A Wedding, a wife, a house oh my!!!

[mredskins]

Originally Posted by skinsguy

It just happens to work out because you have been LUCKY so far. And you have still lost money on this venture, and could still lose money. Have you ever thought about what would happen if you got sick or injured and couldn't work? Or if you just flat out lost your job? How would you be able to maintain two rental properties and the current place you live in? I bet you're paying on all of that property, aren't you? Like I said before, it's different if the property is bought and paid for, but if it's not, you're taking a very insane chance at losing your butt.

I'm giving WaldSkins the best advice that he needs to hear. Schneed10 has pretty much echoed what I posted earlier. There is absolutely no risk in WaldSkins buying a home if he follows what I've said.

There is risk in everything. Even yours and S10 plan. Should I never have a child because it could have down syndrome or something else horrible? Life is risk, some people choice to hide from it others choice to accept it but regardless it is still there.

And you are right I am very lucky person and I remind myself ever day of it. I have a healthy wife, my own health and two very healthy children. As far as losing my butt I have safety measures in place but that is not to say the perfect storm would not wipe me out or yourself. Again, I feel very comfortable with my financial situation; there are other factors that I am not going to bring in like my savings and cash flow that help strengthen my safety measures.

You seem to be bitter by my choices and for that I am sorry. Is that you are afraid of risk? Without great risk there are no great rewards.

As far as Waldskins he too can make his own choices; either risky ones or less risky ones.

[skinsguy]

Originally Posted by mredskins

There is risk in everything. Even yours and S10 plan. Should I never have a child because it could have down syndrome or something else horrible? Life is risk, some people choice to hide from it others choice to accept it but regardless it is still there.

And you are right I am very lucky person and I remind myself ever day of it. I have a healthy wife, my own health and two very healthy children. As far as losing my butt I have safety measures in place but that is not to say the perfect storm would not wipe me out or yourself. Again, I feel very comfortable with my financial situation; there are other factors that I am not going to bring in like my savings and cash flow that help strengthen my safety measures.

You seem to be bitter by my choices and for that I am sorry. Is that you are afraid of risk? Without great risk there are no great rewards.

As far as Waldskins he too can make his own choices; either risky ones or less risky ones.

I'm not bitter at all. In fact, you skipped over my last post that said I was happy for you that things seem to be working, but it's not a situation that I would advice others to pursue. Yours is based purely on luck. You were obviously wealthy enough to take the chance. That's fine for you. But, the advice I posted, and the advice that Firstdown and Schneed posted is not based on luck.

It was based on fiscal responsibility and something that does work for everybody if they are willing to do what it takes to follow each step. Saving up an emergency fund for six months to live off of is not based on luck. It's based on insurance that if I lose my job, I'm able to keep food on the table, a roof over my head, gas in the car, and clothes on my back for six months. I don't have to rely on any outside source of funding to keep things afloat. That means, I have hired myself to be an active job seeker for a six month contract. I don't have to rely on the hope that I'm going to keep enough tenants in my rental properties to make ends meet, because that money does not exist until it is in my pocket. So, I have to PLAN for the worst. That is really my whole point MRedskins.

I said that buying rental property, unless it is paid in full, is a bad, bad idea, and I stand by that statement regardless of the outcome. Because, until that property is paid in full, you're constantly chasing profit and having to borrow from Peter to pay Paul to keep everything above water. Being financially free does not mean you have to take large risks - that is an excuse and a myth that people use all the time to justify whatever mess they got themselves into. Does it work for some? Sure it does. But for ever one person that makes it work, there is at least three people who went bankrupt trying to do the same thing. It's not the best advice.

Again, there is no bitterness on my part, just a curiosity why someone would advice a person not to purchase a home in this buyer's market, a home in which that person is going to own and live in, and then turn around and justify owning several properties that are not paid for, and saying you're making good money off of it? It's just a bit hypocritical in my opinion.

[mredskins]

Originally Posted by skinsguy

I'm not bitter at all. In fact, you skipped over my last post that said I was happy for you that things seem to be working, but it's not a situation that I would advice others to pursue. Yours is based purely on luck. You were obviously wealthy enough to take the chance. That's fine for you. But, the advice I posted, and the advice that Firstdown and Schneed posted is not based on luck.

It was based on fiscal responsibility and something that does work for everybody if they are willing to do what it takes to follow each step. Saving up an emergency fund for six months to live off of is not based on luck. It's based on insurance that if I lose my job, I'm able to keep food on the table, a roof over my head, gas in the car, and clothes on my back for six months. I don't have to rely on any outside source of funding to keep things afloat. That means, I have hired myself to be an active job seeker for a six month contract. I don't have to rely on the hope that I'm going to keep enough tenants in my rental properties to make ends meet, because that money does not exist until it is in my pocket. So, I have to PLAN for the worst. That is really my whole point MRedskins.

I said that buying rental property, unless it is paid in full, is a bad, bad idea, and I stand by that statement regardless of the outcome. Because, until that property is paid in full, you're constantly chasing profit and having to borrow from Peter to pay Paul to keep everything above water. Being financially free does not mean you have to take large risks - that is an excuse and a myth that people use all the time to justify whatever mess they got themselves into. Does it work for some? Sure it does. But for ever one person that makes it work, there is at least three people who went bankrupt trying to do the same thing. It's not the best advice.

Again, there is no bitterness on my part, just a curiosity why someone would advice a person not to purchase a home in this buyer's market, a home in which that person is going to own and live in, and then turn around and justify owning several properties that are not paid for, and saying you're making good money off of it? It's just a bit hypocritical in my opinion.

For the record I purchased all my homes prior to 2005. I am telling Waldskins if it was me now starting out again I would rent build up my finances then buy what I really need when the time is right vs. buying something now just to get into something then 5 years down the road need something else and realize his first investment has not appreciated.
Lets just agree to disagree. I will continue on my merry financial way and you continue on yours.

For the record I have never had to go to a Dave Ramsey or any class of that sort to figure out how to invest my money or spend it. To add I have never gone a day hungry, never had a late payment on any thing and I have a high beacon score. I got be doing something right???

If I am in the poor house I will give you a call. =)