FB: Liberty League

[PBR...]

pbr is watching u.s. marhsals on amc channel for about the 199th time but for some strange reason pbr will sit here and watch the whole movie time after time.....

Man I find myself watching that movie over and over again too! But there is one HUGE thing that bothers me about the end of the movie.

When Gerrard takes the clip out of the gun in the hospital and gives it to Downey Jr, there is gonna be one round in the chamber and when he fires there isnt one!  

Plus a US Marshall isnt gonna know if the magazine is not in the gun when he takes it back?  100% he notices that.

That always pissed me off.....

now pbr is going to have to watch that part it is due up in about 20 mins...pbr could of swore girard takes the clip out he pulls the action back and clears the chamber so when you put the clip back in unless he chambers a round there wont be one in there

[Tags]

Tags,

RT recommends real estate, especially when the market has cooled. It wasn't RT's intention to be carrying 2 mortgages. RT loved his townhouse and planned on staying...but guess what?? FFMRT didn't like it, not enough room, etc....so RT had to go out and buy a new house for us and the dogs. RT decided to keep it and rent it since RT can break even w/ the rent and mortgage on it so RT figured he'd let it appreciate.

RT-

I'm trying to brush up for now, so I can have an intelligent conversation on it going forward. I'm only a young lad, just a few years removed from college so I need to be careful, but it's definitely what I'm aiming to do.

You really can't beat using the cashflow from the renters to pay off the mortgage for you. I presume the insurance & taxes still come out of pocket, but it would be worth it for someone else to pay the mortgage itself. I think it will be a buyers market for at least another year or so, unless the fed raises the rate.

[Jonny Utah]

pbr is watching u.s. marhsals on amc channel for about the 199th time but for some strange reason pbr will sit here and watch the whole movie time after time.....

Man I find myself watching that movie over and over again too! But there is one HUGE thing that bothers me about the end of the movie.

When Gerrard takes the clip out of the gun in the hospital and gives it to Downey Jr, there is gonna be one round in the chamber and when he fires there isnt one!  

Plus a US Marshall isnt gonna know if the magazine is not in the gun when he takes it back?  100% he notices that.

That always pissed me off.....

now pbr is going to have to watch that part it is due up in about 20 mins...pbr could of swore girard takes the clip out he pulls the action back and clears the chamber so when you put the clip back in unless he chambers a round there wont be one in there

Yea he never pulls the slide back to clear the chamber.  Watch close.

[pg04]

RT - outside of the 2 signatures on the Mortgage, kudos on the rental home strategy. I myself am scheming up a way to pull that off in the near future.

Robert Kiyosaki would be proud.

I got into the realestate game late but If I had to do it again I would buy a multifamily first, live in one of the units and then a few years later get the single family....

Apparently none of you live in Florida!!

Yea Florida is a different ballgame.

Allthough a buddy of mine bought a house that wasnt even built yet on this development in Jupiter in 2003 for $299,000.  The same houses now are selling for 700,000-800,000!

Much cheaper to live in most places down there. (to buy anyway)

Yeah things are still pretty high down here, plus I moved down here when it was like the Peak of the Market so no chance of fresh out of college guy buying anything!!

[Tags]

Speaking of market conditions & fresh out of college guys - I'm betting on the market here in the Rochester area to soften a bit more so I have a chance to snag something decent.

Preferably after the fall of '08.

[Senor RedTackle]

Tags,

RT recommends real estate, especially when the market has cooled. It wasn't RT's intention to be carrying 2 mortgages. RT loved his townhouse and planned on staying...but guess what?? FFMRT didn't like it, not enough room, etc....so RT had to go out and buy a new house for us and the dogs. RT decided to keep it and rent it since RT can break even w/ the rent and mortgage on it so RT figured he'd let it appreciate.

RT-

I'm trying to brush up for now, so I can have an intelligent conversation on it going forward. I'm only a young lad, just a few years removed from college so I need to be careful, but it's definitely what I'm aiming to do.

You really can't beat using the cashflow from the renters to pay off the mortgage for you. I presume the insurance & taxes still come out of pocket, but it would be worth it for someone else to pay the mortgage itself. I think it will be a buyers market for at least another year or so, unless the fed raises the rate.

mortgage is approx: $1160 (includes all escrows...ie, taxes, insurance, etc)
rent: $1050 (about as much as market will bear in this neighborhood)

so RT is about $1300/yr out of pocket...BUT....when you factor in income tax effect, there's depreciation since it's a rental, all the expenses (including gas to go there, repairs, etc) RT ended up netting about 10K in tax refund. The key is to keep it at break even on income or a slight loss and you'll clean up at tax time and build equity.

[Tags]

Tags,

RT recommends real estate, especially when the market has cooled. It wasn't RT's intention to be carrying 2 mortgages. RT loved his townhouse and planned on staying...but guess what?? FFMRT didn't like it, not enough room, etc....so RT had to go out and buy a new house for us and the dogs. RT decided to keep it and rent it since RT can break even w/ the rent and mortgage on it so RT figured he'd let it appreciate.

RT-

I'm trying to brush up for now, so I can have an intelligent conversation on it going forward. I'm only a young lad, just a few years removed from college so I need to be careful, but it's definitely what I'm aiming to do.

