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/biz/ - Business & Finance

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14883076 No.14883076 [Reply] [Original]

>save up 20k from waging (doable in 1 year tops if you make at least a mediocre salary)
>use it as down payment to buy 150-200k house with at least 3 bedrooms (affordable if you don't live in an expensive liberal shit hole)
>rent out each bedroom for at least $500
>live in the 1 spare bedroom
>your mortgage is now covered
>save up another 20k even faster than last time from not having to pay rent or mortgage
>buy another house and rent it out
>soak and repeat
>after 10 years you own over a dozen rental properties
>after another 10-20 years they will all be paid off and you can charge even higher rent so you can retire by 40 or so

it's literally foolproof

>> No.14883086

>>14883076
im sure this is a good idea right now

>> No.14883095

I had a very similar idea recently. If VIDT actually kicks off this is gonna be the plan

>> No.14883105

>>14883076
Or I can go all in on Link and make millions

>> No.14883114

except your condemning yourself to at least 5 years of slavery. you are stuck where the house is. if shit goes wrong, its out of your pocket.

its better to produce a good or value of service, and buy a rental with almost cash later on. highly leveraged rental properties are betting on a ponzi

>> No.14883117

>>14883076
Nobody will rent bedrooms retard, especially sharing the house with an owner.
It’s
>buy a duplex
>live on one side
>charge the other side ~$1000/month, just enough to pay the mortgage
That’s free housing. Plus you only have 1 faggot to worry about

>> No.14883140

>>14883117

>Nobody will rent bedrooms retard, especially sharing the house with an owner.

It happens all the time lmao. For a wagie the prospect of $500 rent is very appealing when the alternative is one of those meme """luxury""" $1500 apartments

>> No.14883159

>>14883140
Honestly I wouldn’t know, I’m not poor. But I can see it being appealing for the super low rent cost if you’re a McDonald’s wagie or something

>> No.14883162

>prices dip
>now you're upside down paying over the odds for your shit
>can't afford to keep up with repayments
>lose everything

>> No.14883163

>>14883114
Well you need to live somewhere and 1500 a month ain't a loy

>> No.14883185

>>14883159
Or college students

>> No.14883336

>>14883185
I doubt any college student wants to live with their landlord. When I was in college we were ripping the bong and throwing house parties every weekend

>> No.14883359

should i follow the same pla but:

>Buy near collegue
>Only alow chicks
>Anon i cant pay this month...

>> No.14883377

>>14883076
better idea: accumulate money and don't buy a house

>> No.14883408

>>14883359
As if people won't see right through this. Prepare to get your real estate license revoked fagit

>> No.14883425

>>14883377
Incredible numbers, but hoarding fiat with zero solid assets to back it up is a retarded idea. Why rent endlessly when you could have the right of ownership to a place (albeit backed by debt) and receive passive income?

>> No.14883431

>>14883095
>if

>> No.14883434
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14883434

>>14883076
>Buying the top
You are unironically the shoeshine boy.

>> No.14883462

>>14883076
I'm actually doing this but instead when I have enough money I'm going to flip houses, I have my realtors license and can do basic carpentry. With this I plan on flipping houses until I start to flip big houses in the city. After I make enough money I'm buying an apartment block to rent out and living comfy for the rest of my life.

>> No.14883468

>>14883408
there is no real state laws in my shithole fagget

>> No.14883484

>>14883425
yeah, i think OP idea its pretty good, i dont like the deb part since i dont have a stable job tho. so meaby i need at least 70%

>> No.14883492

>>14883434
This. I don't want to touch real estate, its spooky. But this may fuck me over idk

>> No.14883516

>>14883095
kek at nubiz falling for vidt.

>> No.14883725

ppl are literally buying tiny houses because real estate is too expensive. if this isn't a sign of an obvious bubble to be popped, then idk what is.

>> No.14884011

>>14883359
>What are lawsuits

Anyway, at the very least wait a few weeks for an interest rate cut.

>> No.14884150

doing this rn
22 with a 3 bedroom condo, renting two bedrooms and it covers my mortgage.

>> No.14884206

>>14883359
>>Anon i cant pay this month..
With women this is every month.

>> No.14884225

>>14883336
Not all of us are degenerates.

>> No.14884228
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14884228

>>14883076
>living with room mates and dealing with tenants

>> No.14884271

>>14883117
It depends. I bought a townhouse and rented out rooms while in college and grad school. Lived rent free for years. I wouldn't do it now because I like my privacy and I can afford it. Scaling up to additional properties is more of a job and presents it's own hazards but if it's just the place you live in it's easy to stay on top of any problems

>> No.14884286

>>14884206
thats even better

>> No.14884900

>>14883076
In my area the monthly mortgage on a house cost 4 or 5k and the monthly rent it will bring in its only 2.5 or 3k

>> No.14885616

>>14884900
Then run an unlicensed brothel in one of the rooms.

>> No.14885644

>>14883117

A huge amount of people rent rooms.

>> No.14885797
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14885797

Buying real estate has a lot of subtle nuances you will want to consider before jumping in. Some general rules I would follow.

Fall in love with the location, not the property. If you don't like losing all your money to your tenant when they slip on pee pee water and sue you, establish each property as its own LLC to insulate other properties you own from the hands of greedy jews. ALWAYS leave a chunk of the rent you get for capital expenditures like a new roof or some other stupid shit. And for the love of kek don't let uncle sam get all of your earnings by not going through a 1031 exchange when you can. I believe 1031 exchanges won't work when you're living in the house so your first home wouldn't get the preferential tax treatment, however, first time home buyers I believe are still able to exempt about 500k of the proceeds you get from selling 'your starter house'.

Hope this helps but then again I'm retarded so don't listen to me.

>> No.14885840

>$500/month
>for a single bedroom in someone else's house and a shared bathroom and kitchen

enjoy living with weird gay swinger guys always floating weird sexual suggestions as jokes i guess?