Barefootsies

you are balancing out buying a new house. While you have some new projects moving forward that you budgeted for in 2008. You have some left over green. The objective is to add, or build more wealth. Stock market madness is not an option.

Do you take your extra money and...

1. Start more website project(s) you have been meaning to get around to.
2. Invest in rental property (mainly multi-unit)
3. Insert your Suggestion (other than giving it to you, or wiping with it).

Fire away.

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tical

always fun to invest in new projects (lord knows i think of a million things a day), but i'd hold on to the $ while attacking those unfinished projects

i suppose sitting on it doesn't really meet your objective directly, but in the long run when you're all done... it does

then again, are we ever done? hehe

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Barefootsies

Very true mate.

The main projects at hand are redesigns to existing. Although I am starting on some bigger things, however, they are 2-5 year projects as I build the pieces. However, more than enough budgeted to cover that.

My thoughts were to maybe pick up an apartment building to two so I could have some more revenue coming in, and building up capital in the meantime. Something more "tangible" to the banks.

The virtual is good, and luckily for me, I used to work with the bank manager at my credit union back in the college days. So I do not get a lot of "internet grief" types of questions. Compared to my normal bank. But... I am looking for some more "tangible" or traditional things banks like to see to keep building wealth.

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Enough Said.

"Would you rather live like a king for a year or like a prince forever?"

mortallove

really, can you buy a house for only 10-20k in the us??? how nice would it be???

crockett

no way would I buy a new house yet.. the prices aren't bottomed yet.

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woj

Where are you picking up apartment buildings (or 2) with a $10-20k down payment? or did I read it wrong?

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Barefootsies

You can get 3-4 units here (SW MI) fairly inexpensive. There is a nice selection of low, and higher end multi-units available. Some $70-80k and others $150-200k. Just depends on the areas. No, not the ghettos. I am talking about some of the smaller towns, or suburbs, from here.

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Enough Said.

"Would you rather live like a king for a year or like a prince forever?"

IllTestYourGirls

rentals. Everyone is losing their homes to the bank and government they will need a place to live.

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Barefootsies

Yeah. I keep thinking the same. They say 12-24 more months and a "maybe". But I do not want to live in my same place this year (no central air).

So I am thinking of getting a nice place, nothing over the top, but something with central air and more space. Fix it up a bit, and rent it out in a year or two. I do not plan on staying in this area, and the house I buy now will not be a house I stay in more than 3 years. I am looking at moving to the west coast, at least 6 months of the year, in the next 3-5.

But I need more space, and central air. Maybe I'll rent a nice place, and buy up some investment/rental property in the meantime. Just kicking some ideas around on how others are reinvesting.

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Barefootsies

Very true.

I kept hearing the stories about the foreclosures and shit in the bigger cities. But now when I drive around scoping property. I see more of those notices in the windows of places. I'd guess 2-3 in 10 have those notices now.

Kinda scary when it hits the smaller mid west cities.

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Barefootsies

Down payment hoss.

Yes. You can still get a $200k house for $3k down here. 30 year fixed.

No, I do not live in Detroit. And before you think $200 is a bread box. It's a 4-5 bedroom, 2-3 bathroom type house. Again, depending on which part of the city you are in.

We are not talking about New York, and LA. This is mid-market midwest realty.

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HouseHead

I am very interested in investing in some type of reality also. Would like to know more about picking up a small complex of apartments.. I am only 20, possibly in the next 5 or so years

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mortallove

lol!!!!!! you are only 20... and you have been here since 2003... haha... you were 15 when you started with this!

Barefootsies

My business partner started out that way. While working at Pfizer (formerly Upjohn) he had bought 3 rentals, while renting somewhere else, before he bought his first house.

He then bought a cabin on the lake, and has been rebuilding it for 8-10 years. Last year it was appraised at over $500k. Nice little investment.

While I am single, have no kids, and a lot of extra money. I am looking for some ideas outside of the normal things I am thinking. But also in the market of tangibles. When you go to a traditional bank, you run into more questions about income when you are "self employed" and do not own shit they can take.

Seems the name of the game in getting bigger and better loans is they look at your income,.. "yeah that's great and dandy", and next look at what you own. I have had car dealers, and loan officers both tell me that being self employed, but with property, will open more doors than just the money, and being able to prove it.

It's not so much an issue now, but the first couple of years when I first started doing online full time I ran into that time, and again.

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brand0n

gold bullion

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crockett

Dude he's in Michigan you can buy a whole house in Detroit for $100.. for $10k he could probably buy the whole street.

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Barefootsies

Sad but true. Old college roommate is homeland security over in Detroit. He said that many houses are selling for ultra cheap. Assuming they have not had all the plumbing, and wiring ripped out and sold.





Not the whole street, but you throw $5k down on a four unit, and you can snap up a few of them for $20k. Depending on the area of town/city you are looking at.

I am sure if you went up to the hood, you could prolly snap up some nice deals. But I'm not interested in that. Old business partner tried that, and said it ended up costing more in time, and effort than it was worth. Best to stick to smaller towns, or better neighborhoods.

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beemk

$100 doesnt even cover the taxes on a house for a month in detroit. you can get a total shitbox for 2-4k in the ghetto though.

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Barefootsies

Bring in more casinos.

