I bought myself a 40’’ plasma tv with a High Def setup. I know their are some better systems out there, but I love it. Just sitting here watching a Bruce Springsteen concert in HD, smoking a fatty, and loving the life.
Will you settle for how I will spoil myself when I do turn a profit?
Tracker Pro Crappie, fishing boat
My goal was to get 10k per month. once i got that i bought the plane I wanted Cesna t206h, and bought a lake front home in Alaska to land it on.
wow,
posts like this motivate me.
I put all the money money that I have made since I have been doing this in a money market account so that it is liquid. I plan to draw from that account to do maintenance and make readies and to have a fund available for any cash sales that I may find. Since I fix up my new purchases JUST LIKE NEW before I put the first tenant into it and I screen those tenants, in the 2 years I have not had to draw on it for any expenses. I open a separate “free checking” account for each house. I put the rent in it and wait for the check to clear. After it clears I transfer the funds to my main real estate account. I pay mortgages out of that main account. After the mortgages are paid I transfer the left over money to my money market account. That money market account has a balance today of $94,652.06. I already have the lifestyle that I want from my job. I live in a 3000 sqft home with a swimming pool and home theater. I have 2 relatively new cars and vacation in Hawaii every year. What I want the real estate for is to maintain this lifestyle if and when I have to leave my job. So I don’t use the funds for stuff. I am just collect money right now
I bought another house and made more money. I had over $1 million in cash before I moved out of my one bedroom apartment and bought a new car.
i just finished getting my first three fam rehabed and rented… so today i bought a small buffalo chicken pizza… and yesterday i put an offer on a four-fam
-paants
took the profits and bought 2 more houses which I later sold both for $100k+ profit each. 1031 exchange all the way, baby! ;D
My deal was a preconstruction home. 12K investment and 14months later I sold it, made 65K profit and used it to buy2 more home from the same builder and 3 SFH downpayments in a 4month period…
I dont spend the money I make on REI, I reinvest it or save it. I have a career for my spending money and lifestyle. REI is so I can retire at 35 and relax with cashflow, network and watch my family grow…
I think this has split into “how did you spoil yourself” and “how did wisely reinvest to make the guys who spoiled themselves look silly” ;D
As to the former, I rented a Japanese restaurant and invited a bunch of friends, who were asked to bring a guest. A few missed the fact that I said “1” guest and we ended up with about twice the number of people as expected. And while few if any of the extras expected me to pick up the tab (or even knew that was the offer in the first place), it was obvious it was going to be a real mess trying to figure out who got what, so I ponied up.
As to the latter, I bought a house and flipped it for 52 over.
Havent made much money to spoil myself but I think the good point here is to spoil yourself by reinvesting it into you empire you are building so that someday you will have enough residual income to spoil yourself by not getting out of your bed until noon because all of your properties are being handled by property managers and all you have to do is sign the checks to pay them and deposit your checks from the cashflow you recieve from your empire…
Sorry got carried away.
Regonz :o
I think this has split into "how did you spoil yourself" and "how did wisely reinvest to make the guys who spoiled themselves look silly"So you ackowledge it's silly to spend your money from one lousy deal on worthless crap? ;)
Spending it off one deal isn’t wise. I had a Goal before i did anything. i never touched the money by doing 1031s and amassing paid off properties. my 10k per month, then i did spoil myself. Next goal is 100k.
Involved- When you get to $10MM/ month maybe you can get a 747!
Shopped like a fool, and looking back that is exactly what I was a fool.
lol, well, i’m figuring it won’t be till i’m 30 - 35 to getting to the 100k a month goal. I’m 23, it took me 4 years to get here one deal at a time. My family said i couldn’t do it, now i’m the one laughing. but once a track record is attained the progress is much better.
Don’t think i’ld need a 747. I’ld go for a leer i saw those at only 3 million,(hah) no. I just wanted to casually fly, and be able to enjoy outdoors. I couldn’t fish hardly in oregon cause of jurisdictions of chinooks. So i went where i could do that.
I couldn't fish hardly in oregon cause of jurisdictions of chinooks.Your saying you make less than $100k/month but have a $25MM helicopter that costs $2,500/ hour to fly?
He has a plane, doesn’t have a chopper.
No way. Its just a single prop engine. simple design. nothing fancy no helicopter.
Its a cesna t206h. used i might add. Google it and see, nothing fancy.
Its not a private jet or anything. Just a nice personal plane.
seats 6 people including pilot in that figure.
I said my goal is 100k per month. I have been doing my goals by 10x
First was 1000 a month, then 10k, a month (this is when I did something for myelf), now my goal is 100k per month. I just am now at the 10k cause i paid off another property.
He has a plane, doesn't have a chopper.That, I understand. I don't understand the chinook comment.