$500 extra per month

[alien amp pharm]

What would you do with it?

Right now I am thinking of putting it into an account yeilding 5%, then use it as a downpayment to build a duplex on my land in a few years.

I'd like to hear other options from you all on what you would do with $500/mo extra cash. Note I am not too experienced with the stock market and such & have never enjoyed high risk stuff.

 

[blueta2]

Buy a gun

 

[alien amp pharm]

Buy a gun

Already have one, but do plan on buying more. A rifle and shotgun is in the near future.

 

[blueta2]

buy a new avi ;-)

 

[youngguns]

^^?

Anyways, 500exztra a month? You rich bro?

 

[alien amp pharm]

^^?

Anyways, 500exztra a month? You rich bro?

Far from it, but once I pay my truck off I will have that money available to me. I will have no other debt at that time.

 

[youngguns]

Far from it, but once I pay my truck off I will have that money available to me. I will have no other debt at that time.

good job man

 

[all the whey]

Get a loan based more on your income and the income you should get from the duplex. Whatever equity in your land should be enough to get the loan.

I would do it asap instead of saving $500 per month for more money down. Interest rates are still low, and the cost of construction is always going up. You could pay 20% more for the same duplex in construction costs and interest in just a few yrs.

 

[BBR100]

Smart whey. Good advice if you can swing it now instead of waiting.
I've got some $ in market and last month has been brutal!

 

[all the whey]

Smart whey. Good advice if you can swing it now instead of waiting.
I've got some $ in market and last month has been brutal!

True. The Market is down and the Real Estate Market is to.
So, if you are one of the few that is not affected by the real estate market, then you should put your money in real estate now.

 

[chewyxrage]

How much land do you own? How did you manage to payoff the house/land so soon?

 

[alien amp pharm]

How much land do you own? How did you manage to payoff the house/land so soon?

It is nearly an acre. The land is narrow so there is plenty of room for my house plus a duplex and still have enough space for freedom.

The house is a long story, but basically I was looking for my first house but was not having luck. My parents say this one which was just listed. It was a foreclosure. The price was so low I told them not to even bother with it because it was obviously a shithole.

Well they drove by it anyways and behold this house had potential. Some company in California (I live in TN) bought the house thru foreclosure and had a local realtor come look at it.

Well it was indeed in very rough shape due to neglect and so the woman realtor called the Calif. company and said "This place is nasty, EEEWWWW".
(dumbass woman)

Luckily I am in the structural business and inspect buildings for integrity and damages, so I could tell right off this house would be kick ass with a little money and elbow grease. So I was quick to buy it and over the next few months I renovated it myself, which I think is fun anyways.

It is a 2500 sq ft, 2 story house sitting on a secluded & semi wooded acre lot in the city. 11 room, 4 bedroom, 2 bath, large wood deck which wraps around the house and another covered screened-in porch. 10 ft ceilings in master bdrm & bath w/Jacuzzi and large kitchen with plenty of cabinetry.

Guess how much I paid?

 

[chewyxrage]

$75,000? Must be low to pay it off so young.

 

[alien amp pharm]

$75,000? Must be low to pay it off so young.

$37,500
I mean it's ridiculous I got it for that price. I was very fortunate to find such a great deal.

Of course I probably spent $15,000 or $20,000 in revovation materials (& heat pump) but still.

I'll see if I can find some pics

 

[alien amp pharm]

So anyways, build a duplex yay or nay?

any other investment ideas?

 

[gonelifting]

Are yous sure you can build another house on the property? You better check local codes before you plan this.

Good stuff on the house. You're in good shape man. I would just put it into an interest bearing account for now as well. When you know what you want to do, then there are other things to do with it.

Good luck. Let us know what you decide on.

 

[alien amp pharm]

Are yous sure you can build another house on the property? You better check local codes before you plan this.

Good stuff on the house. You're in good shape man. I would just put it into an interest bearing account for now as well. When you know what you want to do, then there are other things to do with it.

Good luck. Let us know what you decide on.

Well obviously I am in the brainstorming phase at the moment. I'd have to plan the whole thing out whenever (and if) I ever decide that a duplex is the route I want to take.

*Sigh* I wish I had one of those money growing trees.

Say how much does one of those things cost anyways?

 

[chewyxrage]

You should post this on C & C, should be interesting responses...

 

[bigrob215]

roth IRA

 

[gonelifting]

roth IRA

He said he needs the money in a few years. You can't do that until you're retired with a Roth IRA.



or ANY IRA for that matter.

 

[alien amp pharm]

Yeah I already have an IRA plus my work retirement so I am in good shape in that area.

Now alls I need is some benjamins to do me until then.