Mile High FIRE
@Fire5280
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4,799
Following
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Media
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Statuses
13,402
From paycheck-to-paycheck at 25, to achieving FIRE at 42 via $10M+ residential real estate portfolio.
Colorado, USA
Joined November 2021
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Pinned Tweet
Many will tell you that one's home is not an asset...
If that's true, then how did I spend the past 7 years leveraging my home's equity to acquire 3 additional income properties, worth a combined $2.6M, that cash-flow more than $6K/mo...?
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Seller: I'm willing to pay you $15,000 to help me sell my $1.5M home.
Agent: 1.0%? Are you kiddin' me. No Thanks!
---
Seller: I'm willing to pay you $15,000 to help me sell my $500K home.
Agent: Asbolutely! When can we start?!
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I like how his incredibly detailed chart conveniently stops after year 30...
I'm sure nothing changes after year 30 that would drastically undermine his self-serving thesis. 🤡
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@creation247
Has no female friends...?
I don't trust a guy who has no female friends. That's a 🚩
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My wife and I are 43. Our kids are 11 and 8. The next 10 years might be the only real time we have left to truly experience life together as a family.
Should I liquidate 2 of our income properties, and create a $700-800K fund that we could draw on to truly maximize those years?
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Imagine crying to X, claiming that a parody account called "Worst Finance Takes" is stealing your content, getting them suspended, and feeling like you won the day.
What a complete self-own... 🤦🏼
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If you make $110/hr, you'd have to work full-time for 2 months, in order to make $35K.
If you're a RE agent, and a buyer asks you to help them buy a $1.25M home that they found on RedFin, you can make $35K in 8-12 hours.
This is why the market is demanding commission changes.
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If a 2yr recession hits, and you lose your job, the person with $700,000 in liquid assets, can much more easily ride out that storm, than the person who paid off their mortgage, and has all their capital tied up in their home.
We own our $700k house free and clear
A lot of folks love their mortgages
Because they have a low interest rate
But let’s see how much you love it when:
Recession hits
You lose your jobs
Portfolio is down 40%
And the mortgage is due
1 in every 54 houses foreclosed in 2008 🤕
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@SolarOakmont
OK. But I'm not. Sorry that I'm not comfortable forking over $75,000 of my home's equity for the priveledge of selling said property.
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I have a $1,375,000 home that I am looking to sell this year (seriously). How much should I offer the buyer's agent?
Using the old/traditional 2.8% model, that would equate to $38,500. Assuming they spend 40hrs on the deal (big if!), that's $962.50/hr.
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Wealthy person here. 🙋🏼♂️
I just paid for the annual home insurance premiums on 12 different cash-flowing rental properties. The total was just over $27K. And at 2%, I'm going to get $540+ in cash-back for something I needed to buy for anyhow.
Why would I turn that down???
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@LiferRealestate
Just because I'm challenging your industry's fee structure, doesn't mean it's flawed.
I could tell my clients the same thing about me and my experience, as a veteran software developer.
The difference is, I'm only charging $125/hour... not $800/hr or more...
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When I was 30, my net worth was less than $100k, and I leased a $65k BMW.
I'm 43 now, and my net worth is north of $7M, yet I'm reluctant to trade in my paid off $40k truck, for a newer $60k truck.
Is this maturity, or is my thrift out of control?
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@DoomerTapes
@creation247
"Women have nothing to offer me other than relationship."
You should put that sexist nonsense on your Tinder profile. Let me know how it goes. 😂
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Would you lock-up $20,000 worth of capital, for 10 years, if it only gave you a 6-8% annual return?
And then at the end of the 10yr term, you only got back $8-14K of the original $20K investment?
No...?
Yet so many people still install solar on their roof...
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I have 12 income properties. I could liquidate 6 of them, pay off the other 6, eliminate all investment mortgage debt, reduce stress and headaches, and increase my monthly cash-flow by about $5-6K.
Would you do it?
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@Damiata_Mike
So lets say $4,000 in staging and marketing materials.
All the other stuff is maybe 20-25hrs of your time, and that is probably being generous. Are those services worth $1,000/hr...?
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My wife and I have been actively investing for about 15yrs. If we had relied solely on 401K plans, our net worth would be about $2.4M.
But by minimizing our 401K contributions (just to get the match) and investing in RE as well, our NW is closer to $8M.
RE is the way.
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Amazing that one of the most divided governments in modern U.S. history, could manage to come together to pass a $95,000,000,000 foreign aid package, that a majority of American don't support.
Just think of what that money could have done domestically. Unreal.
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@DoomerTapes
@creation247
Hey, if your wife won't let you have female friends, and you're fine with that lack of trust in your relationship, then I guess that is your life to live. 🤷
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YTD, my wife has contributed $10,060.70 to her company 401K. Her employer has matched $8,048.61, or an 80% instant return.
