The End is Near ...Sell everything and build a cave

[allagash]

I have guided and helped many make money on this forum

"don't waste your time on useless, bs research....stick with...."

 

-Mike

[PositiveOutlook]

RookieNYC,

"hmmmm...But you failed to mention that %95 of my posts on Random Ramblings have to do with stock market related issues..Not like your battles on political nonsense..."

Battles?  Is that how you view it?... shame...  BTW, go to your "latest posts" in your profile, and surprise yourself... 

"Amazing you know so much yet u have done nothing..Jack of all master of none..."

LOL...  just words by you backed up by nothing...  so back that up...  tell me what I've done in my life beyond the limited posting I let you in on...  otherwise, you just look foolish posting it... Something tells me we struck a cord...

"I have guided and helped many make money on this forum..Im sure you can say the same Mr.Corporate big wig..."

Oh, I see, if you've helped people on this board only, it counts...       right into the template...  FYI, this isn't the only board I visit... I've helped MANY also over the years...

"Make my coffee dark with 2 equal while you are at it.."
No problem... I don't have a problem doing for others, nor do I consider it beneath me oh mighty one...       Those who wish to be first, will be last, those who are last will be first...



Fdjake,

"Rookie's the real deal......I'd like to rip his head off sometimes....But the guy's a straight up CAPITALIST and he ain't afraid to share his experiences here.  Which in my opinion are always interesting...I don't always agree with him....But the guy's no dope."

I never said he was... nor did I say he wasn't a capitalist... nor did I say he doesn't share... last I saw, that was him saying it about others...

"He doesn't ARGUE just for the sake of it.....His comments on this topic were spot on, no BS.... just simple REALITY."

Nor do I... just because I disagree with position doesn't make it arguing for the sake of arguing... if that's the case, then his position is arguing for the sake of arguing... after all, Rookie is the the one who said this was a "waste of his time", but then kept going on and on and on... 

"If people here REALLY think this country is FINISHED,  they shouldn't be BURIED in NON LIQUID, REAL ESTATE RENTALS...Especially in OHIO!!!..  It doesn't take a Noble Prize in economics to understand this."

I've never said the country was finished, but we are in serious condition...  when your main creditors are telling you that you need to stop spending, and that the WORLD does not have more money to just keep giving you, it's time to take notice... when the amount you are spending is set to INCREASE all across the board... there IS an issue...

"That's all this is about......Mike's a great guy....very smart, built himself a GREAT business from NOTHING......BUT THIS COUNTRY IS NOT GOING TO COLLAPSE into RIOTS, LOOTING, and REVOLUTION......IT'S NOT HAPPENING."

I don't believe it will be happening BECAUSE the people have been condition NOT to uprise... that's the point isn't it... get them so dependent on the government for their needs, that if they DO uprise, they cut off their own goodies... the larger the government gets, the MORE corrupt it becomes, not less...

[propertymanager]

"If people here REALLY think this country is FINISHED,  they shouldn't be BURIED in NON LIQUID, REAL ESTATE RENTALS...Especially in OHIO!!!..  It doesn't take a Noble Prize in economics to understand this."

I disagree and I have already explained the reasons why.

I don't believe it will be happening BECAUSE the people have been condition NOT to uprise... that's the point isn't it... get them so dependent on the government for their needs, that if they DO uprise, they cut off their own goodies... the larger the government gets, the MORE corrupt it becomes, not less...

I think it will happen because there is no way for the economy to recover from here, and once it collapses there will be enough pain to cause the people to revolt.  I agree that the people have been conditioned to remain ignorant and depend on the government for everything, but once the pain gets bad enough, they will revolt.

[fdjake]

The GOVERMENT hasn't CONDITION ME not to UPRISE......I get NO GOVERMENT ASSITANCE.....Of ANY KIND......Unlike a guy here that RECEIVES GOVERMENT HAND OUTS FOR HIS RENTALS!!!!   Maybe HE won't uprise because, based on Positives thinking, HE TOO has been CONDITIONED by the GOVERMENT....

