Derrick prob. has his shit together more than anyone on this board.
Never have tried a cigarette/weed/drug. Will have a few beers every now and then.
This was my origianl “out plan” and was approved by All I would trust in taking their advice/suggestions including wifey
New 2500 Truck paid for
New Tahoe/yukon for wifey paid for .
Toy( ZR1 or Zl1 camaro or possibly older BB muscle) Paid for.
All smaller rental properties paid off. Only 2 left with loans now. 2 big ones are both paid off in 12 yrs.
Insurance(life,car, properties paid 1 yr in advance)
$100K cash in bank
Walk out the door.
As for the Making 180 a yr, Its to that point now. It wasnt last year by no means. I also went 3.5 yrs without working and in that time frame had My son, Bought a new Truck, Bought a Motel(145K down), etc. My hard work is now starting to pay off and am able to start breathing/ relaxing again.
As far as the celebrity comment goes, I’m still a hustler. They sit in their mansions and and blow money like crazy, I’m out ‘turning and earning’ and enjoy doing it.
I’m also pretty diversified with some pretty gold and silver colored things!
And as far as a fleet of ferraris, Man I want a 430 Spider so bad but just cant justify it. Even a ZR1 I would think I would buy used as you can pick up a used 11 for low 80’s in florida with a few thousand miles and save yourself $30K
Don’t forget to subtract all the gambling money that is spent…
i tend to agree with the above…if you are now making $15k/month and will be making a projected $25k/month in the foreseeable future i’m not so sure you need to worry about how or when to retire if you really think this money is going to be a sure thing…even at $15k/month unless you are living a particularly extravagant lifestyle you should be able to bank a good bit of that every year or put it into some other investment. really if you still have loans out on any of your properties you should just pay them off and get free and clear as soon as possible…even if interest isn’t so expensive its much nicer when thinking of the future to have everything owned outright and it gives you much more flexibility. we financed the first house we flipped and won’t ever do it again, it is just so much easier to pay cash up front and be able to plan for the next acquisition without worrying that you’ll get undermined by the cost of financing the last one…or with the rentals being concerned that a disastrous vacancy will force you to use ‘other money’ to pay for the cost of that property.
in any case congrats on the investments. the wife and i aren’t quite that far along with them now but our goal is to get around $150k/year out of them when we are done. what is the story with the motel you bought?
lol and what do I gamble on and do I even know you? Havent even been to the casino in about 4 yrs and if I spent 300 there it would’ve been alot.
How is your real estate portfolio spread out? Do you have 5 properties that pull in $5k a month or 3 that pull in $20k, $3k and $2k a month?
Just keep in mind with today’s medical technology you will probably live for at LEAST another 50 years knowing you live cleanly.
It sounds like you have a good “passive” income but I can’t believe other people who retire so early, we are going to be paying for baby boomers for the next 50 years… or more. lol
In for all the bad advice that is going to continue rolling in. I’d say you’re the top dog on the forum and should be the one giving the advice. 
Congrats on living clean, giving back where possible and basically kicking life in the ass. 
Fuck I make $56,000 a year and that’s not enough for me, I think it’s just not possible your not looking at all factors that will affect this.
You just compared 56k a year to 180k lol
Wow almost 130k more it’s the limiting factor taxes are also higher for him also. There are millionaires that don’t even have enough money… As it is
^^^ and thats half of the problem with this country and I’m not saying I’m innocent here either. We’re always working for something. Man If I work another year I can buy that XXX. If I work 3 more years I can buyXXX. Pretty soon you’re 75 and thinking what happened!!! I can’t believe I’m 38 yrs old It seems like I just started working here 5 yrs ago. Its been close to 15. My son is 3.5. Seems like yesterday we came home from the hospital.
I tell alot of younger people I meet," no matter how many times you hear it, Your life will fly by. Don’t just hear to the words,listen to them" I never believed it myself and was told it many times when I was younger too. I guess there is just a point in everyone’s life where it will happen to them and you realize it.
Way to ignore my run for mayor comment lol
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I think you’re looking at life the wrong way lol
I purchased my house and planned my expenses around just about half of what I make right now the idea was not to have my life driven purely by money.
The other thing is if your house and other things are paid off 180k a year is a shit ton of money.
jeez you’re almost 40?
then you SHOULD be in the position you’re in (a good one). I thought you were like 30 and people are on your nuts for owning some property.
anyone who isn’t a shit head should own a bunch of stuff and have a nice 6-figure income by 38.
I have nothing to add other than this is the best thread on here in awhile. Great conversation piece.
Sherm
Yes still want to run for for town supervisor( no mayor on G.i.) but would hate the backstabbing that comes along with it.Now if I could be the dictator of g.i. …lol. Need to send you a pm to btw.
Bing, I agree most people should be very stable if you’re close to 40 unless you have some other circumstances. Laziness not being one of them. Now again 100K a yr does not always mean stable. There is no reason someone can’t live very comfortably making $40 K a yr. Are you touring Europe in your Lambo, no but can you have a nice home, newer cars and a great piece of mind, sure. Also 100K a yr jobs are becoming very hard if I’m correct even with good college degrees. I’m sure many people on here will agree with that. I bet if I took every contact in my phone who is +/- 5 yrs of me that I could only come up with a handful that could say they have a net worth of more then 100k much less income. I also wouldn’t say I hang around with bums either.
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Beck
1 large one that brings in the bulk of it( would like to sell if anyone wants!!!) then they go down from there.
Also if I could have a person like traders base flipping it for me… 50% a yr! dang thats awesome
The track record for 2012 is currently 24.5%…I need to update my signature. Sorry. Those are all publicly posted trades on the blog with entry and exit plans BTW.
My site partner is starting to ramp back up and focus on the blog, it’d be worth checking in and considering his trades if they fit your appetite for risk.
I’ll have to hit you up via text again one of these days.
So what is the motel story?
Owner held financing an option?
With a very large down payment, yes. Would have to pay off what I owe on it($490’s). Profits about $10K a mo after bills!!! Could be a little more if you worked it hard. I’m lazy.
I do have a decent property I would sell on an owner hold with $60k Down. Property has approx 3500 in income and about a grand in expenses not including a mortgage
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Which one? The one I have or the possible 2nd one I mentioned briefly above