Author Topic: I just bought a condo. Deal was sealed, signed today. (Read 1051 times)

GmanJoe · « **on:** January 14, 2004, 02:52:40 PM »

It\'s quite large for two people, 1700 square feet of space, 2 bedroom, 2 full baths, large kitchen, a sun room, a deck and the usual dining and family room.

No more renting for me, finally.

Here\'s my advice to you youngin\'s : open a bank account, put $20 to $50 a month into it and DO NOT EVER WITHDRAW FROM IT unless for medical emergency reasons.

Putting a significant downpayment prevents a lot of people from buying homes. Why? Not enough savings, that\'s why. Also, closing costs may be added to the downpayment as well.

I\'m gonna rent this one out in a couple of years, get another condo and rent that out too and so on. Hopefully, I\'ll have 4 condos rented out and after several years, I\'ll sell them all and be rich.

Today, I saw the attorney hand over $125,000 to a woman who bought that condo 5 years ago for just $80,000. Yeah, her net profit was $125,000! That was her 4th and last condo she sold.

She\'s a secretary who makes less than I do. And ~she~ is almost a millionaire today and she\'s not even 50 years old yet.

Anyway, the condo is beautiful and one day, I too will exploit some young couple into handing $100,000 or more to me.

« **Reply #1 on:** January 14, 2004, 03:07:06 PM »

If she bought it for $80,000 and sold it for $125,000, her net profit is $45,000, not $125,000. How is she a millionaire? Certainly not from small real estate investments like this one.

BTW, which city do you live in?

« **Reply #2 on:** January 14, 2004, 04:03:32 PM »

a good idea to make some cash...but

don\'t get condos... in here its getting nothing or getting a house!

my aunt brought a house for about $300,000 10 years ago and sold it for $410,000 about 4 years ago.

and put way more than just $50. Try more like at least $300, but I will invest some of that. Money in the bank don\'t earn you any interest nowadays.

Do it like we do it, buy a 3floor house for about $300,000 to $400,000. Rent out two of the floors. here each floors is $1300 a month. That gives you $2600 a month just for rent money. Its enough to pay the bills and mortage. And then you can save up for another house.

ohh yeah, and I like this smilie...:gman: hehe

« **Reply #3 on:** January 14, 2004, 04:05:04 PM »

Well congrats.
Hopefully we can get some pics.

« **Reply #4 on:** January 14, 2004, 07:00:41 PM »

Damn, I thought you bought condoms.

GmanJoe · « **Reply #5 on:** January 14, 2004, 08:12:02 PM »

Quote

Originally posted by Coredweller
If she bought it for $80,000 and sold it for $125,000, her net profit is $45,000, not $125,000. How is she a millionaire? Certainly not from small real estate investments like this one.

BTW, which city do you live in?

She didn\'t sell it for $125,000. She made $125,000 from selling her condo to me. Her other condos made way more profit (the other ones were bought for $25,000 and were completely gutted and restored and later sold at over $300,000, minus the upgrade costs, well, she\'s almost a millionaire). Where I live, we have single family homes (4 bedroom type) going for a half million to $800,000. It\'s all about location.

Where I live....well, it\'s close enough for one of the mods to consider putting a restraining order on me if I knew exactly where he lives.

« **Reply #6 on:** January 14, 2004, 09:24:52 PM »

Who is the Mod?

« **Reply #7 on:** January 14, 2004, 10:36:55 PM »

mm

Pittsburg

« **Reply #8 on:** January 15, 2004, 05:42:38 AM »

Condo = too lazy to mow the lawn.

j/k! Congrats on the purchase - its much better to own then rent.

GmanJoe · « **Reply #9 on:** January 15, 2004, 05:53:00 AM »

Quote

Originally posted by GigaShadow
Condo = too lazy to mow the lawn.

j/k! Congrats on the purchase - its much better to own then rent.

Thank ya! I worked out in the 24hour gym last night our condo facility has and also I need to buy a billiard stick and some billiard balls since they have a billiard table no one uses. This place is like a freakin\' vacation villa than a condo.

If they had an arcade room, I\'d be in heaven!

GmanJoe · « **Reply #10 on:** January 15, 2004, 05:57:10 AM »

Quote

Originally posted by lionken07
a good idea to make some cash...but

don\'t get condos... in here its getting nothing or getting a house!

Condos in my area, beacuse of its location, are excellent investments.

Quote

Originally posted by lionken07

and put way more than just $50. Try more like at least $300, but I will invest some of that. Money in the bank don\'t earn you any interest nowadays.

Considering that there are a large number of under 20 year olds here, $50 a month is a good. That\'s who I was mainly addressing. The ones with good jobs should already know better.

Quote

Originally posted by lionken07

ohh yeah, and I like this smilie...:gman: hehe

I like this smilie better.

« **Reply #11 on:** January 15, 2004, 07:21:40 AM »

So when do we get to see some pics of this place?

GmanJoe · « **Reply #12 on:** January 15, 2004, 07:58:13 AM »

Quote

Originally posted by GigaShadow
So when do we get to see some pics of this place?

I need to repaint the walls, replace the floor molding, add a chair rail, install wooden flooring....and THEN get furnitures.

It\'ll be a while. The place is actually good the way it is but I want it to be done MY way.

« **Reply #13 on:** January 15, 2004, 08:10:15 AM »

Take some pictures now and post it then after you make improvements post updated pictures - that way we can see a before and after. I did that with my old house and it was fun to see the finished look and take pride in your hard work.

GmanJoe · « **Reply #14 on:** January 15, 2004, 08:45:15 AM »

Before and After pics. Will do.

Hello

Author Topic: I just bought a condo. Deal was sealed, signed today. (Read 1051 times)