In DC they have been flipping for over a year now. NoVA values are starting to climb again but demand for POS houses in driving distance of a Metro stop is still high so its better to buy one and just put a quick coat of paint and sell as is.
The kicker is the property taxes go from about $8k to $15k-20k/yr.
Wow, that is brutal! Is that in New York or something?
I know a guy that runs a little business flipping houses. They pay cash for foreclosed homes, get them fixed up, and sell. He probably makes $500k-$1M a year depending on how business goes. He and his wife recently built a 7,000 square foot house on 13 acres of land, almost entirely paid for.
The downside is they work about 80 hours a week each.
Gee, give up another working career of your life for material things. That sounds worth it!
They might do it well enough to retire early, but once they get a taste of that money, I'm sure it is hard to give up. That's the biggest reason I don't go for the big money.
so being poor and miserable is better?
Gee, give up another working career of your life for material things. That sounds worth it!
They might do it well enough to retire early, but once they get a taste of that money, I'm sure it is hard to give up. That's the biggest reason I don't go for the big money.
They probably are saving heavily for retirement. The house is the only extravagant purchase I know of. They drive a ~2010 Suburban and a ~2008 Mazda. Don't own a ton of boats, snowmobiles, or other toys.
They seem like pretty decent people, working hard, and making a ton of money. They've been knocking it out of the park for the last 3+ years. I'd be shocked if they didn't retire by age 50 (they're in their late 30's now).
Yes, because THAT is the only other option. You got it, bro.
Is this comment from personal experience?
You sound bitter, what is you retirement plan?'
Not everyone hates their job either.
I'm not bitter, that was just a completely stupid statement.
You don't have to be poor under $500k/yr. You know you know this.
What income do you consider poor?
No bro, you are being stupid here.
For most retiring at 50 would never happen, now you whine "how come they don't do it at 40?"
Also even the high earners are staying in the game longer since many are living way past 70 now. They may be retired more than they worked in their lives by 2-3x.
When you retire at 40 and have a plan for your next possible 50+ years, let us know.
They probably are saving heavily for retirement. The house is the only extravagant purchase I know of. They drive a ~2010 Suburban and a ~2008 Mazda. Don't own a ton of boats, snowmobiles, or other toys.
They seem like pretty decent people, working hard, and making a ton of money. They've been knocking it out of the park for the last 3+ years. I'd be shocked if they didn't retire by age 50 (they're in their late 30's now).
No bro, you are being stupid here.
For most retiring at 50 would never happen, now you whine "how come they don't do it at 40?"
Also even the high earners are staying in the game longer since many are living way past 70 now. They may be retired more than they worked in their lives by 2-3x.
When you retire at 40 and have a plan for your next possible 50+ years, let us know.
Maybe easier to understand for you...
80hrs/person/wk at $500k/yr is the same as $125k/person/yr at 40hrs/person/wk.
Would you rather work 40hrs/wk at $125k or 80hrs at $250k? I'd rather take the time off and lose the money. However buying / building a 7000sqft house will require you to continue bringing in that higher wage for a longer period of time.
If they bought a cheaper house they could retire a lot earlier, as an example.
Maybe easier to understand for you...
80hrs/person/wk at $500k/yr is the same as $125k/person/yr at 40hrs/person/wk.
Would you rather work 40hrs/wk at $125k or 80hrs at $250k? I'd rather take the time off and lose the money. However buying / building a 7000sqft house will require you to continue bringing in that higher wage for a longer period of time.
If they bought a cheaper house they could retire a lot earlier, as an example.
The market in the Bay Area has cooled off a bit in terms of inventory. There are some houses available, but you'll likely be bidding against contractors. For example..one of my friends bid above asking price on a house and a contractor came in $10k above his last offer with a full cash offer - and this was a $600k+ house.