Re: Monopoly Game for Real
Re: Monopoly Game for Real
Sounds like Makin' MONEY to me!:D
Re: Monopoly Game for Real
Group funding....have you applied?
Many people can get their loans through them, but make sure you are in a position to "do business".
Re: Monopoly Game for Real
Hi nnutt, glad u remember me;)
hi frixxxx. No, I haven't tried group funding. Can you shed some light for us so we can learn from it? Ty....
Plane is beginning to descend down at Honolulu. I Almost bought a condo here when their economy went down around 2003(?). I was just starting out back then. Anyway, it got away. Promised myself it won't happen again. I will write more on my monopoly story/plan when I get on the ground. Ciao.....😜😜
Quote:
Originally Posted by
Frixxxx
Group funding....have you applied?
Many people can get their loans through them, but make sure you are in a position to "do business".
Re: Monopoly Game for Real
Quote:
Originally Posted by
travelerlady
hi frixxxx. No, I haven't tried group funding. Can you shed some light for us so we can learn from it? Ty....
Actually, it's referred to a lot by crowd funding. I won't recommend any company specifically, you can look for them on google and do the research.
I've done the research for investments, but never receiving monies to purchase.
There are some that will help you choose properties. So, that being said, let me know how your research goes.
Good Luck!
Re: Monopoly Game for Real
It took a while and negotiation went back and forth. Final agreement for the property is $434k, $217kfor the condo and $217k to be paid in cash. Now all I have to do is find the money to pay the owner. Problem is I literally do not have $217k. Anybody want to lend me some cash? LOL
Here is a good problem. If someone has multiple properties (including a home) but short of cash, what can he/she do to raise the necessary funds to complete this deal?
Here are some options:
1. Sell one of the rental properties – Not really a good option since Uncle Sam will require that he gets his fair share of the pie which is called capital gain tax. It is possible to do a 1031 exchange within 180 days to go around that. The only thing I don’t like about it is that passive income is lost until a new property is acquire and rented. Property being purchased is land;( It will take a couple of years to actually put a building on top of it.
2. Borrow money from the bank and put the property as collateral - This is a good way of using Other People’s Money (OPM). However, I have commercial loan since they require a lot of paperwork, they have higher interest rate, and again, monthly payment has to be made from the time the loan is given. It might be a couple of years before a structure is built on top of the property.
3. Refinance the current home (which we plan on selling in a couple of years anyway upon my retirement), raid the Whole Life Insurance policy, and borrow from TSP – I think this is the best option for the following reason:
a. Borrow from TSP – low interest rate and I am actually borrowing from myself since interest paid goes back into my account.
b. Whole life insurance – Equity from my whole life insurance allows me to withdraw $51k without having to pay it back. The only caveat is once percentage is added and it reaches the insurance policy amount, the life insurance closes. I can opt to pay it back with about 7% interest rate. Paying $3.5k for interest every year is doable, especially once the bldg. generates passive income.
c. Refinance current home – Current home is appraised for $500k but owed $220k. Current plan is to sell the house when I retire then pay off and move in to one of the rental property. In real estate once you live in your residence for 2 years (out of 5), there are no requirement to pay capital gain tax. Once I move into the rental property and make it my residence, the 2 year clock exemption starts again. What do you think about that IRS?
If you have any comments, questions, or discuss other ways to come up with cash, please feel free post it here...
*** More to follow***
Re: Monopoly Game for Real
It's been awhile since I last posted.
I am still in the process of purchasing the commercial unit but we set the closing to Feb 2016 instead. Doing real estate transaction in another country is a pain in the behind;(
I did get distracted and bought a condo with a 40% percent equity. It was a distressed sale. Again, all money is tied up so I had to come up with ways to make this happen.
I ended up using some of the funds from the commercial unit transaction(thank goodness it closing got pushed to Feb 2016). I am now turning around and refinancing the condo so I can get return the money that i borrow for the commercial unit transaction.
I now have two options, keep the condo or flip for a profit. I've decided to keep it and have my Minimart which is under a corporation pay for the monthly payment. This way it can become an expense which could be written off during tax time. Incorporating is one of the things anyone should learn but that will be another topic by itself in another thread.
Traveler Lady
Re: Monopoly Game for Real
Quote:
Originally Posted by
travelerlady
It's been awhile since I last posted.
I am still in the process of purchasing the commercial unit but we set the closing to Feb 2016 instead. Doing real estate transaction in another country is a pain in the behind;(
I did get distracted and bought a condo with a 40% percent equity. It was a distressed sale. Again, all money is tied up so I had to come up with ways to make this happen.
I ended up using some of the funds from the commercial unit transaction(thank goodness it closing got pushed to Feb 2016). I am now turning around and refinancing the condo so I can get return the money that i borrow for the commercial unit transaction.
I now have two options, keep the condo or flip for a profit. I've decided to keep it and have my Minimart which is under a corporation pay for the monthly payment. This way it can become an expense which could be written off during tax time. Incorporating is one of the things anyone should learn but that will be another topic by itself in another thread.
Traveler Lady
Not sure I quite understand it all, but it's interesting...
Re: Monopoly Game for Real
Quote:
Originally Posted by
OBGibby
Not sure I quite understand it all, but it's interesting...
think peter, paul, borrowing, and tax structure. easy breezy beautiful cover girl. or if you are more familiar with casino games, what they call 'on the hop' while yelling out a bet when throwing dice but before they hit the felt.
Re: Monopoly Game for Real
Quote:
Originally Posted by
burrocrat
think peter, paul, borrowing, and tax structure. easy breezy beautiful cover girl. or if you are more familiar with casino games, what they call 'on the hop' while yelling out a bet when throwing dice but before they hit the felt.
I'm partial to the spinning wheel...until the ping pong ball lands on the green zero - one of the most cruel and soul-sapping contraptions yet invented by Man.
Re: Monopoly Game for Real
Quote:
Originally Posted by
OBGibby
I'm partial to the spinning wheel...until the ping pong ball lands on the green zero - one of the most cruel and soul-sapping contraptions yet invented by Man.
maybe try betting on green zero then...