There are actually people out there would tell you to pause your contributions and match, if you have any consumer debt.
Don't listen to those people.
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@SteveOnSpeed
Come on. Even at an extremely conservative 3.0% return, $2M would generate $5,000/mo... Gotta at least make these hypotheticals thought-provoking. :)
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Everyone needs to encourage their teens to pursue a career in electrical, HVAC, or plumbing, otherwise we're all gonna be paying $500/hour for those blue-collar trades here soon...
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Amazing how many people see a faucet over the cook top, and think "OMG, what a great idea, that's going to save me so much effort!"
Such a pointless "upgrade", considering the added build cost.
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People driving 15 year old Camry's talk about being rich, not looking rich. But a 2008 Camry is missing sooo much tech.
You wouldn't use a 10 year old phone, and tell people it's better to be rich, than look rich.
Modern tech is worth the upgrade.
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My wife just turned 43. She's been contributing to her 401k (up to the employer match) for as long as I can remember. Probably 10+ years. Her current total is only $118,000.
Is it just me, or doesn't it feel like her total should be higher?
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My father died at the age of 57, with a net worth less than $500k. He owned an operated a relatively successful construction company for more than 25 years. So what went wrong?
4 divorces. 🤦🏼
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Colorado is looking to change the way STRs are treated, with regards to property tax, beginning in 2026.
For context, I currently pay $7,101/yr in property taxes on one of our STRs. If the bill becomes law, my property taxes will spike to nearly $29,700/yr.
Good times.
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The guy who said paying off his 3.0% mortgage was one of the best decisions he ever made... is mocking others for only capturing a 5.0% return.
Bless his heart.
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If you lost your job tomorrow, would you rather have:
A) A paid off house, that saved you $2,500/mo in mortgage payment, and $10,000 in your checking account.
B) A $200,000 mortgage, that costs you $2,500/mo, and $210,000 in relative liquid capital earning 4.0%.
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I feel like we're witnessing this guy negotiate the various stages of grief in real time.
I wonder how many homes he's unsuccessfully bid on. I also wonder if his aversion to building his credit score has been a factor. 🤔
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@FilledWithMoney
Did you say no thanks and just move out, or did you offer to stay if he kept it at $1,375?
You should reach out, express interest at $1,200, and at the in person tour, give him the ole...
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A 4% employer match doesn't mean they are matching 4% of your 401K contributions. It means they are matching 100% of your contributions, up to 4% of your salary.
Not understanding the difference can lead one to make some really poor and costly decisions.
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A credit card is absolutely an emergency fund. It's a costly, and ill-advised emergency fund, but an emergency fund nonetheless.
The only thing worse than using a CC in an emergency, is having no option when a financial emergency strikes. 🤷
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Colorado set a $35/mo max pet fee, whether you have 1 dog, or 3.
Now tenants with multiple dogs are having a difficult time finding rentals, since there is no real incentive for a landlord to accept an applicant with pets, over a similar applicant with no pets.
🤷
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Net Worth Update:
Jan 2018 - $3,127,000
Jan 2019 - $3,358,000
Jan 2020 - $3,756,000
Jan 2021 - $4,288,000
Jan 2022 - $6,015,000
Thank you, pandemic real estate explosion.
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@FilledWithMoney
It's noteworthy, but not insane, given the current market conditions and rates. Insane would be if loan originations were higher than they were last year. :)
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Mocking and dismissing a man's plan to acquire a cash-flow rental property, without even trying to understand if it could help improve their financial situation... is why people shouldn't blindly follow Dave Ramsey's "advice"...
Jeremy has almost $300,000 in student loans, and he’s wondering if he should buy rental properties as an investment. He called in to The Ramsey Show for advice.
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@GuyTalksFinance
LOL. Imagine trying to spin a 2.0% mortgage rate as a bad thing.
And those people can still sell and move, they will just have to pay the same interest rate that you're about to lock in on your new house.
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People that are convinced home prices will fall 40-50%...
- don't you think the fed would lower rates before that happened?
- don't you think investors will swoop in before it gets that bad?
I just don't see a 40-50% correction. What do you see, that I'm missing?
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@FilledWithMoney
Some days I can barely leave the house without spending close to $1,500. How do you do it???
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John wants to buy a house.
John has $100K saved, but the house costs $500K.
John despises debt, refuses to get a loan.
John aggressively saves for 8 more years.
John now has $500K, and is ready to buy!
John's dream house now costs $835K...
Don't be like John.
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If my mortgage was 8.0%, I would stop buying index funds, and instead use that capital to make additional principal payments.
