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05-28-2020, 05:47 PM | #5026 | |
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Buying back in tomorrow on dip. |
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05-28-2020, 06:19 PM | #5027 |
Fish are scared of me
Join Date: Nov 2001
Casino cash: $-119523
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Thought I'd share my productive day today.
So I bought a property 5 years ago for $118,000. Bank financed 80%. seller financed 20%. I rented the property out on a Lease/option 5 year contract. This means at the end of 5 years the tenant has the option to buy the property on the agreed price which was $148,000. During this 5 years the tenant is responsible for all maintenance and repairs so basically all I had to do was acquire the property ,clean it up and rent it out. I spent less than $1000 initially on a few things to get it ready. Over the contract I gave the tenant $300/month credit toward the purchase price. They executed the contract a few months early so the credit ended up being $16,800. They had not so good credit initially but used the 5 years to get it cleaned up. Around 700 score now. So for some stupid reason the bank demanded a 20% down payment from them which was bullshit and left them short. Anyway to make a long story a little shorter, I financed $12,300 of their down payment as a second mortgage at 7% interest over 5 years with an annual payment of $3121 due every May 28th. I got a check for $43,000 and some change and never put a dime into the property other than the initial cleanup. Less than $1k. Real Estate has always been good to me. I really need to just pull my money from any stocks and just put it all there. I have a property I bought 12 years ago for $40K as a bank repo also. I did the 5 year with another family for the price of $84k. They remodeled the house, installed new CH&A ,roof , got divorced and left the property. I went in and replaced the windows, garage doors and painted .Did a new 2 year contract due to execute for 120K next May . That property is already paid off so capital gains are my only worry then. **** stocks! |
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05-28-2020, 06:40 PM | #5028 | |
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05-28-2020, 09:25 PM | #5029 | |
Fish are scared of me
Join Date: Nov 2001
Casino cash: $-119523
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05-28-2020, 09:41 PM | #5030 | |
In Search of a Life
Join Date: Aug 2005
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05-28-2020, 09:45 PM | #5031 | |
Roy E.
Join Date: Sep 2005
Location: Olathe, KS
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05-28-2020, 09:59 PM | #5032 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
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Man Hog you know different people than I do.
When we sold our last house a couple wanted me to finance it. They’d just take over payments. I told them it didn’t really work that way. Insurance was dependent on me (as insured) using it as a primary residence My mortgage was dependent on it being my primary residence and a bunch of other miscellaneous stuff that I would be risking for no gain other than being out from under it. I did some rough math and it would have been a decent percentage higher payments if I had to finance it. If i owned it outright it would work great. But where I owed money and needed the cash flow, I was taking a healthy risk. Real Estate takes real capital man. But once you have it you can use it to make more money. Just like farmland the toughest one to pay for is the first one. |
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05-28-2020, 10:08 PM | #5033 | |
Fish are scared of me
Join Date: Nov 2001
Casino cash: $-119523
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05-29-2020, 05:40 AM | #5034 |
I'll be back.
Join Date: Nov 2002
Casino cash: $2760478
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Might be time to buy in on GNUS when it dips again today. What say you?
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05-29-2020, 07:30 AM | #5035 |
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05-29-2020, 07:31 AM | #5036 |
Woman should only make babies
Join Date: Nov 2003
Location: Apartment "G UNIT!"
Casino cash: $1396136
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Working low on a hog lets you live high on the hog
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05-29-2020, 12:43 PM | #5037 |
I'll be back.
Join Date: Nov 2002
Casino cash: $2760478
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Might be your last chance to get in on VTIQ at sub-30 prices this afternoon.
Merger is on Tuesday and then who knows where it goes. Lots of people think it could be the next TESLA.
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05-29-2020, 01:20 PM | #5038 |
I'll be back.
Join Date: Nov 2002
Casino cash: $2760478
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IBIO CFO just dumped a bunch of shares.
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05-29-2020, 01:29 PM | #5039 |
Seize life. Be an ermine.
Join Date: Jul 2001
Location: My house
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VARSITY
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You should let him know that it's going to go up a lot. I'd hate to see him mess up and sell too early.
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05-29-2020, 02:20 PM | #5040 |
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Join Date: Jan 2012
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been grabbing up some OXY....still holding onto IBIO for kicks
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