"The Rock" on Leasing. BALLER$

[dustin]

looks good on paper

There is a lot more stress that people don't account for and there's overhead, finding tenants, repairs, etc. But if you play your cards right and make sure you always stay on top of things it is as good as it sounds. I have two properties, one that I rent and one that I live in (also have a few international students). It pays my mortgage and all of my bills.

I also work full time so the income I make pays for my wife's schooling, paying off old consumer debt (never proclaimed to be a financial guru, made all the mistakes young idiots make), etc. There are lots of good opportunities in buying property for the purpose of renting it out depending on where you live. If you live in the right area it could be amazing. I can't wait until my homes are all paid off and I can flip them for a tidy profit.

[JediTerminator]

Not at all.  Look at 99% of these rich types who drive bentleys, ferraris, etc... and they are all leasing.

in that competitive environment you need the newest of everything. it's out of style before you could ever pay it off. makes sense to lease it

[LurkerNoMore]

Not at all.  Look at 99% of these rich types who drive bentleys, ferraris, etc... and they are all leasing.

Tax write off.   You can write off a lease, but not a financed for ownership payment.

[dustin]

in that competitive environment you need the newest of everything. it's out of style before you could ever pay it off. makes sense to lease it

Well, it makes sense as far as throwing your money away is concerned.

If I won the lottery or something I'd probably let myself get ONE big impulse purchase, then be smart with the rest. I can't imagine wasting that much money, even if I had a lot of money. I shudder at the thought.

[loco]

hehe... thanks

i don't understand much about money tho only the basics i learnt from the village elders

-earn as much as possible
-spend as little as possible within reasonable quality of life
-buy a decent house instead of renting
-buy a car you can easily afford, financing a car is bullshit, if not needed or affordable use bicycle or public transportation
-don't let a woman get half your things by traditional marriage

that's all i know, the markets, stocks etc remain a mystery to me

To marry well and to stay married is profitable in many way, including financially.

[JediTerminator]

Well, it makes sense as far as throwing your money away is concerned.

If I won the lottery or something I'd probably let myself get ONE big impulse purchase, then be smart with the rest. I can't imagine wasting that much money, even if I had a lot of money. I shudder at the thought.

my uncle's brother in law inherited millions, he leases a new mustang every year. he's also on the slow side so I doubt he even controls his money. buthe still has the new mustang every single year

[affeman]

looks good on paper

This. Sounds so easy, anyone who has been a landlord knows it never ever work like this.

Getting into real estate you should exactly know what you're doing. If you're clueless, like 99,9 % of the people are, you're getting raped and slaughtered out there in our free market economy. The sharks are circling , waiting for fresh idiots.

[dustin]

my uncle's brother in law inherited millions, he leases a new mustang every year. he's also on the slow side so I doubt he even controls his money. buthe still has the new mustang every single year

How fucking nice it must feel to always have a brand new vehicle like that. He probably perspires that new car smell... that son of a bitch.

Even though I have no rich relatives, I still hold a glimmer of hope that someone I don't know about will die and surprise me with a handsome inheritance. One can always hope.

[loco]

Meh, so many things to consider in a lease vs buy decision. To make a blanket statement that one is better then the other is stupid. For those who say one over the other, look up "net advantage of Leasing" or "NAL".

Exactly, leasing/renting is is best for certain people at a certain time in their life, while buying is best for other people at another time in their life.  

It could also simply be a matter of taste and preference.  If I remember correctly, I read somewhere a while back that Ralph Nader was at the time worth 3 million dollars, rented a townhouse and owned no car.

[JediTerminator]

How fucking nice it must feel to always have a brand new vehicle like that. He probably perspires that new car smell... that son of a bitch.

Even though I have no rich relatives, I still hold a glimmer of hope that someone I don't know about will die and surprise me with a handsome inheritance. One can always hope.

flip side to this guy is he's fat, bald, and mentally slow as shit. I was surprised he could even drive. so he's not gonna be getting any pussy. I doubt he controls his own money. lives with his sister.

[anabolichalo]

Buying a house with a woman you are not married to is the definition of stupid.

buying a house with a woman period.

[dustin]

buying a house with a woman period.

Most places consider you to be in a common-law marriage after something like 10 months and basically treat it like a marriage anyway. Always something to be aware of. Everything's rigged to fuck dudes over, even if you don't put a ring on it. Marriage just means expedited loss of half your shit.

[anabolichalo]

Most places consider you to be in a common-law marriage after something like 10 months and basically treat it like a marriage anyway. Always something to be aware of. Everything's rigged to fuck dudes over, even if you don't put a ring on it. Marriage just means expedited loss of half your shit.

OH BUT THE TAX BENEFITS


oh man

[Option D]

I can't even afford a c class.  Naw I could I'd just be stupid to buy one. Much rather get a Tahoe or Silverado for the money.

these Tundras are taking over the streets in LA


i remember late 90s and early 2000s it was all about Tahos and Silverados, now all these IE dudes are getting those Tundras lifted and tinted out

[ESFitness]

Such bullshit.  If someone can pay $1100 a month to rent when they can just own for $600 a month, what do you think they'll do?

bullshit eh?

are you forgetting the people will have to come up with a downpayment for the house? not all these people can afford $70k or even $20k downpayments, they live check to check so of couse a family of 3-4 is gonna rent a home for $1100

[TommyBoy]

Such bullshit.  If someone can pay $1100 a month to rent when they can just own for $600 a month, what do you think they'll do?

Dude, not everyone has the down payment saved up for a house purchase. Why do you think so many people rent for so much more than what a mortgage would cost? A big big benefit military get is a VA loan which doesn't require anything down.

