I put this post up here to try and help people that may have been in a similar situation.As I explained above most of that card was indeed a RE investment.I picked up a Very nice 3 family home in a decent area in lkpt for $65K that was on the market for 130 the year before and then went into foreclosure.As soon as I saw it I snapped it up but in doing so I spent most of the extra cash I had at the time.When I buy a new property I try and make it perfect or close to it before I rent it out.New tenants are very happy when they see it and usually nothing should have to be fixed in the near future.I prob. spent close to $15k doing it up right(furnaces,windows,HWT’set.)But that $80k total investment now sits there bringing me in $1,700 a month.1,050mortgage and tax and ins.$75 mo water/sewer= $575 clear but the house is a $100K house all day long even in todays market.The one across the street just sold for 161K 2 yrs ago.
Just as I suspected. BTW do you know of any nice 4/6 bedroom doubles to be had right now or soon? Im looking to buy within 90 days. Pm me if you want.
Yup Josh(Laffy) will be an EXTREMELY wealthy person some day and I have no doubt in my mind.I’ve actually spoke about him to other people before and based on what little I’ve talked to him,I was very impressed.It also seems there are many bright people on here that if they keep their mind on the prize,will have a good life as well.
To all the people that think I’m stupid for doing what I do or how I do it,remember I’m a lowly GM worker(now not at all) who has never made over 69K a yr there and I know a few people on here that make more then that.I think I’m doing pretty well (1 mil. in Paid off equity all day long)11 yrs ago worked at a unimart and never inherited more then a $3K gift, won the lottery,etc.
HSBC tried to screw me. I made a post a few months back about how they said my payment was late when I paid it on the day it was due. They raised my APR from 8.99% to the default rate of 31.99% I had about $XXXX amount on their so my payment went from 100 something up to 400. I have been a long time customer with very good credit. I called them several times fighting to get them to put my APR back which they would not do…
So two months later I had one of the attorneys I work with type a letter up for me to send to HSBC. Well, a week later I got my credit card statement and I was back at the 8.99%APR
Happy to say I no longer have any CC debt. I’ve paid all of my cards off this week and will never get myself into that mess again…
mistero: I don’t think anybody thought you were stupid, it just sounds crazy to float that on a card except under exceptional circumstances. The first thought in my mind is why didn’t you just borrow against equity in one of your other properties at a lower fixed rate???
To refi on a rental house is a little harder I think then an average rental.I did think about doing it a few times but never got around to it,busy,any other excuse that would sound good but just be another excuse.
I’m actually now on the path to pay off all my debt including cars and swear(not sure how long it will last) to never buy a new car again since I have full access to the auctions.The ZR1 is a little different and actually gave up getting an Escalade EXT which I’ve wanted for the last 3-4 yrs and was planning this winter to keep that one alive.
I will be the first to tell you (NOW) that I spent way too much in the past 5 yrs but the important thing Is now I see that and can Harness that into positive work.I think my Son coming when he did was another sign.
And as always I’m always will to show people how to do it(real estate) if ya want to learn.
Cougar,I’ll pm ya in the next day or so
Those boys over at powertrain are snky snky
Wait GM gave you the boot? When did this happen? We were told that Tonawanda wouldnt be laying off till late 09
did you buy a car with a credit card?
in most cases (not 30k worth of debt lol, but maybe like 5k) if you’re able to pay it off in full with the rediculous 20%+ interest rate (in one payment) and you tel them u are going to cancel the card they will usually lower back down to your original rate or even lower
what misteroman is doing is smart
:word: It’s no coincidence that the vast majority of self made millionaires get their start in real estate.
I read somewhere it was 69% started that way.Not sure if it is true or not.
Jam,In case ya missed it above I did it for a RE investment.
I hope people can learn from this if it’s every happened to you.
I knew I was going to get some flack from people for having that much on there but if this thread can help people out then it’s worth it to have to explain everything
Makes perfect sense to me. Credit cards to buy a house is usually less interest than a bank will give you, plus you call the shots.
There are tons of properties that cashflow huge around here.
Paid 45k for my house, got the SONYMA 5k grant, paid 1100 in down payment. Walked from close with a check for 525 dollars. The grant paid mostly everything.
Probably put about 3 grand into the house this year, I live in the lower. House payment with taxes and insurance escrowed in comes to 608, upper unit gets 550.
So right now, I pay 58 dollars per month to live in a decent 1100sq foot apartment.
When I move out of the lower I’ll get 600 for it.
The thing will cashflow 542 bucks a month, plus I get all the tax writeoffs and tenants pay off the entire house.
Buffalo is the right market to buy and hold houses. There are A LOT of areas of the country, that you can not cashflow anything, because the houses cost way more and the rent is cheaper than the mortgage.
The only thing that sucks here, is that 50 percent of my payment is taxes. Go anywhere else, and I would be paying under 1000 per year in taxes… Here it is 2300…
so did you charge that chick an extra $25, and did it work out ok?
Yep, 25 dollar pet fee, plus 525 deposit. 550/month rent with pet fee.
Real responsible school teacher, got the credit/background info back.
Total no brainer.