You really can't beat using the cashflow from the renters to pay off the mortgage for you. I presume the insurance & taxes still come out of pocket, but it would be worth it for someone else to pay the mortgage itself. I think it will be a buyers market for at least another year or so, unless the fed raises the rate.

mortgage is approx: $1160 (includes all escrows...ie, taxes, insurance, etc)
rent: $1050 (about as much as market will bear in this neighborhood)

so RT is about $1300/yr out of pocket...BUT....when you factor in income tax effect, there's depreciation since it's a rental, all the expenses (including gas to go there, repairs, etc) RT ended up netting about 10K in tax refund. The key is to keep it at break even on income or a slight loss and you'll clean up at tax time and build equity.

That's what my goal is - it's quite a leap to jump into that at first I think. I may try something small to generate cashflow, then purchase something larger.

[Jonny Utah]

Speaking of market conditions & fresh out of college guys - I'm betting on the market here in the Rochester area to soften a bit more so I have a chance to snag something decent.

Preferably after the fall of '08.

Tags, Ill tell you this now, and tell Robbie if he doesnt read this....

Never, EVER charge more than one thousand dollars on your credit cards (unless your makin over 100K or somethin like that, I sure wasnt)

Use cash for everything you can.

[Tags]

Speaking of market conditions & fresh out of college guys - I'm betting on the market here in the Rochester area to soften a bit more so I have a chance to snag something decent.

Preferably after the fall of '08.

Tags, Ill tell you this now, and tell Robbie if he doesnt read this....

Never, EVER charge more than one thousand dollars on your credit cards (unless your makin over 100K or somethin like that, I sure wasnt)

Use cash for everything you can.

Too late - I threw FMTags remaining share of her engagement ring on a 0% APR platinum card (after the 6 months or whatnot, it goes to 9% I believe). At any rate, was cheaper than a loan to cover the remainder.

But I completely agree, cash is king.

[Regulator]

RT- Who takes the calls from your tenants at 2am when the heat doesn't work?  Who collects back rent when they haven't paid?  Who has to deal with the new carpeting every 2 years?

Be very careful if you guys think you can buy a duplex and nearly break even.  If that were the case, don't you think someone would just come around and use it as rental property?  

TDT, Where is that cat living? Frederick? That is in like the middle of bumble F!  If he needs help shopping for apartments or houses, have him "hit me on the hip"

Another classic for the LLPP

[Tags]

RT- Who takes the calls from your tenants at 2am when the heat doesn't work?  Who collects back rent when they haven't paid?  Who has to deal with the new carpeting every 2 years?

Be very careful if you guys think you can buy a duplex and nearly break even.  If that were the case, don't you think someone would just come around and use it as rental property?  

TDT, Where is that cat living? Frederick? That is in like the middle of bumble F!  If he needs help shopping for apartments or houses, have him "hit me on the hip"

Another classic for the LLPP

RE: pain in the a** part of being a landlord.

That's one reason I want to start small - I'm not handy at all, and that will not be good if something happens that needs to be fixed. Need to pick the investment wisely - I'm going to take my time. I do feel if you can fix things yourself, and you have a good way of screening who you rent to, you could be ok.

[Senor RedTackle]

RT- Who takes the calls from your tenants at 2am when the heat doesn't work?  

Who collects back rent when they haven't paid?  Who has to deal with the new carpeting every 2 years?

Good questions for the novice slumlord to ponder as his checkbook is drained. Alas, RT is able to say that he has a new heat unit in. He also has 2 months rent as security deposit. If they skip one month, then they have 30 days to deliver the late rent plus the current..plus a $250 penalty. If they don't comply, the Saratoga County Sheriff will evict them promptly and RT keeps the security (the neighbor of the townhouse is a sheriff and it's all in the lease).  Luckily, the tenant is clean as a whistle and prompt payer...RT did a background check prior to renting. Having a good tenant is like gold that you don't want to give up.

Still...good words of wisdom Reg. That's how you roll.........

[Jonny Utah]

RT- Who takes the calls from your tenants at 2am when the heat doesn't work?  Who collects back rent when they haven't paid?  Who has to deal with the new carpeting every 2 years?

Be very careful if you guys think you can buy a duplex and nearly break even.  If that were the case, don't you think someone would just come around and use it as rental property?  

TDT, Where is that cat living? Frederick? That is in like the middle of bumble F!  If he needs help shopping for apartments or houses, have him "hit me on the hip"

Another classic for the LLPP

I mean in Boston there are some good two families for around 400K-500K.  Then you take half (2-3 bedrooms) and your payin 1K a month if your lucky to 2K a month if you arent and cant rent out the other side for 1500.....

[Touchdown Tommy]

Required LLPP reading:

Rich Dad, Poor Dad by Robert Kiyosaki...this guy is good


REG: Yea he just got the call yesterday.  TDT is assuming he'll get a crib near the ballpark.  I was referring to housing when Touchdown T comes to town to visit.  He will clearly be staying in the suite at REG's Palace.

TDT's advice: If it looks too good to be true, it probably is.  Otherwise everybody would be doing it.  TDT sat thru a presentation today trying to sell him some shizz and was thinking this the entire time.  C'mon chief you are delusional.  Patent that shizz and take it to the bank.

[labart96]

RT -

K+ on the RE investing and k+ the 19 tyo.

TGP and Mrs struggled, but managed, to buy an income prop here in LA back in 2001 right after 9/11.  Fixed it up, got a tenant - even fixed up a little bachelor apt off the garage for a struggling actor friend (our Kato, you could say) and got rent from him.

The 1st 6 mos we felt like we were hemoraging money.  Eventually things settled down and those rent checks made life a lot easier.  Kid #1 came and we still lived like the Roepers.  However, notice of kid #2 on the way, plus a year of a 70 mile/day commute and we sold in Dec 05.

We made out alright (even if we bought our current place at the top of the mfing market - d'oh!)

Keep up the good work.