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Joined: Aug 2008
Posts: 1,184
Campfire Regular
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Campfire Regular
Joined: Aug 2008
Posts: 1,184 |
Trading oil and gas 3x ETFs. Easy come, easy go.
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Joined: Feb 2003
Posts: 10,404 Likes: 4
Campfire Outfitter
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Campfire Outfitter
Joined: Feb 2003
Posts: 10,404 Likes: 4 |
I bought an apartment building in Seattle in 1990 and owned it for 10 years.
I wound up replacing most of the bathroom floors one at a time. I crippled in new floor joists. I patched in new plywood floor. I laid new vinyl flooring. I added new baseboards.
I got to deal with Seattle low life tenants. I had people call me up, cuss me out for they're being late with the rent, and then hang up.
Even the good tenants seem to flood the bathroom floor.
I had an attorney and the police evict some tenants for not paying rent. When they moved out, they spray painted the building with obscene graffiti naming me.
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. -Ernest Hemingway
The man who makes no mistakes does not usually make anything.-- Edward John Phelps
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Joined: Jun 2012
Posts: 4,774
Campfire Tracker
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Campfire Tracker
Joined: Jun 2012
Posts: 4,774 |
I bought an apartment building in Seattle in 1990 and owned it for 10 years.
I wound up replacing most of the bathroom floors one at a time. I crippled in new floor joists. I patched in new plywood floor. I laid new vinyl flooring. I added new baseboards.
I got to deal with Seattle low life tenants. I had people call me up, cuss me out for they're being late with the rent, and then hang up.
Even the good tenants seem to flood the bathroom floor.
I had an attorney and the police evict some tenants for not paying rent. When they moved out, they spray painted the building with obscene graffiti naming me. I have one tenant. I can't believe people willingly choose to own rental properties. If this is the secret to riches, I'd rather be broke.
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Joined: Jan 2012
Posts: 3,150
Campfire Tracker
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Campfire Tracker
Joined: Jan 2012
Posts: 3,150 |
Boat. Should’ve kept the smaller boat that required little maintenance.
Yup.
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Joined: Sep 2014
Posts: 21,895 Likes: 7
Campfire Ranger
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Campfire Ranger
Joined: Sep 2014
Posts: 21,895 Likes: 7 |
No time shares.
Somewhat surprising.
Parents who say they have good kids..Usually don't!
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Joined: Jun 2012
Posts: 4,555
Campfire Tracker
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Campfire Tracker
Joined: Jun 2012
Posts: 4,555 |
I bought an apartment building in Seattle in 1990 and owned it for 10 years.
I wound up replacing most of the bathroom floors one at a time. I crippled in new floor joists. I patched in new plywood floor. I laid new vinyl flooring. I added new baseboards.
I got to deal with Seattle low life tenants. I had people call me up, cuss me out for they're being late with the rent, and then hang up.
Even the good tenants seem to flood the bathroom floor.
I had an attorney and the police evict some tenants for not paying rent. When they moved out, they spray painted the building with obscene graffiti naming me. I have one tenant. I can't believe people willingly choose to own rental properties. If this is the secret to riches, I'd rather be broke. Good friend in his late 60s manages and owns about 600 properties, never had any kids, does so many evictions that the civil courts sends deputies to him for the paperwork instead of him going to them. He deals with some headaches, but is LOADED. Heck, he just took in 40 section 8 duplexes, gets 500 bucks a month per duplex straight from the govt. I think he get between 7-10% for a management fee...not to mention all his paid for stuff he owns and rents out.
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Joined: Jun 2012
Posts: 4,555
Campfire Tracker
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Campfire Tracker
Joined: Jun 2012
Posts: 4,555 |
Probably purchasing new vehicles, but I like knowing they are mine from the get go and well taken care of. I also pay them off and drive them til the wheels come off and we've never financed more than one vehicle at once. I probably have too many guns, but I rarely buy new and I'm in them right, easy quick cash if I ever need to sell some. You can't take anything with you, enjoy it. Today may be your last. I've got an uncle thats a scrooge, multi millionaire, retired by 50...still made my aunt hang clothes out to dry on a laundry line. He refused to buy a dryer for a few hundred bucks. That being said, he has set all of his grandchildren up for life.
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Joined: Nov 2007
Posts: 1,015
Campfire Regular
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Campfire Regular
Joined: Nov 2007
Posts: 1,015 |
Going in business with a partner. Have a buddy who says never to go into partnership with someone who has less to lose than you. That applies to business and relationships. That's a real gem. Sending it to my kids. I wish I would have followed it.
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Joined: Jan 2001
Posts: 11,007 Likes: 3
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2001
Posts: 11,007 Likes: 3 |
Do you mean after I exclude a Remington Model 700 in 270 Win., that I once bought?  memtb
Last edited by memtb; 12/04/19.
