# Saving money, cutting costs **URL:** \ **Category:** Shift518 Off Topic\ **Created:** [December 22, 2012, 8:54pm UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835 "2012-12-22T20:54:40Z")\ **Posts on this page:** 20\ **Page:** 6
**Author:** ![toomanycamaros](https://avatars.discourse-cdn.com/v4/letter/t/7993a0/32.png) [@toomanycamaros](https://forums.speedlife.net/u/toomanycamaros)\ **Post date:** [January 5, 2013, 2:05pm UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/101 "2013-01-05T14:05:32Z")
> [@july 12th import car show Rochester NY](https://forums.speedlife.net/t/july-12th-import-car-show-rochester-ny/49905/34): > > how do you know Alright poor inference on my part. There are some other member of this forum that based on what they post would probably have the ability to raise the capital to purchase such a building. However like outlined in Jammer’s post below it’s a crap shoot having somebody else manage your property. If you don’t mind me asking what do you do for a living since you said working with your mom wasn’t for you? Not busting balls just curious. > [@Brother-Sister cockblock combo move...](https://forums.speedlife.net/t/brother-sister-cockblock-combo-move/51371/13): > > Im sure I am NOT the only one here with income property of any value… I just try to add food for thought here… > > 6%-10% is normal, depending on quality of property and likely tenants. Renting it usually comes with 1/2 month or full months rent paid to agent as well…depends > > how its written. > > There are many types of managers, or management companies. In the end, no one manages it with necessity, the way an owner might, if the income is a necessity. When one is fat and happy, its easy to let a place go unrented… just as a lazy manager might do… or a management company may choose just anyone as long as your written qualifications are met. The problem is judgement. Its hard to find management that will think and act like you might as the owner. > > I just went 5 months unrented on a 1200 sq ft 4 br near union college by choice. In the end I got what i wanted, because I put a little time in, as did 518Realty. I had a few agencies prior try to place people and its funny how some of the same people I personally turned down, were painted wonderfully from a agency months later cause they were still looking. Meaning, If your not going to do it yourself, its best to have some beans in your pocket to deal with the possible mess of someone elses decisions that may not operate the way you would. > > I had a management company handle all repairs once… and when they called in a plumber to replace a water heater, I was billed $1400 for a $375 unit… $1000 to install was no skin off the agency, but iIwas effin pissed. you get the point. > > no one does it like you will…unless you suck at it too. I’m not implying that you are however your the only person who publicizes the information. Also from what I’ve gathered from the posts you have made on the matter your one of very few people who really understand how to take existing capital and equity and really put it to work in order to better your financial position. Honestly I think that America could use a few more people with your mind set and then we wouldn’t have as many problems as we do right now. ---
**Author:** ![sbardy](https://avatars.discourse-cdn.com/v4/letter/s/8edcca/32.png) [@sbardy](https://forums.speedlife.net/u/sbardy)\ **Post date:** [January 5, 2013, 3:52pm UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/102 "2013-01-05T15:52:39Z")
You can learn a few things about real estate from jammer… I know I have. Guys been in a few homes in his day. ---
**Author:** ![Boost\_Creep](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/boost_creep/32/6366_2.png) [@Boost\_Creep](https://forums.speedlife.net/u/Boost_Creep)\ **Post date:** [January 7, 2013, 8:13am UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/103 "2013-01-07T08:13:06Z")
While I don’t work specifically with property managers there isn’t any easy about it. I could never do Section 8 either, it’s not just buy a dump, rent it out and get a check from the state. There is nothing easy about Real Estate investments. Jammer had some excellent points above. Try sitting on a unit that isn’t rented for half a year. You still have to pay property taxes, etc. ---
**Author:** ![toomanycamaros](https://avatars.discourse-cdn.com/v4/letter/t/7993a0/32.png) [@toomanycamaros](https://forums.speedlife.net/u/toomanycamaros)\ **Post date:** [January 7, 2013, 8:42am UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/104 "2013-01-07T08:42:24Z")
> [@CITY PEOPLE](https://forums.speedlife.net/t/city-people/51420/5): > > While I don’t work specifically with property managers there isn’t any easy about it. I could never do Section 8 either, it’s not just buy a dump, rent it out and get a check from the state. > > There is nothing easy about Real Estate investments. Jammer had some excellent points above. Try sitting on a unit that isn’t rented for half a year. You still have to pay property taxes, etc. plus the mortgage and heat. The second can be a major expense during with winter. ---
**Author:** ![KrazyKid](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/krazykid/32/6371_2.png) [@KrazyKid](https://forums.speedlife.net/u/KrazyKid)\ **Post date:** [January 7, 2013, 8:45am UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/105 "2013-01-07T08:45:23Z")
simple question, foreclosure homes/properties/shops/etc… those are not financeable are they? Meaning its a cash and carry deal from what I have been told. ---
