[WestCoast]

^^ I find it even more humerous that he made the white privledge remark with an avatar of a ... White man.

[Cruisen_Chubby]

(05-20-2013 09:11 AM)worldwidetraveler Wrote:  

(05-20-2013 08:50 AM)Cruisen_Chubby Wrote:  

So you're working your ass off right now only to enjoy it in your 50's? Seems a little counter intuitive. To each their own.

Yeah, he should be a broke ass 40 year old who lives in hostels. Sounds like a great plan for getting laid when he gets older.

Heh, right?

Quote:

When I hear passive income I think rental properties. You should look into this idea and put a manager in charge of a couple properties while messing around overseas. This will indeed be passive income not subject to self-employment tax.

Have you done this yourself or just regurgitating what you read on the internet? Management companies can rob you blind. You really think they will worry about your vacancies when they have other properties to manage?

Stop with the snark. I wasn't talking about a management company. Any family member or close friend would do this for them if they were compensated enough. All they would be doing is fiduciary duties like paying bills, taxes, etc. while collecting rent from tenants. If you did pay said person, it would be tax deductible on the rental as well. If repairs are needed, they can either do it themselves or hire a repair man. Your best bet for this situation would be a storage rental as they require little to no upkeep and not much can go wrong with it.

Also, if you do own a rental like this- you can also sell it while living abroad and use the proceeds to keep the party going.

Quote:

I don't know about this- if you're not a woman or someone taking advantage of the welfare system, the US might just let ya die. You're a grown white man and had all of the privelages handed to you on a platter. Because you are now insolvent; your fault.

English is his second language. Love the white privilege bullshit. Someone sounds bitter.

I'm as white as they come. It's been discussed on here many times that men in this country get boned. There are no handouts to you if they feel you could have "done it yourself". Women, of course, get a second, third, fourth chance.

[Cruisen_Chubby]

(05-20-2013 09:24 AM)WestCoast Wrote:  

^^ I find it even more humerous that he made the white privledge remark with an avatar of a ... White man.

*Shakes head*

The reason I made that comment was that men don't typically get treated well when it comes to safety net provisions. If you are a white man in today's society you are seen to be at an advantage (whether that be true or not is not part of the post I made)- but when it comes time to get distributions from the state, you may not be looked upon as favorably. Almost as if you had your chance and you missed it.

Try to see the forest through the trees here guys and get back to helping the OP with his financial planning.

[worldwidetraveler]

(05-20-2013 09:30 AM)Cruisen_Chubby Wrote:  

[b]Stop with the snark. I wasn't talking about a management company. Any family member or close friend would do this for them if they were compensated enough. All they would be doing is fiduciary duties like paying bills, taxes, etc. while collecting rent from tenants. If you did pay said person, it would be tax deductible on the rental as well. If repairs are needed, they can either do it themselves or hire a repair man. Your best bet for this situation would be a storage rental as they require little to no upkeep and not much can go wrong with it.

Have you done this before or not? Otherwise your blowing smoke.

[WestCoast]

You are quite an angry soul. I will not be taking any life advice from you sir. Good luck out there though!

(05-20-2013 09:34 AM)Cruisen_Chubby Wrote:  

(05-20-2013 09:24 AM)WestCoast Wrote:  

^^ I find it even more humerous that he made the white privledge remark with an avatar of a ... White man.

*Shakes head*

The reason I made that comment was that men don't typically get treated well when it comes to safety net provisions. If you are a white man in today's society you are seen to be at an advantage (whether that be true or not is not part of the post I made)- but when it comes time to get distributions from the state, you may not be looked upon as favorably. Almost as if you had your chance and you missed it.

Try to see the forest through the trees here guys and get back to helping the OP with his financial planning.