"GET THEM SO DEPENDANT ON THE GOVERMENT FOR THEIR NEEDS, THAT IF THEY DO UPRISE, THEY CUT OFF THEIR OWN GOODIES."

TOO MUCH WACKO CONSPIRACY CRAP HERE FOR ME....

One guy constantly CRYING about Goverment handouts....BUT HE TAKES THEM....... EVERY MONTH!!.....and the other SUPPORTING HIM TAKING THOSE SECTION 8 Checks and complaining about HANDOUTS!!!   

You can't make this sh*t up!!!!

The reasons AMERICANS won't RISE UP is simple.....

Our economy will do what it has done after EVERY RECESSION IN HISTORY.....

RECOVER and GROW!!

[PositiveOutlook]

Propertymanager,

"I think it will happen because there is no way for the economy to recover from here, and once it collapses there will be enough pain to cause the people to revolt."

There's a difference between people revolting for the good of the country vs. the good of themselves...  To get to the former, they have to backtrack to before the mindset of government dependence...  that is a long trek back, and to be honest, the government will continue to offer more and more goodies (i.e. - longer unemployment, healthcare, subsidies, etc.).  IOW, they will have to get through their own individual pain, before they even think about the others... 

I think there will be a recovery because I don't believe they didn't see it coming...  American has a great capacity to come back, but each time, it is hindered by government....  One thing we kept hearing about TARP was that we HAD to do it, otherwise everything would collapse.... but RIGHT AFTER they got it passed, the Troubled Asset Relief Program became a great big goodie bag and because Congress didn't do their job and write it into the bill, they did what they wanted...  The banks are laughing all the way, well, to the bank!

"I agree that the people have been conditioned to remain ignorant and depend on the government for everything, but once the pain gets bad enough, they will revolt."

When that eventually happens, people who are reliant on the government will riot for the government to help not revolt to get back to our roots...


FDjake,

"The GOVERMENT hasn't CONDITION ME not to UPRISE......I get NO GOVERMENT ASSITANCE.....Of ANY KIND......"

It is much harder to condition someone with an entrepreneurial mindset...  you'll note that is not taught as much... 

"Our economy will do what it has done after EVERY RECESSION IN HISTORY..... RECOVER and GROW!!"

Yes, and other countries who live under tyranny do the same, recover and grow... the difference is we are becoming more like them, not less...  and therein lies the problem...

[fdjake]

"We are becoming more like them."

I just DO NOT see this.....HONESTLY.....

The REALITY of it is this......THEY are becoming MORE like US.

We have a group in power right now BECAUSE of an OVER-REACTION to a PREVIOUS group in power....

That very group currently in power is about to LOSE IT.....

This is where people sell the USA short.....they ASSUME it will take RIOTS and REVOLUTION to change things.......But it NEVER does....Changes comes in UNDER THE RADAR......

Look at the FALL OF COMMUNISM?????   Where were the WARS with the Soviet Union we spent BILLIONS and BILLIONS preparing for?????  We were BULLSH*TTED.....   Where was the REVOLUTION???   The VIOLENT OVER THROW of Communist RUSSIA????   A COMPLETE and UTTER change in GOVERMENTS all over Eastern Europe without a single shot fired in most cases....no war, no revolution, no riots.....IT CAME IN LIKE A GHOST.....

The BERLIN WALL fell with KIDS DANCING ON IT........NOT BODIES HANGING FROM IT!!!!

WAKE UP.......Too many freaks out there are calling for this crap....IT NEVER HAPPENS THAT WAY!!

IT WON'T BE HAPPENING HERE EITHER.......BUSINESS as USUAL.....Just the EBB and FLOW of political parties and their popularity in lock step with the same ebb and flow of the economy.

[propertymanager]

One guy constantly CRYING about Goverment handouts....BUT HE TAKES THEM....... EVERY MONTH!!.....and the other SUPPORTING HIM TAKING THOSE SECTION 8 Checks and complaining about HANDOUTS!!! 