Save Kwame.

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OG LennyT

Buy up some POT... great stock that keeps going up.

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Barefootsies

Only if I lived in Ann Arbor where they FINE you for smoking it in public (like S.F. I hear).

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OG LennyT

I was talking about POTASH CORPORATION OF SASKATCHEWAN INC (POT)

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farkedup

I just hit you up on ICQ, where the hell are you? I'm in SW MI LOL might be interested in working with you on some shit ;) its always nice to have some people actually in the area to do shit with.

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Vendot

Are there some high end, good areas in Michigan where the crime is low? Which are the best ones to pick up property?

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Ethersync

If you sit on it don't sit on it in dollars. Keep it in Euros.

Barefootsies

Kalamazoo area

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Enough Said.

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Barefootsies

Yes there are.

I can't speak to all of Michigan, but I know around here I have seen property dropping anywhere from $20-70k since last summer. Also more of those foreclosed stickers in windows.

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The Heron

I'd say buy some college housing down by the GVSU campus downtown, I expect that'll continue to grow in the coming years!

InternetIsForPorn

Definitely invest into real estate. I know how it is when you have a million ideas during the day, start working on some of them and then realize you are wasting too much time and need to finish your old projects and then your head explodes.

God I need to focus on fewer things...

Chio

Rental properties definitely. With all the coming for closures there will be no shortage of "good" renters.

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Chio

oops should have read the replies before posting.

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Big Red Machine

I drove threw the local ghetto and man its getting bad....so many boarded up houses. Maybe we should invest in plywood...pfff

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qwe

10-20k is nothing here... most people pay that just in fees (closing costs,lawyer,etc,etc) when they buy a house

beemk

i live 2 miles from detroit and crime is really low here, basically you cross one road and its like night and day. it depends on the police in your city. if i call the cops they show up in a few minutes, if you call them in detroit they might show up within the hour if you're lucky.

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Mike Semen

I'm presuming you guys have decent rental management companies over in the US? I'm going to be selling my apartment here and will have a fair chunk of change to invest...

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stev0

Buying a house and investing in rental properties with $10-20k... Am I missing something? Might be able to invest in a used truck.

stev0

Or moving expenses! I spent close to $10k (about $8k) just moving to another province and back last month.

stev0

I remember selling avs sites while I was still in highschool... signed up for the free access originally, lol

tranza

You can get some kind of property for $10k only???????????????????????????????????

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DavieVegas

No great answers yet

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Jake the King

I have had great success with stocks. I would invest in a couple I know of tomorrow if I had another 20k to spend!




Don't forget, if you buy "rental" property, the lending institutions will force you to put down 20% of the purchase price AND your loan for the other 80% will be at a higher interest rate. This is because "investment" properties are higher risk than residential purchases.


Since you don't really have all that much $$$ to work with, the perfect plan for you might be to just buy a place for you to live for a while with the plan of eventually moving out and then renting it out.


Buying a residence, you will get the best interest rate that will be available to you on your loan, and you can get in for NO money down. You will still have the majority of your 20k to do whatever you want with - AND - ****after one year of living there, you can move out and begin renting it out (without having to find 20% and you can keep your 30 year fixed with the low rate you got at purchase).


Then take that 20k and invest it (for the time you are living in this property) and then later, use it for a down payment (or whatever) on a new residential property when you move out of your current unit! Remember to save enough of that 20k for those months when you don't have a tenant and other odd emergencies that pop up.

If you remain local to your rental property, you can probably manage it yourself. But, be prepared for an occasional call about a clogged toilet or a leaky something or other. If you move away from your rental property, or if you do not want to be bothered with calls from your tenants, pay a company to manage your property. It will cost a bit, but I bet you can find a small company that will give you a reasonable deal.

slapass

Buy a 4-plex if you can but be aware that real estate is not a quick deal. If you are moving somewhere else just wait and buy something there. No need to rush it and why manage something long distance???

Barefootsies

True dat

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Barefootsies

Apparently.

You might wanna get that credit score up, and talk to a financial adviser. Or shop in better real estate markets.

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Barefootsies

That's why you have FRIENDS.

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Barefootsies

Down payment old chap.

I covered this earlier. See above.

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halfpint

Invest it in a high interest bank account, and just let it sit there for a few years, thats what I would do anyway

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Barefootsies

15%, and yes. Mortgage broker told me to expect the higher interest rate.

Exactly. However, the $20k is actually money over buying a primary residence. Extra money to play with. Not needed for house. Already have that covered in pre-approval.


I still have friends, and family local. Some of who already have/run rentals. As well as the business partner who has some 40+ properties, and also runs his friend's properties in SW MI as a "management". So I have that covered.

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Barefootsies

Nope. It's a long term investment. More importantly, it's a TANGIBLE asset for the bank. So less grief when I want to buy things. (Internet guru always gets you a weird face) Even though you can show you cash on paper and in tax returns. They seem to like that you have assets.

However, if you have rentals, you can count 75% of the income for future properties, and investments toward you income. Assuming you have them signed leases. Which is a nice bonus when you are trying to boost your bottom line.

Furthermore, rentals allow for more write offs. Especially on your fixer upper.

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Enough Said.

"Would you rather live like a king for a year or like a prince forever?"