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Author Topic: Only open if you are Getbig Financial Elite...  (Read 5574 times)
hazbin
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« Reply #75 on: July 26, 2012, 08:54:59 PM »

You have much luck with foreclosures?

I've found that when trying to buy foreclosed homes, you usually have to outbid othr buyers to get the property and sometimes it sells for as much as 10% less of the actual going market rate.

"1"

have you guys heard of any foreclosures that when purchased turned out to have concrete poured down all the sewer and water lines? 

i'm from canada and heard of a couple friends that went to phoenix house shopping, and that turned out to be a huge problem.  people were pissed that they were getting foreclosed on and were destroying the homes this way.
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« Reply #76 on: July 26, 2012, 09:49:54 PM »

rental properties.  for 300 grand, i can get 4 new units each bringing in $750-800 a month with tenant paying heat n lights.
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MTC
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« Reply #77 on: July 26, 2012, 10:41:49 PM »

You do know that the average (as in a random walk-up building with no amenities) 1-bedroom apartment in Manhattan, will cost you way over a million dollars, right?

...and, you also know that most New York banks will expect you to put down at least a 20% down payment on the property, unless you have excellent credit and substantial collateral in place, right?

Assuming, Wiggs wants to actually use that 300K wisely, putting down 200K+ to purchase a 1-bedroom (or studio) in Manhattan, would be very, very foolish.  As an owner of Manhattan property (only apartments in Manhattan - There aren't any houses), you will have to pay your Mortgage + Property taxes + Association fees.  You would have to rent that measly 1-bedroom out at a ridiculous rate in order to make any money back.  People (regardless of their circumstances) aren't willing to pay that kind of rent for a 1-bedroom anymore.  Not to mention that a 1-bedroom apartment in a true luxury building will EASILY cost you over 2 million.

Yes, you are correct. I actually grew up in Manhattan and the Bronx. Prince Street in Manhattan and Pelham Bay Park in the Bronx when I was a kid. You are right on the prices. I would steer him more to an area like San Diego where I live now.
I just put a bid on another home tonight. 1,700 square feet next to the elementary school for 380K. I always put 25% down when I buy and the rent will cover the monthly nut.
I stand corrected about purchasing in Manhattan. It would be out of his price range but my point was you don't buy in Amarillo Texas, but in an area that has potential.

The stock market is up and down and will continue to be like this for some time for various reason, Europe, etc... Real Estate in CA for example is at 1999 prices and is already starting to come up in certain neighborhoods. I have two houses in North County that have gone up 100K in the last 12 months. It is a great time to buy and mortgage rates are the lowest they have ever been in history.

If you can buy now you will be rich in 20 years..

On an aside, I read your posts and you seem like a very intelligent person..

Manhattan's real estate market is not the place to pretend to buy property in with solely 300K.

"1"
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« Reply #78 on: July 27, 2012, 02:35:22 PM »

300K is not much to invest with, but here are 3 pointers from your friendly neighborhood GAY man..

Secure a home, if not already present-

If you are going to purchase a home (for yourself), do it within your range.  In other words, if 300K is what you absolutely have on hand, buy a home that ranges between 200K-300K.

If you purchase your home for less than 300K (say 200K), you can simply bank the rest of the money away and even use it to pay off property taxes (yearly) and other minor expenses (troubled boiler, bad pipes, house restorations etc.).  Remember, by sticking to that range, you will have the opportunity to purchase your home in full, which to many Americans is quite the luxury.  The worst place you can find yourself in is having to pay off a mortgage for the next 20-30 years when you have no occupational preordained viability and circumstances can always certainly change.  A long-term mortgage with monthly/yearly property taxes coupled with the fact that your circumstances can change are very hard odds to have on your side when looking to partake in that form of gamble. Be smart, be wise, get a roof over your head...

If you already own your own home, but want to invest in real estate, do it the right way-

When people say that real estate is the way to go when it comes to investments, they don't necessarily mean that you should go out, purchase a few homes (2-3) with minimal down payments and rent them out to hopefully make a profit once their rent money covers the individual mortgages, leaving you with a few extra hundred dollars per property in your pocket.

That is the poor man's approach to real estate.  I say that, because if you are not careful, you can find yourself in a constant struggle with your tenants.  They might be unreliable and not pay their rent.  They might become vindictive and at the time for them to move could very well destroy your property.  Aside from personal disputes, they could also lose their jobs and set you back on your estimated earnings.  That and with the wrong tenants (scumbags that know the laws well), they can go bad on their monthly rent payments and then wait until you take them to court to have them evicted, which will then earn them 6-months on the property until they find another living place, especially if kids are involved.  Be VERY careful with this.