   

Here's a newsflash - Section 8 is NOT a handout for the landlord, any more than being a firefighter is getting a handout from your local government or selling airplanes to the air force is a handout to Boeing.   I provide a service to the government for which I am properly reimbursed.  On the other hand, Section 8 IS a handout for the slackers that receive it because they have done nothing to earn their free housing.

Look at the FALL OF COMMUNISM?????   Where were the WARS with the Soviet Union we spent BILLIONS and BILLIONS preparing for?????  We were BULLSH*TTED.....

 

RIDICULOUS!  Tell the tens of thousands of Americans that died in Korea and Vietnam fighting the communist threat!

[fdjake]

You spin it anyway you have to Mike......You're the one working 12 HOURS PER WEEK and cashing the goverment checks!!!!

The bottom line is this.....

I don't SIT HERE and CONSTANTLY CRY about GOVERMENT hands outs.....I also don't sit in CRY on CHRISTMAS, or THANKSGIVING, or 4th of JULY or any of the other Holidays I spend in a FIRE STATION....WORKING!!!

Mike last week we had a 42 year old guy WALK into the Firehouse I work in to THANK US...He and his wife and kids were all crying because on THANKSGIVING DAY he had a massive heart attack.....When the Engine & Rescue turned the corned to his street.....HIS 10 YEAR OLD DAUGHTER WAS STANDING IN the DRIVEWAY....SCREAMING!!!!    The guy was DEAD, no pulse, no breathing, we defibbed him, dropped a breathing tube down his throat, and did CPR....HE'S ALIVE TODAY because of the  S E R V I C E  we provided.

Comparing YOUR SNOWBOARDING, HIKING, MOTORCYCLE RIDING, 12 hour, GOVERMENT SECTION 8 CHECK CASHING work weeks to what a FIREFIGHTER does is.....

PATHETIC!!!!!!!!!!!!!

[fdjake]

MIKE.......Both KOREA & VIETNAM.......REMAINED COMMUNIST!!!  We TRIED the WAR theory......IN North Korea the communists are STILL there....In VIETNAM.......THEY WON!!!!!!   You made my POINT!!!  and THOUSANDS of AMERICANS dies to LIBERATE WHO?????   The Vietnam people that lived in GRASS HUTS????......AND STILL LIVE IN GRASS HUTS!!!

You spin it anyway you have to Mike......You're the one working 12 HOURS PER WEEK and cashing the goverment checks......ALL WHILE CRYING ABOUT WASTE and GOVERMENT SPENDING!!!!!!!!

The bottom line is this.....

I don't SIT HERE and CONSTANTLY CRY about GOVERMENT hands outs.....I also don't sit and CRY on CHRISTMAS, or THANKSGIVING, or 4th of JULY or weekends or any of the other Holidays I spend in a FIRE STATION....WORKING!!!

Last week we had a 42 year old guy WALK into the Firehouse I work in to THANK US...He, His wife and kids were all standing there crying......He told us that on THANKSGIVING DAY he had a massive heart attack and we were the crew that responded......Then it hit us....This was the guy whose 10 YEAR OLD DAUGHTER WAS STANDING IN the DRIVEWAY....SCREAMING when the trucks pulled up!!!!    This guy was DEAD, no pulse, no breathing, DEAD......We defibbed him, dropped a breathing tube down his throat, and did CPR....HE'S ALIVE TODAY because of the  S E R V I C E  we provided......This is done on a DAILY basis in every Fire Department in the WORLD. 

Comparing YOUR SNOWBOARDING, HIKING, MOTORCYCLE RIDING,  GOVERMENT SECTION 8 CHECK CASHING, 12 hour work week "SERVICE" to what a FIREFIGHTER does is.....

PATHETIC!!!!!!!!!!!!!

