DC Tom Posted April 29, 2010 Posted April 29, 2010 I don't know if he has kids but if he does I can just hear this: Kid: Daddy, you work very hard CS: Yes, dear, yes I do. Kid: And daddy you own 100 houses right? CS: Yes, dear, yes I do Kid: Daddy, can I ask you a question CS: Of course dear Kid: Daddy.........why the !@#$ are we living in the ghetto??? Daughter: "Daddy, why did you name me 'Leona'?"
thebug Posted April 29, 2010 Posted April 29, 2010 Two words to discourage you from this plan. Global Warming. Thank you for your words of wisdom, that is something I will have to consider for sure. I still think I can make a quick buck before global warming really kicks ass. One old lady down the street is not helping with the global warming thing, she uses those spray cans to fix her hair do and now has a big hole in the top of her igloo, so maybe it's not as far off as I think?
Chef Jim Posted April 29, 2010 Posted April 29, 2010 Not for damages dude....wow...see this is what I'm talking about...go back through ALLLLLL the posts and quote me saying "if the house burns down I will pay them everything they paid in"....that's a complete fallacy...you are making things up now just to make me look bad...and you don't have to do that...most of these people disagree with me and are on your side already dude...so why reach like that? No, I said if they have to move out for financial reasons...they get what they paid in....if they are the owners...which they are....it is thier responsibility, not mine, to insure the property...however, I will not have them owe me the house price like the banks would do...which is why they mandate you have insurance because they don't want to lose thier money they put in...me?...not so much...I will take the loss just like they will...I'm not going to have them pay for a home they can't live in...even if I take the loss, no big deal....the bigger deal is finding a new home for that family to get into and then doing what we have to to fix or rebuild on the property... "So let me get this straight, your house burned down and he paid you everything you paid in?" "Yup" "Hmmmmmmm" I see a lot of arsons in your neighborhood's future.
Chef Jim Posted April 29, 2010 Posted April 29, 2010 Thank you for your words of wisdom, that is something I will have to consider for sure. I still think I can make a quick buck before global warming really kicks ass. One old lady down the street is not helping with the global warming thing, she uses those spray cans to fix her hair do and now has a big hole in the top of her igloo, so maybe it's not as far off as I think? Make icecream out of ice cubs. A little glass over the hole and her igloo now has a nice skylight.
Celtic_soulja Posted April 29, 2010 Author Posted April 29, 2010 Wow. Banks don't require the homeowner pay back the price of the house in the event of a loss. They require they pay the principal of the MORTGAGE back. Banks don't deal in home prices, they deal in mortgage principal. You really have no clue how the industry works. Okay, yeah you're right...I worded that wrong...they don't have to pay back NOTHING to me if they lose the property...they don't get what they paid in, but we TAKE THE LOSS TOGETHER...unlike the banks that WANT THE MONEY THEY PUT IN BACK... However, thier insurance THEY MAKE YOU PAY FOR covers the AMOUNT OF THE HOUSE not the MORTGAGE....or whichever is more expensive at the time....better?
Celtic_soulja Posted April 29, 2010 Author Posted April 29, 2010 "So let me get this straight, your house burned down and he paid you everything you paid in?" "Yup" "Hmmmmmmm" I see a lot of arsons in your neighborhood's future. I'm sorry you can't read Chef...I'll probably do something for the literacy of line cooks in my town to...k? trying to keep you in mind
DC Tom Posted April 29, 2010 Posted April 29, 2010 Okay, yeah you're right...I worded that wrong...they don't have to pay back NOTHING to me if they lose the property...they don't get what they paid in, but we TAKE THE LOSS TOGETHER...unlike the banks that WANT THE MONEY THEY PUT IN BACK... However, thier insurance THEY MAKE YOU PAY FOR covers the AMOUNT OF THE HOUSE not the MORTGAGE....or whichever is more expensive at the time....better? Minus the land. Don't forget that. Land doesn't burn. And you still haven't answered the question yet of who owns the house, you or the renter? It's the renter's responsibility to buy property insurance...but if the house burns, you both take the loss. So if they get insurance and the house burns...you take a loss, but they recoup the house's value through the insurance? So I'm going to "rent to own" a house from you, insure it, then torch it and get YOUR money back and leave you at a loss? Or better yet...since you're paying $32k for a $120k house, I'm going to insure it for the $120k and then torch it, pulling probably $100k out of my $500 investment, leaving you with a $32k loss. And then, I'm going to sue you for your substandard electrical work that cause the fire to begin with. Really...you haven't thought this through.
