Vince Goodrum's "Fuck That Shit, I Got A Better Idea" Threads

[QuietYou]

I can't even....

Yeah you can’t because there’s no logic behind anything you’re saying. What are you possibly damaging that costs that much per month?

[Agnostic007]

Yeah you can’t because there’s no logic behind anything you’re saying. What are you possibly damaging that costs that much per month?

No logic? I said buying a house works for some. If you plan on staying in place, you have a steady income, you buy with equity in the home, the location is not a war zone, it can be a good investment. what part of that statement do you disagree with? ON the other hand, the market is not as solid as it once was thought to be, there are some who say the housing market in many areas now is a bubble and over valued, if you sell before 2 years it is capital gains taxed and fees can eat up much of the profit. Now what part of that don't you agree with?  and then.. lets talk trailer house/Modular home... Notorious for depreciation, rarely if ever does one get what they paid for a mobile/manufactured home when they buy new and sell. What part of that do you disagree with?   

[QuietYou]

No logic? I said buying a house works for some. If you plan on staying in place, you have a steady income, you buy with equity in the home, the location is not a war zone, it can be a good investment. what part of that statement do you disagree with? ON the other hand, the market is not as solid as it once was thought to be, there are some who say the housing market in many areas now is a bubble and over valued, if you sell before 2 years it is capital gains taxed and fees can eat up much of the profit. Now what part of that don't you agree with?  and then.. lets talk trailer house/Modular home... Notorious for depreciation, rarely if ever does one get what they paid for a mobile/manufactured home when they buy new and sell. What part of that do you disagree with?   

"Today it is viewed often not as an asset but an expense."

I disagree with this wholeheartedly. It's an extreme asset for a ton of reasons. Even now full ownership is an asset for sure. Being on the side of renting for strictly financial reasons, is worse than ownership a home. Buying a home strictly as an investment? Probably not the best but at the end of the day, your reasons are for being able to travel, being older etc. rather than what the best financial route for property is. So what works your you is not the indefinite answer.

Please list how it's an expense more than an asset for that statement?

[keanu]

I'll be Toronto renting and putting 50k in stocks each year until retirement to a nice cheap place like Peterborough. The Toronto market is insane. 1 million dollars for a cheap 1950's bungalow. If you can get good cheap housing, go for it Vince.

[titusisback]

I'll be Toronto renting and putting 50k in stocks each year until retirement to a nice cheap place like Peterborough. The Toronto market is insane. 1 million dollars for a cheap 1950's bungalow. If you can get good cheap housing, go for it Vince.

That's what I like to hear as Torontonian. People who give up should just move to the suburbs. We need winners in Toronto to drive this country forward. Not people who demand price control or affordable housing.

[Agnostic007]

"Today it is viewed often not as an asset but an expense."

I disagree with this wholeheartedly. It's an extreme asset for a ton of reasons. Even now full ownership is an asset for sure. Being on the side of renting for strictly financial reasons, is worse than ownership a home. Buying a home strictly as an investment? Probably not the best but at the end of the day, your reasons are for being able to travel, being older etc. rather than what the best financial route for property is. So what works your you is not the indefinite answer.

Please list how it's an expense more than an asset for that statement?

If you have a house that you rent out to tenants, then it’s an asset. If you have a house, paid for or not, that you live in, then it can’t be an asset. Instead of putting money in your pocket, it takes money out of your pocket. That is the simple definition of a liability.
Rich Dad Scam #6: Your House is an Asset

Is Your House An Asset Or A Liability?

Over the last few years, many Americans found out that owning a big house was more like living the American nightmare, not the American dream. What got most people into trouble was they failed to realize that, on balance, a house is a liability, not an asset.
Now you might be thinking I'm exaggerating to make a point. But I'm not. On balance, a house is something you constantly pump money into, and for the most part, won't get out of it what you've invested in it. That sounds like a liability to me, not an asset. So before you buy your next house, you should ask yourself "what's it going to cost me," as opposed to "how much can I make off of it." That will help you keep your housing costs in line with your income.
I know most people have been led to believe that a house is an asset, which is why so many thought they should buy a huge home. The bigger the home, the bigger the asset. But it's not so. Think about this: assume you buy a home and don't put a dime into it for 30 years. You don't paint it, repair it, or update it. You just let it sit there. How much do you think that home will be worth at the end of 30 years? Not much."