But it's a GREAT INSIGHT into how YOU cope with what you SAY and what you DO......Bitch about GOVERMENT spending NON STOP....But ride your motorcycle down to the bank to WITHDRAW that GOVERMENT money so you can work 12 hours a week.....

MIKE........YOU ARE A SHINING EXAMPLE OF A DOUBLE TALKIN' SOCIALIST!!!!

It's a SERVICE if YOU collect the money......But it's a HAND OUT to your TENANTS!   As a matter of FACT....That MONEY never even enters the HANDS of your tenants.....IT GOES DIRECTLY into YOUR bank account!!

HOW CONVENIENT!!!    You don't even have to ride your MOTORCYCLE down to the bank.....IT MIGHT BE RAINING the day you need MONEY to by another REMOTE CONTROLLED AIRPLANE......... with TAX PAYER MONEY!!!!!!!

[propertymanager]

I don't SIT HERE and CONSTANTLY CRY about GOVERMENT hands outs.....I also don't sit in CRY on CHRISTMAS, or THANKSGIVING, or 4th of JULY or any of the other Holidays I spend in a FIRE STATION....WORKING!!!

Sorry to hear about that.  I don't work on holidays.

But it's a GREAT INSIGHT into how YOU cope with what you SAY and what you DO......Bitch about GOVERMENT spending NON STOP....But ride your motorcycle down to the bank to WITHDRAW that GOVERMENT money so you can work 12 hours a week.....

MIKE........YOU ARE A SHINING EXAMPLE OF A SOCIALIST!!!!

I'll try to break this to you gently - if I'm a socialist (I'm not) - you are too!  I provide a service to the government (housing) and get paid for it.  You provide a service to the government (firefighter) and get paid for it.  Of course, we both already know that.

[fdjake]

You don't WORK on Holidays????

Who do you think your BULLSH*TTING Mike????   You WORK whenever that PHONE RINGS.....You just like to TELL PEOPLE you only work 12 hours/week when it suits your needs....When a WATER HEATER lets go in one of your UNITS your out there.     "I DON"t WORK HOLIDAYS."   What a JOKE......Yea....right.....and you ONLY spend 12 hours a week tending to DOZENS of rentals occupied by "LOSERS"

And the DIFFERENCE between you and me IS......................

I DON'T constantly BITCH about the GOVERMENT.......UNLIKE YOU.....Taking GOVERMENT HAND OUT MONEY with one hand and WRITING your BULLSH*T with the other....

Just stop......You look like a freakin joke.

[propertymanager]

I intend to continue to shout it from the rooftops; attend tea parties; march on Washington, etc, etc, etc until we take our country back! 

Who do you think your BULLSH*TTING Mike????   You WORK whenever that PHONE RINGS.....You just like to TELL PEOPLE you only work 12 hours/week when it suits your needs....When a WATER HEATER lets go in one of your UNITS your out there.     "I DON"t WORK HOLIDAYS."   What a JOKE......Yea....right.....and you ONLY spend 12 hours a week tending to DOZENS of rentals occupied by "LOSERS"

You've been a landlord, so you KNOW that the 3am water line break or Christmas Day water heater failure is more urban legend than anything else.  If my counting is correct, I'm now in my 7th year as a landlord and I have NEVER gotten a call in the middle of the night or on a holiday for some catastrophic failure of anything.   In fact, in that 6+ years, I've only had maybe 2 water heaters actually fail (I try to replace them BEFORE they fail) and 5 or 6 waterline breaks (mostly from freezing before I installed PEX).  I have had a handful of people that made the mistake of calling to inquire about an apartment late at night and they got an earfull!  However, to be fair, if I ever do got a call that a water heater has sprung a major leak on Christmas, I would explain to the tenant how to shut off the water to the water heater (using the shutoff valves right on the top of the water heater), and would even go shut it off myself if needed.  Obviously, you can't buy a water heater on Christmas, so I wouldn't be changing the water heater on Christmas Day, even if I wanted to.   So, you are correct, it is possible that I would have to spend 1/2 hour shutting of the water on a failed water heater on a holiday, although it hasn't happened yet.

