whocares Posted April 21, 2009 Report Share Posted April 21, 2009 I have a 4100 refund coming from the IRS supposed to be direct deposited on April 28th...I close on the house I bought thru public auction @ 3500.00It is a 3 or 4 bedroom, 2 story on 2 acres with about 30 fruit trees, corner lot in good shape and ready to move into...comes with all appliances and some furniture...including a NEW WASHER AND DRYER...I already have someone wanting to rent it for 300 a month so I will be making my money back in a year!!!Now thats what I call investing my tax check...in my portfolio...Told yall the property is cheap here Quote Link to comment Share on other sites More sharing options...
jetscarbie Posted April 21, 2009 Report Share Posted April 21, 2009 yay!!!!! What an awsome deal! 1 Quote Link to comment Share on other sites More sharing options...
Denita Posted April 21, 2009 Report Share Posted April 21, 2009 Wow! Our taxes are not even that cheap! What a fantastic deal for you! 1 Quote Link to comment Share on other sites More sharing options...
jq26 Posted April 21, 2009 Report Share Posted April 21, 2009 That's unbelievable!!!!!! Great job. Don't forget to keep meticulous records througout the year for your schedule E. You get to deduct so many things plus depreciation. You could zero out that rental income if you really wanted to so that you don't pay any additional tax. I am blown away by this price. I looked at 25 houses this weekend. In my area, you get 1/2 acre and 4 bedrooms for $700k. Taxes on these homes are $9000-$11000 per year. You spend your life working to pay your mortgage and tax collector. Maybe Kansas is the place to be...I just want to add that this is how real wealth is accrued. Now you have an unencumbered asset that pays out in perpetuity. Sure you will have maintenance and all, but in exchange this thing will pay you dividends FOREVER. Quote Link to comment Share on other sites More sharing options...
whocares Posted April 21, 2009 Author Report Share Posted April 21, 2009 Right now we own free and clear 4 homes and my shop...including this new one.I will be fine as far as assets...no mortgages and very low debt. Quote Link to comment Share on other sites More sharing options...
delta1 Posted April 21, 2009 Report Share Posted April 21, 2009 I am happy for you! Atleast property is cheap somewhere! 1 Quote Link to comment Share on other sites More sharing options...
stefdr Posted April 21, 2009 Report Share Posted April 21, 2009 Better watch out admitting you own 4 houses. The Wealth Envy crowd may come after you.I've been looking for decent real estate where I live for a few months, finally decided to take the plunge and buy; the market is flooded at the moment. Serious buyers market. 1 Quote Link to comment Share on other sites More sharing options...
jq26 Posted April 21, 2009 Report Share Posted April 21, 2009 Serious buyers market.Yes it is...and for this reason I am trying to buy home #3 without selling #2 or #1. It is gonna be tough to do but there are plenty of good deals if you know where to look. It is all about a down payment today. Wife and I are scraping nickels together to try to come up with 10% on a new prop. It certainly isn't easy!!!! Quote Link to comment Share on other sites More sharing options...
someonesomewhere Posted April 21, 2009 Report Share Posted April 21, 2009 Told yall the property is cheap here If telecommuting ever catches on big time in the IT racket ... Quote Link to comment Share on other sites More sharing options...
whocares Posted April 22, 2009 Author Report Share Posted April 22, 2009 LOL The seller of the house was ill so he just wanted to move the place fast!!! And he came into the shop today and spent 120.00 on games and stuff for his computer, so That makes it even a better deal... 1 Quote Link to comment Share on other sites More sharing options...
whocares Posted September 17, 2009 Author Report Share Posted September 17, 2009 Updating this thread, I bought the house, closed in June, Put her up for sale last week...for 20,000.00 and it's under contract after only 8 days on the market...now thats a way to get a return on that investment...and really stretched the refund check... Quote Link to comment Share on other sites More sharing options...
jq26 Posted September 17, 2009 Report Share Posted September 17, 2009 Now that's one savvy Octopus Quote Link to comment Share on other sites More sharing options...
morrow Posted September 17, 2009 Report Share Posted September 17, 2009 Dang...I could have bought 3 houses with my tax return. Maybe I should send you some money so you can buy/sell houses for me too. Quote Link to comment Share on other sites More sharing options...
debtmamma Posted September 21, 2009 Report Share Posted September 21, 2009 Congratulations! Quote Link to comment Share on other sites More sharing options...
bluez Posted October 14, 2009 Report Share Posted October 14, 2009 Wow Quote Link to comment Share on other sites More sharing options...
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