CowboyTaco
Well-Known Member
So not quite as good, but still not bad. My concern is more about what happens in the next 12 months.
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- Thread starter drew02a
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So not quite as good, but still not bad. My concern is more about what happens in the next 12 months.
Oswego
n00b
Not trying to piss on anyone's parade but Ive seen some in here posting massive gains....and thats great!
Ive yet to see anyone posting about massive losses & I know more than a couple of us have gotten hosed over the past decade Ive been a member here.
Ill never take the risk most of you that post do, but thats a personal choice.
That said Ive gotten hosed by 9/11, 2008, etc. so if I'm getting hosed with little risk - what are you risky betters putting on the table? 50% losses during those times?
Just curious because Ive made crap on less than six figures Ive been managing for myself this year and made similar advancements managing over 300k for my mom.
It truly can't be rainbows and butterflies all the time right?
Ive yet to see anyone posting about massive losses & I know more than a couple of us have gotten hosed over the past decade Ive been a member here.
Ill never take the risk most of you that post do, but thats a personal choice.
That said Ive gotten hosed by 9/11, 2008, etc. so if I'm getting hosed with little risk - what are you risky betters putting on the table? 50% losses during those times?
Just curious because Ive made crap on less than six figures Ive been managing for myself this year and made similar advancements managing over 300k for my mom.
It truly can't be rainbows and butterflies all the time right?
TacoXpo
HOAX DENIER
You and me both! I have been up since 4:30 am my time watching the futures and ext hours and a call into Active Trader Desk as they would not allow me to place a bracketed OCO sell order on some MSFT I have where their system automatically paired with a Bull Call Spread that I placed hours before I bought the shares.
TacoXpo
HOAX DENIER
Well maybe. I ALWAYS set up stop losses on EVERY position with about an 8% loss. It is far more about protection from losses and shutting down emotions. Know that I have been trading for 40 years. If it's played like Vegas, the house ALWAYS wins and that is what institutional traders rely upon. I have had two times where I lost 10% on my entire portfolio. Just like dating, you have to take those hits on the chin and tough it through the tough times and you can be rewarded for your efforts (maybe). Then again if one needs fireworks in a relationship or gambling all the time, you may as well buy a train set.
Oswego
n00b
Sounds like Id' still rather take out loans, develop land, and flip it if I wanted to get rich quick.
The developers have had the legislators in their back pockets since the early 60's so they could sell the "American Dream" of financing yourself into slavery with a white picket fence and 2.5 kids.
Makes it rather hard to take a real loss when the games rigged in your favor. Thats why there are strip malls and blight over here emanating from the city outwards to the burbs. You can see the sprawl if you pay attention over the years.
The developers have had the legislators in their back pockets since the early 60's so they could sell the "American Dream" of financing yourself into slavery with a white picket fence and 2.5 kids.
Makes it rather hard to take a real loss when the games rigged in your favor. Thats why there are strip malls and blight over here emanating from the city outwards to the burbs. You can see the sprawl if you pay attention over the years.
CowboyTaco
Well-Known Member
The only reason I posted a screenshot of my "chart" was to show that I am trying to be diverse. I have some in the market because I think it's a great way to "beat the index" but also have a Money Market account that is guaranteed to earn interest. I also have an interest bearing checking account and have been looking at some real estate to possibly convert into rental.
The problem is that I don't know if we will stay in ATL area. Especially if COVID changes things to where you can live/work anywhere. If I don't have to stay close to the office, what's stopping me from getting a mountain cabin or a beach condo?
I'm fairly convinced that we will see a market correction in the next 12 months, though I've started to see predictions that homes in my area will increase by 10%+ over the next 12 months (if you trust Zillow). I don't know what the future will hold, and I don't have any stop losses in place (though I may look into setting some up); but I am trying to figure out how to best utilize the funds I have available to work for me. I have nowhere near the experience of @Taco Loco or @TacoXpo as I've only been trading for about 3 years now.
The problem is that I don't know if we will stay in ATL area. Especially if COVID changes things to where you can live/work anywhere. If I don't have to stay close to the office, what's stopping me from getting a mountain cabin or a beach condo?
I'm fairly convinced that we will see a market correction in the next 12 months, though I've started to see predictions that homes in my area will increase by 10%+ over the next 12 months (if you trust Zillow). I don't know what the future will hold, and I don't have any stop losses in place (though I may look into setting some up); but I am trying to figure out how to best utilize the funds I have available to work for me. I have nowhere near the experience of @Taco Loco or @TacoXpo as I've only been trading for about 3 years now.
TacoXpo
HOAX DENIER
If you need an agent in ATL, let me know. I know a number of great agents there. Here is a good PDF for you http://www.biggerpockets.com/blog/w...0000PerYearwithFixerUpperRentalProperties.pdf
TacoXpo
HOAX DENIER
Not bad is correct. That is EXCELLENT
Taco Loco
Tired and Lazy, married to ‘The Laundry Fairy’
yes and no, I survived the bammy years, I know that don’t mean the next 4 will compare to those 8. If I don’t like what is happening, I now have an alternate location to escape to.
Taco Loco
Tired and Lazy, married to ‘The Laundry Fairy’
not looking good
CowboyTaco
Well-Known Member
Not looking good is right. We did our part. I'm honestly not sure how it is this close. I see so much Republican stuff everywhere I go. People are still flying Trump flags on lots of houses.
CowboyTaco
Well-Known Member
That's an interesting read, and written like it should be presented in a weekend get-rich-quick seminar.
The problem that I've seen is that too many people want top dollar for their junk houses. For example, let's say all the homes on a street are valued around $300k. There's one house on the block that isn't up to par and is on the market. The sellers will want $295k and it will need $100k in repairs (I'm not exaggerating. This is a real scenario from when I was looking at homes when we moved to the area...house was practically falling down). Based on the formula given in that PDF... 295 x .7 = 206.5k. Take out the money needed for repairs and you're offering 106,500 for a home that is listed at $295k. I doubt anyone would be willing to sell it for ~30% their asking price.
At this point, we're mainly looking at homes that are ready to rent. They are more than I really want to pay for a home to rent, but at least could be turned around to start earning money quickly without needing the rehab.
These next four years are going to take some good planning and critical thinking to come out as good or better than we went in. I have a few big changes I am looking to make in this time period that I am going to have to plan out even more now.
CowboyTaco
Well-Known Member
Same.
Either we will all be proven wrong and things will be rainbows and butterflies, or we'll be proven right and things will be ugly.
Either we will all be proven wrong and things will be rainbows and butterflies, or we'll be proven right and things will be ugly.
Silverback
Lima Gulf Bravo Foxtrot Juliet Bravo
Easy for them to win when its rigged. Mail in voting FTL!
Taco Loco
Tired and Lazy, married to ‘The Laundry Fairy’
I’m still in training
I know a few landlords now, they are hurting because of covid relief bs, their renters get to live for free and evictions are all on hold.
TacoXpo
HOAX DENIER
I have a client that was from ATL that has used that method and has not picked up a single hammer and started with less than 100k and now owns a dozen SFR rentals. He's the one that first turned me on to BRRR. I have a guy that is in my group and a good friend that is in his 30s and has 6 rentals in Midland doing the same. He started doing while his job was filling vending machines and delivering Coke.
TacoXpo
HOAX DENIER
Oh I think it's so blatant - Much like the vehicle they use to corrupt the minds of America - TV, movies, etc. I will do my best to distract my mind so that it does not bother me. I have one client that told me yesterday to draw up a contract as his wife and him are moving to Mexico for a few years (they lived there before).