You should not use a rifle that will kill an animal when everything goes right; you should use one that will do the job when everything goes wrong." -Bob Hagel
“I’d like to be a good rifleman…..but, I prefer to be a good hunter”! memtb 2024
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Joined: Sep 2017
Posts: 4,378
Campfire Tracker
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Campfire Tracker
Joined: Sep 2017
Posts: 4,378 |
Bailing out of the stock market when it tanked. At least I had the good sense to pay off the house when it was on the way down.
My other auto is a .45
The bitterness of poor quality is remembered long after the sweetness of low price has faded from memory
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Joined: Feb 2004
Posts: 17,737 Likes: 1
Campfire Ranger
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Campfire Ranger
Joined: Feb 2004
Posts: 17,737 Likes: 1 |
I have to say this sums it up:
My first and repeated mistake was buying new vehicles on credit.
My second and repeated mistake was living above my income means with credit cards.
My third mistake was not paying myself first (10% off the top) that my dad always said was important.
My fourth mistake cost me about $100K. Playing a single tech stock, like a lottery ticket, with options, at the advice of an internet chat acquaintance.
I think that Dave Ramsey has the blueprint for all young couples on how to build lifetime wealth, from the get go, by following the Seven Baby Steps.
Except I didn't play the tech stock market. I had just finished my masters degree, but still didn't have enough "credentials" to make a descent living but I was tired of going to school year around to get it down, so instead of working on my education specialist degree, I took a job teaching at a small college in Texas. The pay was squat, and just having a masters in anything back then helped, but I didn't really get work in my "career field". Just a case of not really being up to speed on what things took. I could have probably made a lot more money in my life and had a pension and a better retirement. Live and learn I guess. Things came out ok. Still the old saying applies, To soon old, to late smart.
NRA LIFE MEMBER
GOD BLESS OUR TROOPS
ESPECIALLY THE SNIPERS!
"Suppose you were an idiot And suppose you were a member of Congress... But I repeat myself."
-Mark Twain
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Joined: Jul 2011
Posts: 6,172
Campfire Tracker
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Campfire Tracker
Joined: Jul 2011
Posts: 6,172 |
Do we mention the time I took a "vacation" to head to Lake Placid in 1979? A long roundabout trip, visiting old "girlfriend" and partying a lot along the way. With intentions of getting to the Olympic Village construction, earning some money, and getting to watch the HOCKEY tournament. You know, the Miracle On Ice one? The one I missed because I was completely broke when I hit Harrisburg PA.
I did that instead of using the cash I had on hand for a down payment on the house across the street from my folks. The one that sold a year later for $19000 more than I would have paid for it. 19 Grand in 1979 wasn't a bad wage for a full years work, not to mention a tidy profit on a small house.
Of course, I could have bought cheap land in any of numerous "rural" areas in SoCal, which quickly became suburbs. Think Moreno Valley, Temecula, Ramona, Antelope Valley.
And I could have thought more highly of computers and gotten some training in using them, or even just invested in some early computer stock. But no, I had a good paying job, turned 21, chased girls, bought new cars, etc etc.
Didn't get back on track until I was in my mid 30's. Then was a starving student for 4 years, and a low pay scale employee for a few more. Eventually, I did OK, but boy would I like to do it over again sometimes.
Geno When I bought my first house, my agent tried to talk me into raw land in Apple Valley. I thought he was nuts. 5 years later there was a large shopping center sitting there anchored by an Albertsons grocery store. Buying a condo in Azusa, CA and renting it to my mom as a form of rent control. It was a loss every year but never appreciated. My gut was to buy a place in Mammoth Lakes as a rental and hand my mom some cash every month. The Mammoth places super appreciated and are at about 95% occupancy year round.
Fight fire, save lives, laugh in the face of danger.
Stupid always finds a way.
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Joined: Jul 2011
Posts: 6,172
Campfire Tracker
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Campfire Tracker
Joined: Jul 2011
Posts: 6,172 |
Buying a bass boat. They're definitely money pits.  Damn boat, been lots of fun, but damn sure a money pit. Buying a boat, selling it and not learning my lesson so I bought another boat. The biggest mistake was letting my wife (now my EX-wife) have access to the investment account. I dumb cause I still have the boat. Tell me about the dumb ways to buy a boat and if there’s ever a smart way. We are threatening to buy one as soon as this coming spring. Our kids are still pretty little at 1 and 3 so I could definitely make an argument to put it off. But the financial part, was it financed or bought cash? Just piddling money away on constant repairs and maintenance and not factoring that into your budget? Spent too much on a toy? Don’t use it enough? It is pretty tough to put a dollar amount on the time and memories you will make with your kids. i would only suggest waiting until they are a little older. They will be more cognizant and you should be in a better place financially to pull it off.
Fight fire, save lives, laugh in the face of danger.
Stupid always finds a way.
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