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» The misc does realize most rich people are workaholics right?
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post 1575458271 03-09-2019, 08:51 PM
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Originally Posted By nosirrahx
You are in a good spot to seriously work towards converting assets into passive income. Rental real estate feeding into a diversified portfolio builds up very quickly.

Its hard to pin down how many units you need VS. how many units you can manage without needing a lot of outside help but you have to start somewhere. My brother and I have 10 collectively and for now have stopped looking to add more.
If you don’t have $500k+ in liquid how do you even get started? A bank won’t even lend to a $150k income 700 credit brah these days, also with a 5-9% return on your money, it’s not enough to get another loan. This also assumes you do all the work yourself, which being a landlord doesn’t sound like fun.
post 1575458441 03-09-2019, 08:53 PM
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People are just dumb hating *******s they will always attribute somebody's success to some sort of function of "luck". They always have an excuse.

"He was born rich".

"He borrowed money from his parents".

"He has 'connections'".

"He got lucky".

How about they're just smarter, worked harder, and were more determined than you?

Then you also always hear them try to take their life down a peg. Like "yeah but he works all day he never gets to enjoy his life". Meanwhile they're miscing or on reddit or some sh!t not even doing anything adventurous like they pretend they are. "Money doesn't buy happiness", etc. So many classic copes.

The final stage is when they start imagining what they would do with that money as if they were somehow morally superior. "Man I would never buy a Rolex what a waste of money. He's so materialistic. He should share his wealth."
Death is impossible for us to fathom: it is so immense, so frightening, that we will do almost anything to avoid thinking about it. Society is organized to make death invisible, to keep it several steps removed. That distance may seem necessary for our comfort, but it comes with a terrible price: the illusion of limitless time, and a consequent lack of seriousness about daily life. We are running away from the one reality that faces us all.
post 1575459001 03-09-2019, 09:05 PM
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Originally Posted By DrFeeIGood
If you don’t have $500k+ in liquid how do you even get started? A bank won’t even lend to a $150k income 700 credit brah these days, also with a 5-9% return on your money, it’s not enough to get another loan. This also assumes you do all the work yourself, which being a landlord doesn’t sound like fun.
It depends on where you live but getting a loan with a combination of good credit and a good job is not that hard. Rental properties are also viewed differently by the bank since it generates income.

A lot of guys get started with a duplex and living in half. You use your primary income and collected rent to pay the loan off as fast as possible. Once paid off take a loan out against it and buy a 2nd building.

As far as being the land lord, that can be annoying but it is what it is. If you are in area with a low vacancy rate you can be selective with prospective tenants and hope for the best. We have had 0 problem tenants so far.
Eat in a deficit to lose weight.
Hit your protein and fat minimums to stay healthy and keep your gainz.
Lift heavy and do HIIT to look and feel awesome.
Use the internet to learn why you should do these things and how to do these things.
post 1575459071 03-09-2019, 09:06 PM
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True in most cases.

I thought about getting a second job and putting the entire 2nd jobs paychecks into savings. I make more than enough at my current beat. Plus with 12 hour schedules, I have a ton of days off. Working PT at another spot would be 100% 'not needed' income and bank me so much loot man.

I should do it.
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post 1575459331 03-09-2019, 09:11 PM
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Originally Posted By nosirrahx
It depends on where you live but getting a loan with a combination of good credit and a good job is not that hard. Rental properties are also viewed differently by the bank since it generates income.

A lot of guys get started with a duplex and living in half. You use your primary income and collected rent to pay the loan off as fast as possible. Once paid off take a loan out against it and buy a 2nd building.

