# Need Real Finance Advice? **URL:** \ **Category:** Shift518 Off Topic\ **Created:** [September 30, 2009, 12:22pm UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209 "2009-09-30T12:22:15Z")\ **Posts on this page:** 20\ **Page:** 7
**Author:** ![RocketPunch](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/rocketpunch/32/6429_2.png) [@RocketPunch](https://forums.speedlife.net/u/RocketPunch)\ **Post date:** [October 4, 2009, 10:36am UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/121 "2009-10-04T10:36:29Z")
> [@whats the best vid card to get](https://forums.speedlife.net/t/whats-the-best-vid-card-to-get/23933/11): > > Start with: > 4 unit, lansingburgh, Cohoes… and only in schenectady if the building is super solid with very good rents in a decent area… the taxes there are terrible. > > One can find 4 units with 2100 of monthly income for 100k-130k … would likely profit 700-1200 per month right from closing date. > > more than 4 units is commercial which has higher down payments requirements and other stipulations, such as garbage removeal fees and sometimes sprinkler needs etc. Small than 4 unit and your just reducing monthly income. > > These properties wont likely be sexy and often do not have garages and all the stuff we want…but thats the breaks. > > I always have a small list of homes I would buy if anyone has a need. I cherry pick, but there are a fair amount of good options > > Non-owner occupied mortgages require more down payment… keep this in mind. Weather you move into said property or not, if the bank is aware you are not living there, expect to need alot more down payment. Plan on living there for a short time, taking advantage of only a few % downpayment… and use seller concessions (up to 6%) if the place will appraise. It better appraise or your not buying it right. If it needs alot of painting, has rot, bad roof etc, FHA may NOT allow the purchase without escrow or the owner making repairs. This can help if the owner has owned the building a long time, is not upside down on it, and is motivated to sell, as he may pay for the work. Its a game. > > Also, for the tax credit, you can not purchase from an immediate family member, i.e. your sister… however, it remains to be seen if there will be an office staffed by the government that will actually check this at any point. You also need to be under contract soon, mainly because attorney offices, title companies and the like are going to be swamped…and worse of all is Obamanation’s choice of ending it on a vacation week when many of these high paid professionals will be spending time with family for Thanksgiving…some offices will indeed have a skeliton crew… but sub par pros may be doing some of the work… and that can lead to issues. Remember, often when you get a mortgage, the money is transferred via wire or surity check into the attorneys IOLA acct. Alot of people need to be at work, and not home, to get the task completed. If you make an offer , intending on the tax credit, make the closing date on or before November 22 if at all possible. Extensions, or changes are ALL rumor. I will guess there will be a mild extension for those caught up with apprasial issues or whatever may have delayed the closing. > available now. What kind of tax implication will one be looking at with such profit and does the profit includes paying someone to manage the property? Just wondering. ---
**Author:** ![GATVILLE](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/gatville/32/6362_2.png) [@GATVILLE](https://forums.speedlife.net/u/GATVILLE)\ **Post date:** [October 4, 2009, 11:02am UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/122 "2009-10-04T11:02:29Z")
subscribed, some good info in here. ---
**Author:** ![Neo187H](https://avatars.discourse-cdn.com/v4/letter/n/898d66/32.png) [@Neo187H](https://forums.speedlife.net/u/Neo187H)\ **Post date:** [October 4, 2009, 1:09pm UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/123 "2009-10-04T13:09:40Z")
> [@food poisoning at fudds.](https://forums.speedlife.net/t/food-poisoning-at-fudds/23971/14): > > What kind of tax implication will one be looking at with such profit and does the profit includes paying someone to manage the property? Just wondering. The profit is considered income which you would than have to pay tax on, though any expenses related to the house could be written off as a business expense now to reduce that on paper income. ---