Chef Jim Posted April 29, 2010 Posted April 29, 2010 I'm sorry you can't read Chef...I'll probably do something for the literacy of line cooks in my town to...k? trying to keep you in mind Ok so I read Tom's post on that and replied to yours but you said if they have to move out for financial reasons you'll pay them back what they put in. "So let me get this straight, you quit your job and couldn't pay your rent so you're moving." "Yup" "And that guy is paying you everything you paid in up until now?" "Yup" "Hmmmmmm" I see very high unemployment in your neighborhood's future.
Celtic_soulja Posted April 29, 2010 Author Posted April 29, 2010 Daughter: "Daddy, why did you name me 'Leona'?" hardy har har... It is actually more like this... Joe "Pop, you work really hard and you own 100 houses right?" Me "Do I work hard? Yeah...but I love my work...and I only own the houses until I can find families that need them" Joe "But we don't have a nice car...or a big house...so why do you do it?" Me "Don't you like this city? The people?" Joe "Yeah, but, I thought you were supposed to try to make money, I thought that was what makes you successful." Me "Well boy, it's not...some people like money a whole bunch...I'm just not one of them...success comes from being happy and proud of what you're doing, no matter what that is Joe...dont you see me smiling everyday when I'm working with my crew? Don't you see how happy our friends are when I put them into a home they can own? Or when I give them a job?" Joe "yeah, I get it...I just thought we were going to be rich" Me "You're missing the point Joe...if you chase money your whole life, you won't find something you really have a passion to do, and then you will study your whole life with no actual action you plan to take...you love money so much that you will formulate hard to solve mathematic problems so you can steal money from the working man...you will be rich, but you'll be a true loser to" Joe "huh?" Me "Sorry that was meant for the readers on TBD....what I meant was...find what you love to do, and the money situation will work itself out...you don't have to be rich to be happy...but if you do become rich, try not to hold on too tight to the money because greed and corruption will destroy your soul...."
Chef Jim Posted April 29, 2010 Posted April 29, 2010 Minus the land. Don't forget that. Land doesn't burn. And you still haven't answered the question yet of who owns the house, you or the renter? It's the renter's responsibility to buy property insurance...but if the house burns, you both take the loss. So if they get insurance and the house burns...you take a loss, but they recoup the house's value through the insurance? So I'm going to "rent to own" a house from you, insure it, then torch it and get YOUR money back and leave you at a loss? Or better yet...since you're paying $32k for a $120k house, I'm going to insure it for the $120k and then torch it, pulling probably $100k out of my $500 investment, leaving you with a $32k loss. And then, I'm going to sue you for your substandard electrical work that cause the fire to begin with. Really...you haven't thought this through. I'm waiting for the titling too.
DC Tom Posted April 29, 2010 Posted April 29, 2010 hardy har har... It is actually more like this... Joe "Pop, you work really hard and you own 100 houses right?" Me "Do I work hard? Yeah...but I love my work...and I only own the houses until I can find families that need them" Joe "But we don't have a nice car...or a big house...so why do you do it?" Me "Don't you like this city? The people?" Joe "Yeah, but, I thought you were supposed to try to make money, I thought that was what makes you successful." Me "Well boy, it's not...some people like money a whole bunch...I'm just not one of them...success comes from being happy and proud of what you're doing, no matter what that is Joe...dont you see me smiling everyday when I'm working with my crew? Don't you see how happy our friends are when I put them into a home they can own? Or when I give them a job?" Joe "yeah, I get it...I just thought we were going to be rich" Me "You're missing the point Joe...if you chase money your whole life, you won't find something you really have a passion to do, and then you will study your whole life with no actual action you plan to take...you love money so much that you will formulate hard to solve mathematic problems so you can steal money from the working man...you will be rich, but you'll be a true loser to" Joe "huh?" Me "Sorry that was meant for the readers on TBD" Yeah...but you know damn well I wasn't going to pass up a Leona Helmsley joke.
Chef Jim Posted April 29, 2010 Posted April 29, 2010 hardy har har... It is actually more like this... Joe "Pop, you work really hard and you own 100 houses right?" Me "Do I work hard? Yeah...but I love my work...and I only own the houses until I can find families that need them" Joe "But we don't have a nice car...or a big house...so why do you do it?" Me "Don't you like this city? The people?" Joe "Yeah, but, I thought you were supposed to try to make money, I thought that was what makes you successful." Me "Well boy, it's not...some people like money a whole bunch...I'm just not one of them...success comes from being happy and proud of what you're doing, no matter what that is Joe...dont you see me smiling everyday when I'm working with my crew? Don't you see how happy our friends are when I put them into a home they can own? Or when I give them a job?" Joe "yeah, I get it...I just thought we were going to be rich" Me "You're missing the point Joe...if you chase money your whole life, you won't find something you really have a passion to do, and then you will study your whole life with no actual action you plan to take...you love money so much that you will formulate hard to solve mathematic problems so you can steal money from the working man...you will be rich, but you'll be a true loser to" Joe "huh?" Me "Sorry that was meant for the readers on TBD" So you you this is the only thing rich people do?
