has anyone retired a millionaire?

Boardhauler · Aug 30, 2010

Remrie said: ↑

Pfft I know that silly. I'm new to real estate but I'm not stupid. I've learned a lot from my mentors.

I wouldn't have the capitol to invest in RE until after about 2 years of starting likely (with W2 history included for lending purposes), by then the market will pretty much be at the bottom give or take a year or two but. But for me the price doesn't matter because I make investments based off of a very simple formula I learned from my mentors.

So it doesn't matter if the property is 50k or 500k, the numbers just have to work. Prices are perfect for me already, values for properties I will invest in won't drop much further if at all.

Even though the effects of the double dip market are starting to happen, it won't bottom out until after 3-5 years from now since the commercial notes that were issued between '05-08' are just now starting to come due. And the borrowers are starting to default already. Since commercial is much much larger than residential even stimulus packages won't really have much of an effect. Might delay the decline but markets can't stay hyper inflated.

As that happens it'll make my future investments 5+ years from now super affordable despite valuation differences between commercial and residential housing.

The timing is perfect on my end, if I had the money now I'd start now. It's something I can do in my spare time so I'll do it when I'm stuck waiting in a truck or on a break. I'll be investing in properties no smaller than 2 unit duplexes. Doing it my way I can realistically expect at least $800/mo increase in pay every year, and increase more and more every year, sometimes 2 or 3 times each year after a few years of driving, assuming I make $30k/yr driving for 5 to 7 years.
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I am a licensed California real estate agent

I bought my first income property in 1989

I currently own 8 rental units, I have already lost 6 to foreclosure

In my humble, and perhaps somewhat premature opinion, you don't have a clue

threetimesacharm · Aug 30, 2010

my mom has four rental properties and the only reason she can hold on to them is because her dad left her a lot of money. she has had a lot of trouble with renters tearing up her houses. one renters kid started a fire in the kitchen, gutting it and so my mom had her handyman put a fridge and a stove in the living room until it could be rebuilt which, with insurance problems and such, it took three months. the renters decided to stop paying altogether after the fire and mom ended up having to pay the mortgage for almost a year before getting them out with the courts.

if i become a trucker i think what i would do is bank all my money and every few years or so by a piece of land. then during my 2-3 days off a month, i could go to my land and pitch a tent and camp out next to my truck. i don't know if my gal will go for that or not, hee hee

RenegadeTrucker · Aug 30, 2010

threetimesacharm said: ↑

my mom has four rental properties and the only reason she can hold on to them is because her dad left her a lot of money. she has had a lot of trouble with renters tearing up her houses. one renters kid started a fire in the kitchen, gutting it and so my mom had her handyman put a fridge and a stove in the living room until it could be rebuilt which, with insurance problems and such, it took three months. the renters decided to stop paying altogether after the fire and mom ended up having to pay the mortgage for almost a year before getting them out with the courts.

if i become a trucker i think what i would do is bank all my money and every few years or so by a piece of land. then during my 2-3 days off a month, i could go to my land and pitch a tent and camp out next to my truck. i don't know if my gal will go for that or not, hee hee
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I had thought about doing something like that in Long Beach, I was talking to a guy about having him let me rent a 6x8 corner out of one of his buildings so I could put in a shower and toilet, so when in Long Beach I could get clean seeing how I was there all the time, had a few folks I was running with who were willing to pitch in every month to make it happen, we were even going to pay a cleaning lady to keep it up for us.

Never wound up materializing though.

Powell-Peralta · Aug 30, 2010

threetimesacharm said: ↑

someone told me the other day that he once knew someone who drove a truck for about twenty years and lived in his truck, no bills or family or anything. He banked all his money and lived super cheap. He had a million dollars when he retired. Is this possible?
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The answer your question in a different way, check out my other, on-going post entitled "the bottom line:"

http://www.thetruckersreport.com/tr...d-truckers-advice/116878-the-bottom-line.html

BTW, i'm AT LEAST 30 years from "retirement." Although i don't think i'll ever fully retire unless my health goes.

Also, i think i big factor in reaching 1 mil net worth is actually your tax situation; As you can see with me i'm getting bent over bad by Uncle sam. Need tax shelter ideas.

Mooney · Aug 30, 2010

Hubcap said: ↑

So is trusting Wall Street, so is going down Cabbage but you've never done that not being a trucker.
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Do you know this to be a fact, or are you just guessing?

And Dave Ramsey is still dangerous.

wsyrob · Aug 30, 2010

threetimesacharm said: ↑

real estate sounds like a good investment, because everything is priced real low. so by the time i retired (i'm 25) it would have gone up in value. it would have to be raw land though, i don't see having the time to mess with renters.
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You better really know what you are buying. Raw land doesn't always go up in value and you still have to pay taxes on it. You may have to wait years before seeing anything

My dad made several million in real estate by buying beat up HUD foreclosures, fixing them up and renting them. He had over 100 units paid for when he retired. You get cash flow with rental property that over time will pay for it. With raw land all you get is a tax bill every year until you sell it or develop it.

This is a very good time to buy real estate investment property if you either have the money or can get financing. Lots of foreclosures and people have to live somewhere.

wsyrob · Aug 30, 2010

threetimesacharm said: ↑

my mom has four rental properties and the only reason she can hold on to them is because her dad left her a lot of money. she has had a lot of trouble with renters tearing up her houses. one renters kid started a fire in the kitchen, gutting it and so my mom had her handyman put a fridge and a stove in the living room until it could be rebuilt which, with insurance problems and such, it took three months. the renters decided to stop paying altogether after the fire and mom ended up having to pay the mortgage for almost a year before getting them out with the courts.
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My Dad once paid a drug dealing tenant $3000 cash to move out. The City was threatening to take his property because of the activity going on around his apartment. They gave him a deadline that couldn't be met through the court eviction process.

Powell-Peralta · Aug 30, 2010

wsyrob said: ↑

You better really know what you are buying. Raw land doesn't always go up in value and you still have to pay taxes on it. You may have to wait years before seeing anything

My dad made several million in real estate by buying beat up HUD foreclosures, fixing them up and renting them. He had over 100 units paid for when he retired. You get cash flow with rental property that over time will pay for it. With raw land all you get is a tax bill every year until you sell it or develop it.

This is a very good time to buy real estate investment property if you either have the money or can get financing. Lots of foreclosures and people have to live somewhere.
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Need more advice concerning this. Thanks.

Mooney · Aug 30, 2010

You'd be nuts to buy a house now, for whatever reason.

wsyrob · Aug 30, 2010

Mooney said: ↑

You'd be nuts to buy a house now, for whatever reason.
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Not if the price is right. Forget about making quick cash flipping them. Buy something below market value with a mortgage payment that is about half of what you can rent it for per month. Then hang onto it.

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