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#51
11-20-2006, 11:05 PM
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Re: Just got apartment # 5....3 more till retirment
[ QUOTE ]
I guess this is not you: LINKY [/ QUOTE ] ok guys, just got back from a meeting...a general contractor just bid on "updating" some units for me..aka more money for me [img]/images/graemlins/laugh.gif[/img] No that link is not me. I'm 22, live in Idaho..and own most of my property in washington. 
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#52
11-20-2006, 11:07 PM
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Re: Just got apartment # 5....3 more till retirment
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Rika, How do you live in Idaho and continue to manage 5 buildings between Idaho and Washington? [/ QUOTE ] I live RIGHT now on the boarder...takes me less than 10 minutes to "be in washington state" Takes me 30ish minutes to go from "Post Falls ID" my home town...to "Spokane Washington" the town I own the "majority" of property in.
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#53
11-20-2006, 11:08 PM
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Re: Just got apartment # 5....3 more till retirment
[ QUOTE ]
[ QUOTE ] [ QUOTE ] rika what are your starting hand requirements for reality estates? [/ QUOTE ] Ditto, but for imaginary estates? And what about castles in the clouds? How many turrets are necessary to compensate for lack of moat, etc, etc? [/ QUOTE ] vnh. and also OP, teach me too. [/ QUOTE ] This is why I specified reality estates. Nowadays its hard to come up with good, solid fortresses.
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#55
11-20-2006, 11:10 PM
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Re: Just got apartment # 5....3 more till retirment
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] [ QUOTE ] I can retire from poker, and live in the upper middle class. And once I pay them all off (in 15ish years without poker money, with poker money sooner) I can live in the lower upper class. [/ QUOTE ] lol [/ QUOTE ] [/ QUOTE ] I even lol'd at myself...I'm such a dork. What I meant from that...is I "think" to be officially in the rich class you have to break "1 million" a year...that's all I meant. Upper class = > 1 million a year Middle class = < million > like $30,000 in idaho I believe So when I say upper middle class I'm talking $800,000ish a year...and lower upper class I mean like 1-1.5 million a year. [/ QUOTE ] Rika, Last time we spoke about real estate you owned a couple tri-plexes or 4-units. I assume the apartment buildings you own= duplex, triplex and quad properties? Where are you getting the $800,000 to $1.5 million numbers???? If you owed nothing on the properties you could probably make $100k+ per year, but no where close to $1 million. Or did you start buying many more units per deal? [/ QUOTE ] I only own 1 place that we still talked about...which is actually going on the market November 27th...so yes, I have "leveraged" up. I'm also "leveraging" up the one place we "did" talk about due to the fact I did have such a high equity position. Also when I threw out the "1 million+" per year stat....please remember that it includes 3 ADDITIONAL apartment complexes roughly the "same size" and they'll ALSO have to be paid off. Right now, if the 5 I own (remember I also have 2 single family homes I don't really talk about) are paid off, I won't make a million a year, need 3 more, all 8 paid off. (hope that clears it up a little)
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#56
11-20-2006, 11:25 PM
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Re: Prop bet?
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1) what games and limits you play 2) how much did ur 1st compex cost? 3) ur 5th? 4) how large is the risk in this business? im jealous. [/ QUOTE ] Right now I play about 50% of the time at NL 5/10 6 max (stars, UB, Tilt) The other 50% of the time I play 2/4 or 3/6 or 10/20 NL 6 max. The first place I bought was actually a single family home that I lived in. Right now it's worth like 220K nothing special but it was a 4 bed 3 bath 2,000 sq ft with 3 car attached garage. This is the "fifth complex I own" meaning that a.) I own 5 b.) I also own the home I live in Idaho, and I own another single family home in washington...so I own "7 chunks" of property Risk is up to you. You can go VERY RISKY, or with very little risk. It's one of the nice things about real estate. To answer my risk tolerance, it's actually quite low with REAL ESTATE! (now if we talk stocks, I have a REALLY bad habit of buying on insane margin [img]/images/graemlins/wink.gif[/img] But I do have STRONG equity position in most of my places. I own 65% of 1 place, and 40% of another...so those 2 are my "base" and my "protection" from anything "really bad" happening. The others I am more "leveraged" in. Also to the question about total "specific" cash flow, $$$$ involved all that. I'm sorry but I don't really want to answer those "specific" questions. The biggest reason is privacy. I don't know why, but if you ask me how much I make a hour in poker I'll tell you, but I kind of keep stocks/real estate private. The other reason is "loans." You see due to my "job" I do a lot of "creative" finanacing. Meaning non traditional, non "bank" loans. Basically what I'm saying, is people who are rich trust that I "know what I'm doing" so they just give me money. Now I'm trying to do that in "other areas." (like I just made an offer on a UPS store) So the specifics of everything I keep out of the loop. Both because it "prevents" rumors (somewhat) and since my equity positions and everything is changing so fast, it's kind of pointless. But I have no problem answering general questions. Like first house, or how much you're up this month in poker, or have you ever evicted someone before... Hope that makes sense, and sory for sounding "vague" on some of the questions.
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#58
11-20-2006, 11:44 PM
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Re: Just got apartment # 5....3 more till retirment
[ QUOTE ]
[ QUOTE ] I guess this is not you: LINKY [/ QUOTE ] ok guys, just got back from a meeting...a general contractor just bid on "updating" some units for me..aka more money for me [img]/images/graemlins/laugh.gif[/img] No that link is not me. I'm 22, live in Idaho..and own most of my property in washington. [/ QUOTE ] ohh, and for the record, I'm no where close to "running out of money" in fact I'm actually in the opposite problem...I have too much money sitting. That's why I met with somone tonight to "renovate" my units, because at least then I can up the rent a little. As is, I've got enough money and a pre approved loan sitting to buy another...it's just spokane doesn't have another "good deal" out there (there are other good deals in single family etc. etc. I just haven't found a good deal that fits the goals and direction of where I want to take my company)
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