[Cruisen_Chubby]

(05-20-2013 09:41 AM)worldwidetraveler Wrote:  

(05-20-2013 09:30 AM)Cruisen_Chubby Wrote:  

[b]Stop with the snark. I wasn't talking about a management company. Any family member or close friend would do this for them if they were compensated enough. All they would be doing is fiduciary duties like paying bills, taxes, etc. while collecting rent from tenants. If you did pay said person, it would be tax deductible on the rental as well. If repairs are needed, they can either do it themselves or hire a repair man. Your best bet for this situation would be a storage rental as they require little to no upkeep and not much can go wrong with it.

Have you done this before or not? Otherwise your blowing smoke.

What part of this is smokey to you? It is a basic rental property leased to tenants.

Rent Income
- Upkeep expenditures
- property taxes
- mortgage interest (if applicable)
- amount paid to individual still in the states carrying out your landlord tasks
= net income from rental property.

This is passive income not subject to self-employment taxes (which is now up to 15.3%).

[Cruisen_Chubby]

(05-20-2013 09:46 AM)WestCoast Wrote:  

You are quite an angry soul. I will not be taking any life advice from you sir. Good luck out there though!

(05-20-2013 09:34 AM)Cruisen_Chubby Wrote:  

(05-20-2013 09:24 AM)WestCoast Wrote:  

^^ I find it even more humerous that he made the white privledge remark with an avatar of a ... White man.

*Shakes head*

The reason I made that comment was that men don't typically get treated well when it comes to safety net provisions. If you are a white man in today's society you are seen to be at an advantage (whether that be true or not is not part of the post I made)- but when it comes time to get distributions from the state, you may not be looked upon as favorably. Almost as if you had your chance and you missed it.

Try to see the forest through the trees here guys and get back to helping the OP with his financial planning.

Do I have an asshole way of typing or what is this?

I offer up a 401(k) strategy that has worked for people in the past and also some ideas that hadn't been brought to light before (e.g. rental property, stocks, bonds, etc.) - only to get told I'm a liar and should not be offering life advice?

There was no life advice offered- just retirement planning.

Comment about men not be treated well by the state- Look around at this forum for a couple minutes. You've been around for a while. Countless threads going on and on about divorce rape, outlandish child support payments, wage garnishment, etc. It was not wrong of me to assume it will get to the point where even our benefits will be reduced/eliminated in coming years.

[worldwidetraveler]

(05-20-2013 09:49 AM)Cruisen_Chubby Wrote:  

(05-20-2013 09:41 AM)worldwidetraveler Wrote:  

(05-20-2013 09:30 AM)Cruisen_Chubby Wrote:  

[b]Stop with the snark. I wasn't talking about a management company. Any family member or close friend would do this for them if they were compensated enough. All they would be doing is fiduciary duties like paying bills, taxes, etc. while collecting rent from tenants. If you did pay said person, it would be tax deductible on the rental as well. If repairs are needed, they can either do it themselves or hire a repair man. Your best bet for this situation would be a storage rental as they require little to no upkeep and not much can go wrong with it.

Have you done this before or not? Otherwise your blowing smoke.

What part of this is smokey to you? It is a basic rental property leased to tenants.

Rent Income
- Upkeep expenditures
- property taxes
- mortgage interest (if applicable)
- amount paid to individual still in the states carrying out your landlord tasks
= net income from rental property.

This is passive income not subject to self-employment taxes (which is now up to 15.3%).

Do you plan on answering my question? Have you done this before? Have you used someone to manage your rentals for passive income?

Usually this is a yes or no answer.

[jimukr104]

Us will always have programs but actually based on OP projected social security checks, section 8 be the only one you qualify for. Your ss check is better than avg. Also to get into a nursing home you have to be deemed disabled enough to not be able to care for yourself. I don't think anyone will put you on one as a young healthy 65 yr old.
That being said you can easily survive on your ss check.
Personally I would find work opportunities overseas. I am sure you can teach or something. I get the feeling you just want young girls?? You realize guys past 50 date and have sex right???you don't have to leave the country for that. My father is 74 and his domestic partner,although old,is considered hot. I once thought 30 was old. Guys make the mistake of thinking life stops at a certain age. That is stupid. Trust me yOu will want to have fun and cash at age 65 just as much as at 40. Something to think about.