As far as being the land lord, that can be annoying but it is what it is. If you are in area with a low vacancy rate you can be selective with prospective tenants and hope for the best. We have had 0 problem tenants so far.
The problem I have with real estate is the time it takes to get “rich” off of it. Even making triple payments on a property, that’s 10 years before it’s paid off. As an entrepreneur bro I could start another company and make more than 10% annually with the ability to scale super big and cash out. Not gauranteed i know, but I’d rather take huge risks and potentially retire at 40 vs guaranteed wealth at 60. If that makes sense. Patience is a virtue, I know...
post 1575460161 03-09-2019, 09:31 PM
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Originally Posted By DrFeeIGood
The problem I have with real estate is the time it takes to get “rich” off of it. Even making triple payments on a property, that’s 10 years before it’s paid off. As an entrepreneur bro I could start another company and make more than 10% annually with the ability to scale super big and cash out. Not gauranteed i know, but I’d rather take huge risks and potentially retire at 40 vs guaranteed wealth at 60. If that makes sense. Patience is a virtue, I know...
Don't try to pay it off lol. Acquire as many properties as you can, and when the bank says no more go after private/hard money or partner up with other RE investors who have liquid cash. Refinance the equity out of the older properties for new cash too. Money tied up in property isn't really useful, the cash flow or flip is what matters


I have 0 phuckin credentials btw, I'm only parroting what people who have made it have said about this. lmao
post 1575460671 03-09-2019, 09:42 PM
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Originally Posted By PlateauTooSoon
Don't try to pay it off lol. Acquire as many properties as you can, and when the bank says no more go after private/hard money or partner up with other RE investors who have liquid cash. Refinance the equity out of the older properties for new cash too. Money tied up in property isn't really useful, the cash flow or flip is what matters


I have 0 phuckin credentials btw, I'm only parroting what people who have made it have said about this. lmao
Leveraging that hard is def cranking up the risk. I feel that real estate is way overpriced these days, but then again so is the market with all this easy money and fed printing.
post 1575461101 03-09-2019, 09:50 PM
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There is a strong collation between people who work hard and are winners.

There is a strong collation between people who are lazy and are losers.


I've always believed that to be successful you need to be at least 1 of 3 things.

Hard working. Even if you are limited to what you can do, you are driven and can go full speed for long periods of time. You can focus you energy on getting things done. (labor)
Smart. You can do what not many others can do. (Scientist)
Sociable. Got the gift of gab, chorizema, you are really good with people. (sales)

If you have 2 of three, you'll do very well. If you have all 3, that's where you can really go somewhere. People like Bezos and Musk are examples of this.
post 1575467181 03-10-2019, 12:06 AM
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Originally Posted By nosirrahx
You are in a good spot to seriously work towards converting assets into passive income. Rental real estate feeding into a diversified portfolio builds up very quickly.

Its hard to pin down how many units you need VS. how many units you can manage without needing a lot of outside help but you have to start somewhere. My brother and I have 10 collectively and for now have stopped looking to add more.
property agents/managers not someone youre wanting to cut in to maintain the properties & find tenants?
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post 1575467331 03-10-2019, 12:11 AM
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Move to Cali when 18-20

Shack up with some old rich as **** hag

Hag dies an unfortunate untimely death

Inherit house and $$$$$

??????????


Profit
post 1575468811 03-10-2019, 01:05 AM
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Originally Posted By Jasonw1178
There is a strong collation between people who work hard and are winners.

There is a strong collation between people who are lazy and are losers.


I've always believed that to be successful you need to be at least 1 of 3 things.

Hard working. Even if you are limited to what you can do, you are driven and can go full speed for long periods of time. You can focus you energy on getting things done. (labor)
Smart. You can do what not many others can do. (Scientist)
Sociable. Got the gift of gab, chorizema, you are really good with people. (sales)

If you have 2 of three, you'll do very well. If you have all 3, that's where you can really go somewhere. People like Bezos and Musk are examples of this.
Right. I've also found that the ones that made it had opportunity they took advantage of and an upbringing that fostered success. They may have grown up with good mentors like that rich dad guy, or learnt from going to their dad's work like a Trump. Even just learning from small business owners would give them knowledge and familiarity of business. I always read that the successful entrepreneurs / businessmen were always business oriented. Like selling things as a kid and having their own little business selling baseball cards or whatever. Eg. Buffet sold pinball machines as a kid. Business skills and orientation is a gifted ability like sport or music imo. They just got it and know how to apply it. Then combined with proper mentors and upbringing, opportunities, right attitude, motivation, work ethic and intelligence they become elite. Don't need all of the above to get rich without inheritance but a variation.
post 1575468931 03-10-2019, 01:11 AM
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OP is right. The only time I've had money is when I was working 70-100 hour weeks.
"Movin' ahead so life won't pass me by."
post 1575480151 03-10-2019, 08:30 AM
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Originally Posted By hoganrulz
property agents/managers not someone youre wanting to cut in to maintain the properties & find tenants?
Really depends on a few factors:

Are you handy (can fix minor issues competently)?
Do you have the free time and desire to fix stuff yourself?
Do you have a support network of people you trust to fix the stuff that would need to be inspected in the event that you want to sell?