Celtic_soulja Posted April 29, 2010 Author Posted April 29, 2010 So you you this is the only thing rich people do? Yeah...that's ALLLLLLL they do...alll of them...every single one of them...lol... no, I just finished the statement...I didn't add in what I actually wanted to say to my virtual son Joe...which is the name of my middle boy....I am REALLY TEACHING THEM THIS CRAP....like people are more important than money...crazy compassionate crap like that.....OOOOOOOOOH....crazy
KD in CA Posted April 29, 2010 Posted April 29, 2010 hardy har har... It is actually more like this... Joe "Pop, you work really hard and you own 100 houses right?" Me "Do I work hard? Yeah...but I love my work...and I only own the houses until I can find families that need them" Joe "But we don't have a nice car...or a big house...so why do you do it?" Me "Don't you like this city? The people?" Joe "Yeah, but, I thought you were supposed to try to make money, I thought that was what makes you successful." Me "Well boy, it's not...some people like money a whole bunch...I'm just not one of them...success comes from being happy and proud of what you're doing, no matter what that is Joe...dont you see me smiling everyday when I'm working with my crew? Don't you see how happy our friends are when I put them into a home they can own? Or when I give them a job?" Joe "yeah, I get it...I just thought we were going to be rich" Me "You're missing the point Joe...if you chase money your whole life, you won't find something you really have a passion to do, and then you will study your whole life with no actual action you plan to take...you love money so much that you will formulate hard to solve mathematic problems so you can steal money from the working man...you will be rich, but you'll be a true loser to" Joe "huh?" Me "Sorry that was meant for the readers on TBD....what I meant was...find what you love to do, and the money situation will work itself out...you don't have to be rich to be happy...but if you do become rich, try not to hold on too tight to the money because greed and corruption will destroy your soul...." Harry: "A toast to my big brother George Celtic_soulja, the richest man in town!" Fixed.
Chef Jim Posted April 29, 2010 Posted April 29, 2010 Yeah...that's ALLLLLLL they do...alll of them...every single one of them...lol... no, I just finished the statement...I didn't add in what I actually wanted to say to my virtual son Joe...which is the name of my middle boy....I am REALLY TEACHING THEM THIS CRAP....like people are more important than money...crazy compassionate crap like that.....OOOOOOOOOH....crazy You do realize you can achieve both right? Teaching your children to think money is evil is just as bad as teaching them to be greedy.
DC Tom Posted April 29, 2010 Posted April 29, 2010 You do realize you can achieve both right? Teaching your children to think money is evil is just as bad as teaching them to be greedy. It's like I tell my wife: we can better help people if we ourselves aren't charity cases. Of course, that's before I found out we're just victims of the evil bankers.
thebug Posted April 29, 2010 Posted April 29, 2010 Make icecream out of ice cubs. A little glass over the hole and her igloo now has a nice skylight. See, now that's the kind of innovative thinking that could make me more money on each igloo.
Chef Jim Posted April 29, 2010 Posted April 29, 2010 See, now that's the kind of innovative thinking that could make me more money on each igloo. On second thought sunlights=sun=heat=melted igloo.
Jim in Anchorage Posted April 29, 2010 Posted April 29, 2010 Yeah...that's ALLLLLLL they do...alll of them...every single one of them...lol... no, I just finished the statement...I didn't add in what I actually wanted to say to my virtual son Joe...which is the name of my middle boy....I am REALLY TEACHING THEM THIS CRAP....like people are more important than money...crazy compassionate crap like that.....OOOOOOOOOH....crazy You have a virtual son? Oh this is great. Almost liked that as much as no insurance on 100 houses. Have you even for a minute considered what it costs to clear a lot after a total loss house fire? Or are you just going to leave the charred remains? Yeah, you're smarter then the banks. Nothing improves property value like a few burned out houses on the street. Oh thats right you will just"move on" Where have I heard that phase?
