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Originally posted by reckedracing+Jul 13 2005, 02:20 PM-->
reckedracing @ Jul 13 2005 said:
Theres a little thing called capital gain in realestate that pursuades people away from doing this.
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if you;re upgrading your primary residence you can get around capital gains... and even if its not your personal residence... i would still rather pay 30% tax on 100K than 15-21% tax on a salary
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MotleyFool.com
The key to the entire plan is that you are allowed to sell a principal residence once every two years and exclude up to $250,000 ($500,000 for a married couple) of the gain on the sale. Many of you may be under the mistaken impression that the home sale exclusion is still only "once in a lifetime," or only available to those of a certain age (such as the elderly), or only available if you buy a more expensive home. Those were the old rules, and they no longer apply. If you meet the two-year ownership and use tests for a principal residence, and don't sell more than one principal residence in any two-year period, you can exclude any capital gain tax on the sale (up to the $250,000 or $500,000 limits mentioned earlier). So, to get the maximum bang for your buck, you'll want to understand the rules and have the patience to wait out the two-year residence period. For those of you with substantially appreciated real estate in the form of investment properties or second homes, the tax savings could be worth the wait. Let's look at a few examples.
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stocks

just investing 100 bucks a month in the last 6 months ive doubled my investment.

read books/magazines, watch money tv shows like "mad money" learn all you can and find a company to dump money into.

its real easy short term, long term is a bit more of a hassle.
 
Originally posted by reckedracing@Jul 13 2005, 02:03 PM
my advice on starting your own business still stands...
or as others suggested, real estate...
instead of just looking for a place to live, look for a place with potential... own it for 5 months to 5 years and sell it, then buy bigger, and bigger, and bigger...
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Starting your own business?

Do you know how many self owned businesses make it to the 3 year mark or even the one year mark for that matter? The statistics aren't appealing in the least.

Alright, so lets say the business won't just be personally owned but we're going public here with it. What invester is going to sign on with you? What can you bring to the table that a large company can't for far less money? What do you have to offer thats greater than everyone else?

In today's world of Walmart, fast food, and more generally instant gratification the Mom and Pop business don't and won't survive.

99.9% of the time the idea of starting your own business is idiotic.

-1 for that.

Real estate is the biggest major return that you can get yourself into, but you're not in a position to do so at this point. You don't have enough money to buy your own home, how are you going to have enough money to house yourself and buy real estate?

-1 for that, unless of course you want to start buying pieces of land in a no commercial area where you live, sit on it for a couple years until the price in the area sky rockets and then sell. I say this because there's no way you're going to afford land with the prices in your immediate area.

On a small scale, you do the coin collecting thing.

Make a buck from ebaying and coin collecting, save and as Cerelity said in more words, don't buy frivalous shit. You don't NEED a big screen TV. You don't need an auto cross car, you don't need a drag car, you don't need this, you don't need that. Save and buy something you really WANT AND NEED.

The difference between myself and people in my age group is that I've always been taught how to manage my money. I'm a "saver". I've only been working in a formal job for the last year and a few months and without being given any major amounts of money, I have managed to SAVE $10,000+. Thats without mommy and daddy's help and without the help of a job, until this past year.
 
Originally posted by 94CivicSlow@Jul 13 2005, 02:42 PM
I think you should buy a condo, and not rely on roomates Brian.
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This is the smartest and most logical idea. Although Brian doesn't want to hear it.

He's not ready to get into a house.


Rent/buy a condo and get a roomate. Even condos are a worthy investment in today's market.


B, you may not like the idea of a condo but if you really want to move out and having something modern and decent its your only option right now.

As I've said before, beggers can't be choosers. If you don't have a pot to piss in, then you're not going to be able to get yourself into your "IDEAL" situation, realistically.
 
Originally posted by pissedoffsol@Jul 13 2005, 01:52 PM
i think im just going to start selling drugs.

where am the crack?
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not worth it to sell drugs
 
i'm kidding about the drug thing guys, relax...

as for the condo- i don't see how paying 125-175k for a condo is a wise investment. 4 years ago, these things were 30-70k.

its just going to crash hard.

my dad lost his SHIRT on a condo. he sold it for 10k less than what he paid for it--- 10 years later. bought it for 40 in 1985, sold it for 29 in 1995.
 
Originally posted by pissedoffsol@Jul 13 2005, 02:52 PM
i think im just going to start selling drugs.

where am the crack?
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Its profitable, but the legality of it... ...but its profitable....



Here's an idea for you Brian. You want "quick" money? An added source of income?


Buy web servers and start charging people for hosting space. You have your design in these computer languages and are from what I can tell a self proclaimed kick ass web designer...start a web designing business.

Build quality websites for a couple hundred depending on the customer's requirements, anywhere from $200-$1000. Get your name out there. Get business cards. Get references. Advertise online. Advertise locally. Build a couple demo sites for free or a reduced cost and then use those sites as references.

