When to quit

Discussion in 'Beginner Zone' started by jimmyz, Jul 8, 2016.

  1. yacraps, Dec 8, 2016

    yacraps

    yacraps Member

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    ROTFLMAO.....12 GLAD TO SEE U BACK
     
    #541
  2. yacraps, Dec 8, 2016

    yacraps

    yacraps Member

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    Linaway u took the words right out of my mouth you are so right.... there are also several forum members here that are that way too
     
    #542

  3. FredP

    FredP Member

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    You're almost 80 and need a mortgage loan? Can't buy it outright? Sounds like you need to give craps lessons to pay off the loan.
     
    #543
  4. tabletop123, Dec 9, 2016

    tabletop123

    tabletop123 Member

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    Wow! You guys are BRUTAL! It's a good thing that Old Top reveals all of the "Nut Clipping" sessions, along with my wins!

    Even though my toss is a thing of beauty....... I am NOT prone to tossing up a few "Bricks"( dismall hands) from time to time!

    I will say this...... If "tandem" tosses were the key to success ( Golden Goose), I would already be a VERY wealthy man from playing Craps!
     
    #544
  5. Onautopilot, Dec 9, 2016

    Onautopilot

    Onautopilot Member

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    I might have to side with James on this one, I would never buy a piece of real estate all cash. I leverage them to the hilt, with todays interest rates why put your own money into it.

    I bought a "short sale" property a few years back, negotiated with the bank, and ended up in the property with no money down. Three years later, I sold it for a nice profit, a great return on a zero investment. Win, win, win situation....the bank was happy, out of it without a foreclosure, the seller was happy, out of a negative equity position, I was happy, some dollars in my pocket. :)
     
    #545
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  6. random_roller, Dec 9, 2016

    random_roller

    random_roller Member

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    Leverage is good until it starts working against you. Glad it worked out in your situation. Look at Caesars Entertainment. Highly-leveraged by the private equity firms that took it private by saddling the company with $20B+ in debt and now a tangled financial mess.
     
    #546
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  7. Onautopilot, Dec 9, 2016

    Onautopilot

    Onautopilot Member

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    Having spent over 20 years in the real estate business, I pretty well try and cover all the bases when buying a property. That doesn't mean I couldn't make a mistake, but so far, so good. I don't take any big risks.

    I have some rules...always buy under current market value, always buy in an area that the surrounding properties are valued higher than the subject property, invest as little of my own money as possible, but have the reserves to stay the distance, market the property when the equity position shows a decent profit...don't try and wait for windfall, and never have a mortgage payment where the rent vales are not 20-30 % above total expenses.

    I love real estate, not sure why I ever left the business....yea I do, the hours! :)
     
    #547
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  8. FredP

    FredP Member

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    I agree with you, mortgage loans are the cheapest money you'll get.
    But he's locked in for some years and he's close to 80. If he put the cash equivalent in the market OK, good move. But we don't know that. These interest rates will go up. Just watch.
     
    #548
  9. Onautopilot, Dec 9, 2016

    Onautopilot

    Onautopilot Member

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    Yea, I have no idea what James position is, and don't really care one way or the other. I was just stating what my opinion is regarding real estate mortgages, and leverage. There is good reasoning for either option depending on ones personal situation. I should have mentioned that in my reply.
     
    #549

  10. FredP

    FredP Member

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    Exactly right. I could payoff my mortgage easily but I'm making more in the market. Depends on financial position and money, money, ..
     
    #550
  11. James Hall, Dec 9, 2016

    James Hall

    James Hall Member

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    Well I will tell you what , it seems you are interested ,
    I did borrow money on this one ,
    my wife and I have been married 51 years ,
    this house is the 40th one we have bought or built , and the 3rd we borrowed money on
    I used my VA loan for the first time
    The loan I got was private money so the interest rate is ridiculously low
    I have friends
    Fred doesn't understand all this money stuff he went to CCNY that's in New York you know
     
    #551
  12. James Hall, Dec 9, 2016

    James Hall

    James Hall Member

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    Fred and Hornhiyo several months ago decided to attack me , they were communicating back and forth
    just how to do it they think it's fun
    so periodically I have to slap old fredy peepee's dick in the dirt
    It's all in fun
    Fred's having a ball and so am I
     
    #552
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  13. James Hall, Dec 9, 2016

    James Hall

    James Hall Member

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    I'll pay this off in 5 years , it's under $350.000
    I win at craps so it's a piece of freaking cake
    I got enough from selling the one in Mesa to float thru it
     
    #553

  14. FredP

    FredP Member

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    $350.000? Must be an outhouse.
     
    #554
  15. James Hall, Dec 9, 2016

    James Hall

    James Hall Member

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    It is out a ways
    and out of sight
    this ain't new york where a small apartment costs a half a million
    this is where you can get what you pay for
     
    #555
  16. James Hall, Dec 9, 2016

    James Hall

    James Hall Member

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    If you are judging by what you live in it would be a palace
    we have building codes here
    we don't tolerate slum lords
    come out to the real world , get out of those slums you love so much , you would love it
    Out in this part of the country , people are civil
     
    #556
  17. driglaz, Dec 10, 2016

    driglaz

    driglaz Member

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    This is my last roll.
     
    #557

  18. FredP

    FredP Member

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    And illerate. Stop confusing a period for a comma.
     
    #558
  19. James Hall, Dec 10, 2016

    James Hall

    James Hall Member

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    damn it fred pee pee
    in a previous post I gave you a bunch of extra commas , periods and other such
    and told you if I forgot a comma take one I gave you and stuff it

    OK now focus here are some more stick then
    ,,,,,,,,,,,,, & ,,,,,, ...... ::::: ;;;;;; ! ! ! ! ?????
    oh yeah and some of these little squigley things ~~~~~~~~~~~
    now you can stick these
     
    #559
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  20. James Hall, Dec 10, 2016

    James Hall

    James Hall Member

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    and I have asked you if you are going to try to correct me at least have the courtesy to have YOUR SHIT TOGETHER
    illerate ? illerate ?
     
    #560
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