Hard to turn down a guaranteed 8.0% return...
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How can a "finance guy" be SO wrong?!
A car (paid off or not) is an asset, the car loan is a liability.
A home is an asset, the mortgage is a liability.
His followers think they're learning from him, but he is spreading misinformation. 🤬
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@FUNDIR7
If the bank owned the property, as you claim... then why do I get to decide if/when to sell, how much to sell for, and why do I get to keep all profit when it sells?
Holding a lien does not equal ownership.
Maybe understand financial terms, instead of calling them bullshit..?
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Expensive watches that do nothing more than tell time, is a flex I will never understand.
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@Sam_Weddle05
@LiferRealestate
Well, if I don't like what you're charging me, if I feel it's excessive then I get to DECIDE to not use you, then you get $0.00.
I'm the only one who gets to decide. 🤷
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"Vanilla ice cream is the best ice cream flavor there is!"
- Guy who has never tasted any flavor of ice cream other than vanilla
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There's always a debate over renting vs. buying, and like most things, it usually depends.
But ask yourself this, have you ever seen someone in their 60's or 70's, who is renting their home, and in a secure financial position...?
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@rohindhar
$719/mo has to be for the entire home... No way it's $12,223/mo.
Its either clerical error, or the agent deliberately didn't slice it up 17 ways.
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Its 5am, and I'm laying in bed with my 15yr old dog on my chest. His breathing is labored, and I suspect he has mere hours left. Today is gonna be a tough day... 🥺
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So in May of 2023,
@budgetdog_
claims to have a $1,000,000 net worth.
Then in October of 2023, it's still $1,000,000.
But by December 6th, he's a multi-millionaire?
Did he win the Texas lottery in November, or how did he double his net worth in under two months?
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@Saensalex
Im more of a rent-a-boat kind of guy. Not looking for another depreciating asset to store and maintain. :)
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Took him less than 2 hours to completely contradict himself. Might be a new record?
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That urge to call into the Dave Ramsey show, tell him that I have over $5,000,000 worth of debt. See if he decides to scold me for it, even though that debt is supporting an $11M RE portfolio, that generates close to $20K in monthly cash-flow.
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AirBnB has never existed during any sort of sustained recession. A majority of STR owners, including myself, are going to soon be operating in brand new territory.
There will be casualties.
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@RealPETE2020
Depends on condition of the home, neighborhood, comps, etc.
A well-appointed $1.5M home in a nice area will go WAY faster than a $500K home with dated finishes in a bad area.
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I'm confused... is investing as easy as ETF and chill? Or is investing way too risky, and you're lucky to see even a 4% return... 🤔
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If you had $1M, and wanted to build a portfolio that reliably yielded $75,000 in annual income for the next 30yrs, how would you allocate the funds?
Could be any combo of stocks, HYSAs, index funds, and even RE.
Go.
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@BarbellFi
No, as assessed value and market value are two different things.
Dont ask me to explain why we have/need both, but we do, and taxes will only ever be assigned based on assessed value.
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@theficouple
I really struggle with the idea of paying them anything close to $38,500... That's more than one year's worth of cash-flow that I earned from renting the property out.
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@theficouple
I wouldn't say it's very dangerous... So long as you keep your job, and have a budget that works, then you're good.
Losing your job whether you make $100,000, or $150,000, you're in the same boat.
What's dangerous is no emergency fund.
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If someone had $4,500 of auto loan debt, at 5.0%, this "guy" would tell you to not invest, dont do anything fun, and aggressively pay off that debt, all to avoid $225 in loan interest.
He should change his name to Irony Guy.
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Imagine if other professionals used the RE agent model:
Business Owner: Yes, I'd like a quote for a new logo
Designer: OK, how much is your business valued at?
BO: Why does that matter?
Designer: I charge a 2.8% fee to design logos, based on the business's valuation.
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I owe about $850K on my primary, and my mortgage is $4,685/mo.
Instead of paying off my morthage, I bought 3 high-end STRs in the CO mountains. Combined, these homes avg over $12K/mo in cash-flow.
This is why I cringe when people advocate for rushing to pay off one's primary.
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Sure, sex is cool, but have you ever fantasized about dunking on your old boss, by purchasing the house next door to his primary, and converting it into a rental?
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If you're gonna flex on the fact that you paid off your 3.0% mortgage... is it really fair to dunk on people who are capturing 5.0% in an HYSA...?
Both routes provide a certain peace of mind, but either way... that capital missed out on this year's 20.0% bull run.
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@BarbellFi
If recession hits, I'd absolutely rather have $700k in a more liquid form, while paying a low mortgage rate.
2008 foreclosures were high because people were under water on a home with an adjustable rate mortgage they couldn't afford.
