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Author Topic: Secrets to my success/retirement  (Read 12264 times)
Neil
Guest
« on: February 23, 2005, 05:00:00 AM »
[This message has been edited by Neil]

Here's why I have so much time on my hands to date Latinas.  Okie wanted to know.  

Rich Dad Poor Dad is by Robert Kyosocki. Try the website www.richdad.com

Prenuptial agreement saved me alot.  Also credit to Crown Financial MInistries.  I met a mortgage broker at the classes and he started me on my first investments in sub-prime mortgages.  Also have been investing in 17-18% tax certificates since 1987.

I made a few dollars as a personal injury trial lawyer and invested most of the money in sub-prime mortgages. Retired in 2000 at 45. Interest rates on my mortgages are 13-17% for people who the bank turn down for mortgages. I can also borrow money at 4-6%.

I am now in management, as my accountant says, I manage to get to the mailbox and manage to get to the bank. Last year all of my loans performed and no forclosures.

Converted my SEP IRA to a Roth IRA and use this as the vehicle to title mortgages and property and tax certificates.  No taxes (income or capital gains) are ever paid on the money which flows into my Roth.

Life is now great!  Travel each month for 10 days.  God Bless.
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Looking4Wife
Guest
« Reply #1 on: February 23, 2005, 05:00:00 AM »
... in response to Secrets to my success/retirement, posted by Neil on Feb 23, 2005

Neil:

1.  Are you buying existing mortgages, or funding/originating new mortgages?

2.  Are you funding owner-occupants or investors?

3.  Is this typical of Crown Financial Ministries, or did you just happen to run into someone that was versed in this type of investment?

Gracias
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Neil
Guest
« Reply #2 on: February 23, 2005, 05:00:00 AM »
... in response to Re: Secrets to my success/retirement, posted by Looking4Wife on Feb 23, 2005

[This message has been edited by Neil]

1. funding/originating new mortgages as a private individual.  I know others who buy the paper at a discount, but I do not do this.

2.  yes.  both even restaurant loans and some warehouse loans. some are 6 month rehab and flip loans.  sometimes property held in land trusts.  

beware about owner-occupied loans (residential refis).  some states, and the federal government have additional regulations on residential refis, a/k/a  "Section 13" mortgages.  some states require disclosures and other documents when the interest rates are higher, to protect homeowners.

3.  just happened to run into someone who needed help funding some bank turn-downs.
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OkieMan
Guest
« Reply #3 on: February 23, 2005, 05:00:00 AM »
... in response to Re: Re: Secrets to my success/retirement, posted by Neil on Feb 23, 2005

Neil,
Since I can't view your personal email, can you email me?  You can find mine on my personal info. I have some ideas that I want to discuss with you.

                         Thanks,
                         OkieMan
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DavidMN
Guest
« Reply #4 on: February 23, 2005, 05:00:00 AM »
... in response to Secrets to my success/retirement, posted by Neil on Feb 23, 2005

[This message has been edited by DavidMN]

Maybe the better book is 'The Millionaire Next Door' that shows remarkably modest spending habits of some fairly wealthy people. Reminds me of the million dollar cup of coffee that Scott Burns, the Dallas Morning News columnist, wrote about. Plug in any figures you want, but if you use:

-22 year old person
-buys a $3.50 Starbucks five days a week (coffee, tax, tip)
-50 weeks a year
-retires at age 65
-figure the opportunity cost/investment return of the coffee money at 10%
-figure inflation at 3% annually (you increase coffee cost and devalue investment returns by the same percentage)

At the end of 43 years the daily habit has cost $832,000 or $233,000 after adjusting for inflation.
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Pete E
Guest
« Reply #5 on: February 23, 2005, 05:00:00 AM »
... in response to Re: The $832,000 cafe au lait, posted by DavidMN on Feb 23, 2005

I really liked the Millionare next door.One of my favorite parts was that 40% of millionares bought only used cars.I liked that.I love cars,but I never bought a new one in my life.I was just never willing to lose that much money that fast on something.And I never traded my car to a dealer,I always sold it myself.If you trade it you wholesaled it for very cheap.Anything over that was built in to the new deal if you bought from them.
Lots of basically poor people will get themselves over their head in a bad car deal and trade out of it into an even worse car deal,with a forever high car payment.
My last car I bought before leaving the states and selling it to my son,a 6 year old BMW 740i,cost new $65,000.My cost,$13,500.And in like new condition.It cost someone $52,000 to own it the first 6 years.My plan was to have it cost me  $7500 to own it the next 6 years,with a residual value of $6000.Pick the right car and repairs are not much more than you would pay keeping a new car in warrantee.
And,just sales tax on it new,$5362 in California.Would probably cover the next 6 years repairs.Then there is insurance and licence fees,much higher on anew car.
The old saying,buy a used car you buy someone elses troubles should be by used,take advantage of someone elses extravagence.
I owned a used car dealership specializing in European cars,mostly BMW,s.But I could never ever see paying what they cost new.

