All Forum Posts by: Chinmay J.

@Nathan G.

Every landlord will have a lot but my favorite is automatic rent collection. There are many platforms that do this but essentially the tenant links his/her checking account to the platform and it automatically withdrawals the rent each month. Huge time saver and you know you will get you rent

Funny, I’ve always considered Baltimore as part of the Great Baltimore Washington Area. Many trips along the BW Parkway on the way to BWI. 

Sounds like you’re a DC-Baltimore kinda person. Tough market but not impossible. I lived there in 2009-2011. I looked for places but just could not find anything under $300k or that much over 1%. I guess I was too uneducated at that time. 

Where are we headed for 2020? What do you think the trends are? Where are the next new areas to invest in?

My thoughts and experiences. The trend of population migration into the south will continue. Southeast is starting to see lower returns. Most of Florida and Georgia I’m seeing very low returns. Northeast still high but might take a dip but I’m not sure if it will be enough. NY politics worry me.

Not too much knowledge on the west or mid west states. Maybe these are the next areas to get into?

 +1 post this question on WCI or Bogleheads forum. You will get skewered, is what she is saying. Badly. This smells like a 30 year old who feels he "made it" out of dental school, and because of his 140k income (solid for LCOL area but peanuts for most dentists/doctors/tech people in CA) wants to blow a wad on a depreciating asset to reward himself. You pulled all your investment money out fearing the market? This is called market timing and can drastically cut your returns over time. To me you don't sound all that financially smart or educated. Many doctors and dentists and high earners have gone broke because they are smart in their day job and tremendously horrible with money. Spend hours on WCI and you'll get it. 

YOLO man. I wrote a much longer reply but won't post it. PM me if you want more hard truth. I have had a P-car on my wall for 30+ years, and still haven't pulled the trigger and I make much more than you. Had an S2000 to scratch the itch when I was your age, and it did the trick. Drive a 400hp Tundra today so I can get to my mountain ski condo investment property. To me, a $75k sports car earning $140k, all your friends and neighbors will snicker at you as "that kid" who thinks he arrived but is far from "having made it" yet. Long road ahead man. There is a balance between overspending and being a miser, I fully agree (I have nice vehicles, 2 homes, been to Maui 2x in 12 months), but you cannot afford a car of this caliber. Imagine the insurance and maintenance on a garage queen. And you want to take a loan for it!! Lord. Post this in WCI please, and link it back here. I think you know the answer, and that is why you posted it here, for some sort of validation. You are getting a lot of "go for it" validation, but this is a real estate forum, not a financial advising forum. This is not the smart thing to do, but it's your money. 

Good luck. Congrats on the DDS. Get to work tripling your income then buy the expensive garage queen. And please buy a P-car, not that Alfa junk (IMO). 

I'll leave this here from consumer reports: "The Alfa sedan and SUV have high owner satisfaction and low predicted reliability. Alfa Romeo is part of the Fiat Chrysler Automobiles conglomerate."

I'm totally prepared to get my *** grilled based on the title of this thread but that's fine. Please share your honest opinions. Here is the situation:

- I'm a complete car nut. I spend a lot of my free time researching cars, shopping for cars, watching videos, etc. and I've had my eye on a few models for some time now.

- I'm 30 years old, I'm a dentist, I do not have student loan debt, I live in an area of the country with one of the lowest costs of living, I have a monthly mortgage on my home of $2100. I make approximately $140,000/year and save 40% of my income. The remainder is budgeted for my expenses including mortgage, food, entertainment, etc. 

- My current car is paid for by the company I work for and I have no car payment. I'm going to be keeping this car as my daily driver.

- I put down a refundable deposit on a second "fun" car and the car costs $45,000.I think I negotiated well, the average estimated "value" of the car currently is about $50k. I've done a ton of homework and this particular car is projected to depreciate very minimally and even has the potential to appreciate in value as it may become collectible (I won't be counting on this as most all cars depreciate). The car is a few years old and has already done most of its depreciating but it still has 3 years of factory warranty remaining which minimizes risk to me in terms of repair costs.

- I have about 100k in cash savings but I will not be looking to buy the car in cash (I'll put a chunk of cash on a down payment and finance the rest at approx. 3% interest).

- I'm torn between the idea of total fiscal responsibility and buying something I've always wanted to own at a relatively young age. I'm not dead set on buying it and my deposit is refundable but I'd like to make my final decision in the next few days. 

- I'm currently single with no wife or kids (gonna do all that someday)

- Since this is a real estate investing forum and the topic is bound to come up, no, I do not have real estate investments at this time because I'm waiting to invest in my own business next year. I'll be looking to go about real estate investing in my field of expertise which is dentistry. 

Have any of you with more life experience gone through something similar and would you have done the same thing over again? 

Perhaps this isn't the right place to ask this, but in the most innocent way possible I am curious as to how people who have quit their jobs in order to pursue investing as a full time gig make money. Basically anything I've read states that you have to keep your money separate from the properties or any personal assets can become a liability and at a risk of loss. If you are creating an LLC for your investments, how does one (eventually) use the income made on investments as personal finance without blending the two? If not operating or investing under an LLC, how do you prevent your personal assets from the risk of potential lawsuits?