All Forum Posts by: Victor S.

Dude comes on here and posts a bunch of pics, declare he is "retired" at 21 years old (lol) because he might earn $36,000 a year on a property, offers ZERO details of his "deal" , no detail of how it's funded, value add, cap rate, COC return, occupancy, etc and people fall over themselves to congratulate him?

I'm sorry but this is so typical of the "look at me generation".

Not every real estate "deal" is a deal folks. Sometimes the seller absolutely takes the buyer to the cleaners and while the buyer thinks they have a great deal and tells everyone...6 months later I see that person struggling like hell with their purchase.

For the record, I think I speak for a lot of people when I say that I hate people that come on this forum and brag about a "success story" and offer zero or barely any info on their deal. This is a place to learn, if you want "likes" with no substance go to Facebook.

Peter, have some respect for a retiree... He's a top "contributor" as of this posting also - mega lol

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Where's the OP? lol

2 Votes

Beautiful job! The before pictures are simply "no words." Can't believe people were living in these conditions... not surprised, tho.

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Originally posted by @Nathan P.:

I would be extrememly careful with a 401k loan. Because if you leave your current employer or fired the balance will be due immediately on that loan. I wouldnt want to be stuck with an employer because I owed them a debt.

Not all plans require immediate payoff. Mine doesn't.

Nichole, check with your employer's plan administrator first.

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Another thing to consider is, can you afford the full mortgage pmt (is your amount inclusive of insurance and tax?) by yourself? (should you lose a tenant for a month or two or longer term)

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Ami, items that jump out:

Charity $120.00 - I understand the need to give to others', but perhaps now is not the best of times. The sooner you get out of your predicament, the sooner and maybe more you'd be able to help others. I'm sure other posters might have a different opinion on this.

House Warranty $49.99 - really study your warranty clauses and see what is and isn't covered. You might be paying $50/mo for thing.

Cell Phone $120.00 - is this the cheapest plan that fits your needs? analyze wants vs needs here

ADT Alarm $47.99 - get yourself a self-monitoring service that won't cost you anything. I have an old-school alarm that has a dial function (had to buy a prepaid sim card for this) that would alert me in case a motion sensor goes off. Research your options here.

Car lease - you're already researching this

Dining out - $140 - doesn't look like a splurge, but is this a necessity at this point?

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Originally posted by @Kevin Phu:

Did you add this jacuzzi or was it there when you bought the property?

Kevin, it was already there.

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Amir, the downside to borrowing from 401k is missing out on (potential) market appreciation. Like I said above (I'm no portfolio manager), the markets seem to be hitting their top ends. However, the current bull stock market might have some more room to go. Can you see if you can transfer at least a portion of your current cc load to another card(s) at 0%? You've stated earlier that you have 11 cards. I bet some of them will do 0% APR balance transfers. Get on that phone tomorrow and find out. That will be much better than 401k borrow.

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All Forum Posts by: Victor S.

Victor S. has started 14 posts and replied 1187 times.

Post: $1,300,000 Deal at Age 21 & I'm Retired!

Post: $1,300,000 Deal at Age 21 & I'm Retired!

Post: $1,300,000 Deal at Age 21 & I'm Retired!

Post: $1,300,000 Deal at Age 21 & I'm Retired!

Post: Our First Major rehab

Post: Is a 4-plex for $150k that brings in $2080 in rent/month good?

Post: House Hacking, Only if I live for free?

Post: An American Nightmare

Post: How to count a jacuzzi tub in bedroom?

Post: An American Nightmare