Pete
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Looking4Wife
Guest
« Reply #6 on: February 23, 2005, 05:00:00 AM »
... in response to Re: Re: The $832,000 cafe au lait, posted by Pete E on Feb 23, 2005

Pete, I fully agree with your quote...

"Buy used (cars), take advantage of someone elses extravagance".
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Brassa
Guest
« Reply #7 on: February 23, 2005, 05:00:00 AM »
... in response to Secrets to my success/retirement, posted by Neil on Feb 23, 2005

http://www.johntreed.com/Kiyosaki.html

When the word secret is used relating to success whether financial or other, the red flag goes up Smiley

There is no secret.
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Neil
Guest
« Reply #8 on: February 23, 2005, 05:00:00 AM »
... in response to Re: Secrets to my success/retirement, posted by Brassa on Feb 23, 2005

http://www.johntreed.com/coaching.html

Seems like John T. Reed is a self-proclaimed expert on alot of subjects including Robert Kiyosaki and Reed has also expertly written books on coaching football and baseball.  His websites offer alot of purchase opportunities from A to Z.
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Brassa
Guest
« Reply #9 on: February 24, 2005, 05:00:00 AM »
... in response to Re: Re: Secrets to my success/retirement, posted by Neil on Feb 23, 2005

I certainly don`t deny Reed has some interests as well. I guess my main point was there is no secret to wealth or prosperity in the same respect there is no guarantee.
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Neil
Guest
« Reply #10 on: February 23, 2005, 05:00:00 AM »
... in response to Re: Secrets to my success/retirement, posted by Brassa on Feb 23, 2005

thanks for exposing some of these things about Kiyosocki.

I also note in his book "Retire Young, Retire Rich"  That he confessed that the velcro wallet company he founded went bankrupt and he lost all his money in this venture that he said was a success in his earlier books.
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doombug
Guest
« Reply #11 on: February 23, 2005, 05:00:00 AM »
... in response to Re: Secrets to my success/retirement, posted by Brassa on Feb 23, 2005

HAHA!! Another byproduct of the late-night infomercial industry, which is a byproduct of the "sucker" industry.  

SCAM!!
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Fuzzyone
Guest
« Reply #12 on: February 23, 2005, 05:00:00 AM »
... in response to Re: Re: Secrets to my success/retirement, posted by doombug on Feb 23, 2005

Remember that guy that was about 3 feet tall that was selling his rags to riches?
He did not last long I wonder how much he sold.
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Pete E
Guest
« Reply #13 on: February 23, 2005, 05:00:00 AM »
... in response to Re: Secrets to my success/retirement, posted by Brassa on Feb 23, 2005

Maybe no secrets,but there are lots of things most people are not aware of.And lots of ways to make terrific returns your financial planner will never tell you about because
because he is afraid to do anything very risky with other peoples money.They will forget the big gains and blame you for the losses and if it was something unconventional he will be in big trouble.A financial planner friend of mine is proud of his 12% returns for clients but himself he will buy penny stocks,willing to lose on 4 to make big money on one.Can't do that with clients.
The other factor.In investments its thought there are 2 parameters,risk and return.There might be a hundred,but let me add one.Work.If you are willing to do the work you can find investments in things like real estate that will NEVER knock on your door.THE BASIC RULE,IF AN INVESTMENT FINDS YOU RUN.The good ones are the ones you find with lots of effort.
Follow the math in an example I did above.My son puts down 25% on 4 condos,they double in value.His equity goes up 400% .He could have made that in 2years.It is nowup 600% in 6 years,100% a year vs 200%This is a real example.He could have moved them to Scaramento,where alot of property doubled in 2 years and then Florida,where alot of property doubled in 2 years.Each time making 400% in 2 years 4 times 4 times 4.Thats 56 times his original investment.
He didn't.But he is in the process of taking the 600% now.Actually its about 550 % after selling costs.In 6 years.
Its not a SECRET,but you might use that wording if almost everybody does not understand how it works.Of course this involved great timing.You have to find those investments where the timing is good.Just doing anything anytime will not work.
But,I will say from my experience,its awhole lot easier to do and a whole lot less likely to lose money than starting a business.There you better really know what you are doing.
Works best if its something you know extremely well,as in having worked in the field learning on someone elses money.

Pete
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Brassa
Guest
« Reply #14 on: February 23, 2005, 05:00:00 AM »
... in response to No secrets,but  lots of  ignorance  out ..., posted by Pete E on Feb 23, 2005

Understood. But my point was essentially focused at Kiyosaki . The book`s "story" immediately preys on a scenario many have experienced, Rich Dad Poor Dad. I dont want to do an essay reply lol...but look into that a little more than just its title and you`ll see...or some will.
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