Unless you have enough money to purchase say 20-30 homes and then set up your own real estate management company, hiring a professional like Tom Prince to handle all minor issues, stay away from pretending to be a small scale landlord.  That can prove to be a nightmare in today's economy.

What's the right way to invest in real estate?

Look into what are known as REIT (Real Estate Investment Trusts).  That is how the big boys in Wall Street invest their money into real estate.  That is the exception that, most of these big talk gurus that sell hopes and dreams to modern day folks about real estate, don't talk about.  Look it up and let me know what you think.  If you have questions about that, feel free to ask me.

A pretty safe investment is a franchise with a proven track record-

Think of the local food franchises that you have squandered your money away at throughout most of your life.  I won't begin to tell you which are the ones you find popular, as these places tend to change a little from state to state.  Most people, both willingly and unwillingly, spend a small fortune at these places throughout the years.  Little do most people know that the RIGHT franchise can make you a small fortune if you have any business know-how and understand what it takes to stick to a firm business.  Look into that and if you need particular information, feel free to ask.

Those are the tips I offer for now, if you want direct investment advice relating to how to invest your money in individual stocks, mutual funds or even the potential of hedge fund-like investments (which take a lot more than 300K), feel free to let me know.

Lovingly yours,
"1"

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« Reply #79 on: July 27, 2012, 02:42:13 PM »


When people say that real estate is the way to go when it comes to investments, they don't necessarily mean that you should go out, purchase a few homes (2-3) with minimal down payments and rent them out to hopefully make a profit once their rent money covers the individual mortgages, leaving you with a few extra hundred dollars per property in your pocket.

That is the poor man's approach to real estate.  I say that, because if you are not careful, you can find yourself in a constant struggle with your tenants.  They might be unreliable and not pay their rent.  They might become vindictive and at the time for them to move could very well destroy your property.  Aside from personal disputes, they could also lose their jobs and set you back on your estimated earnings.  That and with the wrong tenants (scumbags that know the laws well), they can go bad on their monthly rent payments and then wait until you take them to court to have them evicted, which will then earn them 6-months on the property until they find another living place, especially if kids are involved.  Be VERY careful with this.

Lovingly yours,
"1"

I don't know about the rest of the advice, since it's quite beyond my ken but this is true wisdom right here. So many wankers who do what we call here "buy-to-let". They buy a couple of shitty properties with the absolute minimum down payment and play landlord. Then shit starts happening and they freak out. Like this silly daft cow in my office who used to brag about the West London property she bought with ther mother's inheritance. One month later she had a bunch of squatters occupying the place who just wouldn't leave- she ended up being able to digest only small crackers  Roll Eyes
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« Reply #80 on: July 27, 2012, 06:47:21 PM »

Yes, you are correct. I actually grew up in Manhattan and the Bronx. Prince Street in Manhattan and Pelham Bay Park in the Bronx when I was a kid. You are right on the prices.

Growing up in Prince Street is quite the luxury.  Today it is known as Soho and is mainly composed of lofts that range between 3,000-5,000 square ft.

Buying in Soho would be very difficult for most people.

"1"
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« Reply #81 on: July 27, 2012, 09:47:21 PM »

Growing up in Prince Street is quite the luxury.  Today it is known as Soho and is mainly composed of lofts that range between 3,000-5,000 square ft.

Buying in Soho would be very difficult for most people.

"1"



It wasn't so bad when I was there. John Gotti's social club was across the street and we would see him and his buddies walking around the block discussing business. He was actually a nice guy, at least to the neighborhood kids but my Mother would freak if we even said hi to him.

Debbie Harry also lived in our building and she was super cool. Blondie to anyone too young to remember.

We later moved to the Bronx and then on to Mamaroneck which is next to Larchmont and Scarsdale.

Good memories but I like San Diego a little better.

The rich people I know are either in real estate or hedge fund managers like my cousins. They live in a different planet with the money they make, or at least made when the market was more predictable.

I still believe in investing in real estate as long as you have the right market and the timing is right. Currently, both are perfect with interest rates where they are and with prices at 1999 levels.

I put an offer on my 4th house today. Next to the school, very desirable neighborhood..

If the market becomes predictable again I will steer towards that but with Europe in chaos and the Chinese overvaluing their currency and GDP Growth Rate it is scary times..

The people who see the negative will never make money. Sure you can have tenants who don't pay but if you know the laws you move them out.

