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Old 08-13-2020, 12:33 PM   #426
daveT
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

A few years ago, I knew this girl who got a real estate license. She bought up a bunch of condos and sublet them. It was a lot of upfront work, but ultimately, she earned 6 figures and worked 10 hours a month, until one of her houses had to be remodeled. It took her months to even find a reliable set of workers.

In my 20s, when I was doing construction, all of my clients were people who bought homes, fixed them up, and sold them. This was before the crash of '08. Yes, they all knew what was coming; they talked about it every day and took full advantage of the situation.

There were all sorts of strange animals in that field. The most curious was these two women who brought their high-end furniture to houses for showings. Basically, the nice furniture made the homes look nice and easier to sell.

Ain't no such thing as an easy dollar.
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Old 08-13-2020, 12:38 PM   #427
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

My GF and I are thinking about flipping houses in Vegas...lots of work, but we enjoy the search, and I'm good at the cosmetic improvements while she is good at the real renovations. We're going to start with the house we just bought for ourselves. It's a 1971 ranch, unique and cool, but needs some plumbing, electrical, and roofing work. Also needs to have asbestos removed and/or rendered safe.
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Old 08-13-2020, 01:29 PM   #428
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

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My GF and I are thinking about flipping houses in Vegas...lots of work, but we enjoy the search, and I'm good at the cosmetic improvements while she is good at the real renovations. We're going to start with the house we just bought for ourselves. It's a 1971 ranch, unique and cool, but needs some plumbing, electrical, and roofing work. Also needs to have asbestos removed and/or rendered safe.
Nice to see you buying a house together, Dom. Best with everything.

I've been dying to move for a few years now, and I'm going to sell my condo, which needs a few renovations, to my son who can do all the work. He needs a place for him and his daughter, and I live in a nice neighborhood with a great school system. He's also going to get it for about 75k under the going price. He's happy.

And, Dom, if conferences are going on next June, I will see you then. Hell, I might anyway, conference or no conference. Really bored this summer with no travel.
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Old 08-13-2020, 02:08 PM   #429
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

It's cool your lady is willing to get her hands dirty.

What is your expected timeline to flip on this house?
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Old 08-13-2020, 03:22 PM   #430
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

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There were all sorts of strange animals in that field. The most curious was these two women who brought their high-end furniture to houses for showings. Basically, the nice furniture made the homes look nice and easier to sell.
I have a friend who photographs homes. She brings in furniture, decorations, the whole works. She gets paid a lot of money. She also does houses that are going to be let for a week or two during sxsw and acl. What she gets paid for those is mind-numbing.
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Old 08-13-2020, 04:14 PM   #431
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

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It's cool your lady is willing to get her hands dirty.

What is your expected timeline to flip on this house?
Oh, no timeline...it's going to take a couple years to get the house the way we want it on our budget after buying the house lol...but we're thinking about other properties sooner than that, maybe.
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Old 08-13-2020, 04:14 PM   #432
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

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Nice to see you buying a house together, Dom. Best with everything.
thanks
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Old 08-13-2020, 04:31 PM   #433
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

great success!
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Old 08-13-2020, 04:35 PM   #434
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

I'm worth over 100K and have maybe 20 more years of earning potential. would like to know more about investing, but I've got more pressing concerns at zee moment. Like existential anxiety

I need the dividend to set me free!

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Old 08-13-2020, 06:15 PM   #435
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

The Admiral Funds at Vanguard are the nuts - I pay no fees to have mine and some of my vanguard funds were automatically converted to Admiral status after gaining enough equity, plus I've been with Vanguard for 30 years. I was advised that I needed 1 million to retire. I have half that (plus some in individual stocks as a side investment), all in vanguard. But I have ZERO debt and own my own home and land free and clear. A small pension to go with my Soc. Sec. So if I lost all my money I could still survive fine. Just no more trips to Europe or Buffalo Hunts to Montana. But plenty of local Fishing!

I don't wish to own some home for rental income - having one is more than enough for me; it is a pain in the ass for upkeep and repairs and etc.
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Old 08-13-2020, 06:59 PM   #436
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

figure everything doubling in 20 years. so if you retire in 20 you may need double your income to live the same. most times retired people think they will spend less but that is when they want and have the time to take nice trips and maybe become a snow bird with another house.
if you are a house bound person who just watches tv you can certainly get by on little especially as your house will be paid off by then.
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Old 08-13-2020, 07:16 PM   #437
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

I'll buy your place at a sweetheart discount. I want to get out of the city, but I don't know that I want hillbillies. I'm all f*cked up.
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Old 08-13-2020, 10:24 PM   #438
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

I'm easily worth 7 or 8 figures, but I have a plan in place to get that to the positive side of the number line in a couple of years.
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Old 08-13-2020, 11:17 PM   #439
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

schlitzy its the hillbillies that will save your butt when things go bad in the country.
no one even the cops are going to help in the city.
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Old 08-14-2020, 10:21 AM   #440
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

schlitz,

If your employer offers a 401k or similar investment, maximize that before anything else.

