Financial goals for 2006

[Whaazup17]

What are your financial goals for 2006? Mine would be save more money and definitly I would like to start a business dont know why kinda (really anykind would be nice) and I don't care how much I make on it just as long as it has potential.

What are yours
-garrett

[John]

1st quarter - complete classes for property appraisals, obtain job doing it.

Sometime during the year - buy preconstruction, with intentions of keeping it and living in it.

Selling my 240sx

Pay the balance of my Evo down to 10 dollars

Saving as much money as I can to furnish new home. Should be exceptionally easy considering my overhead.

If all goes as planned, this will be a HUGE year fiscally for me. Its entirely possible that I could have 45k in savings for use towards the new home, perhaps more. It all depends on my ability to save cash and not blow it on strippers and cocaine. (I kid)

[Whaazup17]

1st quarter - complete classes for property appraisals, obtain job doing it.

Sometime during the year - buy preconstruction, with intentions of keeping it and living in it.

Selling my 240sx

Pay the balance of my Evo down to 10 dollars

Saving as much money as I can to furnish new home. Should be exceptionally easy considering my overhead.

If all goes as planned, this will be a HUGE year fiscally for me. Its entirely possible that I could have 45k in savings for use towards the new home, perhaps more. It all depends on my ability to save cash and not blow it on strippers and cocaine. (I kid)

ahahha strippers and cocaine... yea 45k in the bank in savings is a good amount.. If you want dollar amounts I am thinking about a goal of like 25k in the bank for savings.. I got 8k now... (money that isn't touched for fun things but for things that could make me money) is that I call it... so more like a business fund or something like that..

[Whaazup17]

3rd-4th quarter - Sell our land. Build a master bathroom onto the new house, landscaping on the new house. Buy an old delapidated bungalow in Ybor Heights. Make Scott and Epi rich.


man you guys are still both attached to the real estate boom :lol:

you know it has slowed down a lot :lol:

and i'm talking to both of you guys john and aharon... both of you really think the housing market is going to make you that rich next year even with the rising cost of insurance and energy? I don't think in '06 that will be the market to play... I think you could make money but not like this year...

[Whaazup17]

oh yea and I forgot to add rising interest rates...

I think if you want to bank on real estate I think it has to be in the crappy mhp parks in pinellas and east hillsborough and also in apartment homes also duplexes. ( I personally dont like renting out houses cause I rather just collect 3 or more checks a month even if they are smaller better odds of getting my money).

[Amortized]

you know it has slowed down a lot :lol:



you know the market slows down a lot this time of year.....EVERY year. look at appreciation numbers for the last few months and even though sales have slowed down, appreciation is still there.

[Whaazup17]

you know the market slows down a lot this time of year.....EVERY year. look at appreciation numbers for the last few months and even though sales have slowed down, appreciation is still there.

so you think it is going to pick back up when? See I dont know to much I just know what I read I haven't been studing this stuff long enough to be able to kind of "predict" yet...

[Joe]

1st Quarter - Move into my new home on my 1acre wooded lot next to a protected state forrest. Rent our 2nd of 3 homes.
2nd Quarter - Ride the wave and enjoy the fruits of our labors this year. Take my Insurance Agents course.
3rd Quarter - Buy my 4th home. This may be in Tennessee. If not, it will be an investment home.
4th Quarter - Relax. Enjoy the fruits of labor.

[Rdline1]

i just plan on getting closer to finishing school, keeping my credit cards paid off to build up my credit, and keeping enough money in the bank to live comfortably. i just dont make enough without a full-time gig right now, so if i can come out of school with no debt than i know once i start making real money in a year or two life will be pretty good.

[Joe]

you know the market slows down a lot this time of year.....EVERY year. look at appreciation numbers for the last few months and even though sales have slowed down, appreciation is still there.

This is why I bought now... less competition. ;)

[Whaazup17]

1st Quarter - Move into my new home on my 1acre wooded lot next to a protected state forrest. Rent our 2nd of 3 homes.
2nd Quarter - Ride the wave and enjoy the fruits of our labors this year. Take my Insurance Agents course.
3rd Quarter - Buy my 4th home. This may be in Tennessee. If not, it will be an investment home.
4th Quarter - Relax. Enjoy the fruits of labor.


very nice very nice 4th home...

[Whaazup17]

Wow we got a lot of real estate investors here... Nobody wants to have a business or anything like that? And real estate investors as in houses nobody wants commerical or development property?

[John]

I'm not going to be playing the field, yet. Its just not in my plans this year. 2007 I will be in much better position to do that.

[Miles]

goal #1: win the lottery. doesn't have to be one of the big jackpots either, i can make it work with one of the 3 mil pots.