[rookieNYC]

Rookie's the real deal......I'd like to rip his head off sometimes....But the guy's a straight up CAPITALIST and he ain't afraid to share his experiences here.  Which in my opinion are always interesting...I don't always agree with him....But the guy's no dope.

Ty FDjake...I feel the same about you also..I know we butt heads at times but you have a creative business sense..Infact I will IM you later about some thoughts I have on some topics you have discussed here..Buying these props at a deep discount (all cash) and reselling them at a much higher price and then holding the mortgage interests me very much and in my opinion doesnt differ very much from my hard money business..I will IM you later..

Propertymanager (Mike)
I bring this topic up in a respectful tone and as you know I do have experience being a landlord..Have you ever considered selling some of your income properties the way that FDjake and I discussed here..Being that you bought them at a deep discount and have a good amount of equity you could easily sell some of them for a higher price with owner financing..Surely being that you know the real numbers that you net can figure what it needs to be sold for and have the mortgage % at a good rate to insure your net is close to the same..You take a % down on the property and you hold the mortgage for 30 years with a 5 year call if you want..I know when I owned properties there is always one or two that were the lemons of the bunch and this move is perfect for unloading them and making a huge income for years to come still...

[propertymanager]

I bring this topic up in a respectful tone and as you know I do have experience being a landlord..Have you ever considered selling some of your income properties the way that FDjake and I discussed here..

Rookie,

In a word - no.  Actually, I have THOUGHT about just about every aspect of this business and in reality did "sell" a couple of properties on lease-option early on (got them back after tenant left).  However, as I said earlier, I believe that just about every business has the same pros and cons.  For example, if you "sell" a property here in Ohio on a note (like you're discussing) and then have to take it back, the foreclosure process can easily take A YEAR.  During all that time, the deadbeat is living in your house for free and obviously not doing any maintenance.  I've seen and bought foreclosed properties enough that I know how they end up.  A MONSTER downpayment certainly helps, but very few people have bad credit, yet a big pile of money.   I'm not saying it's a bad business, but in my opinion, it's no better than the business I have.  I have a friend that is now at the two year point in trying to get one of his properties back!  UGH!

The same is true of the hard money business.   You're lending money to subprime borrowers - otherwise they certainly wouldn't be paying hard money rates and fees.  With that, you'll be taking a significant number of those properties back, in various stages of disrepair.   Again, I'm not saying that it isn't a good busienss, but in my opinion, it's no better than the business I have.  Moreover, I like the rental business and I believe that I'm very good at it. 

The bottom line is that I'm very content with what I have and don't plan to change anything.  The only thing that would prompt me to buy more properties or change my strategy would be a change in the tax situation -such as drastically higher taxes.  In that case, I might be forced to buy a few more rentals to maintain the same income.  The socialists are desperately trying to DRASTICALLY raise taxes on everyone and obviously that could force me to modify my plan.

[rookieNYC]

Every single one of my deals and my Hard Money Loans are deed in lieu of foreclosure..I took back one property already and it took days ...So Im baffled that your attorneys havent advised you that you dealing with the foreclosure courts is quite the amateur move..There are far more complex ways to structure deals to safeguard yourself from dealing with the masses in the foreclosure courts..And why would an investor be living in  NOO property???????...I also had a seller forge documents and sell the property and the title comapny had to pay me off recently I made %50 premium to what was owed..Process took 3 extra months and the legal fees were minimal..When done correctly there simply is no comparison to the money that can be made doing hard money vs being a landlord..Zero comparison..Hard Money and holding mortgages is by far light years a better business..Issue is most people dont have the funds to do it,and thats why its not commonly heard about..Lets not forget that Im lending at %50 LTV and taking my years worth of interest and points off the top..So essentially Im into my mortgages at %30 LTV with a signed deed in escrow at my attorneys office..