USA: The best place to live if you want to be a millionaire

[Skull Pilot]

Boy if everyone knew how easy it is to become a millionaire in the US, there would be no more whining about the economy.

The catch is there is no catch. Anyone can become a millionaire in this country. it is so easy it's almost criminal. you don't have to start a business and risk everything, you don't have to be a genius, you don't need a college education. All you have to do is buy a house.

here's how. buy a house, any house you can afford and live in it( for at least 2 years). Don't be stupid and keep remortgaging when the property value rises just pay the original mortgage(if you do refinance only do it to shorten the term do NOT pull out any equity). fix the house up a little and wait until you can sell for 150-250K over your purchase price.

Now that profit of up to 250K is tax free folks. Use some of it for a down payment on your next house and invest the rest in a solid portfolio and repeat until you are a millionaire.

So easy any moron could do it right??

of course one of you wet blankets will say "What about the real estate market now, i bet you can't do that now"

wrong. One of the reasons people are upside down in their mortgages is that they kept remortgaging their homes and pulling out all their equity. do that enough and you will always lose the game. Don't do it and you will be rich.

This is THE absolute best time to start on your path to being a millionaire, houses are on sale folks so if there is any way you can buy do it. now

If you all care about your kids you will pass this little nugget of wisdom on to them. Just imagine if your son or daughter started this simple process in their 20's, he or she could be millionaires a couple times over by the time they are ready to retire now that's a legacy to leave your family.

 

[roomy]

Most folk have their money tied up in their homes, the trouble is they are worth nothing while you need to live in them, they are worth a small fortune to others when you pop your clogs.

 

[roomy]

Boy if everyone knew how easy it is to become a millionaire in the US, there would be no more whining about the economy.

The catch is there is no catch. Anyone can become a millionaire in this country. it is so easy it's almost criminal. you don't have to start a business and risk everything, you don't have to be a genius, you don't need a college education. All you have to do is buy a house.

here's how. buy a house, any house you can afford and live in it( for at least 2 years). Don't be stupid and keep remortgaging when the property value rises just pay the original mortgage(if you do refinance only do it to shorten the term do NOT pull out any equity). fix the house up a little and wait until you can sell for 150-250K over your purchase price.

Now that profit of up to 250K is tax free folks. Use some of it for a down payment on your next house and invest the rest in a solid portfolio and repeat until you are a millionaire.

So easy any moron could do it right??

of course one of you wet blankets will say "What about the real estate market now, i bet you can't do that now"

wrong. One of the reasons people are upside down in their mortgages is that they kept remortgaging their homes and pulling out all their equity. do that enough and you will always lose the game. Don't do it and you will be rich.

This is THE absolute best time to start on your path to being a millionaire, houses are on sale folks so if there is any way you can buy do it. now

If you all care about your kids you will pass this little nugget of wisdom on to them. Just imagine if your son or daughter started this simple process in their 20's, he or she could be millionaires a couple times over by the time they are ready to retire now that's a legacy to leave your family.

The catch is in the "any house you can afford" bit

 

[Skull Pilot]

The catch is in the "any house you can afford" bit

Please, just look around you can find some absolutely great homes for under 250K. at a 6.5% interest rate a 30 year loan will cost about 1350 a month. hell rents in my area are almost that much and people seem to be able to afford that.

 

[jillian]

Not in this part of the country.

 

[Toro]

There have been a few studies over the past five years concluding that social mobility in America, though still high, has actually fallen, and in countries such as Sweden and Canada, it is now easier than in America for the poor to become rich.

 

[Skull Pilot]

the best opportunity in years to buy a home cheap and start on your path to becoming a millionaire is staring you in the face and you'd rather be negative and say it's not possible.

that is sad

 

[CharlestonChad]

the best opportunity in years to buy a home cheap and start on your path to becoming a millionaire is staring you in the face and you'd rather be negative and say it's not possible.

that is sad

How many millions have you made so far?