Be creative.
 
Originally posted by pissedoffsol@Jul 13 2005, 02:58 PM
i'm kidding about the drug thing guys, relax...

as for the condo- i don't see how paying 125-175k for a condo is a wise investment. 4 years ago, these things were 30-70k.

its just going to crash hard.

my dad lost his SHIRT on a condo. he sold it for 10k less than what he paid for it--- 10 years later. bought it for 40 in 1985, sold it for 29 in 1995.
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And where was the economy in 1995? Coming out of the biggest recession since when? Oh yeah...the Great Depression.

Look at the buy/sell prices of condos from 10 years ago until now. All the condos in my area have pretty much doubled in the past 10-15 years what they once were.

Sure, eventually this real estate craze is going to end and the market is going to drop out but its going to drop out regardless of whether you buy a house or buy a condo. You buying a house isn't going to stop what happens to the market.

I think you probably have a stigmatism towards condos because of what happened to your father.
 
what happened was, when my dad bought it, it was a nice place to live.

slowy, it turned into a fucking dump, and no one wanted to live there. he was charging 650/month for rent, and by the time he sold it, it was down to 495/month.

he had no control over the area. thugs/section 8 crack fucks moved in the area, and no one normal wanted to live there anymore.

it can happen anywhere... but with lower income/lower cost homes/condos, the odds of it happening are greater-

which, is why i want to spend a little more on a place in the first place-- so that it doesn't get over-run with thug bitches.

seriously, you don't understand where i live.

1 part of the town is beautiful, nice, 400k houses.
2 streets later, there's bars on the windows in section 8 houses in the ghetto.
 
liquidate all your assets, go to vegas bet it all on black in roulette lol

but on a serious note, you need big money to make big money. There is NO way around it. It takes time to establish financial gains while investing in anything. Short of winning the lottery you just have to be patient.

In a year or so when i finish my minor in finance ill help ya out lol
 
Originally posted by pissedoffsol@Jul 13 2005, 03:09 PM


it can happen anywhere... but with lower income/lower cost homes/condos, the odds of it happening are greater-

which, is why i want to spend a little more on a place in the first place-- so that it doesn't get over-run with thug bitches.
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Exactly it can happen anywhere. You go on to talk about how there's bars on the windows in houses a couple streets down. What leads you to believe that these "thugs" won't move down 5 streets in a 10 year time span? What says that the price of the area is driven down because anyone with "REAL" money doesn't want to live in an area thats in such close proximatey to the "ghetto"? Your chances are just as great either way.

You have to get this idea of a condo equaling hell out of your head. Its a stupid idea that doesn't hold any water.

The "people" who have the money, don't want to buy the 1980's house that you can afford. They're simply go else where and pay for a state of the art house to be built. Your house will probably be less desireable come 10-15 years down the line than a condo would. Condos are always updated and kept modern, houses aren't. Condos will always be in demand, a 1980's house won't always be in such demand. Besides you'll be out of the condo in 5years and into a house that you can afford by that time.


seriously, you don't understand where i live.

1 part of the town is beautiful, nice, 400k houses.
2 streets later, there's bars on the windows in section 8 houses in the ghetto.
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B, you live in a bubble.

I live in the state that has the highest cost of living and has far more ghettos than your state ever will due to the high cost of living and the need to be in the immediate area in order to get a job in the city.

I'm a jersey boy. Remember that. You don't have a Newark in CT, you don't have a Camden which has the highest murder rate out of the entire country, you don't have every illegal foreigner that comes to the "great city" in search of a job.

I'm not going to make this a pissing contest, but you have no idea what you're talking about in terms of "bad towns" because there simply aren't that many that make the top lists in CT but there are a shitload in NJ, NY, and PA.
 
Condos are always updated and kept modern, houses aren't. Condos will always be in demand, a 1980's house won't always be in such demand. Besides you'll be out of the condo in 5years and into a house that you can afford by that time.
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condos are only updated as often as the owner renovates them...
plus there is the associaton fee whatever the fuck, which basically amounts to you paying fucking rent for your own house...


and just because CT doesn't have nationally high ranking crime rate it doesn;t mean crackers are not gonna be doing the "white flight" from the burbs when thugs start moving into the area...

crime rate or not... if the neighbors go down hill then so does your home value...

Its a stupid idea that doesn't hold any water.
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buying a condo is about as worthless as buying a trailer home or renting furniture...
 
its not a pissing contest about who has the worst ghettos
what he is bacicly saying is that he does not want to live right next to some low life fuck heads that are going to steal his shit, and bring down the value of anything they dont steal
 
Originally posted by E_SolSi@Jul 13 2005, 04:35 PM
its not a pissing contest about who has the worst ghettos
what he is bacicly saying is that he does not want to live right next to some low life fuck heads that are going to steal his shit, and bring down the value of anything they dont steal
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exactly.

i want to keep all the "frivoulous shit" i've bought in the past.
 
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