Is house-flipping back?

[alkemyst]

What are you trying to prove here? All work is not the same. I probably spend an additional 20 hours a week on my side business but enjoy it far more than the 45 I spend at my job. It's really fun to build something and see it develop. You act like those 80 hours are all spent suffering. They are flipping houses, that means that the time is spent looking at houses, making deals with banks, managing (or performing) the upgrades, then selling. All interesting stuff.

They're probably good friends with many of their business contacts and get a lot of enjoyment out of it. Good for them.

He is clueless.

Also using his numbers, let's say $500k gives you $300k more than $125k at year.

That $300k invested for 20 more years is pretty amazing.

 

[TuxDave]

Interesting, the house was listed for $599,000 but sold for $810,000.

Welcome to the Bay Area!

However in the case of the OP, I think something else is just happening. It was listed for $599K, sold at $810, and relisted back on for $599k. I think someone is playing the tax saving game or something.

$364K for a lot that size in the Bay Area is quite cheap. If I had to guess, it was in REALLY bad shape to the point where people probably couldn't buy it if they wanted to (bank probably wouldn't approve a mortgage for a really crappy home). So the price increase is for remodeling, getting it to be purchasable AND the Bay Area inflation.

Edit: Just noticed this is a month old thread.

 

[Tweak155]

What are you trying to prove here? All work is not the same. I probably spend an additional 20 hours a week on my side business but enjoy it far more than the 45 I spend at my job. It's really fun to build something and see it develop. You act like those 80 hours are all spent suffering. They are flipping houses, that means that the time is spent looking at houses, making deals with banks, managing (or performing) the upgrades, then selling. All interesting stuff.

They're probably good friends with many of their business contacts and get a lot of enjoyment out of it. Good for them.

Then why even aim to retire early?

It's not really anywhere near that as you have completely forgotten even basic compound interest.

It's clear you are against wealth.

Lol. It's clear you don't get it, and that's ok.

 

[alkemyst]

Then why even aim to retire early?



Lol. It's clear you don't get it, and that's ok.

I don't think you are anywhere near a high wage earner, I bet you are working those hours (or will be).

Most of us "PROFESSIONALS" can't really turn off our jobs even if we usually work 40 hours a week (like myself). There are still things that blow up afterhours and I may have to be on a phone/webex/VPN for 8 hours instead of sleeping. I may have to jump on a redeye.

Getting all that over with earlier than later is great. I love my job, but to be honest almost everyone that is working at their SALARIED job/career; probably would love to follow their passion which may be another job or just nothing.

I am not sure what your agenda is and you haven't answered what your retirement plan is, but you are indeed very bitter about something.

 

[Anubis]

Wow, that is brutal! Is that in New York or something?

combined property and school tax is ~9k where i am in Western NY in a town of 6k in the middle of nowhere

 

[Tweak155]

I don't think you are anywhere near a high wage earner, I bet you are working those hours (or will be).

Not that it's relevant, but no I stick to 40hrs/wk. In the last 2-3 years I've worked under 20hrs OT (total, not per year) and I'm compensated for it at time and a half.

Most of us "PROFESSIONALS" can't really turn off our jobs even if we usually work 40 hours a week (like myself). There are still things that blow up afterhours and I may have to be on a phone/webex/VPN for 8 hours instead of sleeping. I may have to jump on a redeye.

Ok? Not everyone has it the same. And even if I *did* have to do that, I'd make sure either:

1 - It's accounted for in my salary

OR

2 - I'm paid hourly (which this is what I fall under, and I get time and a half)

Getting all that over with earlier than later is great. I love my job, but to be honest almost everyone that is working at their SALARIED job/career; probably would love to follow their passion which may be another job or just nothing.

Which I agree with, unless you have to work 80hrs/wk to earn it. To me, that defeats the purpose. I'll take my younger years vs my older years. If I work 80hrs/wk for 10 years, that's effective to me working 20yrs.

I am not sure what your agenda is and you haven't answered what your retirement plan is, but you are indeed very bitter about something.

I don't have an "agenda", just an opinion.

My definition of SUCCESS is that a person is doing what they WANT to do, not by the amount of money they have or earn. I just found it odd that the goal is early retirement at the cost of double the hours. But if that's what they want, more power to them.

I'd love $250k/yr at 40hrs/wk, but I won't take it at 80hrs.