You sir are living in the 80's..but hey, don't listen to me, I retired at 6 figures at 53, what do I know?

[QuietYou]

If you have a house that you rent out to tenants, then it’s an asset. If you have a house, paid for or not, that you live in, then it can’t be an asset. Instead of putting money in your pocket, it takes money out of your pocket. That is the simple definition of a liability.
Rich Dad Scam #6: Your House is an Asset

Is Your House An Asset Or A Liability?

Over the last few years, many Americans found out that owning a big house was more like living the American nightmare, not the American dream. What got most people into trouble was they failed to realize that, on balance, a house is a liability, not an asset.
Now you might be thinking I'm exaggerating to make a point. But I'm not. On balance, a house is something you constantly pump money into, and for the most part, won't get out of it what you've invested in it. That sounds like a liability to me, not an asset. So before you buy your next house, you should ask yourself "what's it going to cost me," as opposed to "how much can I make off of it." That will help you keep your housing costs in line with your income.
I know most people have been led to believe that a house is an asset, which is why so many thought they should buy a huge home. The bigger the home, the bigger the asset. But it's not so. Think about this: assume you buy a home and don't put a dime into it for 30 years. You don't paint it, repair it, or update it. You just let it sit there. How much do you think that home will be worth at the end of 30 years? Not much."

You sir are living in the 80's..but hey, don't listen to me, I retired at 6 figures at 53, what do I know?

How will it not be worth much? This is what i don't understand. The prices of houses continue to go up and up. A house you bought in the early 90's in LA for less than 500k, is worth over a million now. Certainly there was inflation, but not NEAR the extent to come even close to only breaking even.

So you're saying buying multiple condos for cheaper, and renting them out, is more financially rewarding as it serves for a constant income? I can agree with that.

For you to be 53 without owning property i would hardly call that somebody i would want to listen to no offense.

[Agnostic007]

quietyou.. it's all good. Owning a house is a personal decision. For some it can end up making them money. For others they break even. Some lose money but there is a mental value to owning a home that is hard to put a value on. Like I said, I've owned 5 of them over my life time. Got nothing against someone buying one. If it were my son, I would advise to look for a great deal.. I've got family that have invested in bank foreclosures that bought them on the steps of the courthouse and done very well. I'm not against buying, but a manufactured home is in a different category. If you disagree that's fine. I could be wrong, wouldn't be the first time, won't be the last. But I don't believe my advice was off target and it has worked well for me

[Agnostic007]

How will it not be worth much? This is what i don't understand. The prices of houses continue to go up and up. A house you bought in the early 90's in LA for less than 500k, is worth over a million now. Certainly there was inflation, but not NEAR the extent to come even close to only breaking even.

So you're saying buying multiple condos for cheaper, and renting them out, is more financially rewarding as it serves for a constant income? I can agree with that.

For you to be 53 without owning property i would hardly call that somebody i would want to listen to no offense.

Let me just say... if you think having a mortgage, and trust me, most home owners do... is a sign of "making it" that's cool. I am debt free. My only bills are my monthly rent and utilities. I own my late model cars outright, a Beamer and Mustang, have an income of over 10k a month till I die and at the moment a quarter million in a 401K/Deferred comp, not to mention savings. I live comfortably, can travel when and where I want.. not many people get to say that. And much of it was on investments. I know a little bit about what I'm talking about. I'm not Getbig wealthy by any standards, but I'm doing ok

If you advocate buying a modularhome/trailer house as an investment.. talk to me when you get to my age..

[Agnostic007]

and as far as Melvins purchase or potential purchase, if it is what he wants and makes him happy, more power to him. I'm sure he thought it through and weighed to pros and cons of buying a manufactured home and it made perfect financial sense

[QuietYou]

I'm not Getbig wealthy by any standards, but I'm doing ok

 

[Agnostic007]

right?! 