Magox Posted April 29, 2010 Posted April 29, 2010 Magox: For the record I feel the same...you're an elitist, but you do tons of research so I was hoping for some constructive criticism or some actual beefs that are prudent...because it's fun to argue about things...again, you're an elitist, but what's worse is that you're an elitist here that plays high and mighty on a message board, but wouldn't even approach a crew like mine in the real world...so who is full of ****? I've been called many things before, but an elitist? That's a first, but ummm, ok. OK, you asked for it. Okay, first I have all but secured 2 million dollars in local funding...there are some things I have to do before I get that funding but best case scenario I will get it...worst case scenario I'll only have 100,000 plus what I can drum up with the president of a local fund raiser...sort of like a cheap Acorn knockoff...okay but best case scenario I am starting with 2 million...I plan on purchasing and refurbishing 85 houses with that money...that is scooping up the houses that are boarded up and empty...I will be buying them for under 50k and putting 10k worth of work into them... First off, I have a hard time believing that anyone or organization will "secure" you 2 million dollars in local funding, considering your lack of knowledge when it comes to securitizations and etc. I only have to pay for materials...I have volunteers that will do the work for free or for a very limited amount of pay...I have a licensed union electrician that will give me a good price on any electrical work I need done (it's nice to have family) and I have another connection that is a store manager at Home Depot for some other material...as long as I get incorporated he can give me a corporate deal that will save alot on materials...I have 15 volunteer workers and I have another 500 or so unemployed "contacts" that will work for fair prices...with ten grand I will be able to update the homes that I am buying...the market prices for these homes are around 120-185k I plan on buying them cash for 30-50k fixing them and selling them to the working class families for market value... You have 15 "volunteers" that are going to follow your lead, and not get paid for it? Ok, I believe you. Secondly, You are going to pay $60,000 for a home, and sell it at 200-300% markup? Sounds like a sweet deal, I would think that there would be many other investors who would be jumping at the opportunity to take advantage of that deal. If it was as lucrative as you make it out to be, you would most likely never even get the opportunity to follow through with it, as there would be many major investors lining up and chomping at the bit. Another thing, anyone who uses the phrase "working class families" is most likely a Commie. Everyone knows Commies don't understand the concept of investing. Now, DC is saying that I am as bad as the bankers because I'm marking my property up from 60k to 120k...I think the example I gave was a 30k property selling it for 95k, so in some cases I will actually be trippling my money supposedly...however, to purchase these homes I will only charge 500 a month over 20 years for a 120k home...no interest, just the profits I make from getting the cheap run down houses and putting people in them...but my counter argument to me being as bad as any other banker is that I am still selling these properties for what they are worth, 120k meaning if the working class person I "screwed" according to Tom, is that he could turn around and sell the home for EVERYTHING the buyer put into the home...instead of spending 500,000 on a 200,000 dollar house that you would get from a bank...you couldn't turn around and sell the property for 500,000 could you? exactly...so I don't feel like I'm hurting a working class buyer by doing this... OK, now I see... In order for your plan to work, inflation would have to remain stable, everyone would have to pay on time (all 85 tenants) and no one would default. Got it! What's going to happen to your investment if inflation goes through the roof? And it will. This is not even mentioning that the buyer will most likely be a person that couldn't get financing from a bank anyway, if you seen the neighborhood I plan on working with you'd understand...it's a paycheck to paycheck kinda place...most have poor credit and are overspent by the months end...the average rent is 750 a month so buying my houses will save them money per month and they would be able to sell the house for everything they put in...so I feel like it's a no brain situation for them...no interest, no down payment, a low monthly payment, and they get exactly what they pay for... Riiiiight. Now I get it, you are going to be the robin hood of rentals, and just allow any "working class" person (which I have no idea how you would qualify someone as working class) and not care about their credit. Ya, I guess these people who have bad credit because the EVIL bankers gave them that score. Yup, it's got nothing to do with their payment history. So, miraculously they are going to all of a sudden decide to pay THIS note on time and NOT default. Ok Also, did you not learn anything from this most recent housing crisis that we are going through? You say you are going to have a 0 down payment. Awesome!! So if they have no stake in the game, not even their credit, I guess this will make it EVEN more difficult for them to walk away from the home or default on their payments. Part of the reason that so many people strategically walked away from their homes was because of these 0 down gimmicks, if someone has to put a hefty down payment it makes it a whole hell of alot harder to walk away from the home, because of the monetary investment that they had to put down. Also I am going to give them financial training....dont' freak out Magox...just simple asset liability management and fiscal responsibility lessons...nothing in depth like "how the market works" we all know i have the market acumen as a muppet :0)... Btw, considering you are not going to require a down payment, from where are you going to get the funds to put aside your loan loss reserves? I mean, you do know that people will default don't you? And there will be alot of them, much higher than the national average, simply because you are Robin Hood and you want to treat the "working class" folks who have bad credit fairly. And you do know that you will have to put aside money for taxes right? What about insurance? There are mandates for that. And if you are going to keep the title, then YOU WILL be required to pay the taxes, insurance and maintenence. Making 28,000 a year (the average salary of the neighborhood I'm doing this in) you are looking at 2000 a month...500 for house payment, 500 for food, and 800 for monthly bills...you get 200 a month to save...in twenty years, invested correctly, you will have a property worth more than you paid...estimating you're net worth will be over a quarter million dollars...that's never getting a promotion and doing nothing more than working your regular low paying job for the next twenty years, you'll still be able to retire on what you have...a much better deal than what they are being offered currently don't you think?... Now this is just funny.
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