Retirement thread

[ibrokeit]

Steve needs to open the GAP back up.

FIFY

 

[bad80cj]

As for the GAP; it's gone nothing to see here. Tom will not sale the land.

What is a good solid way for me to build my credit. As of the past 12 years I have been a cash only person. I would love to own my own property nothing extravagant just something to call mine and home?

 

[xjkrawler]

What is a good solid way for me to build my credit. As of the past 12 years I have been a cash only person. I would love to own my own property nothing extravagant just something to call mine and home?

line of credit through the bank or a small credit card would be best and easiest way. downside to line of credit is you are borrowing against yourself.

crazy how screwed up the system is.... i couldnt even get a letter of good credit from utilities, Verizon.... nothing... they only report to a credit agency if you MISS a payment....

 

[Hope Springs Hauler]

When my wife and i got married we started with Dave Ramsey principles. We never had a credit card or any debt.... but now we are in the process of buying our first house and cant qualify for a decent interest rate because of our minimal credit history.... sucks that someone who pays cash for everything trys to get a loan for a house and has to jump through hoops to get a decent interest rate.

A credit card is a good thing to have if it is used in the right way. My wife an I operate our CC like a debit card and never carry a balance. It is a great way to buy goods off of the 'net without exposing your personal accounts to fraud. The CC companies carry a lot of insurance for fraud, but your checking account takes a police report and sometimes months to fix things if it goes wrong.

 

[bad80cj]

That's the thing I refuse to get a credit card. As far as going to a bank that would mean I would have to buy something. lol

 

[TBItoy]

Re: Re: Retirement thread

We buy EVERYTHING on a credit card. Pay bills, insurance, everything.

The points/cash back gives us a little extra money every month.

We usually "buy" Walmart or gas station gift cards with the points, normal expense stuff that we'll spend anyway.


It takes discipline to use a credit card like that, but free money is free money.

And my credit score is 785, so getting a good interest rate was easy

 

[bobo]

IMO the whole credit system is a rigged game.

The only way to build credit is to take out loans or get credit cards & pay off the balance over time so the credit companies can get there interest money. If you use a credit card & pay the balance off in full every month you build little to no credit assuming the companies report it at all. Miss 1 payment & you will be reported before you know what is going on.

So if you have paid cash for everything your entire life and want to borrow money to buy a house you are **** out of luck.

The borrower is a slave to the lender & that is just the way they want to keep it.

Just another way they are keeping the white man down :****:

Jeremy

 

[ibrokeit]

That's the thing I refuse to get a credit card. As far as going to a bank that would mean I would have to buy something. lol

Take something you already have the title for to the bank. Tell them you need a small loan to build your credit ($2000 or so). Have them open up a savings account and deposit the money you borrow directly into it. Then have them auto draft the payment out of that account. DO NOT touch the money. In fact, you will need to add a little to it to cover interest and fees, but it won't be much. When thats done, rinse and repeat.

 

[lowbudgetjunk]

IMO the whole credit system is a rigged game.

The only way to build credit is to take out loans or get credit cards & pay off the balance over time so the credit companies can get there interest money. If you use a credit card & pay the balance off in full every month you build little to no credit assuming the companies report it at all. Miss 1 payment & you will be reported before you know what is going on.

So if you have paid cash for everything your entire life and want to borrow money to buy a house you are **** out of luck.

The borrower is a slave to the lender & that is just the way they want to keep it.

Just another way they are keeping the white man down :****:

Jeremy

I have seen my full report from the big three reporting agencies. Everything I have ever opened, balance or no is on it. I actually found out about a gas card I got in college for a T-shirt, three years after I thought it was closed. Never had a balance on it from day one, but it was reported. Closed the account and raised my score by four points.

Blah. Go get you a a RZR they'll finance your :afro: ass

 

[TacomaJD]

Pertaining to renter properties, I've often wondered if my current house/property would be worth the trouble to rent out once I move out of it into something bigger (which probably won't happen until I get married). I've heard some say it alone wouldn't be worth the hassle, but then some say well hell yeah it'd be great for that.

My house is small, but perfect for me living alone (specs below). Cheap to maintain. Would y'all see it worth renting out, or just selling one day and pocketing the extra money it sells for over what I owe on it at the time?

8 1/2 years old total, this month is exactly 5 years since I bought it from the original owners.
roughly 1000 sq. ft. / 2 bedroom and 2 full bath
hardwood in kitchen/living room, carpet in bedrooms, linoleum in bathrooms
Vinyl siding, shingle roof
Full electric appliances and air/heat unit, but the gas company just plumbed natural gas line alongside the road in my front yard late last year.
Just built a 20x24 all metal shop beside it almost 2 years ago.
Also has a 10x12ish portable storage building.
Am about to have the driveway graveled a little wider and all the way up to the front of the shop.
Sits on roughly 1/2 acre lot, remotely close to small town.