 

[Skull Pilot]

How many millions have you made so far?

if you must know I am on my third house in a little over 9 years and have managed to save over 220 K. i will probably be in this house a little longer though because I like it so much. A 200 plus year old farm house with a huge barn and about 3 acres. it needs a little more work than my other houses but it really is a piece of old world craftsmanship that you just don't see anymore. A lot of the wood is American chestnut which is pretty much extinct and the barn is amazing. there is not a nail in it as it it all hand hewn and pegged chestnut even after 200 years the roof is still straight as an arrow. I got if for a song and with the work I'm doing (plumbing and electric upgrades, central air, new heating system landscaping etc) i expect to realize a pretty good profit when I sell in 7 or 8 years maybe ten years as I might have a hard time parting with this home. hell i might just keep it and rent it out while i am doing the required 2 years in my next house.

and even if I haven't made a million yet, does that negate the opportunity? even if I didn't trade a house again I have over 200k extra in my retirement fund and in 20 years at a mere 8% is over a million and adjusted for inflation over 20 years it still is over 550000 that i wouldn't have if I listened to people like you.

the tax laws are there and you can take advantage of them or not. like i said it's not rocket science.

I posted this because there is so much doom and gloom here and in the news that it is easy to lose sight of something so simple and yet so incredibly profitable. even with something so simple available to them people just want to whine about how hard it is to get ahead even when the government has given you a gift of a tax law like this one. take advantage of it and take control of your life. Do nothing and whine or do something and profit from it. Hmmmm easy choice is it not grasshopper???

 

[jreeves]

Please, just look around you can find some absolutely great homes for under 250K. at a 6.5% interest rate a 30 year loan will cost about 1350 a month. hell rents in my area are almost that much and people seem to be able to afford that.

Where do you live, 250K may buy you house(if you can call it that), that you would spend more money in repairs than you would for the price of the house.

 

[Paulie]

The problem with SP's argument, is that he is trying to represent the entire country based on how his local market is performing. There may be MANY markets performing that way, but there are also many that aren't.

Generally speaking though, I agree with him. Except, too many people right now are way too buried in other mindless debt that it makes it hard to imagine taking on a $250k mortgage for anything other than to put a roof over your head. But even THEN, isn't that why we're in this mess?

Pay your credit cards off faster, downsize your vehicle(s), and THEN you can worry about buying a house, or houses, for the purpose of investing.

Also, it would be quite beneficial to have a good down payment of at least 20%, a few extra months of payments saved, and the ability to make more than the minimum payment to beat the interest and earn equity faster.

In closing, the "every 2 years" part is misleading. Tell that to the people who bought 2 years ago to do exactly what you are espousing.

Where do you live, 250K may buy you house(if you can call it that), that you would spend more money in repairs than you would for the price of the house.

Where I live right now, which is a pretty high cost of living area that hasn't exactly been HAMMERED by the mortgage fall-out, $250k will buy you a pretty nice house. There's a GREAT one available right now down the street from me that the owners are so desperate to get rid of, they just dropped their price 40k to 220k. I bet they'd take 200k if I waved it in their faces. I really wish I could right now, but I just can't yet.

 

[roomy]

Where I live right now, which is a pretty high cost of living area that hasn't exactly been HAMMERED by the mortgage fall-out, $250k will buy you a pretty nice house. There's a GREAT one available right now down the street from me that the owners are so desperate to get rid of, they just dropped their price 40k to 220k. I bet they'd take 200k if I waved it in their faces. I really wish I could right now, but I just can't yet.

Of course you can, skull pilot says so, you'll be a millionaire in two years.

 

[Paulie]

Of course you can, skull pilot says so, you'll be a millionaire in two years.

The main problem is that I actually could. Buy the house I mean, not become a millionaire. I could afford the monthly payments RIGHT NOW, but I am not yet set up to have the down payment I would want to make, have a couple months mortgage saved up, and pay extra to beat the inflation.

EDIT: I meant, beat the interest. Inflation would actually ASSIST in beating the interest.

I'd merely be doing what everyone else has been doing the past few years which has gotten us into this real estate mess to begin with, with no guarantees that I could sell when I wanted or needed to if things happened to get bad for me.

 

[AllieBaba]

Flip this house....
People do make money at it. It isn't instantaneous, and it requires a certain amount of $$$ to start up. But it can be a successful venture.

