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Travel Budget, Money Matters, Financial Talk Mom, can I borrow ten grand?! Gimme yo mastercard! How the heck can I pay for my trip?! Ideas for making money. How much dough do I need?

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Old 03-08-2007, 11:40 AM   #1
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Default Retired at 30 on Rental income

So I suppose I was lucky to start so young. I got a part time job in high school which helped me to understand the real estate market.

I have several properties now and have learned how to invest in real esate, rent out property and am pretty much retired. It sounds weird to say it because that word usually belongs to old people.

Anyway, I always get asked how I did it. I just did it. I wasn't afraid to work hard and give up some niceties to get to where I wanted to be.

I would highly recommend this form of investing. I tried stock market, govt funds, working my ass off and none were so productive.

That is just my experience. But it has worked well for me.

Money can't buy happiness but it sure gives you a lot of freedom.
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Old 03-08-2007, 03:13 PM   #2
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Wow! No wonder you just take off and travel!! I so wanna be you!! thanx for posting your experience though!


Hehe, my grandma lives off rental income too ... good to know you're young and can enjoy it more!
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Old 03-08-2007, 03:17 PM   #3
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So I suppose I was lucky to start so young. I got a part time job in high school which helped me to understand the real estate market.

I have several properties now and have learned how to invest in real esate, rent out property and am pretty much retired. It sounds weird to say it because that word usually belongs to old people.

Anyway, I always get asked how I did it. I just did it. I wasn't afraid to work hard and give up some niceties to get to where I wanted to be.

I would highly recommend this form of investing. I tried stock market, govt funds, working my ass off and none were so productive.

That is just my experience. But it has worked well for me.

Money can't buy happiness but it sure gives you a lot of freedom.

Carmella, Wow! That is awesome !

This is the power of passive income, people. It's worth putting up with some tenants a few times a year to have the freedom and be retired at a very young age!

Congrats on your hard work and having the forsight at a very young age to make great sound investments !
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Old 03-08-2007, 04:08 PM   #4
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Thanks for the support guys! The main reason I posted this was to show everyone that its not really that hard. (especially since most of us here on TPunk live in developed countries)

You must be determined, willing to sacrifice the "wants" for the good of the "big picture", and most of all, believe in yourself.

I guess its easy to get caught up in the instant gratification patterns of behavior that our society promotes but with a little discipline, you can live they life you are "meant" to be living. Fulfilling your potential. Achieving your dreams.

My way may not be YOUR way but it is A way. Just wanted to throw that option out there. It's never to late to start.

One of my favorite things to see is people succeeding. Synergy.

"The world is advancing. Advance with it." - Giuseppe Mazzini
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Old 03-08-2007, 05:03 PM   #5
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I've looked into that...but really can't afford it. The Housing prices in Vancouver are CRAZY. My roomate and I have looked into buying a condo together but we still can't afford one! I def think I'll be a renter for years to come. But goodluck to you for doing it.
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Old 03-08-2007, 05:10 PM   #6
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One of my favorite things to see is people succeeding. Synergy.

"The world is advancing. Advance with it." - Giuseppe Mazzini


So, I see we're on the same page .

I think it's time to put in your 2 week notice with the other boards and spend more intimate quality time on these boards .
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Old 03-08-2007, 08:53 PM   #7
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I second that suggestion Carmela.
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Old 03-08-2007, 09:10 PM   #8
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So, I see we're on the same page .

I think it's time to put in your 2 week notice with the other boards and spend more intimate quality time on these boards .

Oh reeeeeally. Is it that time already?
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Old 03-08-2007, 10:13 PM   #9
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Where do you own property?

And what do you do with your time now?!
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Old 03-08-2007, 10:40 PM   #10
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I own property in Edmonton at the moment. It's a very hot market. It went up 54 percent just last year.

What do I do with my time? I try to help people achieve their dreams. I try to help people smile. I try to keep balance. And I take the odd trip every now and then.
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Old 03-08-2007, 11:19 PM   #11
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Jealous.
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Old 03-08-2007, 11:52 PM   #12
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Oh reeeeeally. Is it that time already?