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Owning a single rental property is the worst. the money hardly seems worth it. Tradespeople wont jump when you call. You can't justify the investment in tools and systems that will make life easier. And a major system repair replacement could put you in the red for 6-12 months.
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@FitFounder
Michelle Obama tried to launch a campaign for healthy eating, and Republicans mocked and attacked her for it... I believe Sarah Palin's response was to take the stage with a Super Big-Gulp full of Coca-cola.
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Renting will almost always be more financial advantageous to buying, if you compare current rents, to the cost of buying... TODAY.
But compare current rents to those who bought 5, 10, or 15 years ago, and their housing costs are significantly less.
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If a property is generating $1500/mo in positive cash-flow, and one day you'll own it free and clear, does it really matter if you over-paid by $10k, $20k, or even $50k...?
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Staring into the bathroom mirror, in his studio apartment, a single tear rolls down a finance guy's cheek, as he struggles to make ends meet on his $75k salary. Before he can begin his day, he must reassure himself by confidently reciting the following mantra:
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@camp_wealth
That's not necessarily true...
If you buy a house for $300K, and 10 years later you sell that home for $500K there is a good chance you've covered many of those costs. And you've also avoided $300K+ in rent payments for those 10 years.
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@theoliveranwar
Some of the nation's reddest states (anti-woke), are also some of the nation's most obese states (low-testosterone).
How does your scientific theory square that?
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The best piece of advice I can give anyone looking to buy an income property, is to buy something before 2020...
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@SavingsCaptain
If you lump-sum, the market will surely crash.
If you DCA, the market will slowly grow, and crash after you're fully invested.
If you wait for crash, the market will slowly grow, and never crash.
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@Shabby_2205
@SteveOnSpeed
This argument doesn't make sense. Even without any return at all, that $2M would last you over 40 years, if you simply withdrew $4,000/mo.
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@Chadmoneymatter
As with anything, the interest rate is more important than the duration.
If I could get 72-months financing at the same rate as the 36-month option, I'd pick the 72-month option every time! More flexibility. Better cash-flow. Can always pay off early.
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People who bank on a 9-10% annual return will be pretty hosed if the final 13 years of their investment journey looks anything like 2000-2013...
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There's a high likelihood that this jackass is a renter. What would you do if he was your tenant?
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Those struggling to get by:
"Hell yeah, raise taxes on business owners. I don't own a business, why should I care if the rich get soaked?!"
Also those struggling to get by:
"God damn, why is everything so expensive. I can't afford to do anything!"
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I still owe $810,317 on my primary. At 2.65%, this mortgage debt costs me $3,486/mo.
If I liquidated 3 of our income properties, I could pay off my mortgage in full.
Here is why I will NEVER do that...
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Imagine being underwater on your home/mortgage, but there is a new bigger/better house that you absolutely love, and your lender lets you roll the negative equity of your current house, into the new home loan.
This is literally how the auto industry works...
🫠
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@Blind__Luck
Tim for sure. He is much better prepared to endure a 3-6 month storm, without getting cleaned out.
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@GuyTalksFinance
For someone as risk-adverse as yourself. Someone who wont touch credit cards, because 70% of CC users overspend, or carry a balance... I am a bit surprised that you would just Yeet into marriage (where 40% end in divorce), without a pre-nup...
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If a buyer's agent told you this was their ala-carte fee structure, would you use them?
$100/hour for showings/tours
$1,000 to write/submit the contract
$150/hour for contract revisions/resolutions
$150/hour on-site time (inspections, etc)
1.0% of purchase price at closing
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A lot of debate the past 24 hours over how much you can safely withdraw from your retirement account each year. Is it 3%, 4%, or even 8%?
You know who doesn't have to worry about getting that question right... people with cash-flowing RE that generates enough cash to live on.
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If someone showed up at your house, claiming it was once their childhood home, or the home their kids were born in, would you give them a tour (assuming you could verify their claim)?
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What if... Instead of paying seniors $2,000/mo for 5, 10, 20 years, via social security... we invested $10,000 into $SPY for each new born citizen that they couldn't access until they were 60, and the fund had grown to over $1M...
What do you think?
Would you support privatizing the Social Security system?
Privatizing, meaning individuals pay into their own accounts with index type investments with a chance of greater returns.
👇
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@Ian_Fisch
The cost difference might only favor the renter for the first 3-6 years. After that, it might be the homeowner who has extra cash to invest into index funds.
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@kurt_colorado
Fair, but if you plan age appropriate trips and events, I think you can keep them interested/intrigued periodically throughout the year.
(Ex. My father took me to San Fran when I was 21 to see a Raiders/Broncos game at the Coliseum.)
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