In my case my brother does our property management and is well connected with the local contractor scene. He has a loan with me and does the property management to pay it down.

Another big question going in will be do you want to renovate a POS or do you want to buy a place that is renovated and actively rented?

Buying a building that is in rough shape but has good rental potential can get you in cheap but you will be spending a lot of time and $ to get to that first month of collected rent.
Buying a place that is already renovated and rented will be more expensive but you don't have to deal with much headache at all. The bank also will look favorably on the existing income stream.

The 8 units we bought last year were all renovated and rented. We had one tenant move out but we quickly filled that unit.
Eat in a deficit to lose weight.
Hit your protein and fat minimums to stay healthy and keep your gainz.
Lift heavy and do HIIT to look and feel awesome.
Use the internet to learn why you should do these things and how to do these things.
post 1575480801 03-10-2019, 08:46 AM
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#74
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Originally Posted By Jasonw1178
I've always believed that to be successful you need to be at least 1 of 3 things.

Hard working. Even if you are limited to what you can do, you are driven and can go full speed for long periods of time. You can focus you energy on getting things done. (labor)
Smart. You can do what not many others can do. (Scientist)
Sociable. Got the gift of gab, chorizema, you are really good with people. (sales)
Add to this list the willingness to sacrifice for the good of the long game.

If you are in your 20s and live it up a little less you can live it up big time in your 50s. Index funds over the long haul generate 8% (or better depending on how you structure risk). Feed a monthly contribution to that rate and you can do amazing things with 2 or 3 decades.

The hard work part can really pay off over time. One of my best friends came to America in his 20s with nothing more than factory work experience. He taught himself contract work and now in his 50s drives around in his Porsche or McLaren. He also put 3 kids through college.

The social skill trait put to work also blows me away. I don't have this at all but I know guys that do and its like a superpower. These guys do have a kryptonite though, women. The ability to successfully sell expensive stuff goes hand in hand with being great with women and these guys often spend way too much time and $ going out every single night. I get it, its likely a blast and half but its way too much of a drain on your future.
Eat in a deficit to lose weight.
Hit your protein and fat minimums to stay healthy and keep your gainz.
Lift heavy and do HIIT to look and feel awesome.
Use the internet to learn why you should do these things and how to do these things.
post 1575481181 03-10-2019, 08:54 AM
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#75
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My goal is to make 100k a year, doing nothing. If I can do that, id be happy.
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post 1575481361 03-10-2019, 08:56 AM
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#76
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How many rich people do you know op?
post 1575481511 03-10-2019, 08:59 AM
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Originally Posted By Rajc
there's a difference in working 40hours for a slavemaster or working 80hrs for yourself OP, the time put is not equal
Yes lol at working 80 hours a week on the clock for someone else
post 1575481861 03-10-2019, 09:09 AM
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#78
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Originally Posted By VinnyPazRules
Yes lol at working 80 hours a week on the clock for someone else
Depends on what level you are at. If you are a replaceable grunt then sure, 80 hours might be moronic.

80 hours a week working directly under a CEO at a new startup is a completely different animal. Getting called on to deal with serious BS at 3AM is just the way it is sometimes. If you don't say 'yes' they will replace you with someone that will.
Eat in a deficit to lose weight.
Hit your protein and fat minimums to stay healthy and keep your gainz.
Lift heavy and do HIIT to look and feel awesome.
Use the internet to learn why you should do these things and how to do these things.
post 1575482021 03-10-2019, 09:14 AM
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<—
Originally Posted By nosirrahx
I have been retired since 40 and having the time of my life. You could not pay me to be younger.
Fellow hustler repped.