**Author:** ![Shawn96VR-4](https://avatars.discourse-cdn.com/v4/letter/s/eada6e/32.png) [@Shawn96VR-4](https://forums.speedlife.net/u/Shawn96VR-4)\ **Post date:** [October 4, 2009, 2:26pm UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/124 "2009-10-04T14:26:18Z")
> [@I Need Your Help v. Cell Phones (for a good cause)](https://forums.speedlife.net/t/i-need-your-help-v-cell-phones-for-a-good-cause/23785/4): > > lol never do a balance transfer unless a CC company offers you no interest on balance transfers otherwise you would just be screwing yourself That’s shitty advice. ---
**Author:** ![Shawn96VR-4](https://avatars.discourse-cdn.com/v4/letter/s/eada6e/32.png) [@Shawn96VR-4](https://forums.speedlife.net/u/Shawn96VR-4)\ **Post date:** [October 4, 2009, 2:28pm UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/125 "2009-10-04T14:28:01Z")
> [@Sabres games streaming anywhere?](https://forums.speedlife.net/t/sabres-games-streaming-anywhere/23170/61): > > How are u guys coming up w 20% down on houses? I work two jobs and I’m still strugglin to save massive amounts of money lol Make more money than you consume. But, yea, a couple friend of ours just put down ~10% on a 450K condo… $45K is a chunk of change. ---
**Author:** ![JClark](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jclark/32/6309_2.png) [@JClark](https://forums.speedlife.net/u/JClark)\ **Post date:** [October 4, 2009, 3:19pm UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/126 "2009-10-04T15:19:42Z")
> [@\*OFFICIAL\* 06-07 Toronto Maple Leafs Season Thread](https://forums.speedlife.net/t/official-06-07-toronto-maple-leafs-season-thread/18511/211): > > If you take classes for it I don’t see why not, unless you are earning and spending the monetary values of a large company. It depends largely on what you’re doing with it, but there’s no way you can be as fluent and up to date in finance. If its just a matter of sticking your savings chunk somewhere, any finance major can handle it, but to get the most out of your money he/she has to be researching market conditions daily or hourly, not quarterly. I have a BS in finance and am in the process of doing an MBA and I still use a financial advisor for help. Everyone should be well educated on where their money is and WHY, not just giving it to someone and ignoring it til retirement. So you’re point is valid, but I still think everyone can benefit from the pros. (The pros that aren’t trying to screw you that is - there are lootttssss of those). ---
**Author:** ![JClark](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jclark/32/6309_2.png) [@JClark](https://forums.speedlife.net/u/JClark)\ **Post date:** [October 4, 2009, 3:29pm UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/127 "2009-10-04T15:29:41Z")
We should all thank Anthony for proving a point several times in this thread: do not take anyones advice if they don’t know what they’re talking about and never take anyones advice if you don’t fully comprehend it yourself. ---
**Author:** ![Shawn96VR-4](https://avatars.discourse-cdn.com/v4/letter/s/eada6e/32.png) [@Shawn96VR-4](https://forums.speedlife.net/u/Shawn96VR-4)\ **Post date:** [October 4, 2009, 3:46pm UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/128 "2009-10-04T15:46:02Z")
> [@pictures tonight?](https://forums.speedlife.net/t/pictures-tonight/23920/28): > > We should all thank Anthony for proving a point several times in this thread: do not take anyones advice if they don’t know what they’re talking about and never take anyones advice if you don’t fully comprehend it yourself. :lol Given the members we have on this forum, I can’t imagine it being a hot spot for a life coach. ---
**Author:** ![Shawn96VR-4](https://avatars.discourse-cdn.com/v4/letter/s/eada6e/32.png) [@Shawn96VR-4](https://forums.speedlife.net/u/Shawn96VR-4)\ **Post date:** [October 4, 2009, 3:48pm UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/129 "2009-10-04T15:48:30Z")
> [@Unlock your car with a tennis ball??? \*VID\*](https://forums.speedlife.net/t/unlock-your-car-with-a-tennis-ball-vid/23968/14): > > It depends largely on what you’re doing with it, but there’s no way you can be as fluent and up to date in finance. If its just a matter of sticking your savings chunk somewhere, any finance major can handle it, but to get the most out of your money he/she has to be researching market conditions daily or hourly, not quarterly. > > I have a BS in finance and am in the process of doing an MBA and I still use a financial advisor for help. > > Everyone should be well educated on where their money is and WHY, not just giving it to someone and ignoring it til retirement. So you’re point is valid, but I still think everyone can benefit from the pros. (The pros that aren’t trying to screw you that is - there are lootttssss of those). That’s why I don’t feel so bad for letting the professionals deal with that. I wish I had the time to handle it myself but I don’t have the time or skills. I think it’s a bad decision for me to take control of something that I am not fully invested in. ---