[Whaazup17]

I'm not going to be playing the field, yet. Its just not in my plans this year. 2007 I will be in much better position to do that.

yea I know how you feel..

[m0nk3y]

Wow we got a lot of real estate investors here... Nobody wants to have a business or anything like that? And real estate investors as in houses nobody wants commerical or development property?

im currently building, setting my business plan into action. the move from gainesville threw me and my suppliers for a loop, but with some more hard work i should be up and moving BAU by february 1. the plan is to have my venture capital paid back by q3 2006, and from there... build, build, build.

[Amortized]

commercial and development is much harder to enter, more % down required, higher purchase prices, more expenses, etc.

[_Chris_]

1. Save money
2. Build a new house (4/3/3)
3. Get incorporated
4. Expand and grow my business
5. Possibly buy an investment property
6. Possibly Quit my PT job and get a job in Real Estate

#6 depends on how much of my time #4 takes.

[number_2]

nothing significant. i'll be moving into my first house or apartment next summer (renting not buying, and no, i'm not going to be convinced that it's a waste of money). my goal is to remain within a reasonable budget through that transition.

[orlando]

1. Continue to grow my current business
2. Successfully start and run the business that will be open in about 2 weeks
3. Buy 2 houses to fix up and rent out (hopefully the offer I made yesterday will be accepted so I'll be half way to my goal.
4. Finish up my last semester at UCf without a glitch and start lawschool immediately after
5. Have $100k cash by the time I graduate in May ... (cash, stocks, mutual funds, and so on...not litterally cash but not counting equity in a house.
6. Get in on at least 1 preconstruction house to sell once built.

Thats all I can think of for now ...

[orlando]

oh yea and I forgot to add rising interest rates...

I think if you want to bank on real estate I think it has to be in the crappy mhp parks in pinellas and east hillsborough and also in apartment homes also duplexes. ( I personally dont like renting out houses cause I rather just collect 3 or more checks a month even if they are smaller better odds of getting my money).

Keep in mind that a single family house will usually appreciate more than any townhouse or apartment would. If you do a 30 year fixed with < 20% down, you likely wont do much better than break even monthly, if that so in addition to the renter building equity for you (not that much for the first 5-10 years), the big money would come from the appreciation.

We all know of old neighborhoods that have been fixed up where prices skyrocket but that sort of thing usually doesn't happen with duplex's with some exceptions. A couple streets duplex's on the outskirts of my parents' neighborhood in S Florida is an exception to the rule where people bought the whole duplex and would convert it into one big house but that is rare since renters dont have any interest in keeping up the exterior or improving a property and most landlords only care about the money coming in their pocket and dont like to spend money to improve a house that some careless renter is destroying.

Another thing to figure in is apt usually have a $100-$250 monthly upkeep charge. Add that in to your apartment mortgage payment and then compare it to a house payment and you'll be surprised how apartments aren't all that cheaper than some houses.

[Si-Ninja-Punk]

1.get my appraiser cert and find a job as one
2.take my damn state exam for realtor lic. (class done already)
3.blow up my car, to minimize monthly outcome
4.buy a paid off beater
5. if 1,2,3 and 4 fail, become a truck driver with the porpouse of starting the family buisness(im the only one holding it back)

[jabtay]

5. if 1,2,3 and 4 fail, become a truck driver with the porpouse of starting the family buisness(im the only one holding it back)
Dont do 18 wheelers...not enough money in it. Get 3-4 Superdutys with some car trailers. That is where the money is. Less maintainence, and more money per mile. I have been contiplating this for a while ever since I quit driving an 18 wheeler.

My goals:
Pay off all credit cards except maybe 1 of them
Pay off truck and buy second beater car
Double up on school loan payments
Put at least 300 a week in savings
I may also start looking for investments or a part time buisness I can get in.

[FULLY BUiLT]

i definately want to save up money for a house. never had to live in an apt before & it seems like every week theres a new dent in my car. once i get enough for a chunky down payment ill start saving for school, i should have enough by august as long as i dont put money into my car, which i prolly will :)

[moldyhands]

1st quarter - complete classes for property appraisals, obtain job doing it.

Sometime during the year - buy preconstruction, with intentions of keeping it and living in it.

Selling my 240sx

Pay the balance of my Evo down to 10 dollars

Saving as much money as I can to furnish new home. Should be exceptionally easy considering my overhead.

If all goes as planned, this will be a HUGE year fiscally for me. Its entirely possible that I could have 45k in savings for use towards the new home, perhaps more. It all depends on my ability to save cash and not blow it on strippers and cocaine. (I kid)are you planning to do this all with the property appraisals gig? unless you're making $200-300K, putting away that kind of money, that quickly, is damn difficult. and hopefully when you say savings, you don't mean a bank. anyone that has $45K in a bank account needs to take a course in investments.

my goals:
1. work my ass off and get a big raise,
2. buy an investment property, see how well i do, repeat,
3. blow my money on hookers and blow, and bar tabs,
4. save 10% of my income.

