The Well: Snowbank

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Best/easiest to use online savings account, if you use one?

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I don't use one, so wouldn't be able to give you the best answer on this.

[snowbank]

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Biggest downswings you've experienced at different limits?

Biggest downswing in a single day?

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I think I had like 3 10+ buy in downswings last year total. One of them(in November) was real bad though. I think I got that downswing up to 20-25 buy ins. At one point in a 48-hour span I was 2-3 outted something like 14 times. A lot of the rest was tilt. I usually don't tilt but [censored] like that will tilt anyone. That was by far the most frustrating poker of my life.

Biggest downswing in a day is probably 6-7 buy ins maybe.

[snowbank]

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How far is Tucson from phoenix? You a football fan? Super bowl next year?

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Around 2 hours. I like football, but am not a die-hard fan for any team. I watch all of the playoffs/ Super Bowl, etc.... and usually just catch a handful of games during the regular season if I'm hangin around the house.

Ya, the Super Bowl's in AZ next year right? If I'm still living here next year I'd probably look into going, ya.

[snowbank]

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CDs / Saving Accounts whatevers. worth it ?

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With what most savings accounts pay these days you might as well just put the money under your mattress.(some pay decent rates, but a lot pay like 1%. Some do pay like 4-4.5% I think though, so was obviously joking about putting it under your mattress, but not up to date on the current rates) You can find cds that pay 5.5%+ Find a decent savings/money market account if you're going to be needing money. If you won't need money for a bit, and don't want to invest in real estate, business ventures, etc... get a 1-2 year cd or something, sure. Vanguard or something like that isn't a bad idea either if you are looking for the safe/passive way. I'm trying to be more active myself, but for someone that doesn't want to actively do anything with their money, throw it in a cd, sure.

[snowbank]

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Have you read RE literature by Russ Whitney, and if so, what did you think of it?

What is a good way to get started with RE investing?

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I read a book by him and watched a couple videos by him in college. Thought they were pretty decent at the time. Make sure you don't get sucked into one of his seminar things though where he makes you pay lots of money. He's well known to be a rip-off with those, with a lot of business bureau complaints, etc...

Good way to start in real estate investing.... wow... tough question to answer.... reason being, I'd say find someone who is very good at it and have them mentor you, but there's a lot of "mentors" out there who are not going to be looking out for your best interests. Real estate imo has the biggest % of crooked people in the industry.(I know from plenty of personal experiences) LOT of shady people in real estate. Everyone will be after your money. Realtors are also one of if not the highest turnover ratio jobs out there, so a lot of newbie realtors will be trying to sell you "great deals" that are really [censored]. My advice I guess would be to read everything you can, talk to as many people as you can. If someone offers you something, or tries to partner with you on something, get an outside view from someone you trust, even if they don't know real estate. Sometimes a lot of people are so excited that someone wants to help make them rich, their judgement is clouded and they make the wrong decision. People in real estate aren't trying to make you rich, so you have to look out for yourself. They are trying to make themselves rich. It's a negative way to look at it and I'm not really a negative person in that way, I just think it's extremely important for people thinking of getting into real estate to know that everyone wants a piece of whatever money they are ready to put into play, and unless you trust that person completely, they are probably using whatever ability they have to get a piece of you. Be a businessman first, and a nice guy later.(this is some advice I'd wished I had myself getting in)

Decide what you are looking for, whether it be capital gains or passive income. Figure out what you have to work with, and start putting a plan into action. I used to break down numbers on income properties in college for fun just to learn it. I'd call realtors up and get all the expenses, etc.. on properties, find out what I'd need for downpayment, etc... I'd figure in all the vacancy allowances, taxes, expenses, etc... Then I'd figure out my returns. Then I'd show it to people who knew real estate and they'd tell me where they think I should have different numbers for expenses(example: higher vacancy allowances, more repairs, etc...) Better to learn that type of stuff before I got into a deal, so I went through steps like that way before I owned anything. I've heard stories of people who didn't do any of that and something would break in the house and they didn't have money to fix it, etc... After a while, you just have to jump in I guess. See if it's something you like, and what level you want to take it to.(that's kind of where I am right now)

[snowbank]

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how do you come up with creative lines that extrapoolate more money than the average winning player at your stakes?

