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Scumbag Realtor!
I disagree with her encouragement on buying real estate at this point. I could totally be right and she would be proven wrong, but I still wouldn’t call her a scumbag.
City?
WookieMan saysTell me if I'm making a bad move. I'm trying to tell myself that it is.
Will you have to go with construction financing first and then refi into a conventional loan? I'm getting cold sweats just thinking about the rate raises the Fed want s to do this year.
This house is in a decent working class neighborhood, nothing fancy. Offer is due today, and it’s already contingent. 🙄
Just read the article. You may disagree with her, but I wouldn’t call her a scumbag. She’s more than likely smarter than you, has seen more than you, and probably has more experience than you when it comes to real estate.
I'd tap the brakes on saying she's smarter than anyone though.
WookieMan saysI'd tap the brakes on saying she's smarter than anyone though.
She is smarter than most and especially the OP, who called her a scumbag. She started a company with $1k at the age of 23 and later sold it for $66M. Let the result speak for itself.
Eman, are you hanging on to any apartment buildings or have you sold them off/divested?
Let's see what happens when the 30-year is 7%.
I'm worth $2M and don't even own a home. Sad I know.
porkchopexpress saysThanks. It just never worked out because of my job and we lived in crazy expensive places. Then throw in the Great Recession and that spooked the hell out of me. It was during that time I went down the rabbit hole of the Fed, Peter Schiff, sound money, etc. I also joined this site back in like 2005. I was just afraid of losing my shirt on a house because I saw friends and family go through it. I feel a little like old people who lived through the Great Depression...they become super frugal.I'm worth $2M and don't even own a home. Sad I know.
There’s nothing wrong with this. Know your end goal and work towards it. Not everyone wants a home. I have a good friend who is a nomad. He has someone help him run the AirBnB biz while he travels the world. He doesn’t own a home, but worth over a million at the age of 37.
Then throw in the Great Recession and that spooked the hell out of me. It was during that time I went down the rabbit hole of the Fed, Peter Schiff, sound money, etc. I also joined this site back in like 2005. I was just afraid of losing my shirt on a house because I saw friends and family go through it.
How likely do you think that 7% will actually arrive?
At some point, it makes sense. Hope your time will come soon @porkchopexpress.Thanks brotha. Me too.
We're due for the real crisis, everything is overvalued AF. Real Estate, Stocks, etc.Nominal prices can stay the same or even slightly rise. The game afoot is to reset real value. It's similar to Lucy and the football. The sheeples only grok nominal.
guys keep in mind last time rates went up, prices didn’t go down.
MAGA saysScumbag Realtor!
Just read the article. You may disagree with her, but I wouldn’t call her a scumbag. She’s more than likely smarter than you, has seen more than you, and probably has more experience than you when it comes to real estate.
I disagree with her encouragement on buying real estate at this point. I could totally be right and she would be proven wrong, but I still wouldn’t call her a scumbag.
I had read that she was focusing on investing in Pittsburgh as it was not in an apparent bubble
I had read that she was focusing on investing in Pittsburgh as it was not in an apparent bubble
IIRC correctly, Pittsburgh is relatively unique in that it has a land value tax (LVT) which is taxed at a higher rate than the structures erected upon the land. I.E., the tax is geared to recapture the unearned increased value of property due to community improvements (roads, schools, etc.). Land value taxes are about 5X that on the assessed value of structures.
This tax structure goes a long way towards containing bubble pricing.
More info:
’m a small time real estate investor who got lucky. I started out real small in 2009. My goal was to get $2.5M in equity in 10 years and $10k/mo of cash flow. While immersing myself in the business, I learned much more and was able to scale up and made more than I thought was possible within this time frame. 🙏
Congratulations! I do recall you over the last 10-12 years.
That is something I hope to do in part because of the tax benefits and a FIRE mindset along with my wife
IIRC correctly, Pittsburgh is relatively unique in that it has a land value tax (LVT) which is taxed at a higher rate than the structures erected upon the land. I.E., the tax is geared to recapture the unearned increased value of property due to community improvements (roads, schools, etc.)
MMR saysCongratulations! I do recall you over the last 10-12 years.
That is something I hope to do in part because of the tax benefits and a FIRE mindset along with my wife
Thanks. I stopped posting on this site for awhile. I did a ton on posting on BiggerPockets. I got real popular there. Then the pandemic hit, I decided to close out my BP account and focus on my business.
The annual distribution has been decent. On a slow year, I would get $250-$300k. On a good year, $500-$600k. Tax liability most of the time on this is $0 due to off-setting the distribution with depreciation and capital expenditures. Also, we have a fantastic CPA.
We always have to pay taxes as flip profits are short-term gains so they’re being taxed as ordinary income. On average, wife and I pay $40-$50k/year in taxes. Not great, but not too bad.
Just like anything in life, know your business, or your trade well, and you should do well. She apparently knew her market and her niche. That was probably how she made it. More power to her.
I’m a small time real estate investor who got lucky. I started out real small in 2009. My goal was to get $2.5M in equity in 10 years and $10k/mo of cash flow. While immersing myself in the business, I learned much more and was able to scale up and made more than I thought was possible within this time frame. 🙏
People are so good at name calling and criticizing others. I suggest they look at themselves in the mirror first before criticizing others.
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