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has anyone retired a millionaire?

Discussion in 'Questions From New Drivers' started by threetimesacharm, Aug 27, 2010.

Page 5 of 6
  1. Aug 30, 2010 #41
    Mooney

    Mooney Road Train Member

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    Go ahead then, I'll buy the place across the street from you in a year or two , for 20-30% less.

    And charge the same for rent.
     
    Mooney, Aug 30, 2010
    Mooney, Aug 30, 2010
    #41
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  3. Aug 30, 2010 #42
    wsyrob

    wsyrob Trucker Forum STAFF Staff Member

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    That's fine with me as long as my house is rented and bringing in twice my mortgage payment. I will use the profit from my rent to buy the house next door to you for less than I paid for the first one and we will both make money.
     
    wsyrob, Aug 30, 2010
    wsyrob, Aug 30, 2010
    #42
  4. Aug 30, 2010 #43
    Mooney

    Mooney Road Train Member

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    Umm, rent in excess of your mortgage payment is not profit.
     
    Mooney, Aug 30, 2010
    Mooney, Aug 30, 2010
    #43
  5. Aug 30, 2010 #44
    wsyrob

    wsyrob Trucker Forum STAFF Staff Member

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    That's true. You will need to keep reserves for repairs and probably a years worth of rent should you have a period between renters. I would think over time you use some of it to leverage into other properties should the market continue to fall. Its simplistic I know but this is a message board.

    My main point is to generate cash flow above the cost of the property and not count on resale value going up or down. If you buy into the low end of a market you have less money invested to lose.

    My Dad used to buy houses that were boarded up for less than $3,000-$7,000 in the early 80's. He would fix them up himself and rent them for around $250 a month. That's cheap for a 3 bedroom 2 bath 1500 square foot house though these were neighborhoods no one would want to live in.
     
    wsyrob, Aug 30, 2010
    wsyrob, Aug 30, 2010
    #44
  7. Aug 30, 2010 #45
    Toms_2003_GT

    Toms_2003_GT Light Load Member

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    To me it depends on your idea of a "millionaire". My dad retired in 2001 with a monthly pension that was equal to what he was making when he was driving local, they have no car or house payments btw.....

    To me, if our mortgage and our bills and debts were paid for then I would be more than happy to include myself as a "millionaire":biggrin_25514:
     
    Toms_2003_GT, Aug 30, 2010
    Toms_2003_GT, Aug 30, 2010
    #45
  8. Aug 30, 2010 #46
    threetimesacharm

    threetimesacharm Bobtail Member

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    Aug 23, 2010
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    what i mean by millionaire is if all of your assets, be it houses, savings, ira's stock and mutual funds etc, were all liquidated, (sold or cashed in) would you have a million dollars after all your debts were paid off? in other words, assets minus debts equals a million.

    so what your dad is worth, moneywise, would be the value of the house, plus anything else he has of value, bank accounts, investments, etc. minus any debts he has.
     
    threetimesacharm, Aug 30, 2010
    threetimesacharm, Aug 30, 2010
    #46
  9. Aug 30, 2010 #47
    DytchDoc

    DytchDoc Bobtail Member

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    My dad once told me...son if you invest in anything...buy gold and diamonds...they'll alway keep, if not triple their value in your life time.
     
    DytchDoc, Aug 30, 2010
    DytchDoc, Aug 30, 2010
    #47
  10. Aug 30, 2010 #48
    Hardlyevr

    Hardlyevr Road Train Member

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    Years ago when the lottos were 1st starting I asked an older farmer what he would do if he won the big money. He said he would just keep farming until it was gone. Trucking isn't that much different.
     
    Hardlyevr, Aug 30, 2010
    Hardlyevr, Aug 30, 2010
    #48
  11. Aug 31, 2010 #49
    Remrie

    Remrie Light Load Member

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    I'd like to see the numbers on those units.

    Price at purchase,
    mortgage
    FMR
    NOE
     
    Remrie, Aug 31, 2010
    Remrie, Aug 31, 2010
    #49
  12. Aug 31, 2010 #50
    Remrie

    Remrie Light Load Member

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    Which is why I'm going into trucking. :)
     
    Remrie, Aug 31, 2010
    Remrie, Aug 31, 2010
    #50
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