 

[TBItoy]

Pertaining to renter properties, I've often wondered if my current house/property would be worth the trouble to rent out once I move out of it into something bigger (which probably won't happen until I get married). I've heard some say it alone wouldn't be worth the hassle, but then some say well hell yeah it'd be great for that.

My house is small, but perfect for me living alone (specs below). Cheap to maintain. Would y'all see it worth renting out, or just selling one day and pocketing the extra money it sells for over what I owe on it at the time?

8 1/2 years old total, this month is exactly 5 years since I bought it from the original owners.
roughly 1000 sq. ft. / 2 bedroom and 2 full bath
hardwood in kitchen/living room, carpet in bedrooms, linoleum in bathrooms
Vinyl siding, shingle roof
Full electric appliances and air/heat unit, but the gas company just plumbed natural gas line alongside the road in my front yard late last year.
Just built a 20x24 all metal shop beside it almost 2 years ago.
Also has a 10x12ish portable storage building.
Am about to have the driveway graveled a little wider and all the way up to the front of the shop.
Sits on roughly 1/2 acre lot, remotely close to small town.

Looks like a perfect single family rental to me.



I'd have at least one rental property now if it wasn't for my wife, it'll pretty much be hell or high water before we own a rental property while we still live in the shophouse...

 

[TacomaJD]

Looks like a perfect single family rental to me.



I'd have at least one rental property now if it wasn't for my wife, it'll pretty much be hell or high water before we own a rental property while we still live in the shophouse...

Or kids my age looking to move out on their own but not ready for mortgage commitment.

There's a slab house about equal size to mine and about the same land, with no other structures, that's been a renter house ever since I've lived in mine. Don't know who actually owns it, but there's been about 4 or 5 different families that's lived there, and currently a friend of mine is renting it alone. Used to be a hot single mom that lived there that I got to bang, but that's beside the point.

I just know that I don't know everything about renting, especially with all the associated costs. I know that corner house beside mine rents for $525 a month
and I know I'd be able to get that or more out of mine since it has a shop and storage building. And even at $525, that's more than my mortgage payment, which is only about $450 after escrow for ins. and land tax.


I guess the thing I'd need to do would be save a good little pot of money to set aside for when things failed or leaked. Central units ain't cheap and I've never had a problem out of mine so it'll probably take a **** within the next 3-5 years. It's a Goodman, so I highly recommend that brand!

 

[fl-krawler]

Or kids my age looking to move out on their own but not ready for mortgage commitment.

There's a slab house about equal size to mine and about the same land, with no other structures, that's been a renter house ever since I've lived in mine. Don't know who actually owns it, but there's been about 4 or 5 different families that's lived there, and currently a friend of mine is renting it alone. Used to be a hot single mom that lived there that I got to bang, but that's beside the point.

I just know that I don't know everything about renting, especially with all the associated costs. I know that corner house beside mine rents for $525 a month
and I know I'd be able to get that or more out of mine since it has a shop and storage building. And even at $525, that's more than my mortgage payment, which is only about $450 after escrow for ins. and land tax.


I guess the thing I'd need to do would be save a good little pot of money to set aside for when things failed or leaked. Central units ain't cheap and I've never had a problem out of mine so it'll probably take a **** within the next 3-5 years. It's a Goodman, so I highly recommend that brand!

In this area, your place would pull $650/mo easily. If you guys get into rentals, try to get set up with section 8 housing. The people renting are usually shady, but the rent will always be paid on time and they are required to keep the place clean and well kept (monthly inspections) in order to keep their benefits.

 

[TBItoy]

Or kids my age looking to move out on their own but not ready for mortgage commitment.

There's a slab house about equal size to mine and about the same land, with no other structures, that's been a renter house ever since I've lived in mine. Don't know who actually owns it, but there's been about 4 or 5 different families that's lived there, and currently a friend of mine is renting it alone. Used to be a hot single mom that lived there that I got to bang, but that's beside the point.

I just know that I don't know everything about renting, especially with all the associated costs. I know that corner house beside mine rents for $525 a month
and I know I'd be able to get that or more out of mine since it has a shop and storage building. And even at $525, that's more than my mortgage payment, which is only about $450 after escrow for ins. and land tax.


I guess the thing I'd need to do would be save a good little pot of money to set aside for when things failed or leaked. Central units ain't cheap and I've never had a problem out of mine so it'll probably take a **** within the next 3-5 years. It's a Goodman, so I highly recommend that brand!

**** Goodman and their 10 year warranty right in their assholes!

My central unit has been broken for 6 weeks waiting on a condenser coil.

When I called the HVAC guy (that installed it 6 years ago) and told him what was going on, he says "Yeah, the coils are rotting out of that model, we've rebuilt 5 already this year"

When he called to get the parts, no distributors have a condenser coil, and Goodman says "We've got that part on production schedule, but we're about 7-8 weeks behind".


