NewNashGuy
What makes me nervous about your statement is the certainty with which you speak. I'm a private guy, and am not interested in giving credentials on a public forum, but you are into an area I am quite familiar with. I'll give you one piece of advice, in real estate investing, the skeptics make money from the optimists. Oh, and never take economic advice from a realtor.
FYI - Currently, I only have my modest house, which is paid for, but I don't feel the time is right to be making any big moves. There are a lot of indicators that have me sidelined right now.
I like your plan in general, and I wish you success. It's nice to see someone with a plan these days as it isn't very common. Hats off to you.
Live in the truck save $ and become financially independent???
Discussion in 'Experienced Truckers' Advice' started by nofreetime, Apr 4, 2014.
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Sounds like the OP has a good head on his shoulders. I would still recommend poking around some rental forums like biggerpockets.com & reading whatever books you can get your hands on (there is a decent one by Larry Loftis on multiplexes).
Your net worth will grow faster thanks to the free 30% loan you're getting on the tax deferred via traditional 401k/ira. You can roll this over into your real estate business at some point, borrow against it, or just have it shoring up your financials which should lower your cost of capital.
I searched for about six months before buying my triplex and it was one that never went on the market. I picked it up from a local investor who got a little carried away and became over-leveraged.
And that doesn't even factor the money that went into the property over that 120 years (taxes, maintenance, remodeling, etc). A big home in 1890 would be a tiny cottage by today's standards.
Rental property, on the other hand, pays you while it more or less maintains its value in the long run & all while offering tax advantages.bergy, YoungGuns, nofreetime and 2 others Thank this. -
Thanks double yellow great post
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Never be so anxious to do a deal you can't walk away.double yellow Thanks this. -
So, if real estate is the king of investments, why is it you can buy a house in Detroit these days for $5,000? If not just move in and claim it???
Chinatown Thanks this. -
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Last edited: Apr 11, 2014
double yellow Thanks this. -
Ironpony is probably talking about Adverse Possession. Every State allows for squatters (non title holders) to take legal title to property if certain criteria are met.
Personally, I'll put my money in real estate before anything else. At least with real estate you have control. But to each his own.double yellow Thanks this. -
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