 

[alkemyst]

Not that it's relevant, but no I stick to 40hrs/wk. In the last 2-3 years I've worked under 20hrs OT (total, not per year) and I'm compensated for it at time and a half.



Ok? Not everyone has it the same. And even if I *did* have to do that, I'd make sure either:

1 - It's accounted for in my salary

OR

2 - I'm paid hourly (which this is what I fall under, and I get time and a half)



Which I agree with, unless you have to work 80hrs/wk to earn it. To me, that defeats the purpose. I'll take my younger years vs my older years. If I work 80hrs/wk for 10 years, that's effective to me working 20yrs.



I don't have an "agenda", just an opinion.

My definition of SUCCESS is that a person is doing what they WANT to do, not by the amount of money they have or earn. I just found it odd that the goal is early retirement at the cost of double the hours. But if that's what they want, more power to them.

I'd love $250k/yr at 40hrs/wk, but I won't take it at 80hrs.

All I have to lol at is your time and a half point.

You will be working until you cannot anymore and wish you made better choices.

 

[PricklyPete]

All I have to lol at is your time and a half point.

You will be working until you cannot anymore and wish you made better choices.

This is quite funny coming from someone in their mid-40's who consistently makes poor financial decisions, has no retirement to speak of, and a house going into foreclosure. But keep telling everyone what the PROFESSIONAL life is like... It is very entertaining.

 

[Tweak155]

All I have to lol at is your time and a half point.

You will be working until you cannot anymore and wish you made better choices.

And you'll continue to make ignorant assumptions just like you're known for

 

[Capt Caveman]

Not that it's relevant, but no I stick to 40hrs/wk. In the last 2-3 years I've worked under 20hrs OT (total, not per year) and I'm compensated for it at time and a half.

What do you do for a living?

 

[Tweak155]

This is quite funny coming from someone in their mid-40's who consistently makes poor financial decisions, has no retirement to speak of, and a house going into foreclosure. But keep telling everyone what the PROFESSIONAL life is like... It is very entertaining.

I'm not one to get into a pissing contest, but his ignorant assumptions make me want to prove him wrong. But, I have to remember it does no good. I've done it before, and here we are again.

 

[Tweak155]

What do you do for a living?

Software development.

 

[Capt Caveman]

Software development.

So, you never have projects that you're working on and have to scramble/put in OT before go-live?

 

[Mai72]

Spend $810K on a POS rancher with high taxes, or spend $307,000 for a beautiful house with a gorgeous pool in the back.

http://property.thaivisa.com/properties/properties-hua-hin/re-sale-properties-hua-hin/superb-construction-3-bed-villa/#!prettyPhoto

 

[Mai72]

This is what $800,000 USD can buy you in Thailand.

http://property.thaivisa.com/properties/properties-pattaya/re-sale-properties-pattaya/5-bed-luxury-house-sale-pattaya-golf-course-phoenix-sales-price-26500000-baht/

 

[Tweak155]

So, you never have projects that you're working on and have to scramble/put in OT before go-live?

I had 10hrs last year for one thing I was working on... nothing this year though.

 

[alkemyst]

This is quite funny coming from someone in their mid-40's who consistently makes poor financial decisions, has no retirement to speak of, and a house going into foreclosure. But keep telling everyone what the PROFESSIONAL life is like... It is very entertaining.

You still mad that you had a beater M3?

What poor FINANCIAL decisions have I made?

Lol at no retirement. I had to liquidate my separate Vanguard account that was $14k because of a divorce, that was just rollover money from a short term job I stuck into something I could totally play with. I wish I could have kept that fund but I didn't have another $14k in cash.

It gained like $4k in a year and so far since has been earning about 30%.

I am in foreclosure because I am in court with my mortgage company. It was by my choice not theirs.

 

[alkemyst]

So, you never have projects that you're working on and have to scramble/put in OT before go-live?

It's software development in Michigan. He's probably just a cubicle coder making $40-50k a year with crapping benefits.

Seriously if he is talking quality of life and working lazy rather than smart, WTF is he doing in Michigan in computer science.

 

[alkemyst]

I'm not one to get into a pissing contest, but his ignorant assumptions make me want to prove him wrong. But, I have to remember it does no good. I've done it before, and here we are again.

You haven't proven anything. For one you are not making that $125k you spoke too, nor the $500k at 80 hours you mentioned.

