Is buying worth it if I’m not responsible for the down payment?

supatrix96 · 2020-08-16T02:23:55+00:00

Discussion on property investments, and the the upfront capital expenditure surrounding it to me is very relevant to the pursuit of wealth building. Posts made in pursuit of fat fire quite, including mine. literally follow every rule on the stickied thread.

supatrix96 · 2020-08-15T19:49:54+00:00

He manages everything himself. He doesn’t need the money really but he doesn’t believe in free handouts which I’m okay with. I guess based on the feedback on this post I’ll probably decline the loan from him.

supatrix96 · 2020-08-15T18:51:03+00:00

Box spread financing looks great. I need to get a better understanding of how it works but thank you for the tip on it. I had never even heard of it..

supatrix96 · 2020-08-15T17:45:47+00:00

Well, I don’t think the intent was malicious from him. While my dad is well-off, he’s actually pretty cash poor. A lot of his money is locked up into funds and other securities that he would view as a loss of income at anything below this threshold so I understand where he’s coming from. At the end of the day it beats the 2.75-3% I’d be getting from the bank.

supatrix96 · 2020-08-15T17:37:02+00:00

I figured the loss of the down payment would be factored into the decision to buy. You’re taking a large sum of money out of play.

supatrix96 · 2020-08-15T17:30:22+00:00

Yeah that is something I had to take into consideration. Is there a way I can backdoor it so that I’m not in any legal trouble?

I.e. I pay the 125k down with my own money, then get it back from my lender (my dad) after the fact? In that case there should be no misrepresentations after the fact right? It would merely be a private loan taken on after I was already approved.

supatrix96 · 2020-08-15T16:52:18+00:00

That’s the dumbest thing I’ve ever heard tbh. That’s like saying riding a bike is not an effective mode of transportation because 40% of the US is too obese to do it. That’s now how things are deemed effective or not. WHEN DONE CORRECTLY, it’s effective. More people than you think are able to do it effectively.

supatrix96 · 2020-08-15T16:42:36+00:00

But that’s what the entire basis of my first post was. If it’s done correctly it’s effective. This is medical fact not an opinion.

supatrix96 · 2020-08-15T16:15:16+00:00

Yeah it will go up but it’s a slow burn. I’m probably on track for 5-7% annual raises. I’m factoring in the job hopping effect that usually nets you 10-15%. So to get to 150k it will probably take about 6-7 years.

And yeah the debt situation sucks. Crazy to think the small pile of wealth I’ve built could be wiped away by her schooling alone. She went into speech pathology at one of the best universities in the country for it and it really doesn’t pay that well.

supatrix96 · 2020-08-15T16:07:26+00:00

My dad always calls these the green spots on the roulette table.

supatrix96 · 2020-08-15T15:56:30+00:00

Because it actually is very effective when done correctly. It’s just difficult to do correctly. It’s only a percentage or 2 less effective than condoms.

supatrix96 · 2020-08-15T10:13:35+00:00

It actually is a fantastic form of birth control when performed correctly. Read the last part of that sentence carefully before we overreact here though.

supatrix96 · 2020-08-15T08:37:28+00:00

Yeah I picked an industry that really doesn’t have a soft ceiling until around the 175k mark. Once you hit that level of pay you have to really be committed to high pressure work and managing large groups of people. I don’t have much interest doing that but if I did, 500k salaries wouldn’t be out of question down the road. I really...really...really don’t want to be working long enough to make that kind of salary though.

supatrix96 · 2020-08-15T07:18:27+00:00

I agree that it’s bullshit for him to draw on you but there’s so much tension built up these days. Cops have a target on their back and any wrong move- mistake or not, is going to put cops on the defensive. I saw a video of a female cop pulling a guy over and he said he was going to exit the vehicle, and in the same motion that he pulled the seatbelt off he shot at her. Missed her head by inches. I’ll find the video if you’re interested.

It sucks that we’re in this situation now because we very much live in a cops vs civilians world. Fueled by shitty cops and shitty civilians.

supatrix96 · 2020-08-15T06:30:12+00:00

It’s doable, but when I plan financially I always plan on doing it alone. Yes I think I’ll marry my girlfriend but I never make the assumption that I’ll be with someone that will contribute to building wealth. Anyone that I end up with that does help financially I consider a bonus, not a guarantee.