[WestCoast]

I never said you were a liar, I simply stated by reading your posts I personally won't be listening to what you have to say. Not a big deal if everyone else gets value from your posts that's great but I won't be taking any of your advice for now.

[jimukr104]

By the way Alot of property owners use management companies. Of course it reduces profits and they often don't go out of their way to save owners money on needed repairs,etc.

[worldwidetraveler]

(05-20-2013 10:11 AM)jimukr104 Wrote:  

By the way Alot of property owners use management companies. Of course it reduces profits and they often don't go out of their way to save owners money on needed repairs,etc.

I couldn't trust a company. A lot of them will pad their profits on repairs.

[Cruisen_Chubby]

WWT,

No, I have never owned a rental- but I have been on the other side of the equation. I have had landlords pay me to do their accounting and cash management. If the repairs weren't significant I would do them myself- if they were, I would contract out.

The best way to do this as a landlord is to give your fidiciary a % of your net rental income for the year. They will act in your best interest as it is in their own as well.

If your living overseas the key to rentals would be to have a quality fiduciary and screen for reliable, trustworthy tenants. it will keep your profits predictable and your headache minimal.

WestCoast,

Nothing was directed at you anyway; not every thread is about you, so I don't care whose advice you do or do not take.

[Cruisen_Chubby]

(05-20-2013 10:16 AM)worldwidetraveler Wrote:  

(05-20-2013 10:11 AM)jimukr104 Wrote:  

By the way Alot of property owners use management companies. Of course it reduces profits and they often don't go out of their way to save owners money on needed repairs,etc.

I couldn't trust a company. A lot of them will pad their profits on repairs.

Exactly. On top of that will bill their time (labor) at unreasonable rates.

I'd rather pay a good buddy or an accountant to do it. Anyone who is somewhat financially savvy and responsible could do it for you as long as you made it worth their time. Cash in, Cash out- not super complex.

[WestCoast]

So you are giving advice on something you have never done and are wondering why I won't be listening to your posts.... Alright then.

I would however listen to your advice on the other end of the spectrum because that is something you have done.

[Cruisen_Chubby]

(05-20-2013 10:32 AM)WestCoast Wrote:  

So you are giving advice on something you have never done and are wondering why I won't be listening to your posts.... Alright then.

Being the fiduciary/manager of properties is not considered doing something? Do I know how to make a profit from rentals while not being actively engaged in them? Yes, because I have done it for landlords; on multiple occasions.

Only once have I seen a loss doing this and that was because of tenants that would not pay their bills and a landlord who was unwilling to do required repairs. This is an extreme situation on both parties.

Once again, your missing the point. This thread is on retiring abroad and/or retiring in general. Not about whose advice you will take. If you read through once again, you will notice that your name didn't come up as the recipient of any advice/suggestions given.

Put your hamster back on its wheel and settle down.

[WestCoast]

You are assuming I am taking this personally I am not. I am saying why are you giving advice even if it is rental advice on something you actually have not done.

I could care less if it was you or someone else. Get it? Ie: don't give out info unless you've actually done the job. That is why it is harder to now take your idea if you have never successfully implemented it.

If you have owned rental properties, have done it successfully I would again not say anything. I don't give advice on things I have never done before and neither should anyone else, that is how you keep good information flowing.

I have no idea why you are being so defensive.

[reaper23]

I own commercial real estate. In my opinion it is the better way to go than residential. The leases are triple net which means you are not subject to any tax rate risk, the tenants pay all taxes, insurance and utilities. In strong markets you can also make the tenant responsible for all physical upkeep of the building as well.

Hell, the easiest thing to do is buy commercial land and lease the land to someone who will build their own building and maintain it themselves.

This happens all the time all over the country.