I love GetBig. It's like going to Wal-Mart. I always feel like I'm doing pretty good after visiting comparatively.

bullshit eh?

are you forgetting the people will have to come up with a downpayment for the house? not all these people can afford $70k or even $20k downpayments, they live check to check so of couse a family of 3-4 is gonna rent a home for $1100

ohay

[dustin]

OH BUT THE TAX BENEFITS


oh man

Yeah, I'm never one to jump for joy and recommend people get married for reasons like that. Get married for love. And be damn fucking sure that person isn't the type to snake you for all your worth. I really don't recommend marriage for most. I only got married because my wife wasn't born here and isn't your typical Western woman who'll take you for more than she should. Most women go fucking crazy and take half your shit, alimony, child support, who knows what else they're legally allowed to go for now. It's insane.

bullshit eh?

are you forgetting the people will have to come up with a downpayment for the house? not all these people can afford $70k or even $20k downpayments, they live check to check so of couse a family of 3-4 is gonna rent a home for $1100

Exactly. Around here it used to be 5%, then 10% and I think some mortgage companies might even want a bigger down deposit before they'll grant approval. We had to pay 10% down for our first home but there's a first-time buyer's credit and we saved hard. Still was a lot of cash to fork up.

This is why lots of Asians and East Indians shack up and get like 10 family members to all live in the same home. Everyone points their fingers and laughs at the Chinks and towel heads at first, but 5 or 10 years down the road you'll notice that all the children moved out and own homes of their own. And ma and pa Chink/towel head actually own multiple rental properties that the racists are renting. How's that for funny? You're paying your rent, and your rent is THEIR mortgage. Doesn't seem so stupid to grind hard and live modestly for a few years now does it?

I only wish I lived at home a lot longer and saved money. I was too proud and egotistical and moved out as soon as I turned 18 like a big man, spending all my money on junk food and impulse purchases for years before I realized I could have saved enough for a down payment on a house.

[pluck]

HAHAHAHA @ this thread.

So many people on here giving out finance advice/opinions while having NSF fees in their bank accounts and living paycheck to paycheck. When you're young you only know the finance advice you pickup from people that work 9-5 40+ hours a week who don't have a clue about making significant amount of money outside the punch clock.

Go spend some time in entrepreneur circles and have your preconceived false notions of work, work, save, save, save get thrown out the window.

LOL @ "rich people throwing away their money" …how do you think they got rich in the first place? Taking advice from someone who is a salaried or hourly slave?

[Kwon_2]

HAHAHAHA @ this thread.

So many people on here giving out finance advice/opinions while having NSF fees in their bank accounts and living paycheck to paycheck. When you're young you only know the finance advice you pickup from people that work 9-5 40+ hours a week who don't have a clue about making significant amount of money outside the punch clock.

Go spend some time in entrepreneur circles and have your preconceived false notions of work, work, save, save, save get thrown out the window.

LOL @ "rich people throwing away their money" …how do you think they got rich in the first place? Taking advice from someone who is a salaried or hourly slave?

What advice did you get?

[El Diablo Blanco]

HAHAHAHA @ this thread.

So many people on here giving out finance advice/opinions while having NSF fees in their bank accounts and living paycheck to paycheck. When you're young you only know the finance advice you pickup from people that work 9-5 40+ hours a week who don't have a clue about making significant amount of money outside the punch clock.

Go spend some time in entrepreneur circles and have your preconceived false notions of work, work, save, save, save get thrown out the window.

LOL @ "rich people throwing away their money" …how do you think they got rich in the first place? Taking advice from someone who is a salaried or hourly slave?

X10 at the bolded

[affeman]

LOL @ "rich people throwing away their money" …how do you think they got rich in the first place? Taking advice from someone who is a salaried or hourly slave?

95 % inherited their fortune accumulated over generations. 3 % busted their ass, got a good education and got a high paid job (managers with silly salaries), and 2 % had a great idea and were at the right place at the right time, or are gifted athletes/artists etc.

[Novena]

95 % inherited their fortune accumulated over generations. 3 % busted their ass, got a good education and got a high paid job (managers with silly salaries), and 2 % had a great idea and were at the right place at the right time, or are gifted athletes/artists etc.

Exactly. Only a small percentage of insanely rich people started from the ground up and worked hard to accumulate their riches, so pluck's girlish scoffing holds no ground. It's a lot easier to start rich and stay rich than to start poor and get rich.

Walt Disney came from an upper class family and it was his dad that helped finance the start up of Walt Disney Productions.

Bill Gates came from an upper class family who didn’t castrate him for dropping out of Harvard. (because the tuition he thus wasted wasn’t that much to them)

Steve Jobs used criminal profits from selling devices made to defraud AT&T Long Distance to help him start Apple.

H. Ross Perot came from an upper class family.

[El Diablo Blanco]

95 % inherited their fortune accumulated over generations. 3 % busted their ass, got a good education and got a high paid job (managers with silly salaries), and 2 % had a great idea and were at the right place at the right time, or are gifted athletes/artists etc.

Not true man.  This is the general thinking but there is a stat about millionaires and it was something like only 18% inherited their fortunes while 80% build their own fortunes.  Most of the people that worked hard and earned it stay out of the spotlight so you never hear about them.  it is the born rich spoiled brats that are all over the media.

the new generation of billionaires are something like 90% self made and not inherited.

[anabolichalo]

i think a lot of these "entrepreneur" stories are inflated tales by the moonlight


in the end great wealth comes from family fortunes and moderate wealth comes from high incomes and common sense


i think

[calfzilla]

i think a lot of these "entrepreneur" stories are inflated tales by the moonlight


in the end great wealth comes from family fortunes and moderate wealth comes from high incomes and common sense


i think

This. A-halo a financial guru.