 

[Skull Pilot]

Of course you can, skull pilot says so, you'll be a millionaire in two years.

don't be a fucking moron.

or better yet keep on being blissfully ignorant of the possibilities in ths country so you can enjoy living in you parents' basement the rest of your life completely unaware of the life you could have had if only you weren't such a fucking moron.

Are you all so obtuse that you can't see I'm NOT talking about flipping houses. I am not talking about buying a house as an investment. I'm not talking about some get rich quick scheme. What i am talking about is buying a house to live in and taking advantage of the most lucratively exploitable tax code on the books.

I never said sell every 2 years what I said was live in a house for at least 2 years and you qualify for the 250K non taxable profit.
if you sell every 7-10 years when the market is most favorable you can realistically see the 1 million in tax free profits I mentioned in 35 - 50 years (add in the interst and compounding interest you will earn and it gets even better) and all you had to do was buy a house, live in it and fix it up a little bit then sell it at the most favorable time. and if you buy a house wouldn't you do that anyway? why not make some money doing it?

well good luck take this knowledge and use it or not my guess is most of you will not and i'm not going to argue with you about it. look up the tax codes yourself, talk to real estate investors and financial advisors or just keep being negative assholes and stay broke I really don't give a fuck.

 

[jreeves]

The problem with SP's argument, is that he is trying to represent the entire country based on how his local market is performing. There may be MANY markets performing that way, but there are also many that aren't.

Generally speaking though, I agree with him. Except, too many people right now are way too buried in other mindless debt that it makes it hard to imagine taking on a $250k mortgage for anything other than to put a roof over your head. But even THEN, isn't that why we're in this mess?

Pay your credit cards off faster, downsize your vehicle(s), and THEN you can worry about buying a house, or houses, for the purpose of investing.

Also, it would be quite beneficial to have a good down payment of at least 20%, a few extra months of payments saved, and the ability to make more than the minimum payment to beat the interest and earn equity faster.

In closing, the "every 2 years" part is misleading. Tell that to the people who bought 2 years ago to do exactly what you are espousing.



Where I live right now, which is a pretty high cost of living area that hasn't exactly been HAMMERED by the mortgage fall-out, $250k will buy you a pretty nice house. There's a GREAT one available right now down the street from me that the owners are so desperate to get rid of, they just dropped their price 40k to 220k. I bet they'd take 200k if I waved it in their faces. I really wish I could right now, but I just can't yet.

I guess it all depends on where you are from.

 

[Toro]

I posted this because there is so much doom and gloom here and in the news that it is easy to lose sight of something so simple and yet so incredibly profitable. even with something so simple available to them people just want to whine about how hard it is to get ahead even when the government has given you a gift of a tax law like this one. take advantage of it and take control of your life. Do nothing and whine or do something and profit from it. Hmmmm easy choice is it not grasshopper???

Of course, one could also cut one's head off.

Housing prices are still very expensive by historical standards.

http://www.frbsf.org/news/speeches/2008/0513.html

Home prices fell 14.4% over the past year and are down 16.2% from the all-time highs. Whatever happened to house prices never falling?

http://bigpicture.typepad.com/comments/2008/05/case-shiller-pr.html

Home prices fell 50% peak to trough in Japan. I don't expect that to happen in America, but just like it got stupid at the top of the housing market, it can get stupid at the bottom.

 

[roomy]

don't be a fucking moron.

or better yet keep on being blissfully ignorant of the possibilities in ths country so you can enjoy living in you parents' basement the rest of your life completely unaware of the life you could have had if only you weren't such a fucking moron.

Are you all so obtuse that you can't see I'm NOT talking about flipping houses. I am not talking about buying a house as an investment. I'm not talking about some get rich quick scheme. What i am talking about is buying a house to live in and taking advantage of the most lucratively exploitable tax code on the books.

