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i want to win the hgtv dream home

Discussion in 'Members' Lounge' started by pissedoffsol, Feb 1, 2006.

  1. pissedoffsol

    pissedoffsol RETIRED

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  2. brc80

    brc80 Senior Member

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    The taxes would kill you lol.
     
  3. Bob Vila

    Bob Vila ɐןıʌ qoq Admin VIP

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    They said that 8-10 people that win that thing haven't been able to afford it, i.e. taxes/utils etc. They end up selling.

    They are pimp though
     
  4. pissedoffsol

    pissedoffsol RETIRED

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    i'm not moving to NC! i'd sell it in a month. lol

    quit my job, take a nice long 2-3 week vaca down there.

    then sell it for 1.5 mill, and retire.
     
  5. Battle Pope

    Battle Pope New Member

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    You can't retire at 25 with a mil and a half.
     
  6. pissedoffsol

    pissedoffsol RETIRED

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    watch me.

    if you put it in 2% bank accounts, yup, your dead. but if you actually know how to manageme money, you can.

    figure, i'll take 500k, buy myself a nice ass house and shit.

    take the other mill, and buy an apartment complex. rent for the rest of my life income.
     
  7. Battle Pope

    Battle Pope New Member

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    That's why I don't think you can do it.

    Hell, I know I couldn't.
     
  8. Dustin_m

    Dustin_m Active Member

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    ya my friends mom has been entering once a day since it started, so don't think you're alone. that is a sick ass house though. fly down, throw a little party there, then sell it and drive the SUV home.
     
  9. reckedracing

    reckedracing TTIWWOP VIP

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    negatory

    keep the house and live in it for 2 years as your primary residence to avoid capital gains...

    and 1.5 mil = approx 50 years of 30K a year income

    30K takehome = approx 43K before tax income per year...

    ING is offering 4-5% on a regular savings account

    s good broker can net you 8% for little risk, or up to 20%+ if you take risks...

    i could retire on 1.5mil
     
  10. pissedoffsol

    pissedoffsol RETIRED

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    i thought capital gains only applied to homes with mortgages on them? if you pay cash, you don't get charged the gain?
     
  11. reckedracing

    reckedracing TTIWWOP VIP

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    nah, capital gains has nothing to do with debt...

    if you own a house, but don't live in it then its considered an investment property...

    your basis in a house you WIN will be 0, selling it = all capital gains

    even if you lived in it i would imagine you would need to claim the FMV of the house as income...
     
  12. Celerity

    Celerity Well-Known Member

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    A bunch of financial geniuses here... We must all drive Civics because we're sick of the Appres-peux drulldom of our Ferraris and Rolls.
     
  13. reckedracing

    reckedracing TTIWWOP VIP

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    i would rather drive a civic than have a ferrari and be a republican... :p
     
  14. Celerity

    Celerity Well-Known Member

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    And by golly, you'll do just that.
     
  15. Battle Pope

    Battle Pope New Member

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    I want to drive an M3 and be an independent...
     
  16. reckedracing

    reckedracing TTIWWOP VIP

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    i wanna drive an insight and make sweet love to a tree mannnnn.....
     
  17. Celerity

    Celerity Well-Known Member

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    That is SO Al Borland.
     
  18. pissedoffsol

    pissedoffsol RETIRED

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    more like E... that god damn hippie...



    ok, maybe not.



    he drives an insight.... because its cheap on gas, not because its environ, freidnly
     
  19. Celerity

    Celerity Well-Known Member

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    Why resist a car that's environmentally friend ? Seems ignorant to me. I brag about my car passing emissions and not stinking all the time.
     
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