Posted by houserookie on June 11, 2002 at 11:43:55:
Yes, and people win the lottery too.
For CREOnline Gurus-The Big Decision - Posted by American Baby Boomer
Posted by American Baby Boomer on June 09, 2002 at 09:37:02:
I am forwarding the message of a friend of mine that wanted the advice of anyone interested at CREOnline, to wit:
"After much knashing of the teeth, consideration of alternatives and study of CREonline’s superb database of various investment vehicles I have come down to a decision between mobile home brokering and investing and discounted note and paper operations.
I must admit I would prefer working with paper as opposed to
working with the “physicals”,(58 years old), i.e., mobile homes. But, by the same token, my impression of the note and paper busines is one of a fast-track and full of operatives much smarter than me! As Clint Eastwood advised I try to be aware of my limitations.
Like anyone else I want to maximize my short term and long term income earning potential, but without loosing the homestead along the way.
I have worked all my life but have little to show for it. I probably have 10 years of concentrated effort left in me before limitations of age set in. Being self employed there
is no retirement fund to speak of and the education of a seventh grader still looms. There is only a very, very modest amount of investment capital available, (emphasis on the word modest).
Could or would the gurus at CreOnline send a short word of advice to one with a profile of probably millions of American men and women coming from the Baby-Boom retirement tidal wave".
Thank you and kindest regards,
Reluctant Baby Boomer
part 2…got cut off - Posted by Houserookie
Posted by Houserookie on June 09, 2002 at 13:58:21:
Hold seconds, thirds, and wait for REFIs. AND DO SO OUT OF YOUR ROTH IRA SO YOU DONT HAVE TO PAY TAX OUT OF PROFIT.
The buy and hold strategy might be a little time consuming and cumbercum for you.
Good luck to ya.
Austin
A Paradigm shift from 28 year old… - Posted by Houserookie
Posted by Houserookie on June 09, 2002 at 13:56:52:
My opinion of the typical baby boomer is that they know and understand little about long term planning. Sometimes I wonder if baby boomers were all born in Missouri, the show me state.
Show me the money before i do anything. Show me proof of success before I take any action. Show me show me show me.
Unfortunately this kind of mentality will result in emotional and financial bankruptcy. When you consider that most people can’t live comfortably at $30-50K a year today, I don’t know how these “baby BOMBERS” will be able to maintain a decent life after retirement. Given that each can retire with $1 MILLION, that means $33K each year for 30 years. How many baby bombers you know have a million by retirement? Of course, for simpicity, I’ve left out the possibility of interest that can be earned and money that can be lost along the way.
Paper is a good business. I love paper myself. In fact, I’ve done more paper than RE. At your age I recommend “creating” your own assets out of paper. Hold
Paradigm: But Even Blind-Boars Find Acorns! - Posted by Harold Whiteley
Posted by Harold Whiteley on June 11, 2002 at 10:51:05:
(nt)