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  1. #91
    Registered User tunafish01's Avatar
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    Originally Posted by lunchbox12 View Post
    Where do you live? I'm not so sure we are going to get the correction we are all looking for in real estate. I'm under contract to sell one of my properties that got multiple offers over asking price. IMO i would rent out the other bedroom in August and begin searching for another property. Any duplexes in your area? Live in one side and rent out the other, you can put as little as 3.5% down with an FHA loan although banks may be tightening their standards.

    edit: 3/2 houses are renting for $2000-2500 in my area. You may be surprised at what yours will rent for and what people are willing to pay
    I am in Wilmington NC. Prices arent crazy high here, but maybe will see a push back. I am originally from NJ where prices are extremely high compared to here. A lot of northerners are moving to NC so this of course is raising the price of property.

    With everything going on and how it will effect the market up north, now or in the next year would be wise for me to get another place down here and get on that appreciation train as the northerners sell.

    I could probably get my place for 1800, 600 a room. Next step would def be a duplex. I am about to be 30, cant be having direct roommates forever haha.
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  2. #92
    Registered User Hayes21890's Avatar
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    Originally Posted by tunafish01 View Post
    I am in Wilmington NC. Prices arent crazy high here, but maybe will see a push back. I am originally from NJ where prices are extremely high compared to here. A lot of northerners are moving to NC so this of course is raising the price of property.

    With everything going on and how it will effect the market up north, now or in the next year would be wise for me to get another place down here and get on that appreciation train as the northerners sell.

    I could probably get my place for 1800, 600 a room. Next step would def be a duplex. I am about to be 30, cant be having direct roommates forever haha.
    Winston Salem, NC here. Keep it up! We have 2 rental properties and AirBnB/VRBO our main house (so I guess you could say 3 rental properties). The short term rental (VRBO/AirBnB) we make around $16k-$20k per year. Our mortgage is roughly $14k per year so live for no rent there and it is very easy to manage. The other 2 properties are Long Term Rentals with a profit of roughly $300 each per month and that includes putting in an additional $200 per month per property towards principal. My dad and granddad taught me from a young age that real estate is the way to go since they aren't building more land (except for Dubai haha).

    But, living in Wilmington, I am sure you and I may have some mutual friends. I used to hang out with a bunch of guys in the car scene down there. National Speed and Carolina Dyno guys plus others of course.

    Keep up the good work!
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  3. #93
    Registered User tunafish01's Avatar
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    Originally Posted by Hayes21890 View Post
    Winston Salem, NC here. Keep it up! We have 2 rental properties and AirBnB/VRBO our main house (so I guess you could say 3 rental properties). The short term rental (VRBO/AirBnB) we make around $16k-$20k per year. Our mortgage is roughly $14k per year so live for no rent there and it is very easy to manage. The other 2 properties are Long Term Rentals with a profit of roughly $300 each per month and that includes putting in an additional $200 per month per property towards principal. My dad and granddad taught me from a young age that real estate is the way to go since they aren't building more land (except for Dubai haha).

    But, living in Wilmington, I am sure you and I may have some mutual friends. I used to hang out with a bunch of guys in the car scene down there. National Speed and Carolina Dyno guys plus others of course.

    Keep up the good work!
    Haha I know national speed very well! Small world.
    Last edited by tunafish01; 05-06-2020 at 10:02 AM.
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  4. #94
    Registered User Hayes21890's Avatar
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    Originally Posted by tunafish01 View Post
    Haha I know national speed very well! Small world.
    Small world indeed. Jordan and his crew are awesome folks.
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  5. #95
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    Originally Posted by tunafish01 View Post
    Any of you brah looking for financial independence? What routes do you take? There is nothing Id want more in life than to travel the world, and coach soccer on the side.

    Steps Im taking to get there:
    -I am 27 and live a frugal lifestyle. A very want vs need type of way.
    -Any excess money goes in a Vanguard account with the Total US Stock (VTSAX) and Total International Stock Market (VTIAX). I have around 40k in those. My goal is to let it ride until im 40, then start withdrawing.
    -I also have a Roth IRA through Vanguard with about 20k in there. I maxed it out the last 3 years and will probably max out for another 5 before putting less in.
    -Through work I have a Simple IRA which is matched. Although the fees are high so I just put the minimum match in it.
    -My next venture is Real Estate. Ive spent countless hours on podcasts and videos. I have an external Goldman Sachs account that yields 1.5% interest (not bad for a savings). Have around 30k in it. My goal is to buy my frist rental by the end of the year.
    -Side businesses. Have one producing a measley $200 per month. Not bad hoping to scale it.

    I dont even make much, which sucks. Im only bringing in 3k a month.

    Were all gonna make it brahs.

    Here are some books and podcasts ive enjoyed reading/listening to

    Books:
    Rich Dad Poor Dad. Such simple yet amazing advice
    ABCs of Real Estate Investing.
    The Millionaire Booklet. 45 pages or straightforward information on the thought process you need to have

    Podcasts:
    Gary Vee Show
    Grant Cardone
    Bigger Pockets
    Pillars of Wealth Creation
    The Side Hustle Show

    Brahs, start listening to podcasts instead of music. Life Changing.
    I wish I would have found this when I was only 27, You've already got a head start on most people.
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  6. #96
    Registered User tunafish01's Avatar
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    Originally Posted by SwimProWILM View Post
    I wish I would have found this when I was only 27, You've already got a head start on most people.
    Never too early to start
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  7. #97
    Registered User SpeedCheeser's Avatar
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    Originally Posted by tunafish01 View Post
    Never too early to start
    So now, 2 years later, how have thing worked out for you? Did you get your first rental house?
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  8. #98
    Registered User tunafish01's Avatar
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    Originally Posted by SpeedCheeser View Post
    So now, 2 years later, how have thing worked out for you? Did you get your first rental house?
    Yup!