No juice without the squeeze as they say...
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« Reply #82 on: July 27, 2012, 09:57:28 PM »



lol @ everyone suggesting to invest in the American economy!
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« Reply #83 on: July 27, 2012, 10:02:59 PM »


lol @ everyone suggesting to invest in the American economy!

Is there a bigger economy to invest in?

The economy of the United States is the world's largest national economy. Its nominal GDP was estimated to be over $15 trillion in 2011, approximately a quarter of nominal global GDP. Its GDP at purchasing power parity is the largest in the world, approximately a fifth of global GDP at purchasing power parity. The U.S. economy also maintains a very high level of output. Today USA is one of the world's wealthiest nations with per capita GDP (PPP) of $48,387, the 6th highest in the world.[The U.S. is the largest trading nation in the world.

The economy of the United States is a mixed economy and has maintained a stable overall GDP growth rate, a moderate unemployment rate, and high levels of research and capital investment. It has been the world's largest national economy (not including colonial empires) since at least the 1890s. Most of the economy is classified as services. As of 2012, the country remains the world's largest manufacturer, representing a fifth of the global manufacturing output. Of the world's 500 largest companies, 133 are headquartered in the United States. This is twice the total of any other country.


So no, the US economy isn't perfect, but right now, there's not one better.

You will start to see a return to US manufacturing as well, as the Chinese and Indian labor markets start to demand "fair treatment" for employees, which will increase the cost to do business in these "low cost" locations.
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« Reply #84 on: July 27, 2012, 10:12:22 PM »

Is there a bigger economy to invest in?

The economy of the United States is the world's largest national economy. Its nominal GDP was estimated to be over $15 trillion in 2011, approximately a quarter of nominal global GDP. Its GDP at purchasing power parity is the largest in the world, approximately a fifth of global GDP at purchasing power parity. The U.S. economy also maintains a very high level of output. Today USA is one of the world's wealthiest nations with per capita GDP (PPP) of $48,387, the 6th highest in the world.[The U.S. is the largest trading nation in the world.

The economy of the United States is a mixed economy and has maintained a stable overall GDP growth rate, a moderate unemployment rate, and high levels of research and capital investment. It has been the world's largest national economy (not including colonial empires) since at least the 1890s. Most of the economy is classified as services. As of 2012, the country remains the world's largest manufacturer, representing a fifth of the global manufacturing output. Of the world's 500 largest companies, 133 are headquartered in the United States. This is twice the total of any other country.


So no, the US economy isn't perfect, but right now, there's not one better.

You will start to see a return to US manufacturing as well, as the Chinese and Indian labor markets start to demand "fair treatment" for employees, which will increase the cost to do business in these "low cost" locations.

Plenty of companies are returning to manufacturing in the USA but they are doing it with increased automation not a large increase in employment.

America has a massive population of people who are getting old very fast. Their kids (30-45 year olds) are screwed. They will be footing the bill for taking care of their parents, most of whom didn't save for a rainy day.
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« Reply #85 on: July 27, 2012, 10:14:18 PM »

Plenty of companies are returning to manufacturing in the USA but they are doing it with increased automation not a large increase in employment.

America has a massive population of people who are getting old very fast. Their kids (30-45 year olds) are screwed. They will be footing the bill for taking care of their parents, most of whom didn't save for a rainy day.

I don't know... One of the issues is the 401K plans sure... but those baby boomers are also the people who are guaranteed pensions and the like.

Yes, there are things that should be changed, but overall, the US is still in the best position in regards to employment, wages, and manufacturing.

Of course, by 2050, this could all be proven incorrect and the US could be crumbling... Time will tell.
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« Reply #86 on: July 27, 2012, 10:31:11 PM »


Of course, by 2050, this could all be proven incorrect and the US could be crumbling... Time will tell.

by 2050? lol your on the verge of economic collapse NOW. when the rest of the world loses faith in the greenback your fucked- the ONLY thing keeping your economy afloat is global faith in the American dollar.

ask any economist what will happen once the greenback stops being a benchmark. you guys need to put aside your whole 'ya were Americans and were great' and open your fucking eyes cause once your dollar collapses so to does your economy, then inflation skyrockets, then civil unrest then martial law. writing is on the all dude. you guys need to wake the fuck up. why you think your parading your military around the globe- to protect against human rights violations in oil rich counties? lol! think about it. you guys are in a shit ton of trouble. only people who don't see it are, well, you.
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« Reply #87 on: July 27, 2012, 10:34:23 PM »

by 2050? lol your on the verge of economic collapse NOW. when the rest of the world loses faith in the greenback your fucked- the ONLY thing keeping your economy afloat is global faith in the American dollar.

ask any economist what will happen once the greenback stops being a benchmark. you guys need to put aside your whole 'ya were Americans and were great' and open your fucking eyes cause once your dollar collapses so to does your economy, then inflation skyrockets, then civil unrest then martial law. writing is on the all dude. you guys need to wake the fuck up. why you think your parading your military around the globe- to protect against human rights violations in oil rich counties? lol! think about it. you guys are in a shit ton of trouble. only people who don't see it are, well, you.