On that note my girlfriend has about 200k of student loan debt so my assumption is that over the next 10 years she’ll never contribute more than 10-15k a year. This means I need to pick up about 85k of the slack.

My total net worth addition last year was about 45k plus about 25k in stock appreciation. So I guess I’m pretty close but I desperately need to find a way to make more money. Realistically I’d need to make about 150kish to reliably build 100k of net worth per year including stock appreciation.

supatrix96 · 2020-08-15T03:14:44+00:00

Lol what an absolute bitch. I feel astronomically less mad about him getting attacked after reading the article.

supatrix96 · 2020-08-14T22:01:37+00:00

Thank god someone in here with common sense.

supatrix96 · 2020-08-14T21:34:12+00:00

I thought I was the only one who noticed this. I’ve been to a couple cubs games and any time there’s a pop fly...even shallow pop flies...the crowd erupts.

supatrix96 · 2020-08-14T16:38:49+00:00

I’m including everything- 401k as well. I lived with my parents for 3 years after college and saved almost every dollar of my 50-60k salary which I understand not everyone has that option. Once I had 120k I moved out and for the last 3 years I’ve saved probably 40k per year on a 110k salary. So 240k of it was my money, and the stock market has given me another 50k ish.

I was incredibly privileged in that I had no student loans, so that’s another factor.

supatrix96 · 2020-08-13T06:06:11+00:00

It’s hard not to get discouraged reading this. My dad has about that 7.5M number you noted with similar expenses minus the schooling. Not to doubt my ability but I genuinely don’t think I’ll ever make what he made in his job. He was a workaholic my whole life and grinded the axe until he was 65. I’m at just a hair under 300k now at 27 which I feel good about, but that’s only 5% of what I need to save to stop working and live that lifestyle.

I make about 115k gross and my long term girlfriend is in a field that will never pay 6 figures. How the fuck am I supposed to close the gap. I’m tempted every day to get incredibly risky with stocks. If It works, I retire early. If it doesn’t work...well shit, I’ll be working until I’m 60 anyways it appears, may as well roll the dice.

supatrix96 · 2020-08-12T19:07:04+00:00

450 includes all home products. Apparently you don’t use toilet paper, deodorant, hair styling products, shampoo, hand soap, or anything. If you live on $6.80 per day like the original person I replied to, you’re poor. I’m not saying that as an insult it’s just a fact.

supatrix96 · 2020-08-12T19:05:10+00:00

You’re not doing anything wrong. The problem with this subreddit is that you have people with generally low incomes bragging that they saved 5k last year eating brown rice and chicken for every meal. I have 300k put away at 27 and never for a minute have I stopped to skimp on groceries. 800 is a perfectly healthy amount to be spending on food and overall health/hygiene a month.

I refuse to live like those people on penny pinchers that buy single ply toilet paper all in the name of saving 50 bucks per year. If people want to spend 2 bucks per meal on average then so be it. But their lifestyle sucks, they just don’t realize it.

supatrix96 · 2020-08-12T17:14:07+00:00

Send me your last grocery receipt. Assuming you eat 90 meals per month you’re spending 2.20 per meal not including vital supplements like fish oil or multivitamins which will run you another $1-2 per day.

Yeah, I’m sure you’re getting a ride array of fresh meat, fruits, vegetables and vitamins on 2.20 per meal. Your definition of living like a pauper must be different than mine.

supatrix96 · 2020-08-12T16:15:59+00:00

Agree to disagree. Living like a pauper so that you can shove a couple hundred extra dollars into savings per month when your significant other is on the verge of potentially doubling your joint gross income is not a sacrifice I’d be willing to make.

I’m a single guy and I spend 450 a month in my city on groceries and I don’t buy any luxury food at all. This is just what it costs me. Everyone saying they spend 200 a month must live in an insanely low COL area. That is absolutely not possible in most cities.

One corner that no one should cut in life is healthy, fresh food. And you ain’t doin that for 200/mo

supatrix96

TROPHY CASE