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lots of practice basically

Standard lines will only bring you standard winrates. If you want to win lots of money you have to think outside the box. I try a lot of things out, and if it works, I keep doing it. I'm not afraid to do things differently I guess.

[snowbank]

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I was at a super bowl party tonight and didn't bother calling this girl. she is not my girlfriend but we're pretty serious. we dated for a couple years. except she lives in a different state. i bought tickets to come see her in a few weeks. anyway, when i call her she sounds upset and i tell her to relax and stop over-reacting, which is something she does often. 3 minutes later we've hung up. i feel good because i gave her 'the bidness' and she feels good because she's giving me attitude. healthy.

she calls a couple times as i'm falling asleep tonight but i say [censored] it, i'll deal with her tomorrow. then another friend calls. but it's not her when i answer. it's her friends and she's passed out at a bar and i have to get out of bed and drive and pick her up. it's not far, and her friends know we're [censored], so they expect me to do it. lame, but whatever. it's -10 outside and my new saab doesn't like cold weather. and who can blame him? while driving i decide to kill time and call out of state biddy and tell her i was sleeping, can this wait until morning? i don't turn the radio down fast enough and she tells me it doesn't sound like i'm sleeping. i tell her i am, that i have to go, and hang up. she calls back 2 or 3 times in a row and i don't answer. eventually i turn my phone off.

i pick up drunk girl. get her situated in the front set, then home, then on the couch, with blankets, water, puke bucket, etc. and then go upstairs. my email says 'answer your phone you [censored] [censored]' and the next email says 'you're not welcome in my house, do not come'. so i've obviously pissed her off (the out of state one). I called her twice and no answer. I will not call her again tonight.

So, what's my play tomorrow? And what, standard sex aside, does this girl owe me for picking her drunk ass up at a bar, carrying her in below zero temps and making room in my house for her? i also work in the morning, fwiw. cookies? dinner? anal?

thanks

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As far as the chick who uninivited you to her house, say "eff it" and switch your flight and roll to Thailand with me.

Drunk chick- wouldn't mention it. If she's cool she'll make up for it.

[snowbank]

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1. if i'm 19 and in college and have 40k lying around where should i put it?

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seriously i need to do something with this cash

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If you have $40k and want to invest it relatively passive, I'd find a newer home that you could rent out positive/breakeven cashflow with a 10-20% downpayment(not sure what part of the country you live in though, so could be tough where you live) I'd buy it newer since your in college and probably don't want to have to deal with having to fix things, or call people to fix things. Get it rented out or buy something rented out, and just collect the rent check/pay the bills. By the time you graduate the tenants you've had in there will have helped pay off a small part of the principle on your mortgage(very small, first many years of the mortgage most of your payment is interest), and hopefully your house will have appreciated a decent amount(but you don't bank on that when determining if it's a good investment or not).

Food for thought: If you put 10% down on a property, and the property goes up 5% a year let's say. You have the property for 5 years. It went up 25% right? But you only had 10% of your money in the deal. So your 10% actually went up 250%. Leverage is huge in real estate, and if you have $40k laying around getting into a decent property would be a pretty good investment if the numbers work.

[snowbank]

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1. if i'm 19 and in college and have 40k lying around where should i put it?

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seriously i need to do something with this cash

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since i'm the same boat...i put $4k into my 2006 roth IRA, which you can do until April, and $4k away for my 2007 roth IRA. I keep about $10k in my eloan high interest savings of 5.24% and about $20kish in 2040 mutual funds.

a-shippin'-and-a-holla-in'

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do you have a regular job that you made 4k in delta? cause if not you can't put poker winnings in as income.

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ya i actually work as a junior scientist @ a urology lab at the university of minnesota. it's 75% time, and that's a stretch, so I have a lot of free time for poker/other. also, i deducted the maximum possible out of my pay pre-tax for my 403b, so combined with my IRA stuff, if i live long enough i'll be a rich old man (hopefully).

although now you've got me curious, why couldn't someone use poker money for an IRA?

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Because money into your Roth IRA has to be earned income. There's other types of IRA's that you can put poker earnings towards.

[snowbank]

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How did you start playing poker? How fast have you been moving up? What resources do you use to improve your play besides this forum?

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posted my poker story after you posted this question. Been playing $200s forever basically.

Other than this forum, going over hands by myself, and getting coaching were by far the most beneficial to my game.