**Author:** ![Boost\_Creep](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/boost_creep/32/6366_2.png) [@Boost\_Creep](https://forums.speedlife.net/u/Boost_Creep)\ **Post date:** [January 7, 2013, 8:47am UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/106 "2013-01-07T08:47:01Z")
> [@KrazyKid"](#): > > simple question, foreclosure homes/properties/shops/etc… those are not financeable are they? Meaning its a cash and carry deal from what I have been told. Nothing easy about short sales/foreclosures easier. They are 99% cash sales. Banks won’t finance foreclosed homes. Also, they can take a long ass time to close on… (have one going for 6 months now because of judgements that can’t be removed from the title) ---
**Author:** ![KrazyKid](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/krazykid/32/6371_2.png) [@KrazyKid](https://forums.speedlife.net/u/KrazyKid)\ **Post date:** [January 7, 2013, 8:55am UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/107 "2013-01-07T08:55:48Z")
Yeah i would love to be on the recieving end of a diamond in the rough forclosure shop. The 1945 guys got the deal of a lifetime on that building/property, and a guy I know in amsterdam got a nice little shop for something stupid like $5k. He pimped it out for $20K after the sale and has a heck of a nice little bike shop. But like you said, its a lot of work. ---
**Author:** ![Boost\_Creep](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/boost_creep/32/6366_2.png) [@Boost\_Creep](https://forums.speedlife.net/u/Boost_Creep)\ **Post date:** [January 7, 2013, 8:58am UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/108 "2013-01-07T08:58:54Z")
It’s not just work, you need the cash (or credit from say a home equity line) to purchase. There’s deals out there for sure… and when they do pop up they go fast. I lost out on one last year because they offered $30K cash over the asking price. Sometimes hard to compete with that. ---
**Author:** ![greggotron](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/greggotron/32/6571_2.png) [@greggotron](https://forums.speedlife.net/u/greggotron)\ **Post date:** [January 7, 2013, 10:53am UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/109 "2013-01-07T10:53:53Z")
Great thread except… > [@WTB: summer toy.](https://forums.speedlife.net/t/wtb-summer-toy/51317/26): > > Saving money is for Jews. > > I’m never moving out of my parents house. anti-semis can S a D though. ---
**Author:** ![imported\_hybrdthry91](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/imported_hybrdthry91/32/6315_2.png) [@imported\_hybrdthry91](https://forums.speedlife.net/u/imported_hybrdthry91)\ **Post date:** [January 10, 2013, 9:35pm UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/110 "2013-01-10T21:35:52Z")
Forget over the asking price. If they get a cash offer they often take less than any other offers if they have a mortgage associated with it at all. Unless the bank that owns it does the financing then possibly easier. I want to get in the business but it is a lot of work. And at the price point I could really afford right now I would be dealing with the scum of the earth. I’m sure a few people on here have duplexes or rental properties, how do you deal with these people sometimes? I feel like one squatter not paying rent can ruin 6-12 months worth of income for a property. And to get back on topic of general money saving…One thing no one ever teaches you in school is to handle your fucking credit. Credit can affect so many aspects of your life. From where you live, even apartments, to auto loans, insurance rates, etc. Check your credit score often, do not ignore it if it is bad. Credit needs maintenance too. Even if you don’t plan on needing it soon you never know, and it takes some time to repair if you get behind on it. I know 40+ year olds who can’t finance a $10k car, but at the same time I know 21 years olds that are buying 200k dollar houses and it’s not because mommy/daddy is helping them. Make sure to get credit when you are young and be responsible with it so when you need it, your credit is there. A few tips to positive credit scores: Always pay your bills on time of course, even a few late payments will hurt you for years. Always try to keep 2-3 major credit cards open, the longer you are with them the better. Higher credit limits help your score, some banks are better than others about increasing limits over time and often times you need to request it they won’t give it to you Make sure to keep the balances low! below 10% would be best ---
**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:** [January 11, 2013, 6:16am UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/111 "2013-01-11T06:16:55Z")
Im going to add some real world on the good topic of credit…as mentioned just above, its of extreme importance, good post and topic. 1. To keep score elevated, never have a balance over 50% of your credit cards limit… its in the algorythm to lower your score if you do… not substantially, but noteworthy, and every point matters. 2. Dont shoot for credit limits that are any higher than you need to stay under 50%. Having the credit is like having the debt…cause a lender knows you could max that credit, there is some loss there. I had 5 cards, 4 with 30k credit lines. I asked the banks to cut them all to $15k and it helped my credit worthiness at that time. 3. No lates for 30 months : This is a big one…some banks, like Trustco do not pull credit scores and dont give a shit if you have a balance at the Want ad Digest, but only care if you had ANY lates to debts (CC, auto, Home) in the last 30 months. Others will care if you owe little debts from years ago that seemingly souldnt matter. KNOW WHERE TO BANK FOR WHAT AND BASED ON YOUR CREDIT. Banks do thngs differently. #. If planning on multiple investments, know that most banks alllow a max of 4 fannie or freddie mortgages. The only way to get more than four in many cases, it to find a bank that portfolios some product in house. Trustco does, Sunmark will on limited bases, First Niagara, and so on. But these are harder loans and often require more equity. Banks will finance forclosures, just not all forclosure are in good enough condition. I inspect for many many people buying forclosures, using a bank to get a mortgage. Not dumps, but not all forclosures are…most are not abandonded dumps. My buddy used to teach a class on credit repair, and for fun I followed all his reccomendations for 6 months, brought my rolling 750’s to all 3 agencys above 800. Then i got high ---