**Author:** ![kramerbuccs24](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/kramerbuccs24/32/6397_2.png) [@kramerbuccs24](https://forums.speedlife.net/u/kramerbuccs24)\ **Post date:** [October 4, 2009, 3:59pm UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/130 "2009-10-04T15:59:31Z")
> [@pictures tonight?](https://forums.speedlife.net/t/pictures-tonight/23920/28): > > We should all thank Anthony for proving a point several times in this thread: do not take anyones advice if they don’t know what they’re talking about and never take anyones advice if you don’t fully comprehend it yourself. :lol there’s a reason I haven’t said anything in this thread, I’ve read it through like 5 times though :excited ---
**Author:** ![Singh1](https://avatars.discourse-cdn.com/v4/letter/s/ba8739/32.png) [@Singh1](https://forums.speedlife.net/u/Singh1)\ **Post date:** [October 4, 2009, 4:39pm UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/131 "2009-10-04T16:39:22Z")
> [@wtb: blazer rim.](https://forums.speedlife.net/t/wtb-blazer-rim/23835/2): > > I’ll have to look and see what brand. They seem nice. All I know is that the entire bill was 2100 dollars (I just paid the rest of it today), I’m not sure how it was broken down labor vs. material cost. Thats 420 dollars per window, which seems ridiculously high to me, but like said, the wife took care of everything and I didn’t bother questioning since I trust her judgement. > > It put a dent in my savings, thats for sure… 420 bucks per window, i hope they are some big windows LOL construction aint my thing but i got skills and shit i woulda came to your house with tools myself and done it for 300 something per window and been a happy mofo ! > [@FS:Isuzu Hombre 5spd](https://forums.speedlife.net/t/fs-isuzu-hombre-5spd/23845/6): > > Six month cushion is great… I’ve read that if you have a 3-6 month “emergency fund” set aside, that’s a good thing. > > You can use that instead of taking out loans / racking up CC bills to deal with an emergency situation (something big breaks on car / house) > > As for discipline, well I hear ya man but if you have discipline to put aside 6 months worth of living expenses I’m sure you know when an expense is a MUST and when it’s not. > > HOWEVER if you are a hobo in the 518 area (who stole internet access and joined Shift) and $200 represents 6 months worth of living expenses ignore the above sentence… :lol i think someone who can continue living the lifestyle they had with income for 6 months…without income and rely soley on the money they have saved… than i think that was called wealthy somewhere… > [@99 dodge neon custom turbo help](https://forums.speedlife.net/t/99-dodge-neon-custom-turbo-help/23876/8): > > My savings account is used solely to hold the money I want to put towards my car. :rofl :rofl > [@FS: Mighty Demon 650 Carb, Excellent Condition!](https://forums.speedlife.net/t/fs-mighty-demon-650-carb-excellent-condition/23596/12): > > Thats what i’d like to do hopefully. Theres only so many times though you can get woken up in the middle of the night cause of some douchebag above / below in your building, and thats been my current situation for the last 5 years. I value a good nights sleep and piece of mind more than money. PLUS I HATE anybody going near my garage or shit down there. I guess when your the owner there can be rules though… there is things we all dont want, and things we rather not tolerate like being woken up in the middle of the night, but you got to suck it up for a few years, do the work to reap the rewards of a peaceful nights sleep and get that pea from out the underside of your mattress > [@pictures tonight?](https://forums.speedlife.net/t/pictures-tonight/23920/28): > > We should all thank Anthony for proving a point several times in this thread: do not take anyones advice if they don’t know what they’re talking about and never take anyones advice if you don’t fully comprehend it yourself. - 1 talk isnt cheap …its free and everyone and anyone will give advice…but take a step back before you take that advice and ask yourself …if that person is giving the advice from a place where you want to be financially and whatever… which is exactly why i guess you shouldnt take my advice LOL ! ---