I went and bought 2 window units.

There's a chance the parts may come in next week...


Goodman

 

[TacomaJD]

Dayum! Mine hasn't had as little as a hiccup yet, knock on wood!

 

[The-Boss]

What is a good solid way for me to build my credit. As of the past 12 years I have been a cash only person.

I was anti interest and therefore cash only till about two years ago and had no credit. I knew I would need a mortgage for the home I wanted and would need excellent credit to save on that end. I got a $1500 secured credit card which is basically a debit card. After almost a year I had a 740 score and took out a 3 year auto loan for my truck I will pay off in two. I got the loan for 2.25% and make 2% in my checking account so that helps. My wife and I won't be financing anything besides a home as soon as I pay this off. I also feel you don't own something till it is paid for and that matters to me about everything.

 

[Mortalis5509]

Re:

My wife and I both do 401k and Roth Ira.

Bought out first house last year and should be paid off in 8 years.

Both have savings and I do investments. Buy and sell stocks and have a mutual fund.

Sent from my SCH-I535 using Tapatalk

 

[bad80cj]

Lots of sounds advice in this thread so far. Thank you for all who have commented.

 

[TyTy]

Steve - A lot of what is being discussed here is how people are saving and/or investing for retirement. If I am reading your posts correctly you are saying you are just making ends meet and savings is not possible.

If that is true the question then becomes how can you decrease your expenses or increase your income so that you have something to save?

As far as expenses, if you have any debt you should work a plan to get out of that. I understand you live on in-laws land for cheap or free, that is good. Can you save on cell phone plan? Can you save on TV bill? Anything else? Whatever you can save save an equal amount whenever you get paid. As far as wheeling, I know you are frugal but to be honest, even cheap wheeling is expensive. That is part of why I got out of it. When you factor in a tow rig, trailer, insurance, registration, parts, breakage, traveling, fuel, hotel stays, entrance fees, and always saving for the next upgrade wheeling is an expensive damn hobby. I will just leave that here to think about. Even just the cost of a tow rig as compared to a cheap/reliable car is a fair amount of money every month.

As far as the income side there are a lot of ways to go here but generally you probably need to figure out a way to make more money. Here are some ideas;

- get some certifications so you can get a job at a dealer (caveat...don't get into a bunch of debt to do this, not good)
- move to South Dakota to work in oil fields?
- go work on diesel trucks...doesn't that pay more?
- go work at a machine shop...more pay?
- go work as a industrial welder...more pay?

Here are some low cost businesses you could start. Yes you can always go open a shop but that takes capital to rent/buy a building and equipment, instead how about some of these ideas;

- Mobile dent repair (takes training, I have seen schools that teach you, not sure of cost). On more than one occasion I have paid $65-100 bucks to have a door ding taken out, took the guy 10-15 minutes. These guys get lots of business from car rental places and car lots where they get regular/volume type work. I always get a quote then ask for the cash price and they take cash for a nice discount. My guy here in Columbus, you text him a pic of the ding and he texts back a quote, doesn't even have to come see it.
- Mobile detailing, target wealthy types that get a weekly detail or hand wash for $35-45 but are too busy to drop their car off.
- Mobile window tinting. Paid a guy in Orlando $175 to do my wife's car, he did it outside my house so I didn't have to drop off or pickup, took him maybe 45 minutes and his only cost was the tint and gas to get to me in his car. Seems like a hell of a business.
- Mobile welding/fabrication. You get a 1 ton truck and a good welder, cutting saw, etc and travel doing commercial jobs, railings, sign work, repair stuff, etc charging big hourly rate. Maybe eventually you work your way into some commercial accounts at factory type places, maybe some government work.

Maybe you get into a side hustle to start out and get the savings cranked up. How about this idea...go to offroad events and offer to fix people's **** for a healthy hourly rate. Let's say someone breaks an axle Friday night, has a spare but does not feel like spending 2 hours crouched down in the mud replacing an axle on their $60,000 buggy. They might be more than happy to pay someone $150 bucks to do it. Make some free business cards with your cell number, hourly rate, common prices and hand out at the event.

Just some thoughts.

 

[sumbodeez]

**** Goodman and their 10 year warranty right in their assholes!

My central unit has been broken for 6 weeks waiting on a condenser coil.

When I called the HVAC guy (that installed it 6 years ago) and told him what was going on, he says "Yeah, the coils are rotting out of that model, we've rebuilt 5 already this year"

When he called to get the parts, no distributors have a condenser coil, and Goodman says "We've got that part on production schedule, but we're about 7-8 weeks behind".


I went and bought 2 window units.

There's a chance the parts may come in next week...


Goodman

model number? I can check that for you if you want.