I don't think you really understand what it means to have the GDP the US has.

If the US really was on the "verge", then they would simply cancel Medicare, Medicaid, and reduce the Defense spending by about 25% and the US could pay back it's debt in a little over 5 years.

It's not all doom and gloom like people claim it is.
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no one
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« Reply #88 on: July 27, 2012, 10:43:48 PM »

I don't think you really understand what it means to have the GDP the US has.

If the US really was on the "verge", then they would simply cancel Medicare, Medicaid, and reduce the Defense spending by about 25% and the US could pay back it's debt in a little over 5 years.

It's not all doom and gloom like people claim it is.

wow. just 'simply cancel' medicare medicaide and the defense budget. LOL! how old are you?

I'm not debating this with you any further, soley for the reason you haven't got a fucking clue what the hell your talking about. heres a tip for you sparky- why do you think you can't 'cancel' the defense budget. because you need the military to prop up your economy. are you that daft?

simply cancel he says ahahahahaha
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« Reply #89 on: July 27, 2012, 10:47:42 PM »

wow. just 'simply cancel' medicare medicaide and the defense budget. LOL! how old are you?

I'm not debating this with you any further, soley for the reason you haven't got a fucking clue what the hell your talking about.

simply cancel he says ahahahahaha

Yes... Since it's a government program, they can be "cancelled".

I'm not saying it's "ideal", but they definitely can be cancelled.

There is no debate here, because my facts are sound and you're going on some "instinct" that they just "couldn't possibly cancel those programs"

If that's the case... Then you tell me why?

If the government can't afford them anyone (as you're saying they can not), then cancelling them would be the only resort.

Do you have some alternative that you believe would work? I mean, obviously you are too smart to debate me, then you must have a reason why they can't cancel them.

You think the citizens would stop them? How would they do that? Revolt to get money that in the long run would be worthless because the country is "bankrupt" as you put it?
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« Reply #90 on: July 28, 2012, 12:10:22 AM »

by 2050? lol your on the verge of economic collapse NOW. when the rest of the world loses faith in the greenback your fucked- the ONLY thing keeping your economy afloat is global faith in the American dollar.

ask any economist what will happen once the greenback stops being a benchmark. you guys need to put aside your whole 'ya were Americans and were great' and open your fucking eyes cause once your dollar collapses so to does your economy, then inflation skyrockets, then civil unrest then martial law. writing is on the all dude. you guys need to wake the fuck up. why you think your parading your military around the globe- to protect against human rights violations in oil rich counties? lol! think about it. you guys are in a shit ton of trouble. only people who don't see it are, well, you.

the problem is the entire world is dependant on the u.s. and the dollar will only keep on gaining strength untill the entire world economy has recovered - or completely collapsed.   you might think the world is going to end, i dont. things are slowly getting better. the global recession and defecits are issues that can be resolved if we want them to be. either on the backs of the working man and over a long period of time or on the backs of the mega wealthy and relatively quickly. either way were coming out of it. and america will remain on top untill that happens. everyone from aorund the world is moving their assets onto american soil. united states treasury bonds are the safest investment on the planet besides maybe gold and real estate in the u.s...   
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« Reply #91 on: July 28, 2012, 12:24:56 AM »

I don't know... One of the issues is the 401K plans sure... but those baby boomers are also the people who are guaranteed pensions and the like.

Yes, there are things that should be changed, but overall, the US is still in the best position in regards to employment, wages, and manufacturing.

Of course, by 2050, this could all be proven incorrect and the US could be crumbling... Time will tell.
You would be surprised how leveraged older people are. Many many people in their 60's still have pretty big mortgages!

