absolutely agree hence why i remain competent at my job, investments can fail, my investments, your investments, my neighbors and so on, nothing is guaranteed.
hence why i am going to remain competent in my field after i give up working full time. For organic reasons of course, 1. its safe to say we will never live in a world without hospital services (med tech), and 2. because i enjoy what i do i also happen to be skilled in it.
right now my total debt is ~$70kcdn for all the above mentioned assets, so i'm pushing to make sure im not letting my ass hang out for too much longer
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12-12-2018, 05:13 PM #91
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12-12-2018, 05:20 PM #92
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12-12-2018, 05:31 PM #93
pretty defeated mentality, not once did anyone mention finding a more reasonable home that better reflects your true budget.
this is why i said its possible as long as you stay humble.
congrats brah, logic won at the end of the day. Das it
spoken like a true Chad Boomer!
das it brah, in Canada if you want to build a home you def need 25% down before getting any mortgage.
I actually like the building idea(given you build in a booming area) instead of buying a used house...
trailers are just a means to an end, I am building my first house fo sho!
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12-12-2018, 05:32 PM #94
- Join Date: Oct 2008
- Location: Falls Church, Virginia, United States
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12-12-2018, 05:38 PM #95
- Join Date: Oct 2008
- Location: Falls Church, Virginia, United States
- Posts: 36,630
- Rep Power: 290800
So if someone pays 20% upfront, and then owes 80%, that's somehow less than paying 3% upfront and owing 97%? Strong math skills. I'd find it hard to believe you were Asian if it weren't for the way you're slowly committing ritual suicide by ethering yourself in at least 3 threads per day.
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
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12-12-2018, 05:42 PM #96
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12-12-2018, 05:45 PM #97
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12-12-2018, 05:47 PM #98
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12-12-2018, 05:53 PM #99
- Join Date: Oct 2008
- Location: Falls Church, Virginia, United States
- Posts: 36,630
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12-12-2018, 06:17 PM #100
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01-11-2019, 04:07 PM #101
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01-11-2019, 04:40 PM #102
- Join Date: Feb 2007
- Location: Pennsylvania, United States
- Age: 36
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- Rep Power: 17280
Why do you say this Ashlin? how did you come up with this number?
I personally put 5% down on my first 3 homes. I started real estate when I was a 20 year old college student. Paid 5% down on a house in the ghetto, rented it out to roommates, covered mortgage/made some $, a few years later saved up enough to buy another house 2 blocks from my college, I rented out old house and bought the new house with 5% down and rented 3 extra rooms to college kids. Then did the same thing 2 years later, saved up 5% on new house, moved, rented out THAT house and put 5% down on a new house.
Next few I was making enough to easily put 20% down, but just starting out, I wouldnt be anywhere near the success I am today if I waited to put more than 5% down on those houses
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01-11-2019, 05:04 PM #103
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01-11-2019, 05:29 PM #104
- Join Date: Feb 2007
- Location: Pennsylvania, United States
- Age: 36
- Posts: 9,352
- Rep Power: 17280
minimum down on an investment property is actually 20%. (in the majority of areas, some might only be 15%). Thats the reason I kept moving to new houses and renting out the old, to get around the 20%. Buying a home you will occupy only requires 5% down.
Sure i was paying PMI on them, extra (tax-deductible) $50/month, but the numbers still worked. Thats why OP and people like dave ramesy arent top tier investors. Think outside the box, dont be afraid of debt. If the numbers work, the numbers work... Thats all that matters.
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01-11-2019, 05:38 PM #105
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01-11-2019, 05:48 PM #106
So by success of today means what?
Are they paid off now?
How much of your revenue are you netting?
I am glad you found a way for you to get into RE with a low down payment. But correct me if I am wrong but isn’t your life work balance pretty hectic?
I made OP as a pretty broad statement, but I do respect when people manage to pull off a hustle in a non conventional(we ain’t that different brah) way so props to you brah.
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01-11-2019, 05:54 PM #107
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01-11-2019, 05:58 PM #108
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01-11-2019, 06:00 PM #109
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01-11-2019, 06:05 PM #110
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01-11-2019, 06:08 PM #111
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01-11-2019, 06:16 PM #112
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01-11-2019, 07:00 PM #113
I don't know OP but he's smack dab bang on. personally I'd go 25% and then get a LOC for the value of the home and invest that into the market. anyways, if you don't know HOW to get 20% down, then really you should be rethinking WTF you've been doing all your life. srs. dead ****in srs.
it has very little to do with how much you make and more to do with living within your means. buy the cheapest place you can afford. depending on market, say 175K for a 1 bed or bachelor. a ton of markets have 100K 1 beds but way out of town.
buy it. pay as much off as you can. 5 years later you have equity and hopefully you prorperty has increased. sell your one bed, buy a cheap two bed in a cheaper part of town with the equity you've accumulated. rinse and repeat.
I did it in THE MOST EXPENSIVE market in north america. it can be done without too much effort. if you have dual income, it's a fukin cakewalk
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01-11-2019, 07:12 PM #114
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01-11-2019, 07:17 PM #115
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01-11-2019, 07:26 PM #116
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01-11-2019, 07:27 PM #117
- Join Date: Jun 2012
- Location: West Des Moines, Iowa, United States
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01-11-2019, 07:30 PM #118
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01-11-2019, 08:17 PM #119
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01-11-2019, 08:21 PM #120
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