Quote:
Originally Posted by GutPunch
Pool looks great! Why did you choose to go with inground vs. outground? You prob could have saved like 10K if not more.
Can you also go into some more detail on your rental property and how you became a Landlord? What did you do before you purchased the property and how did you pay it off so quickly? How did you find the property? Any good reading material you recommend when considering becoming a landlord?
-per HOA pool has to b inground
-I became a landlord just by taking a leap of faith and deciding it wd b a gd venture. I was looking for gd deals online and came across this property and made an offer on the spot. I buy anything if I think I can make some money on the back end. This property was a steal at $95k, and I put $60k down.
-How did I get it paid off so quickly?
First off, no matter how I explains money situation I all most likely come across scummy or arrogant. It's not my intentions, but when talking finances and how I did it, it's hard not to keep it real. Since this is #FullTransparency thread I will just tell u how it is.
...I have always smm (saved my money) and my biggest advice to all is sym. That allowed me to put a big portion down on The Melody, and leaving me w $35k to pay off.
I have always lived within my means and always lived debt free (never owned a credit card). I'm just a simple man who never really spent frivolously. If I wanted something, I wd save up to buy it, and I wd try to my best to sacrifice along the way. Sacrifice meaning, living off $1 Totinos pizzas, eating off the dollar menu, buying off the clearance rack, buying generic, driving used cars (currently F150, Jeep Wrangler), and just finding gd deals (like the time I bought the Jeep on the spot from someone in the poker room last year post #?, or buying The Melody for $30k under appraisal).
I rather have cash, feel secure and not have to worry about money than living beyond my means, have debt, or trying to impress people w material things that don't hold value.
The time I did want something nice, like buying a Jaguar in my early 20s when the poker was booming and I was crushing, I still did my homework to find a great deal on a used one. I actually drove from Indiana all the way to Texas to buy it w straight cash (I think it was $15k). I always told my mom I wd own a Jag, and after she passed away in 2003, I bought one a year later. With that said, I still did my homework researching for a couple of months, and fig the one I found in Texas was well worth the drive saving a couple thousand. After a few years a driving the Jag I ended up selling it for exactly what I bought it for. #freerolling #breaking-even.
All this nitty lifestyle growing up came from watching my 2 parents struggle to make ends meet. They both were hard working people, providing the best for their 2 kids, but living paycheck to paycheck. I think this experience watching them, led me to want to smm.
This is why I kind of I struggled w the purchase of a pool. They don't hold value, and it's a lot of money, and taking a big dent of the roll. But I can't always b a life nit, and sometimes u just have to spend the money u save. I can't just hoard cash, and money has no value unless u spend it. If I wasn't set up properly in my life then no way I wd entertain the idea of getting a pool. But now I feel I'm in a gd spot, and I can afford it, so why not.??
Pretty much my whole life I been a life nit, and it's what got me to the point where I am today. I'm finally financially secure w no debt (other than primary home), and have liquid money, and still practice gd brm and live within my means. I've always done it my way, creating my own destiny, being my own boss.
Everyone is different, but this is me.
So how'd did I pay it off?...My plan when I bought the property was to have it paid off in 3 years. I thought the best way to do this was getting a 3/1 ARM. That kept my premiums low, and gave me motivation to pay it off before my mortgage balloons on that 4 year. I was pretty much just paying interest only, but I was able to save more that way than getting a 20 yr fix and having a higher premium. Sure I cd b paying down on principal w a 20yr fix, but it wdnt b that much compared to what I cd save w a 3/1.
My monthly premium w a 3/1 was around $450ish, and this allowed me to net around $1500/mo from the rentals. Thus, I cd save $18k/year and use my pokerz to pay my primary home bills. After 2 years of sacrificing and living within my means, I paid off The Melody.
After many years of a nitty life, I'm now set up to do more for myself and others. My smm, driving used cars, living off dollar menus, etc. etc. etc. has finally paid off for me. Now I get all cash flow from rentals, and The Melody recently had an offer of a $160k that I turned down 3months ago, pool was paid for in cash, been averaging $4k/mo in poker, have a nice poker roll in my safety dep box, a little cash in the bank, and most importantly a family that is healthy. life is gd. All glory to God.
#TightIsRight
-your last question on reading material on becoming a landlord.
I'm not much of a reader. I have only read about 7 or 8 books in my life.
My fav was Walk in the Woods by Bill Bryson.
Quote:
Originally Posted by Mr. Muckit
You had mentioned awhile back about experimenting with a different style that was kinda super aggro/maniac but you had indicated you were running into a downswing or breakeven stretch that was kinda stifling your efforts to incorporate the new style. I wanted to ask: to break out of the swong did you end up going back to your more traditional style (I assume fairly TAG?) or have some new maniacal tendencies become a regular addition to your game?
I went back to old TAG style, but still tinkering w a few things. Always trying to get better and improve.
Yesterday: -$300
Today:
+$15 on 3/6 on 34mins
+$150 on 1hr 59 mins (sesh 1). Table broke, and I took a lunch break. Then played another 2hrs 4mins +$84.
=+$249 total on 4.5hrs
Forgot about cp. I'll get ya some tomo.