We started helping my wife's parents with money when her mom got cancer and we were shocked how much credit card debt they had (and had failed to mention naturally). These are people you would swear by appearances had plenty of money saved.
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« Reply #92 on: July 28, 2012, 06:55:55 AM »

the problem is the entire world is dependant on the u.s. and the dollar will only keep on gaining strength untill the entire world economy has recovered - or completely collapsed.   you might think the world is going to end, i dont. things are slowly getting better. the global recession and defecits are issues that can be resolved if we want them to be. either on the backs of the working man and over a long period of time or on the backs of the mega wealthy and relatively quickly. either way were coming out of it. and america will remain on top untill that happens. everyone from aorund the world is moving their assets onto american soil. united states treasury bonds are the safest investment on the planet besides maybe gold and real estate in the u.s...   

LOL wow. glad to see you know what your talking about.  Roll Eyes i guess this is what happens when you debate world issues on a bbing forum though.

educate yourself.

http://www.forbes.com/sites/jonathansherman/2011/08/08/u-s-dollar-is-the-next-financial-shoe-to-drop/

http://www.zerohedge.com/contributed/2012-10-10/why-china-dumping-dollar-and-why-you-should-read-weimar-republic

http://english.pravda.ru/business/finance/31-05-2011/118062-dollar_debt-0/

too bad thinking your still the big dog globally doesnt actually mean its true. time to wake up, kids.

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« Reply #93 on: July 28, 2012, 01:28:07 PM »

Oh, it's true because a random Forbes.com contributor said so. I see.

Let's look at the shape we'd be in if we took this man's advice seriously. Let's also ignore the numerous grammatical mistakes he makes and hope they aren't indicative of his financial acumen (e.g., "The Chinese buy our debt because U.S. Treasuries have a deep liquidity pool unequaled by other places the Chinese can invest there (sic) excess cash.").

He suggested we go long in silver and gold because he thinks the activity of these assets will presage the inevitable decline of the dollar and its ultimate displacement as the currency reserve of choice.

Gold


Silver


-5.07% and -13.81%, respectively. Impressive.  Roll Eyes Meanwhile, a random shit-for-brains who adhered to the basic advice of investing in an S&P 500 index fund would have yielded +19% over the same period.

Though the results speak for themselves, it is also worth noting that the man's narrative is oversimplistic in the extreme. For example, he ignores the fact that any significant retreat from Treasuries would do terrible damage to the Chinese balance sheet; he ignores the fact that there aren't any significant inflationary fears at present -- if anything, deflation is a concern; he ignores the lack of viable alternative investment safe havens (there's a reason the U.S. government is currently making money each time it issues 10-year notes); finally, he ignores the positives of a gradually declining dollar, such as the ease of using a weaker currency to pay off debts and the benefits to U.S. exporters that would be wrought from a weaker dollar.

Nice try attempting to appear knowledgeable though.


i am not knowledgable but i am not ignorant, unlike youraelf. have fun with your impending economic collapse. i'll be sure to bump this thread just for you.
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« Reply #94 on: July 28, 2012, 02:04:27 PM »

Wait a minute...did someone get their reparations check? 
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« Reply #95 on: July 28, 2012, 03:01:06 PM »


i am not knowledgable but i am not ignorant, unlike youraelf. have fun with your impending economic collapse. i'll be sure to bump this thread just for you.

This is exactly the kind of response you give when you can't counter an argument.
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« Reply #96 on: July 28, 2012, 03:05:51 PM »

did someone get a hold of no one's account?

thought he lived in the US?  and wasn't a spastic?

Huh
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« Reply #97 on: July 28, 2012, 09:14:25 PM »

Buy yourself a decent home if you don't think you'll move in 10 years or so. I don't like the idea of being a landlord and all of the aggravation from it but that's just me. I've seen my dad and uncle spend a lot of time managing their commercial properties and it takes away from a lot of their free time.

 I'd divide the leftover and invest in big name, dividend paying stocks seeing as you're still young.
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« Reply #98 on: July 28, 2012, 10:16:53 PM »

the problem is the entire world is dependant on the u.s. and the dollar will only keep on gaining strength untill the entire world economy has recovered - or completely collapsed.   you might think the world is going to end, i dont. things are slowly getting better. the global recession and defecits are issues that can be resolved if we want them to be. either on the backs of the working man and over a long period of time or on the backs of the mega wealthy and relatively quickly. either way were coming out of it. and america will remain on top untill that happens. everyone from aorund the world is moving their assets onto american soil. united states treasury bonds are the safest investment on the planet besides maybe gold and real estate in the u.s...   

Cool story bro.  Roll Eyes

http://postmasculine.com/america
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« Reply #99 on: July 28, 2012, 10:34:43 PM »

bernanke looks like he is going to cry most of the time... the look of terror
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