**Author:** ![Anthony](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/anthony/32/6541_2.png) [@Anthony](https://forums.speedlife.net/u/Anthony)\ **Post date:** [October 4, 2009, 6:41pm UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/132 "2009-10-04T18:41:32Z")
Actually its not, It would be dumb to do a CC transfer and make 1 Card higher if they are still going to get an interest rate on it. > [@2/2 drift?](https://forums.speedlife.net/t/2-2-drift/23978/7): > > That’s shitty advice. I am no genius BUT I do well for myself and I consider myself to be a happy person maybe one day I will be as cool as you > [@pictures tonight?](https://forums.speedlife.net/t/pictures-tonight/23920/28): > > We should all thank Anthony for proving a point several times in this thread: do not take anyones advice if they don’t know what they’re talking about and never take anyones advice if you don’t fully comprehend it yourself. ---
**Author:** ![Wayne64SS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/wayne64ss/32/6365_2.png) [@Wayne64SS](https://forums.speedlife.net/u/Wayne64SS)\ **Post date:** [October 4, 2009, 8:06pm UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/133 "2009-10-04T20:06:53Z")
> [@whats the best vid card to get](https://forums.speedlife.net/t/whats-the-best-vid-card-to-get/23933/11): > > Start with: > **4 unit, lansingburgh, Cohoes… and only in schenectady if the building is super solid with very good rents in a decent area… the taxes there are terrible.** > > > > **One can find 4 units with 2100 of monthly income for 100k-130k** … would likely profit 700-1200 per month right from closing date. > > more than 4 units is commercial which has higher down payments requirements and other stipulations, such as garbage removeal fees and sometimes sprinkler needs etc. Small than 4 unit and your just reducing monthly income. > > These properties wont likely be sexy and often do not have garages and all the stuff we want…but thats the breaks. > > I always have a small list of homes I would buy if anyone has a need. I cherry pick, but there are a fair amount of good options > > Non-owner occupied mortgages require more down payment… keep this in mind. Weather you move into said property or not, if the bank is aware you are not living there, expect to need alot more down payment. Plan on living there for a short time, taking advantage of only a few % downpayment… and use seller concessions (up to 6%) if the place will appraise. It better appraise or your not buying it right. If it needs alot of painting, has rot, bad roof etc, FHA may NOT allow the purchase without escrow or the owner making repairs. This can help if the owner has owned the building a long time, is not upside down on it, and is motivated to sell, as he may pay for the work. Its a game. > > Also, for the tax credit, you can not purchase from an immediate family member, i.e. your sister… however, it remains to be seen if there will be an office staffed by the government that will actually check this at any point. You also need to be under contract soon, mainly because attorney offices, title companies and the like are going to be swamped…and worse of all is Obamanation’s choice of ending it on a vacation week when many of these high paid professionals will be spending time with family for Thanksgiving…some offices will indeed have a skeliton crew… but sub par pros may be doing some of the work… and that can lead to issues. Remember, often when you get a mortgage, the money is transferred via wire or surity check into the attorneys IOLA acct. Alot of people need to be at work, and not home, to get the task completed. If you make an offer , intending on the tax credit, make the closing date on or before November 22 if at all possible. Extensions, or changes are ALL rumor. I will guess there will be a mild extension for those caught up with apprasial issues or whatever may have delayed the closing. > available now. FUCK Jammer, now you got me thinkin. ---
**Author:** ![Singh1](https://avatars.discourse-cdn.com/v4/letter/s/ba8739/32.png) [@Singh1](https://forums.speedlife.net/u/Singh1)\ **Post date:** [October 4, 2009, 8:09pm UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/134 "2009-10-04T20:09:49Z")
> [@xbox 360 question](https://forums.speedlife.net/t/xbox-360-question/23980/5): > > I am no genius BUT I do well for myself and I consider myself to be a happy person maybe one day I will be as cool as you not as cool as clark …dude he had his own LAMAR banner on 787 :rofl ---
**Author:** ![Singh1](https://avatars.discourse-cdn.com/v4/letter/s/ba8739/32.png) [@Singh1](https://forums.speedlife.net/u/Singh1)\ **Post date:** [October 4, 2009, 8:10pm UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/135 "2009-10-04T20:10:12Z")
> [@So it calls for flurries...](https://forums.speedlife.net/t/so-it-calls-for-flurries/24000/8): > > FUCK Jammer, now you got me thinkin. hes really good at doing that !!! ---
