All Forum Posts by: Steven Johnson

Thought I would ask the community -

My wife and I are currently saving to build a beach house. We are about half way through a multi-year strategy; our desire is to acquire land and build versus an outright purchase. We intend to do a construction loan with a wrap around for about $1.2-1.4M. Land is about $600K of that. We intend to come at it with 30% down.

Recently, we've been presented with some prime lots but aren't prepared to do a complete build for another 3 years based on our current plan. We've discussed seller financing option with a few of the current lot owners without much success.

I thought I would ask the community for alternative ideas and thoughts on acquiring a lot now with the intent of building in a few years.

Thanks,

Steve

Thanks all for pointing me in the direction of some undiscovered resources.

- Also looks like we have a pretty well represented community of folks from Fairfield County, CT. I will ping you directly for some more specifics.

~ Steve

 Hi Mindy, yes I typed it correctly. What have I been spending my money on? Outside of housing and my 35% income tax, maxing out retirement vehicles, it has been debt payoff (~150K mostly due to my student loans from my Doctorate and my wife's Masters). 

Otherwise the remainder has gone to cash savings. 

In 2015 I moved from Rhode Island to Connecticut for a career bump; I am in the Cybersecurity industry and Manhattan (or the West Coast) is hot at the moment.

Good afternoon everyone,

After trolling for the last 12 months on the forum I have decided to post - why? Because action doesn't occur without interaction. I have made a self-proclamation that 2017 will be the year I focus on wealth production versus wealth management.

I differentiate the two because with the 401(k)'s and the IRA's we are too focused on making incremental investments into these vehicles as a means of gaining wealth; in reality these vehicles do a great job at maintaining wealth not so much a good job at building/creating wealth.

Here's some background on why I feel this way:

• I am 30
• I make ~$400K/yr
• I max out my 401(k)
• I max out my IRA (via a back door-Roth)
• I have a general investment account where I stash 10% of my income
• No kids, recently married, not tax breaks (but am cash-flowing a 529 plan)
• No debt

In short - even though this sounds good, and I'm in a "good" position financially, I'm not getting rich. And sadly enough this level of savings might not allow me to retire at the same level of lifestyle. I live in an extremely expensive location in Connecticut to support my daily commute to Manhattan.

I've binged 2017 (and 2 hour commutes on the train) reading Dave Ramsey, Millionaire Fastlane, Rich Dad, Poor Dad and others; it's time to start engaging with like-minded folks and joining in on the conversation.

~Steve