# Say you have a check for $10k **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [January 5, 2012, 7:15am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536 "2012-01-05T07:15:28Z")\ **Posts on this page:** 20\ **Page:** 3
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [January 5, 2012, 10:34am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/41 "2012-01-05T10:34:25Z")
> [@FadetoBlack](#): > > The amount of bad advice in this thread is overwhelming I’m not seeing any advice from you other than . ? ---
**Author:** ![KuntryQuestTSi](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/kuntryquesttsi/32/5010_2.png) [@KuntryQuestTSi](https://forums.speedlife.net/u/KuntryQuestTSi)\ **Post date:** [January 5, 2012, 10:39am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/42 "2012-01-05T10:39:34Z")
[Found here](http://www.us.hsbc.com/1/2/3/personal/home-loans/mortgage/mortgage-programs/first-time/first-home) > Home Buyer Education. You must complete a homebuyer education course from an HSBC-approved counseling provider before the mortgage commitment expires. This program assists first-time home buyers in the areas of financial planning, monthly budgeting, the home buying process and other related topics. ---
**Author:** ![Beck](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/beck/32/28683_2.png) [@Beck](https://forums.speedlife.net/u/Beck)\ **Post date:** [January 5, 2012, 10:46am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/43 "2012-01-05T10:46:04Z")
Buy a Rolex Submariner and start your watch collection. ---
**Author:** ![scotts94\_z28](https://avatars.discourse-cdn.com/v4/letter/s/ce7236/32.png) [@scotts94\_z28](https://forums.speedlife.net/u/scotts94_z28)\ **Post date:** [January 5, 2012, 10:48am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/44 "2012-01-05T10:48:00Z")
> [@theblue](#): > > If you really want to minimize taxes then a roth IRA would be a good move, but you can’t get the cash back for that rainy day without getting raped. This is not true. You can withdraw contributions at any time without taxes or penalty from a Roth IRA. ---
**Author:** ![91MR2](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/91mr2/32/7217_2.png) [@91MR2](https://forums.speedlife.net/u/91MR2)\ **Post date:** [January 5, 2012, 10:48am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/45 "2012-01-05T10:48:57Z")
> [@theblue](#): > > I’m not seeing any advice from you other than . ? Seriously fade, let’s hear your advice…what good investment advice do you have to offer? ---
**Author:** ![MOBOOST4U](https://avatars.discourse-cdn.com/v4/letter/m/f4b2a3/32.png) [@MOBOOST4U](https://forums.speedlife.net/u/MOBOOST4U)\ **Post date:** [January 5, 2012, 10:56am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/46 "2012-01-05T10:56:13Z")
> [@Beck](#): > > Buy a Rolex Submariner and start your watch collection. Lol > [@PureXTC](#): > > I would also like to know the details of how these work. All I know is that my buddy pays a monthly charge for a certain amount of months, and after he’s made all his payments and finds a house he’d like, they basically give him approx. 150% of what he paid into it. What I don’t understand is how the banks make a profit from this. Why do they do it? If you miss a payment do they keep what you’ve already put into it? Do you have to take out a mortgage from the same bank that enrolled you into their club, and they get a return from the morgage? Does making these payments show the bank that you’re trustworthy enough to make your mortgage payments? The program was started to help stimulate home buying in this crap home market. Banks still have plenty to gain because youre still gonna be shelling out a whole mess in interest over the course of your loan and as we all know, a small percent of something is better than a large percent of nothing. Basically you need to put a set monthly amount of money away from 10 to 24 months to equal $1875. After your $1875 is away they match it x4 so the basically give you $7500 meaning youll have $9,375 sitting in an account designated for the purchase of a FIRST home. From my understanding the program is funded by SONYMA so youre allowed to use any bank you want for the mortgage meaning you can still shop rates but im not sure about this. After you have met the requirements (you need to sit in on some course too) you have what I think is two years to find your home. Im pretty sure this counts for any residential property too so technically you can even find a home with 4 units. I know this is what I and several other people on here plan on doing. Still pissed about missing the national stimulus incentive but this is still a pretty damn good deal. ---
**Author:** ![TradersBASE](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/tradersbase/32/5321_2.png) [@TradersBASE](https://forums.speedlife.net/u/TradersBASE)\ **Post date:** [January 5, 2012, 10:58am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/47 "2012-01-05T10:58:31Z")
> [@misteroman$$$](#): > > If you have debt pay off it. If no debt save until you have $12K and put $10K down on a rental property. > $10K will get you a decent property in an ok area that should bring you in an extra $500 a month after expenses. > Keep the property nice(mow the lawn, plant flowers$20 at wal mart) and you will have pretty decent luck.Repeat every 2 yrs and you’re a millionaire within 15-20 yrs. > 40-45 yrs old and never have to work again unless you want to. Sounds like a decent life to me! If you really want to hustle you can do it by 35. You will have more headaches but it can be done. TRUST ME:thumright: When can I take you to lunch and pick your brain? SRSLY ---