 

[Tweak155]

It's software development in Michigan. He's probably just a cubicle coder making $40-50k a year with crapping benefits.

Seriously if he is talking quality of life and working lazy rather than smart, WTF is he doing in Michigan in computer science.

Hey, I love my crapping benefits. And no, you're wrong about salary and I'm in Michigan because this is where my family is. Some people value things other than money, shocker! I make plenty enough to not have to worry about bills / food / shelter / etc and I can buy all the things I've wanted so far. I can't buy a 7,000sqft house, but lucky me - I don't want a 7,000sqft house! Some people call that striving after the wind.

You haven't proven anything. For one you are not making that $125k you spoke too, nor the $500k at 80 hours you mentioned.

I didn't mention $500k at 80hrs, another poster did. I extrapolated from what he/she posted. Try to even have a clue as to what you're replying to. Are you surprised those numbers are exactly related, if not one in the same???

Basic math, once again, here we go:

2 people working 80hrs/wk pulling in $500k/yr.

Break that down to:

1 person working 80hrs/wk pulling in $250k/yr.

Break that down to:

1 person working 40hrs/wk pulling in $125k/yr.

I can only help you so much. Acknowledge you at least understand the above and maybe we can move on.

 

[alkemyst]

Hey, I love my crapping benefits. And no, you're wrong about salary and I'm in Michigan because this is where my family is. Some people value things other than money, shocker! I make plenty enough to not have to worry about bills / food / shelter / etc and I can buy all the things I've wanted so far. I can't buy a 7,000sqft house, but lucky me - I don't want a 7,000sqft house! Some people call that striving after the wind.



I didn't mention $500k at 80hrs, another poster did. I extrapolated from what he/she posted. Try to even have a clue as to what you're replying to. Are you surprised those numbers are exactly related, if not one in the same???

Basic math, once again, here we go:

2 people working 80hrs/wk pulling in $500k/yr.

Break that down to:

1 person working 80hrs/wk pulling in $250k/yr.

Break that down to:

1 person working 40hrs/wk pulling in $125k/yr.

I can only help you so much. Acknowledge you at least understand the above and maybe we can move on.

So living with your parents is better than working?

 

[Tweak155]

So living with your parents is better than working?

/facepalm

 

[PricklyPete]

You still mad that you had a beater M3?

What poor FINANCIAL decisions have I made?

Lol at no retirement. I had to liquidate my separate Vanguard account that was $14k because of a divorce, that was just rollover money from a short term job I stuck into something I could totally play with. I wish I could have kept that fund but I didn't have another $14k in cash.

It gained like $4k in a year and so far since has been earning about 30%.

I am in foreclosure because I am in court with my mortgage company. It was by my choice not theirs.

I'm pretty sure everyone on this forum who has had an account for more than 1 month knows that you are worse than the government at managing your finances. The kicker is how much you enjoy letting us know the magnitude of your deficiencies.

Back on topic (slightly), there is no perfect formula for what is the right work/family/play balance. For me, I know my skills and where my highest value is at the moment (project management in software space). I also know that it is not my passion (and neither would it be flipping houses). What my job does afford me is a great paycheck. I used to work an unfortunate amount of hours for this, but with my last job move, I realized my skills were marketable enough to find a company that respects my desire for balance. In the last year and a half, I can count the weeks on my hand that I have had to work more than 40 hours...and only once over 50. Setting proper expectations, managing your time, and having good upper management affords this. Could bad management changes screw this up? Sure, but I am confident I can find a new company where my skills are needed.

The way I look at it, once you feel financially secure (not something our parents or many contemporaries ever achieve(d)), the best luxury is your time (not some material possession). I would rather have time with my wife, my soon to arrive children, or time in the mountains than a Bentley. Sure I am hoping to buy an investment property in the mountains in a few years, but I will not jeopardize my family life to do so.

As I said earlier, this balance is a personal thing. Some people love their job or what their job does enough to allow it to dominate their time. Others love the material things or pride that working 80 hours a week gives them... so it is worth it to them as well. To each their own.

 

[Tweak155]

^ Slightly funny because that isn't really the topic for the thread, but we know what you mean :biggrin:

And yeah, I'm pretty much the same, minus the investment property.

 

[PricklyPete]

So living with your parents is better than working?

If he is, I would say he is in a better position than someone squatting in a bank owned foreclosure.