Do not resist the Force.


RISE

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Old 03-09-2007, 02:43 AM   #13
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This is the career path I have planned for myself upon my return to Canada. I've got a step father thats been in real estate for over 20 years so I'll be under his wing from the start. I just can't resist being paid for owning something. It's beautiful!
The cash I'm making here will be saved to help bridge the gap and keep me alive in the early stages.
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Old 03-09-2007, 03:45 AM   #14
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Good decision, Bo .
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Old 03-09-2007, 08:05 AM   #15
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But don't you need to be able to buy a house in the first place? Meaing have a load of cash.

We're constantly being told to buy in Eastern Europe because prices are going up 15% a year and all the big international companys are packing up here and moving over there. There's no point in buying in Ireland Irish house prices are already way overpriced and our entire economic boom is based on the construction industry so allot of people are expecting a crash.

I'll have to look into whats involved.
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Old 03-09-2007, 08:28 AM   #16
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That would be such a great thing to get in to. As soon as I get out of my college debt, that would be something to look in to
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Old 03-09-2007, 08:35 AM   #17
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That's pretty much always been my goal as well, aquire property and then either try flipping it or renting it. I did a flip recently on a small scale and loved it. I want to go for my realtors classes and test this summer around August I hope. Even if it is just something to keep on the back burner for now. My girlfriend wants to go as well so that should be cool.

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Old 03-09-2007, 09:07 AM   #18
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That would be such a great thing to get in to. As soon as I get out of my college debt, that would be something to look in to

Yea unless the investments increase more per year than the loans percentage rate is, then time to wait. Even so, I think it'll be a while for me.
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Old 03-09-2007, 11:26 AM   #19
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I don't know where you are looking to buy but there are many ways to buy a house with a very little to no money down. There are loopholes. There are incentives for first home buyers. There are ways, trust me. I didn't have alot of equity when I started. I think I put down the minimum 5%.

But as property does , (think of supply and demand...the world is not getting bigger but the population sure is) it appreciated very quickly and I was able to get it reassessed, refinanced (careful with your types of mortages as there can be fees) and used the extra cash for another downpayment. Repeat, Repeat, Repeat.

True I have done this over 10 years and I started when I was 19 but honestly, in this day and age, can you really afford to wait? I will go out on a limb here...prices are not going down. Seriously, banks WANT to lend you money. They are competing for your business. If you really want this, it can happen. Just don't take no for an answer.
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Old 03-09-2007, 06:14 PM   #20
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I don't know where you are looking to buy but there are many ways to buy a house with a very little to no money down. There are loopholes. There are incentives for first home buyers. There are ways, trust me. I didn't have alot of equity when I started. I think I put down the minimum 5%.

But as property does , (think of supply and demand...the world is not getting bigger but the population sure is) it appreciated very quickly and I was able to get it reassessed, refinanced (careful with your types of mortages as there can be fees) and used the extra cash for another downpayment. Repeat, Repeat, Repeat.

True I have done this over 10 years and I started when I was 19 but honestly, in this day and age, can you really afford to wait? I will go out on a limb here...prices are not going down. Seriously, banks WANT to lend you money. They are competing for your business. If you really want this, it can happen. Just don't take no for an answer.

Wow! That, right there is the formula to building wealth everyone. It is so simple, but many refuse it or don't take the time to understand it. Everyone can do this (if the deal makes sense, of course. ie... positive cashflow, etc...) even if you had to also borrow the extra 5% down!
Whether you want to continue working or not, you should have these type of investment on the side, in the front, in the back, up high, down low, whatever.
And you are so right about banks wanting to loan the money. Never in history has it been like this, although, it the past several weeks there has been a HUGE meltdown in the mortgage industry and guidelines are rapidly been changing right now.
We must have gone to the same seminars or studied under the same mentors these past 10 yrs (well, longer than that for me...the old fogey that I am)!

I'll be at this event all weekend

Great stuff! Went last year too!
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