If, after that and bills, you have money to invest, I like Zeno's advice--find a fund you like, making sure to understand the costs relative to performance. Vanguard's great, I have some $ in Dodge & Cox funds which are pretty good, I think.*

I've pretty much quit adding to my of individual securities. More than I want to deal with keeping up with them. I still hold them, but just let he dividends reinvest, don't buy more.

Just easier to buy a broad-based, low-cost fund.

*Once again, not a professional, and kind of a lazy investor nowdays. This is one of the many areas where people should take my advice critically.
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Old 08-14-2020, 10:53 AM   #441
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

just remember everyone that touches your money is taking out a commission in some way.
that isnt going into your portfolio.
all that doesnt ever get into your compounding.
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Old 08-14-2020, 11:11 AM   #442
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

thx you guys

I just called our benefits office and ironed out some details, including that I contribute the maximum of 6%
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Old 08-14-2020, 01:07 PM   #443
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

and learn where it goes and if you have some choice where to put it. usually it goes into some brokerage they choose that takes a bigger cut of your money. you may have the option to at least have it in an exchange fund.

you look at the price of a six pack when you buy it. so look at what your life savings are being priced at.
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Old 08-14-2020, 03:12 PM   #444
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

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I'm easily worth 7 or 8 figures, but I have a plan in place to get that to the positive side of the number line in a couple of years.
I doubt this; especially after a lifetime of playing poker at your high-level of expertise. On paper you are, perhaps, in the poor house. But in reality you are rolling in hard money, gold, and negotiable bonds - even if all stuffed into a mattress or buried in the backyard. Don't pull that stuff on me!
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Old 08-14-2020, 03:35 PM   #445
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

In my neighborhood, stores don't post the price under the beer. It's like playing The Price is Right, except your guess is always wrong.
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Old 08-14-2020, 03:45 PM   #446
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

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thx you guys

I just called our benefits office and ironed out some details, including that I contribute the maximum of 6%
I'm a little surprised by this. My experience is that employers offer to match up to x% (or $x) of your contributions, but you are allowed to contribute as much as you'd like beyond that up to the federally mandated limit. ($19500/year if under 50, +$6500 if >= 50. IRS Source

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In my neighborhood, stores don't post the price under the beer. It's like playing The Price is Right, except your guess is always wrong.
That's just wrong.
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Old 08-14-2020, 08:22 PM   #447
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

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I'm a little surprised by this. My experience is that employers offer to match up to x% (or $x) of your contributions, but you are allowed to contribute as much as you'd like beyond that up to the federally mandated limit. ($19500/year if under 50, +$6500 if >= 50. IRS Source



That's just wrong.
obviously i could be wrong, but i read Schlitzy's post as he's contributing to the max that his employer will match (which everyone should do when it comes to getting free monies).
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Old 08-14-2020, 08:35 PM   #448
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

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red eye. that fund is a huge one with low expenses and tends to follow the stock index.
it also has i beileve like a 3,000 minimum and vangaurd charges a 20 dollar a year fee to hold each fund. so do your research before looking a the pretty flowers.
why do you think they put together these funds. because they make billions off of them.
thanks for the feedback Ray. i'm well aware of what that particular fund does, the price of entry, and the fees they charge.

it is just a portion of my portfolio, but i'm pretty sure my balance can absorb the $20 a year fee plus a few hundred a year more to manage it for me. i tend to look at it as if they are an employee of mine, continuously balancing my investments to mirror the market, and at that price point i'm not going to find anyone that can do it that well for the same value.
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Old 08-14-2020, 09:20 PM   #449
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

a small basket of say a dozen stocks will mimic the market very closely.

go look at some charts of bigger stocks against the market and you will see most will follow very closely over past a short time frame..
no one effectively beats a buy and hold strategy.

*** and almost all mutual funds do not beat or equal the market.**
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Old 08-14-2020, 11:43 PM   #450
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Re: Lounge Summer LC Thread: Welcome to Looters, Lowlifes, Layabouts, and Lollygaggers

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I doubt this; especially after a lifetime of playing poker at your high-level of expertise. On paper you are, perhaps, in the poor house. But in reality you are rolling in hard money, gold, and negotiable bonds - even if all stuffed into a mattress or buried in the backyard. Don't pull that stuff on me!
Yeah, I was being a little histrionic about the whole thing. I had made some overseas investments that have become difficult to track recently. I've been ignoring them since I haven't any course of action that I could take now. My business deals / investments seldom worry me. What I'm starting to wonder about is my completely unsubstantiated and unjustified self confidence. I always assume that I'll be able to deal with anything that's thrown my way, and wonder how much longer that's going to be true.

And speaking of money stuffed in mattresses, one thing I never thought about when I was young was liquidity. I never thought of investments in terms of how fast I could turn them into cash. The reason I mention this is that I don't believe in the concept of security. People thinking of their later years often hope for it, but it's just make-believe. It's a sales gimmick.

Security doesn't exist, but what does exist is opportunity, and if an opportunity comes along it helps to have some cash in hand to take advantage of it. I'm just trying to offer some food for thought to the younger guys who are starting to think ahead.
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