I will once again state that I did not say not to buy it. Hell I was ok with you buying that home built thing for your entertainment purposes.
Just an FYI, there hasn’t been a lotus yet that was really a great investment. My dad owned a Lotus Europa and I want an Exige or Elise so bad I can taste it, but they aren’t good investments like some Ferraris or lots of Porsches have been.
If I had to rent this house it would be $7000/$8000 a month. The mortgage is $2700. We've invested 1.2 million so far with 2 years left on mortgage. I could sell for 2 to 2.5 million. Money well spent imo.
I plan to buy a home to live in, but I am not trying to pay for it out of my paycheck. I’m trying to have a few other properties that will pay for the home I eventually live in. That’s where my thought process is. I want cash flow to pay for my home.
Have you considered buying a fixer-upper, living there while fixing, then renting or selling? Putting your money to work is a good strategy, my point is that the money you spend on rent could be working for you rather than someone else. After all, that is what owning the "other properties" is all about.
You're all over the f'ing place. It doesn't matter where the money comes from. And you're not going to cash flow a property unless you put at least 50% down when buying it. Probably more like 70%.
Yes. I have. And plan to. But the rent I pay for the place I’m in doesn’t get better for the area and for what I have. I’m easily paying 1500 less per month than I could be. It would be dumb to first buy the fixer upper and live there while pumping money into it and not having anything making me monthly cash flow. If I keep renting and purchase a studio at the coming fire sale, I can generate equity and cash flow on top of easily paying both my rent and mortgage. It’s a net positive not matter how you slice it.
who says I’m not? My total monthly bills are 3500 per month. Including my rent. I’ve been fucking GRINDING since the day I last got out of jail and told myself “never again”.
Fortunately that pile wouldn’t start when I went to go get it. But I still have wood for a 1600lb car with over 500HP on pump and the ability to make over 700HP by just pumping in some E85 and Turing the boost knob to 11. The knob really was numbered from 1-11…..cracked me the f up.
Wait...I have a brilliant idea to solve all of his problems. Buy a property and put 0 money down. Then rent it to your self to make the mortgage payments. You've just been to the TikTok school of real estate based retirement plans.
How about a 1600cc car with the ability to go 700 miles between overhauls? Oh, wait. Dave’s the one with the stiffy for VW.