[93ex]

pay off one of my cards, get the other to a very manageable level, if not gone. Take the month payments and send those in on the house. Possibly get roomate to make life easier.

MAYBE - try to get in on a preconstruction, and turn it. My old apartment was offered to me at 117 or so. went public for 140ish. I wish I had just bought it and then moved out.

[John]

are you planning to do this all with the property appraisals gig? unless you're making $200-300K, putting away that kind of money, that quickly, is damn difficult. and hopefully when you say savings, you don't mean a bank. anyone that has $45K in a bank account needs to take a course in investments.

Well, my bills won't be increasing much this year, but my income will nearly double. So, basically whatever I make from the appraisals gig is going to be gravy.

What would you suggest that I do with it? Obviously, a savings account isnt worth crap, maybe like a CD or money market? I'd like to keep it somewhat liquid for times of need or to exploit an opportunity. Educate me, where would you put it?

[Kojak]

Dont do 18 wheelers...not enough money in it. Get 3-4 Superdutys with some car trailers. That is where the money is. Less maintainence, and more money per mile. I have been contiplating this for a while ever since I quit driving an 18 wheeler.

My goals:
Pay off all credit cards except maybe 1 of them
Pay off truck and buy second beater car
Double up on school loan payments
Put at least 300 a week in savings
I may also start looking for investments or a part time buisness I can get in.


I wouldn't double up on school loan payments unless they are high rates. The tax advantages are beneficial combined with the low rate is hard to beat. You may be better off paying the minimum and putting the rest in solid investments that will generate a return that outpaces the loan.

[Kojak]

20% return on investments (current portfolio)

Put 25% on gross income aside

Was thinking about buying a home (currently own condo in Hyde Park), but have decided that the real estate market will not offer the best opportunity for growth for the next several years.

Increase salary by 10%-15%

Increase net worth by 15%, by eliminating some debts and building assets

[moldyhands]

Well, my bills won't be increasing much this year, but my income will nearly double. So, basically whatever I make from the appraisals gig is going to be gravy.

What would you suggest that I do with it? Obviously, a savings account isnt worth crap, maybe like a CD or money market? I'd like to keep it somewhat liquid for times of need or to exploit an opportunity. Educate me, where would you put it?
short-term CD's, money markets, t-bills. i'm very risk-willing, so i'd put the shit in mutual funds. never will i have more than $10K in cash. if i need that much cash that quick, i'm in a lot more trouble than financial:lol: besides, that's why i've got credit cards.

[Joe]

short-term CD's, money markets, t-bills. i'm very risk-willing, so i'd put the shit in mutual funds. never will i have more than $10K in cash. if i need that much cash that quick, i'm in a lot more trouble than financial:lol: besides, that's why i've got credit cards.


Never thought I'd "+1" Moldy... but I have to here... I have the same setup... never more then $10K in the bank.

[Scott]

Well I have a lot more than $10k in cash in the local bank but I am not salary like I think most of you are so I like the extra cash around. But it has always been kept in a money market account. I think my savings has $5 in it. :lol:

1. This year I am going to buy some run down homes in areas similar to what Aharon was talking about (old historic areas) and be the general contractor for them (getting ready to take the state exam :D ) since I deal with so many sub contractors anyway because of the 35 + rentals I already manage. I wish I would have got off my cash and started in 04 but oh well I am a tight ass and like to hoard paper. :lol:

2. Start one other side business (kicking around a few ideas) that the wife can take over later and supplement our income.

3. Maybe get back into the stock market a little.

And for those of you that think the slow down has started in the housing market, that is the same thing the misinformed say every year starting in about September through January then all hell breaks loose again.

A little FYI Hillsborough county has something like 18,000 pending building permits already ! I will try to find a link, it is scary to see what is still coming and most of it is down south of me in Brandon.

Ride the wave some more and don't forget what my signature says. :D

[Scott]

. Make Scott and Epi rich.


You seem to forget who got the massive check at closing last week (look in your mirror :lol: ). Good thing I twisted your arm about the outlook for good ole' Riverview eh ? :D


Now its time to get going on the project homes !

[Rdline1]

u manage 35+ rentals?!?!? good lord....

[Scott]

u manage 35+ rentals?!?!? good lord....



After today's mail goes and comes back in a few days I will have almost 40 rental homes under my management. :crack: Thankfully I am picky about what I take and even pickier (sp?) about who I rent to.

It is a lot of work all of the time but it is a steady stream of money and spurs additional business which was my goal when people told me I was crazy for wanting to do it.

I want about 50-60 by the end of this year.