**Author:** ![Jammer](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jammer/32/6349_2.png) [@Jammer](https://forums.speedlife.net/u/Jammer)\ **Post date:** [October 4, 2009, 8:30pm UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/136 "2009-10-04T20:30:39Z")
As neo stated above, rental income is just that… INCOME. But remember, the savvy investor buys alot of tools and supplies to maintain the dwelling. Every hammer, socket, welder, trailer etc can be a write off. Consult your CPA to keep it legal of course. What isnt taxed right now is the fact someone else is filling a savings account for you. Every home you buy for say 125k is just another account someone will fill up in 20-30 years with that 125k, and if history repeats itself, each home/account may be worth $250k. So, if at age 25 you have 4 homes, which you conceiveably have purchased with less than 50k your own money, then by the time you are 55 you should have 1 million. Thats not counting any monthly income… as I am assuming you will maintain these places and spend the income on all kinds of write offs. I think this is being conservative…but I also saw the benifits of the recent home price increases and decreases. I bought a home at 6 hamilton st in cohoes for 76k in 2004. Sold it in 2007 for 160k. I had invested 20k. Its a matter of buying right, updating, getting higher rents and reselling. If I was an asshole landlord i would be far better off, but I am generous and often dont charge top rent. Thats a personal fault and shouldnt be mimicked. However when I sell, I jack rents just prior. If anyone out there has a credit score above 650-700 and wants an income property for very little down, step up to the plate now, this week. To own income property means late night calls, it means alot of bullshit with ignorant people. And something many of the younger generation cant do… kiss the right ass at the right time and work hard. ---
**Author:** ![Wayne64SS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/wayne64ss/32/6365_2.png) [@Wayne64SS](https://forums.speedlife.net/u/Wayne64SS)\ **Post date:** [October 4, 2009, 8:38pm UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/137 "2009-10-04T20:38:21Z")
meh, my life is perfectly oriented towards rental properties. Do you know of any offhand Jammer? ---
**Author:** ![JClark](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jclark/32/6309_2.png) [@JClark](https://forums.speedlife.net/u/JClark)\ **Post date:** [October 4, 2009, 8:42pm UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/138 "2009-10-04T20:42:52Z")
> [@xbox 360 question](https://forums.speedlife.net/t/xbox-360-question/23980/5): > > I am no genius BUT I do well for myself and I consider myself to be a happy person maybe one day I will be as cool as you Its not about coolness, you gave several pieces of very strange opinions as gospel fact. Its that kind of conversations that lead your peers to make poor decisions if they are nieve enough to listen. I haven’t given any advice for that reason, and Jammer has carefully worded his to not mislead people either. Just my $.02. People are most likely to take financial advice from friends and family, regardless of their qualifications. - Money Magazine ---
**Author:** ![Shawn96VR-4](https://avatars.discourse-cdn.com/v4/letter/s/eada6e/32.png) [@Shawn96VR-4](https://forums.speedlife.net/u/Shawn96VR-4)\ **Post date:** [October 4, 2009, 8:53pm UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/139 "2009-10-04T20:53:35Z")
> [@xbox 360 question](https://forums.speedlife.net/t/xbox-360-question/23980/5): > > Actually its not, It would be dumb to do a CC transfer and make 1 Card higher if they are still going to get an interest rate on it. Actually, it is. It makes perfect sense if you are going to save money in the end from a lower interest rate. ---
**Author:** ![Shawn96VR-4](https://avatars.discourse-cdn.com/v4/letter/s/eada6e/32.png) [@Shawn96VR-4](https://forums.speedlife.net/u/Shawn96VR-4)\ **Post date:** [October 4, 2009, 8:55pm UTC](https://forums.speedlife.net/t/need-real-finance-advice/247209/140 "2009-10-04T20:55:24Z")
> [@Hello All](https://forums.speedlife.net/t/hello-all/23914/17): > > Its not about coolness, you gave several pieces of very strange opinions as gospel fact. Its that kind of conversations that lead your peers to make poor decisions if they are nieve enough to listen. I haven’t given any advice for that reason, and Jammer has carefully worded his to not mislead people either. Just my $.02. People are most likely to take financial advice from friends and family, regardless of their qualifications. - Money Magazine Exactly. [Previous page](https://forums.speedlife.net/t/need-real-finance-advice/247209.md?page=6) [Next page](https://forums.speedlife.net/t/need-real-finance-advice/247209.md?page=8)