With respect to management companies, yes some will gouge you but some are good and worth it. I have worked with some in the past and find the good ones to be worth every penny. The best plan is to build and own enough rental units that it makes sense to have your own management company.

[Cruisen_Chubby]

If you've driven a Chevy can you give advice on how to drive a Ford? Or is being a landlord and a property manager that much different?

Do I see what the landlord does? Yes. Do I see what the landlord makes? Yes. Do I even advise the landlord on financial investments? Yes. Have I done this for more than one property owner? Yes.

If they are all making similar profits on similar investments managed in a similar fashion- Am I still without proper knowledge on the subject to see a correlation and offer it up as a suggestion?

Perhaps I should just go out and buy a property so I can really step into his shoes and see the same thing I am seeing right now.

You are the big investor here- would that be a proper use of my time?

Better yet, ignore all of your personal complaints and give some practical advise to those who actually asked the question in the thread. What would YOU do in their shoes? How could THEY retire early and live abroad?

Once again, this thread is about them- not you, Cupcake.

[Cruisen_Chubby]

(05-20-2013 10:52 AM)reaper23 Wrote:  

I own commercial real estate. In my opinion it is the better way to go than residential. The leases are triple net which means you are not subject to any tax rate risk, the tenants pay all taxes, insurance and utilities. In strong markets you can also make the tenant responsible for all physical upkeep of the building as well.

Hell, the easiest thing to do is buy commercial land and lease the land to someone who will build their own building and maintain it themselves.

This happens all the time all over the country.

With respect to management companies, yes some will gouge you but some are good and worth it. I have worked with some in the past and find the good ones to be worth every penny. The best plan is to build and own enough rental units that it makes sense to have your own management company.

Nice! Not to mention the longer lease time businesses will sign. Instead of a year by year tenant- they could easily sign on for 3-5 years upfront.

It wouldn't be a bad idea to mix and match though.

[Cruisen_Chubby]

(05-20-2013 10:52 AM)reaper23 Wrote:  

I own commercial real estate. In my opinion it is the better way to go than residential. The leases are triple net which means you are not subject to any tax rate risk, the tenants pay all taxes, insurance and utilities. In strong markets you can also make the tenant responsible for all physical upkeep of the building as well.

Hell, the easiest thing to do is buy commercial land and lease the land to someone who will build their own building and maintain it themselves.

This happens all the time all over the country.

With respect to management companies, yes some will gouge you but some are good and worth it. I have worked with some in the past and find the good ones to be worth every penny. The best plan is to build and own enough rental units that it makes sense to have your own management company.

Reaper,

What if you bought residential land and turned it into commercial property? A lot of places in the downtown area where I live have a business in the first floor and rental property (residential) above.

[WestCoast]

I already gave my advice on here. Nice cupcake attack, original too.

Also no, if you drove Chevys I would not take your advice ona different car. If you drove a BMW I would not take your advice on drivin fm a Ferrari. So absolutely I would not.

Again, I do not talk about stuff that I have not done. That is my point.

[Cruisen_Chubby]

(05-20-2013 11:01 AM)WestCoast Wrote:  

I already gave my advice on here. Nice cupcake attack, original too.

It's not original- it's a recurring theme on here if that tells you anything.

If you're taking time off from working 100+ hour work weeks on Wall Street to garnish gandolf-like nuggets of investment advice then please do so- It's in everyone's best interest to stop this side snark and get back to the point.

[WestCoast]

It's already on here. Again, I do not write about shit I have not done and neither should you. Again have no idea why you are being so defensive.

[Cruisen_Chubby]

(05-20-2013 11:01 AM)WestCoast Wrote:  

I already gave my advice on here. Nice cupcake attack, original too.

Also no, if you drove Chevys I would not take your advice ona different car. If you drove a BMW I would not take your advice on drivin fm a Ferrari. So absolutely I would not.

Again, I do not talk about stuff that I have not done. That is my point.

That analogy went over your head.

I would rather you dispute the efficacy of the retirement plan that I suggested than continue to bring up straw-man points.