**Author:** ![FadetoBlack](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fadetoblack/32/6118_2.png) [@FadetoBlack](https://forums.speedlife.net/u/FadetoBlack)\ **Post date:** [January 5, 2012, 11:06am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/48 "2012-01-05T11:06:14Z")
> [@theblue](#): > > I’m not seeing any advice from you other than . ? I deleted what I had typed up there for a couple of reasons. > [@91MR2](#): > > Seriously fade, let’s hear your advice…what good investment advice do you have to offer? Later tonight when I have more time I’ll either write something up in here or I’ll shoot you a PM. ---
**Author:** ![KuntryQuestTSi](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/kuntryquesttsi/32/5010_2.png) [@KuntryQuestTSi](https://forums.speedlife.net/u/KuntryQuestTSi)\ **Post date:** [January 5, 2012, 11:08am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/49 "2012-01-05T11:08:13Z")
> [@MOBOOST4U](#): > > Lol > Basically you need to put a set monthly amount of money away from 10 to 24 months to equal $1875. After your $1875 is away they match it x4 so the basically give you $7500 meaning youll have $9,375 sitting in an account designated for the purchase of a FIRST home. From my understanding the program is funded by SONYMA so youre allowed to use any bank you want for the mortgage meaning you can still shop rates but im not sure about this. > . $1875 over 24 months is only like 78.xx a month. Can you take this money and do what you would like with it after X amout of time if you don’t find a home? ---------- Post added at 02:08 PM ---------- Previous post was at 02:07 PM ---------- > [@TradersBASE](#): > > When can I take you to lunch and pick your brain? SRSLY I should take both of you to lunch sit and learn. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [January 5, 2012, 11:08am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/50 "2012-01-05T11:08:51Z")
> [@scotts94\_z28](#): > > This is not true. You can withdraw contributions at any time without taxes or penalty from a Roth IRA. I didn’t believe you, but I just checked and you’re right… you can take contributions but not earnings out. Awesome to know!!! ---
**Author:** ![cougarspeed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/cougarspeed/32/7468_2.png) [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)\ **Post date:** [January 5, 2012, 11:10am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/51 "2012-01-05T11:10:19Z")
> [@KuntryQuestTSi](#): > > $1875 over 24 months is only like 78.xx a month. Can you take this money and do what you would like with it after X amout of time if you don’t find a home? > > ---------- Post added at 02:08 PM ---------- Previous post was at 02:07 PM ---------- > > I should take both of you to lunch sit and learn. Yes you can take the money if you don’t buy a home. Also you are allowed to contribute the money as quick as 10 months. I used this program and it is flawless and easy to use. My gf is currently using it as well so we can get another rental. I got the money right at closing. ---
**Author:** ![MOBOOST4U](https://avatars.discourse-cdn.com/v4/letter/m/f4b2a3/32.png) [@MOBOOST4U](https://forums.speedlife.net/u/MOBOOST4U)\ **Post date:** [January 5, 2012, 11:11am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/52 "2012-01-05T11:11:21Z")
Yeah thats what makes it so nice. You can pick any set amount of months you want between putting $188 for 10 months to $78 over 24 to match your speed of savings (god I sound like im selling it here lol). And its always your money. You dont want to buy a house you dont have to. Just take the money out and move on to hookers and blow. From my understanding its works just like a savings account with the crazy kicker at the end lol. ---
**Author:** ![cougarspeed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/cougarspeed/32/7468_2.png) [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)\ **Post date:** [January 5, 2012, 11:11am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/53 "2012-01-05T11:11:28Z")
My best financial advice is to NOT build a 418ci+huge turbo FD. lol ---
**Author:** ![misteroman](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/misteroman/32/7423_2.png) [@misteroman](https://forums.speedlife.net/u/misteroman)\ **Post date:** [January 5, 2012, 11:13am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/54 "2012-01-05T11:13:03Z")
You don’t need more then $10 grand down unless you’re buying a 4 unit on sheridan or something like that. and not crack alley eitherThere are ways around everything(legally) and don’t always go by what a person says nor 3 people say. If someone is telling you differently and you believe what they are saying then figure it out or ask ?'s until you know it. My best and easiest example- I bought a “rundown” if you will plaza on Grand Island In 2005. Solid property but surely doesnt look like a benderson plaza. Paid $635K for it. WOw thats alot of money!!! No, really it isnt. I put only $35K down on it + closing cost I think I had to come up with 45Kish. getting to be a little bit of money but nothing that ANYONE on here couldn’t come up with in 2 yrs if they really WANTED to. (Drive junkers, 2nd or even 3rd job, NEVER eat out, it can be done if you want it!!!) Property was an owner hold and did a 2nd mortgage on it with the owner where I gave him an extra $555 a month for 36 mos. Instatly went down and had the Taxes lowered as they had it appraised for 930K. They couldn’t fight it as it wasnt a distressed sale and was on the market for more then 90 days. Taxes went form $24K a yr to 18k!!! instant $500 a mo raise! after lowering the taxes I