Real estate brag...
 

Nothing super amazing, but i bought my first condo yesterday! It's an investment property and already has a tenant and while i am too hungover/still drunk from last night to go into specifics, it's a fantastic investment, and i just turned 20 so i feel ahead of schedule in life.

Variance: Went to look at another property as a potential flip this morning

Variance: Puked on the side of the road after checking out the property.

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I'm guessing the second one wasn't really all that great.

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where is it? Does the rent cover the mortgage?

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very nice, you still at bentley? I been meaning to work my way up there after epts for a few days.

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Yes, the rent covers the mortgage and gives me an addition 7%/year or so on my downpayemnt after taxes and condo fees. Factoring future appreciation, equity built in the unit, and tax benefits this is a pretty killer deal for me so i'm definitley pumped.

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Yah still in school there, it's going pretty well. Oh i forgot, the property is Danbury CT.

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Where is it?

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So how do you know it's a great investment? What if the tenant moves out and it's empty for a few months? What if it gets trashed by a bad tenant? What if it doesn't appreciate like you think it will?

These things aren't possible?

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All possible, but you've gotta take shots. Gotta have the balls to take risks to become wealthy... a 5% bank acct isn't going to cut it. Props to op - most people our age are busy racking up credit card debt at 24% per year.

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So how do you know it's a great investment? What if the tenant moves out and it's empty for a few months? What if it gets trashed by a bad tenant? What if it doesn't appreciate like you think it will?

These things aren't possible?

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Dude I would normally think you are being rational but my hairdresser keeps telling me that everyone knows real estate always goes up. Duh.

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All possible, but you've gotta take shots. Gotta have the balls to take risks to become wealthy... a 5% bank acct isn't going to cut it.

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Word, I'm going to go take out a $500k loan and put it all on red. You gotta have the balls to take risks to become wealthy.

Also, I'm kinda guessing that ggbman is already moderately well to do.

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I'm guessing the second one wasn't really all that great.

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lol

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So how do you know it's a great investment? What if the tenant moves out and it's empty for a few months? What if it gets trashed by a bad tenant? What if it doesn't appreciate like you think it will?

These things aren't possible?

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so is him dying in a car wreck tonight...sometimes stuff just happens and there's nothing you can do about it, but usally a smart investor at least prepares to the best of their ability for a misfortune.

congrats at starting at 20...and congrats at ACTUALLY starting, I talk to so many 20-30 year olds that "want to start" but never do. Trust me, it gets SOOO much easier from now on. Actually buying the first place is BY FAR the hardest part.

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win/win, even if you lose it'd make a bitchin bbv thread!

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[ QUOTE ]
So how do you know it's a great investment? What if the tenant moves out and it's empty for a few months? What if it gets trashed by a bad tenant? What if it doesn't appreciate like you think it will?

These things aren't possible?

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ya, it's also possible for the stock market to crash and for him to go on a huge downswing in poker. That's probably why he's diversifying his poker winnings (I'm guessing he's got some money in stocks as well) which is smart thinking.

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[ QUOTE ]
So how do you know it's a great investment? What if the tenant moves out and it's empty for a few months? What if it gets trashed by a bad tenant? What if it doesn't appreciate like you think it will?

These things aren't possible?

[/ QUOTE ]

so is him dying in a car wreck tonight...sometimes stuff just happens and there's nothing you can do about it, but usally a smart investor at least prepares to the best of their ability for a misfortune.

congrats at starting at 20...and congrats at ACTUALLY starting, I talk to so many 20-30 year olds that "want to start" but never do. Trust me, it gets SOOO much easier from now on. Actually buying the first place is BY FAR the hardest part.

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I'm not saying that it isn't good that he took this step. Chances are, it WILL appreciate and he'll do just fine, but it just sounded like he was a little naive. This tends to happen when you make a [censored] of money playing poker and just start throwing it into investments that you really don't know anything about. Having money, especially seemingly easy money, can make people think they are experts all of a sudden.

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[ QUOTE ]
[ QUOTE ]
So how do you know it's a great investment? What if the tenant moves out and it's empty for a few months? What if it gets trashed by a bad tenant? What if it doesn't appreciate like you think it will?

These things aren't possible?

[/ QUOTE ]

so is him dying in a car wreck tonight...sometimes stuff just happens and there's nothing you can do about it, but usally a smart investor at least prepares to the best of their ability for a misfortune.

congrats at starting at 20...and congrats at ACTUALLY starting, I talk to so many 20-30 year olds that "want to start" but never do. Trust me, it gets SOOO much easier from now on. Actually buying the first place is BY FAR the hardest part.

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I'm not saying that it isn't good that he took this step. Chances are, it WILL appreciate and he'll do just fine, but it just sounded like he was a little naive. This tends to happen when you make a [censored] of money playing poker and just start throwing it into investments that you really don't know anything about. Having money, especially seemingly easy money, can make people think they are experts all of a sudden.

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I know it's a great investment because i studied

1.) local real estate market
2.) the average rent relative the mortgage
3.) Occupancy rate
4.) Worst case scenarios assuming market crashes, extended periods of vacancies etc...
5.) tax implications
6.) The management company who runs these

and everything else you can [censored] imagine. The is risk in any investment, a prudent investor just finds the oppurtunites with the best risk/reward ratio's and I did that very well here which is why it's a gerat investment.

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OP needs to take some steps to ensure that he has enough back up liquidity, just in case. Set up a company and get as much unsecured lines of credit approved now in case you have cash flow problems in the future.