I never said sell every 2 years what I said was live in a house for at least 2 years and you qualify for the 250K non taxable profit.
if you sell every 7-10 years when the market is most favorable you can realistically see the 1 million in tax free profits I mentioned in 35 - 50 years (add in the interst and compounding interest you will earn and it gets even better) and all you had to do was buy a house, live in it and fix it up a little bit then sell it at the most favorable time. and if you buy a house wouldn't you do that anyway? why not make some money doing it?

well good luck take this knowledge and use it or not my guess is most of you will not and i'm not going to argue with you about it. look up the tax codes yourself, talk to real estate investors and financial advisors or just keep being negative assholes and stay broke I really don't give a fuck.

For your information shithead I own a few different properties here in the UK and the trouble with your little get rich quick scheme is that interest rates rise as well as fall and property prices behave in a similar fashion.Why don't you post a become 'bankrupt amazingly quickly post'? using the same tactics as your get rich scheme, you fucking thickheaded numbskull...carry on.

People have to live within their means, you would have everyone gamble their lives away in the hope of a quick buck.Grow up doofus.

Oh, and another thing Mister magic touch, after you've sold the house, where do you live?Do you buy another dump and live in that for 7 years or do you spend your million on a house like the one you've just sold, because all the fixer uppers will also have increased in value to the tune of your scheme.
To do as you suggest effectively you have to use disposable income and know the building trade and know the housing market.It takes a lot of hard fucking work and many years to build up a decent portfolio, not two fucking minutes and a hairbrained scheme.

 

[Skull Pilot]

For your information shithead I own a few different properties here in the UK and the trouble with your little get rich quick scheme is that interest rates rise as well as fall and property prices behave in a similar fashion.Why don't you post a become 'bankrupt amazingly quickly post'? using the same tactics as your get rich scheme, you fucking thickheaded numbskull...carry on.

You live in the UK so what the fuck do you know about US tax codes? And if realizing a million dollar tax free profit over 30 or 40 years is a get rich quick scheme, I'd like to know how slow you think people should go

People have to live within their means, you would have everyone gamble their lives away in the hope of a quick buck.Grow up doofus.

Did you miss the part where I said buy a house you can afford? Buying a home is not a gamble you idiot. In the US buying a home gives you a tax write off for the interest on your mortgage and the 250K tax free capital gains benefit. it is more of a gamble to rent than to buy. And again where did I say this was a way to make a quick buck?

Oh, and another thing Mister magic touch, after you've sold the house, where do you live?Do you buy another dump and live in that for 7 years or do you spend your million on a house like the one you've just sold, because all the fixer uppers will also have increased in value to the tune of your scheme.
To do as you suggest effectively you have to use disposable income and know the building trade and know the housing market.It takes a lot of hard fucking work and many years to build up a decent portfolio, not two fucking minutes and a hairbrained scheme.

Well moron, when you sell your house you buy another one and move in. Or since if you sold you home and made a tax free profit, you can rent for a for a few months until you find another house you want to buy and live in for a while. People do it all the time you know look for a house while theirs is on the market but maybe the idea of multi tasking is too taxing for you to grasp.

None of the houses I have bought have been dumps or fixer uppers. They were all perfectly fine houses that i lived in and worked on slowly over a period of 4-5 years. If you are buying a house anyway, and you would be paying a mortgage anyway, you don't have to have disposable income above and beyond your housing budget because you are not buying houses specifically to sell quickly, you are buying a house to live in and if you buy a house to live in you will probably do some work to it to improve it wouldn't you?

If you are buying a house to live in for a period of years, you don't have to know the housing market all you have to know is what you can sell your house for and that's not too tough to do. When you can sell your house for more than you paid you take a tax free profit and save it. And home repair is not rocket science. Painting, landscaping and small upgrades to kitchens and bathrooms will often get you a 150 to 200 percent return when you sell your home. even more expensive repairs like siding, plumbing or electrical work is something you would do anyway to a house you planned to live in for a while so again if everything i say is something you would already do when you own a house, why not do it and take advantage of a tax code that allows a 250K tax free profit? You' be an idiot not to.

 

[Toro]

Housing sucks right now, but if you do have a very long time period, then you'll do fine.

In markets that have been devastated, with prices down 30%+, houses are starting to move again, particularly those in foreclosures, though unfortunately it appears to be investors buying and not real families.