I agree with the OP. It‘s not that you have to be a workaholic, meaning you want to work 80h weeks. It‘s that you have to if you want wealth and early retirement.
How to lose fat for Noobs: http://forum.obnoxiousbrutes.com/showthread.php?t=129247741
post 1575482071 03-10-2019, 09:15 AM
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Originally Posted By ErnieMccracken
What kind of business was it, again?
post 1575482151 03-10-2019, 09:17 AM
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Originally Posted By soaponarope1
There is actually some figurative accuracy in that.
Eat in a deficit to lose weight.
Hit your protein and fat minimums to stay healthy and keep your gainz.
Lift heavy and do HIIT to look and feel awesome.
Use the internet to learn why you should do these things and how to do these things.
post 1575482341 03-10-2019, 09:21 AM
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Thats funny cuz All I see nowadays are threads on the misc of people complaining about working 40 hours a week at their f***ing job you do you realize that rich people are rich because they’re workaholics they don’t just wake up making tons of money unless they come from a very well-off family and even if they do come from a well offbeat family they’re trained to keep that money by being workaholics. You f****ts got to man up, I’m literally Dublin the amount of money people are making in the exact same job that I have just based off of how hard I work and I work the same hours and far less senority. It’s all about what you put in, If you want to be a wage slave work nothing but overtime, If you wanna be a hustler like me do commission Whatever same principle applies not gonna get anywhere f***ing crying.The problem probably is that your father never beat the living s**t out of you like the pissant you are
post 1575482471 03-10-2019, 09:25 AM
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Originally Posted By SmillironS
The old man bought the bank, called sons notes due and evicted him off the place.
Just lol. Imagine moving out of your dad's place so you don't have to deal with him anymore just to have him buy it and kick you out.
post 1575482891 03-10-2019, 09:37 AM
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Originally Posted By VinnyPazRules
Yes lol at working 80 hours a week on the clock for someone else
Everybody has to start somewhere. Working that many hours for somebody as a way to gain the coin necessary to make a leap definitely isn’t moronic.
post 1575483641 03-10-2019, 09:51 AM
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Continue to improve your situation little by little.
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post 1575485791 03-10-2019, 10:33 AM
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Originally Posted By patagucci
A sum large enough to get most, if not all, of the advantages of wealth ... but not its side effects, such as having to attend a black-tie charity event and being forced to listen to a polite exposition of the details of a marble-rich house renovation.
wall street is def not f u money. coming from a pe vp
post 1575488211 03-10-2019, 11:19 AM
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People really have no conception what the average millionaire is like. Read 'The Millionaire Next Door' whose authors researched the topic.

The average millionaire is not a Kardashian, more like a middle aged married person who worked steadily and saved their whole life.

A lot of the idiots who do lots of conspicuous consumption live paycheck to paycheck and really don't have enviable lives.
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'Service guarantees citizenship'
post 1575488681 03-10-2019, 11:30 AM
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Originally Posted By CommonPheasant
People really have no conception what the average millionaire is like. Read 'The Millionaire Next Door' whose authors researched the topic.

The average millionaire is not a Kardashian, more like a middle aged married person who worked steadily and saved their whole life.

A lot of the idiots who do lots of conspicuous consumption live paycheck to paycheck and really don't have enviable lives.
ye bruh. gonna read - do you have a link?
post 1575488741 03-10-2019, 11:32 AM
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Originally Posted By ANIMALISTIKZ
ye bruh. gonna read - do you have a link?
https://www.amazon.com/Millionaire-N.../dp/B00CLT31D6
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post 1575488891 03-10-2019, 11:34 AM
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Originally Posted By CommonPheasant
People really have no conception what the average millionaire is like. Read 'The Millionaire Next Door' whose authors researched the topic.

The average millionaire is not a Kardashian, more like a middle aged married person who worked steadily and saved their whole life.

A lot of the idiots who do lots of conspicuous consumption live paycheck to paycheck and really don't have enviable lives.
The term millionaire is useless anyway, it spans three tens of magnitude. Having a net worth of one million won‘t get you very far if you‘re living in a high cost area. Even having a net worth of a hundred million won‘t get you far if you can‘t handle money.
How to lose fat for Noobs: http://forum.obnoxiousbrutes.com/showthread.php?t=129247741
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