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OP needs to take some steps to ensure that he has enough back up liquidity, just in case. Set up a company and get as much unsecured lines of credit approved now in case you have cash flow problems in the future.

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Nah, he knows it's a "great investment" because he studied. No need for a backup plan.

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if ever there was a time for the reemergence of ILOVEGGBMAN ACCT

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Yah still in school there, it's going pretty well. Oh i forgot, the property is Danbury CT.

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where about in danbury. i'm from brookfield

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where are the pics???

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So how do you know it's a great investment? What if the tenant moves out and it's empty for a few months? What if it gets trashed by a bad tenant? What if it doesn't appreciate like you think it will?

These things aren't possible?

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Whoa there mood killer. I'm doubting he just went into the thing thinking "Aww shiiiiiiit I'm set 4 lyfe!" Then he comes into his BBV thread to your post and goes "OMG I didn't know that could happen!"

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I'm guessing the second one wasn't really all that great.

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[img]/images/graemlins/grin.gif[/img]

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where are the pics???

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Allow me to summarize TheJokerIsWild

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I'm older than OP and don't have the money to invest [img]/images/graemlins/frown.gif[/img] [img]/images/graemlins/frown.gif[/img] [img]/images/graemlins/frown.gif[/img] [img]/images/graemlins/frown.gif[/img]

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[ QUOTE ]
So how do you know it's a great investment? What if the tenant moves out and it's empty for a few months? What if it gets trashed by a bad tenant? What if it doesn't appreciate like you think it will?

These things aren't possible?

[/ QUOTE ]

What if my pocket aces loses to pocket kings? Fold pf imo.

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Don't have any pics of it sorry... The second one actually has a pot of potential IMHO but would be a much larger undertaking as it would require a lot of work and i will be in school for the enxt 9 months of w/e, and probably not moving back to CT next summer. If i do pursue that one tho i'll get some before pics up so BBV can do a running commentary of whether it will be a beat or a brag [img]/images/graemlins/smile.gif[/img]

Also someone asked where in danbury, it's on Nabby rd. right the home depot.

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Congrats on leaping ahead in life.

So how many more steps till you get to shack up with the chick in the avatar?

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Prolly quite a few [img]/images/graemlins/wink.gif[/img] I'm pretty fond of my current gf in the meantime tho!

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OP needs to take some steps to ensure that he has enough back up liquidity, just in case. Set up a company and get as much unsecured lines of credit approved now in case you have cash flow problems in the future.

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Nah, he knows it's a "great investment" because he studied. No need for a backup plan.

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Yeah lol at that studying he did. Even if he has a backup play that will fail. So he needs several backup plans or his life might be ruined and he will kill himself.

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Real nice brag.

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OP needs to take some steps to ensure that he has enough back up liquidity, just in case. Set up a company and get as much unsecured lines of credit approved now in case you have cash flow problems in the future.

[/ QUOTE ]

Nah, he knows it's a "great investment" because he studied. No need for a backup plan.

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So tell us, was it the better "investment" hiding in your mom's basement all your life? No, that probably isn't right. You are probably just a bittered old guy stuck in the rat race. Entertaining, though [img]/images/graemlins/wink.gif[/img]

Good work and good luck OP!

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[ QUOTE ]
[ QUOTE ]
So how do you know it's a great investment? What if the tenant moves out and it's empty for a few months? What if it gets trashed by a bad tenant? What if it doesn't appreciate like you think it will?

These things aren't possible?

[/ QUOTE ]

so is him dying in a car wreck tonight...sometimes stuff just happens and there's nothing you can do about it, but usally a smart investor at least prepares to the best of their ability for a misfortune.

congrats at starting at 20...and congrats at ACTUALLY starting, I talk to so many 20-30 year olds that "want to start" but never do. Trust me, it gets SOOO much easier from now on. Actually buying the first place is BY FAR the hardest part.

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Thanks for the support and advice, i actually remember a bunch of your threads where you talked about projects you were working on and found it quite motivating so hopefully i will work towards getting more knowledgeable about real estate.

Re: Real estate brag...
 

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OP needs to take some steps to ensure that he has enough back up liquidity, just in case. Set up a company and get as much unsecured lines of credit approved now in case you have cash flow problems in the future.

[/ QUOTE ]

Nah, he knows it's a "great investment" because he studied. No need for a backup plan.

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jealous much?

seriously dude, you sound like the guy who sitsthere and talksabout how "great they'd be if they had money to invest" and how "awesome their porfolio would be" etc. etc.

Thing is, you're broke and probably suck at life...stop hating.

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Thing is, you're probably broke and obviously suck at life...stop hating.

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FYP

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[ QUOTE ]
OP needs to take some steps to ensure that he has enough back up liquidity, just in case. Set up a company and get as much unsecured lines of credit approved now in case you have cash flow problems in the future.

[/ QUOTE ]

Nah, he knows it's a "great investment" because he studied. No need for a backup plan.

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jealous much?

seriously dude, you sound like the guy who sitsthere and talksabout how "great they'd be if they had money to invest" and how "awesome their porfolio would be" etc. etc.

Thing is, you're broke and probably suck at life...stop hating.

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LOL, you don't get it, do you? Keep being a "baller." When you grow up you might, just might, get it.

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sum1s life didnt go according 2 plan=/

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TheJokerIsWild,

I bet you post a lot of youtube comments too.

ggb,

congrats!

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thats awesome gabe, congrats!!