**Author:** ![Boost\_Creep](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/boost_creep/32/6366_2.png) [@Boost\_Creep](https://forums.speedlife.net/u/Boost_Creep)\ **Post date:** [January 11, 2013, 7:07am UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/112 "2013-01-11T07:07:24Z")
^ Must have been the clientele I was working with, but I have yet to get anyone who was looking at a foreclosure a loan on a foreclosure. Or… it could have been the 10 cash offers I was likely facing… Cash wins them. I got a letter from Sefcu the other day, they were offering me a month to skip for my loan payment due to my “great payment history” with them. Never got one of those before… seemed like a scam. I’ve never been late on any payment in my life. (credit card, mortgage, auto loans, school). ---
**Author:** ![6SPD\_S4](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/6spd_s4/32/6326_2.png) [@6SPD\_S4](https://forums.speedlife.net/u/6SPD_S4)\ **Post date:** [January 11, 2013, 7:12am UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/113 "2013-01-11T07:12:54Z")
Bangin’ credit ftw! Pay yo bills suckas ---
**Author:** ![Turbo\_B18C\_EJ6](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/turbo_b18c_ej6/32/6611_2.png) [@Turbo\_B18C\_EJ6](https://forums.speedlife.net/u/Turbo_B18C_EJ6)\ **Post date:** [January 11, 2013, 9:36am UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/114 "2013-01-11T09:36:00Z")
> [@Where can i get a mobile amplifier repaired?](https://forums.speedlife.net/t/where-can-i-get-a-mobile-amplifier-repaired/51446/24): > > ^ Must have been the clientele I was working with, but I have yet to get anyone who was looking at a foreclosure a loan on a foreclosure. Or… it could have been the 10 cash offers I was likely facing… Cash wins them. > > I got a letter from Sefcu the other day, they were offering me a month to skip for my loan payment due to my “great payment history” with them. Never got one of those before… seemed like a scam. I’ve never been late on any payment in my life. (credit card, mortgage, auto loans, school). they did that for me as well kinda nice i might add. ---
**Author:** ![Boost\_Creep](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/boost_creep/32/6366_2.png) [@Boost\_Creep](https://forums.speedlife.net/u/Boost_Creep)\ **Post date:** [January 11, 2013, 10:13am UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/115 "2013-01-11T10:13:51Z")
Not sure the real purpose of it… not like a month does much lol. Not like they are removing a payment from my balance. ---
**Author:** ![jdaniels](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jdaniels/32/6399_2.png) [@jdaniels](https://forums.speedlife.net/u/jdaniels)\ **Post date:** [January 11, 2013, 10:20am UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/116 "2013-01-11T10:20:18Z")
They just allow you to skip a payment without penalty (other than interest). They still report the account as paid and not late. ---
**Author:** ![JSEnclosures](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jsenclosures/32/6678_2.png) [@JSEnclosures](https://forums.speedlife.net/u/JSEnclosures)\ **Post date:** [January 11, 2013, 10:21am UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/117 "2013-01-11T10:21:22Z")
my bank does that once in a while also, i’ve never taken advantage of it though. i have first national ---
**Author:** ![JSEnclosures](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jsenclosures/32/6678_2.png) [@JSEnclosures](https://forums.speedlife.net/u/JSEnclosures)\ **Post date:** [January 11, 2013, 10:22am UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/118 "2013-01-11T10:22:19Z")
> [@I sold my soul to the devil](https://forums.speedlife.net/t/i-sold-my-soul-to-the-devil/51471/7): > > They just allow you to skip a payment without penalty (other than interest). They still report the account as paid and not late. they don’t mark it as paid, they just ad an extra month to the end of your loan term ---
**Author:** ![Steve2](https://avatars.discourse-cdn.com/v4/letter/s/e79b87/32.png) [@Steve2](https://forums.speedlife.net/u/Steve2)\ **Post date:** [January 11, 2013, 1:08pm UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/119 "2013-01-11T13:08:54Z")
In the end you’re better off just making the payment, quicker payoff and less interest. ---
**Author:** ![PJB](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/pjb/32/6389_2.png) [@PJB](https://forums.speedlife.net/u/PJB)\ **Post date:** [January 11, 2013, 1:14pm UTC](https://forums.speedlife.net/t/saving-money-cutting-costs/265835/120 "2013-01-11T13:14:07Z")
I always got the skip a payment things when I had a SEFCU loan. I never did it though because I wanted to pay the loan off ASAP and not drag it out. Ive since paid it off. After I get my check deposited next week Im paying off my credit card bill. After that Im taking the money I wouldve use for my personal loan and my credit card bill and paying more on my truck loan. Id like to have my truck paid off by the end of the year (loan goes until 2015). [Previous page](https://forums.speedlife.net/t/saving-money-cutting-costs/265835.md?page=5) [Next page](https://forums.speedlife.net/t/saving-money-cutting-costs/265835.md?page=7)