    Have a 3 bed 2 bath SFH I got in 2018. I rent out the other rooms and live there.

    Portfolio has ~155k in it. Still invest weekly.

    Hoping to get another place by 2021/2022.
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  9. #99
    Registered User SpeedCheeser's Avatar
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    Originally Posted by tunafish01 View Post
    Yup!

    Have a 3 bed 2 bath SFH I got in 2018. I rent out the other rooms and live there.

    Portfolio has ~155k in it. Still invest weekly.

    Hoping to get another place by 2021/2022.
    That's awesome. Congrats. Are the renters friends or just randos?

    I eventually want to start getting into rental property, but I have no interest in house hacking.
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  10. #100
    Registered User tunafish01's Avatar
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    Originally Posted by SpeedCheeser View Post
    That's awesome. Congrats. Are the renters friends or just randos?

    I eventually want to start getting into rental property, but I have no interest in house hacking.
    They are friends of mine luckily. I agree. House hacking a single family is tough. Id want to get a duplex next and house hack it. Way more privacy haha
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  11. #101
    Registered User Gronnie's Avatar
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    Originally Posted by tunafish01 View Post
    They are friends of mine luckily. I agree. House hacking a single family is tough. Id want to get a duplex next and house hack it. Way more privacy haha
    Keep the first house as a rental, buy another one on owner occupied financing and move into it. Repeat every 2-3 years.

    I wish I had done this but with a wife and kid and a big fancy house it's not really feasible anymore.
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  12. #102
    Registered User TrollDattHoe's Avatar
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    Originally Posted by Gronnie View Post
    Keep the first house as a rental, buy another one on owner occupied financing and move into it. Repeat every 2-3 years.

    I wish I had done this but with a wife and kid and a big fancy house it's not really feasible anymore.
    Can’t banks find out if you don’t live at the first property?
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  13. #103
    Registered User tunafish01's Avatar
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    Originally Posted by TrollDattHoe View Post
    Can’t banks find out if you don’t live at the first property?
    You have to live there at least 2 of the first 5 years im fairly certain.

    But realsitically, they wouldnt know.
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  14. #104
    Registered User tunafish01's Avatar
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    Originally Posted by allenmark55 View Post
    how can I learn financial freedom
    Podcasts, books.
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  15. #105
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    Originally Posted by Frank Drebin View Post
    Posted a thread in the main misc but no replies, wondering if any of you guys have experienced post accomplishment depression? The wife and I have focused basically for the past decade on paying off the mortgage, and I've accomplished a couple medium term (2-3 year) career goals in the meantime.

    Now that these goals are achieved I expected a sense of elation and satisfaction, yet I feel more empty and unfulfilled than before.

    I think the journey is more fun than the destination. I might have to teach myself how to lose money in the stock market for fun.
    IN on verryyyy slow and steady Thread that's 2 years old with just 3 pages LOL

    Mr. Frank Drebin of Police squad, just give me a holla if you need help to lose money in the stock market! bought GoPro at like $40 / share ( it WAS at 70....) whoopssss now at like $3.50 a share.

    Im working on getting my 3rd house though. Real Estate ain't easy ( ie ppl are crazy monther FU### when it comes to contracts) but i'll be happy I have these properties in 2030, 2040 etc.
    Just trying hard to not be a fat sack-o-chit
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  16. #106
    texasbrah game1990's Avatar
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    how much has your finances grown since 2018 if you dont mind sharing? the original post stated 40k.
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    Registered User Gronnie's Avatar
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    Originally Posted by TrollDattHoe View Post
    Can’t banks find out if you don’t live at the first property?
    Originally Posted by tunafish01 View Post
    You have to live there at least 2 of the first 5 years im fairly certain.

    But realsitically, they wouldnt know.
    You only have to intend to live there when you get the mortgage. It's generally accepted that 12-24 months is adequate, and you would be fine with less if extenuating circumstances came up like a job transfer.
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  18. #108
    Registered User tunafish01's Avatar
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    Originally Posted by game1990 View Post
    how much has your finances grown since 2018 if you dont mind sharing? the original post stated 40k.
    No worries.

    As of today my Vanguard portfolio is ~155k fluctuating a lot with everything going on. Goldman Sachs savings has ~10k in it, Wells Fargo with ~1.5k in it, 401k from work (new job) with ~2k in it.

    Biggest thing would be the equity in my house now. I have been lucky to pay very minimal in terms of PITI (principle, interest, taxes, insurance) to live here since August 2018. I have maybe myself paid ~1k since I have always had roommates that paid it off. I still owe 164k on it, however similar houses near me have sold for 210k.
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  19. #109
    Registered User Drinman's Avatar
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    -Get out of debt.
    -Get raises at work.
    -Save as much money as possible.
    -Start a business (preferably online) that you can build in addition to your job. Something that could eventually become automated and passive.
    -Get a great accountant & financial planner.
    "Have you ever danced with the devil in the pale moonlight?"
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