went and painted the buildings myself/friends and mowed the lawn, trimmed weeds, etc… Mortgage 4155/mo Taxes 1500/mo water 200/mo misc 300/mo but rarely ever as commercial tenants pay for repairs,plowing,etc ins 350/mo * * * 6500 a mo expenses 9200 a mo rent + I have a 3,000 sq ft place of my own that am turning into a “man shop” has new lift, tire machine, etc and the other half Furnished for Sabres game, UFC’s etc. Leaves me $2,500+ a mo clear or the equivilent of a $20 an hr job That I don’t have to ever really go to All on A small investment that again anyone on here could come up with. As far as the property, I didn’t get hooked up with it, knew someone,etc. I found it online. I could go on for ever and usually do When I get talking about it Right Joe(91mr2). I could give you an even better example with the newest property but don’t want to go into financials on it on a public forum Now please don’t say it can’t be done, YOU just don’t know how to do it. No disrespect meant either ---
**Author:** ![cougarspeed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/cougarspeed/32/7468_2.png) [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)\ **Post date:** [January 5, 2012, 11:22am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/55 "2012-01-05T11:22:31Z")
Can you give me a little help on how to get around the 20% down on a second rental property or a contact(pm me if you want) of a lender you use in that circumstance? I am about to buy another and after checking with three banks am about to just pay the 20% down since I haven’t found any other way. Thanks! ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [January 5, 2012, 11:25am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/56 "2012-01-05T11:25:04Z")
Would love to know that as well. I am definitely thinking that I’d like to pick up an inexpensive town house and rent it out, but I don’t have $20k to put down on a 100k property. Should I just wait and save it up? ---
**Author:** ![misteroman](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/misteroman/32/7423_2.png) [@misteroman](https://forums.speedlife.net/u/misteroman)\ **Post date:** [January 5, 2012, 11:35am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/57 "2012-01-05T11:35:37Z")
> [@boardjnky4](#): > > Would love to know that as well. I am definitely thinking that I’d like to pick up an inexpensive town house and rent it out, but I don’t have $20k to put down on a 100k property. Should I just wait and save it up? Horrible idea in MY eyes! You just wont build any equity fast enough. It’s an OK retirement plan but not really a wealth building plan. ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [January 5, 2012, 11:39am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/58 "2012-01-05T11:39:03Z")
> [@misteroman$$$](#): > > Horrible idea in MY eyes! You just wont build any equity fast enough. It’s an OK retirement plan but not really a wealth building plan. You’re saying this because with no money down (or just 10%), the rent-to-mortgage ratio wouldn’t yield a very high profit? ---
**Author:** ![boxxa](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/boxxa/32/5045_2.png) [@boxxa](https://forums.speedlife.net/u/boxxa)\ **Post date:** [January 5, 2012, 11:56am UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/59 "2012-01-05T11:56:42Z")
> [@PureXTC](#): > > ^ First Time Home Buyers Club is no joke. My buddy made a bundle with it. I loved this program but its income restricted a 54,000 a year remember if you live alone or with 1 other person. I would put it in a fun and leave it. You can have access to it if you need it or want to use it for another house but if you don’t have the need for it now, stash it somewhere and let it make some money. ---
**Author:** ![misteroman](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/misteroman/32/7423_2.png) [@misteroman](https://forums.speedlife.net/u/misteroman)\ **Post date:** [January 5, 2012, 12:02pm UTC](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536/60 "2012-01-05T12:02:01Z")
Should be something like this. House purchase $75K $10K down for 15 yr loan @ 7% (I don’t care if you think you can get it cheaper) Payment is $585/ Taxes $250/mo Ins $75/mo Water 100/mo Misc $250 this will include repainting, repairs and freshing up when someone moves out. If its more then this you are doing it wrong. I’ll explain later. totals: expenses approx $1250 rents should be approx $1800-2000ish now for the yr. expenses 15000 Income 21600-24000 Income after exp should be 6-9000. now lets say you have 2 apts vacant for a month each -1000 should still have 5-8000 a yr profit. On average of a nice property a tenant should stay there for 3-5 yrs on average. my longest was 11yrs!!! 575x132=$75,900!!! I only paid 30K back in the 90’s for the place!!!and it is a double. As far as people damaging thats were security deposits and courts come it. Everyone has heard the horror stories but usually its the landlords fault. If I’m renting a 2bdrm and a couple comes up with three kids driving a civic with tinted windows pulls up, they probably wont get “selected” now if a decent couple come up with a newborn/pregnant but not quite sure if its in their budget but they seem nice I might lower the rent for them or give them December free or something like that. Most stories you here where the tenant “trashed” the place can be fixed with a steam cleaner, 5 garbage bags and a 5 gallon of killz and 4-5 hrs. Like I posted above I can go on forever! [Previous page](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536.md?page=2) [Next page](https://forums.speedlife.net/t/say-you-have-a-check-for-10k/219536.md?page=4)