[Vince G, CSN MFT]

[/b]

simple because vince comes on , brags and complains about somthing that is not a real issue where he is from ie is he fucking that stupid when he gets a house that cheap?

Yes, I'm going to come along and brag about a 56k mobile home if you learn how to read and click on likes.....lol.


BTW, I don't give a fuck about your retarded friend's bungalow or his bunghole.  I don't want to live in Toronto or NYC for the same reason I do not live in my hometown of Asheville.  The cost of housing and rent is insane for what you get which usually amounts to a dirty ass studio apartment.  But enjoy your sardine can you live in.....lol

[pellius]

Congrats Melvin, you've worked hard your whole life and always trying to better yourself.
 
Props!

[seCrawler]

Yes, I'm going to come along and brag about a 56k mobile home if you learn how to read and click on likes.....lol.


BTW, I don't give a fuck about your retarded friend's bungalow or his bunghole.  I don't want to live in Toronto or NYC for the same reason I do not live in my hometown of Asheville.  The cost of housing and rent is insane for what you get which usually amounts to a dirty ass studio apartment.  But enjoy your sardine can you live in.....lol

legit xmas eve dis right here.

[Powerlift66]

188K?? Nice and cheap, good.
My 400K house has been paid off for many years,and it is a shoe box compared to what many have around here.
In this area, 400K gets you not much.

Good for you Vince, you deserve any good thing that comes your way.

[oldtimer1]

188K?? Nice and cheap, good.
My 400K house has been paid off for many years,and it is a shoe box compared to what many have around here.
In this area, 400K gets you not much.

Good for you Vince, you deserve any good thing that comes your way.

Where do you live? I would imagine NYC area or San Francisco/ southern California? My house is around 400K in south Jersey and I have nearly 3000 sq feet not including a basement that has a 9 foot ceiling and is nearly 1500 sq feet.  In ground pool in the back. The master bedroom can fit three king size beds. A friend of mine has the same house I have according to his plans and it's worth 1.5 million in north Jersey. All real estate value depends on location.

[SF1900]

Why do people get so offended by Goodrums life decisions? Lol. Vince makes a post, and people get all bent out of shape because he purchased a car, home, or starts a new business, etc. Damn, who cares.

Good for you, Vince.

[QuietYou]

Why do people get so offended by Goodrums life decisions? Lol. Vince makes a post, and people get all bent out of shape because he purchased a car, home, or starts a new business, etc. Damn, who cares.

Good for you, Vince.

We're mad because he should have invested in a new face first

[Mr Anabolic]

A house?... meh. 

You should've bought some blipcoins instead. 

I hear blipcoins are going to $1 million.  Gib said it, so it must be true.

[Simple Simon]

188k for a house?? And it doesn't come in a box I have to build myself? Sign me up. Cash discount? I spent almost 1/2 that on heroin in 2015. Ill rent it out to low-income/govt housing for 3500/month... Each, to 2 Mexican families.

you keep writing that like its some kind of achievement to be proud of....

[mazrim]

Modular homes are built as good (if not better then site built). They are also considered the same by banks, etc. but generally pricing comes out to the same as a site built once all is factored in.

Manufactured homes are likewise built as good and can add insulation, etc. to get up to higher standards. They are cheaper and probably most value for your dollar. However, some banks don't seem to like financing them, etc. so there is that issue. They are stuck in the idea of them being "mobile homes" when that is far from the case with modern manufactured homes. There are becoming more and more that do it.

We would have got one except there is no reasonable land available in my area of the country. Much better value then most of the housing around here and new as well.

[Tapeworm]

Sounds like you really screwed the pooch, Vince.

[Powerlift66]

Where do you live? I would imagine NYC area or San Francisco/ southern California? My house is around 400K in south Jersey and I have nearly 3000 sq feet not including a basement that has a 9 foot ceiling and is nearly 1500 sq feet.  In ground pool in the back. The master bedroom can fit three king size beds. A friend of mine has the same house I have according to his plans and it's worth 1.5 million in north Jersey. All real estate value depends on location.

New England, me, Grape Ape, AJ, Walter White... (Wes was from this area)...

[Kim Jong Bob]

I played only the audio part of my Youtube videos....

haha now this was funny