']heh, Nevada... that's an up and coming state of popular incorporation... Delaware is still the biggest though. I'm just saying be careful is all - I'd hate to see all your hard work go down the drain over one douchebag tenant.

So do you flip houses or primarily manage apartment buildings? Is there a method to which buildings you select? I'm thinking that around me Jersey City and Asbury Park are on the rise. You could probably buy something relatively cheap right now and make a killing in 5 to 10 years... Hoboken is tapped out I think. I guess if I can get the loan, the most I'd stand to lose is closing costs and maybe a few thousand dollars if the property value decreases (unlikely, but entirely possible). Maybe I'll dive in after I get my bonus at the end of the year... I can afford to lose it entirely I guess (although I'd be effing pissed about it)....[/QUOTE]

Nevada's BEEN the state of incorporation because of the corporate veil. I thought Delaware would've been nice but the lawyer I talked to said they had a state tax so since Nevada had that extra oomph, I decided to go that way. I flipped houses when I started but now I buy and hold. There is actually a reasonable method to selecting property:

- Distance to schools (elementary or college, doesn't matter but does lean towards elementary)
- Distance to fire department, police station, other municipal buildings
- Distance to traffic nodes (highways, expressways, etc.)
- Proximity to urban areas (not too far from the city but far enough that there's not a lot of traffic - usually the border between the city proper and a suburb)
- Distance to waste disposal plant (i.e. the shit factory or industrial areas)
- Surrounding property values

From that list, you assist a value between 1-5 with 5 being the most important and 1 being the least. Add the value. Compare to other properties you looked at that have also been evaluated the same way. Pick the top 5 properties and reevaluate again using:

- time to close
- down payment
- (for flipping) mortgage cost and type (fixed or ARM?)
- renovation needed
- length of keeping (flipping or hold?)

Same selection style (1-5) until you pick your top 3. Make offers on the 3 and whichever offers you the best deal, close and drop the other 2.

I typically see about 100-150 properties over the course of 6 months and I usually end up severely evaluating and buying one... maybe. I'm very strict on my guidelines which has allowed me a measure of security in that the properties I do have have generally been profitable.

My parents helped me out on the down payment but on the loan itself, I went to about 40 different banks before they even bothered to look in this (at the time) college kid's direction. I made a presentation to the loan officer and every time I was turned down, I asked how I could've made the presentation better and presentable. They were kind enough to point out what I did wrong and then I fixed the error in my next presentation and so on until I got right.
 
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