How The Boomers Did It (small business, Chicago, system, selling)

[freemkt]

Originally Posted by Ultrarunner

One of the families at a property I manage bought their own single family home last year...

Three siblings in their 20's all working at McDonalds and they were able to pool their funds to buy a 400k home in Oakland so I lost very good tenants that were renting a two bedroom single family for $1,350

They are very hard working and were born in the Philippines... so I know working minimum wage can be enough to buy a home in the SF Bay Area.

Oakland minimum wage is currently $12.55

If you have enough partners and enough incomes.

[Submariner]

Originally Posted by freemkt

Around here minimum wage won't qualify you for squat except maybe Section 8.

This was a few years ago in California.

[Ultrarunner]

Originally Posted by Perma Bear

It only took them 10 years right? Are you suggesting those of us without siblings or those of us who have bad relationships with our siblings split by using asexual budding so we can have enough income to qualify for a mortgage?

For some reason Western Culture often is unwilling to make sacrifices to achieve goals if that means having to work with others.

Asian Cultures don't seem to have nearly as much trouble when it comes to working together.

I know a few well to do families that came here with nothing... some as boat refugees and each will tell you America is a land of opportunity and they can prove it.

It doesn't have to be siblings...

[freemkt]

Originally Posted by Ultrarunner

For some reason Western Culture often is unwilling to make sacrifices to achieve goals if that means having to work with others.

Asian Cultures don't seem to have nearly as much trouble when it comes to working together.

I know a few well to do families that came here with nothing... some as boat refugees and each will tell you America is a land of opportunity and they can prove it.

It doesn't have to be siblings...

Western Culture is not conducive to working with others because Westerners do not have the social cohesiveness - and many do not have the financial robustness - to easily make financial partnerships enforceable.

Something as basic as renting with roommates is made more expensive and more risky because flaky Westerners require more clauses and enforcement protections, such as joint and several liability.

[Perma Bear]

Originally Posted by Ultrarunner

For some reason Western Culture often is unwilling to make sacrifices to achieve goals if that means having to work with others.

Asian Cultures don't seem to have nearly as much trouble when it comes to working together.

I know a few well to do families that came here with nothing... some as boat refugees and each will tell you America is a land of opportunity and they can prove it.

It doesn't have to be siblings...

It requires:
1. someone who won't back stab you or won't get greedy
2. Someone who wants the exact same things in a house
3. Someone who's willing to trust you with their personal information
4. Someone who wants to live with you
I can keep going

[Ultrarunner]

I admire those that can pool resources to bring a plan to fruition...

[Ultrarunner]

Originally Posted by Perma Bear

It requires:
1. someone who won't back stab you or won't get greedy
2. Someone who wants the exact same things in a house
3. Someone who's willing to trust you with their personal information
4. Someone who wants to live with you
I can keep going

I've done it with Siblings to buy investment property... it wasn't all smooth sailing but the results have been spectacular.

Was exposed to several role models through work... they all happened to be Asian families and in each the oldest had the final say... no one had to participate and could opt out of future projects...

The hardest part is gaining critical mass to move forward... I have hung a lot of drywall, shingled roofs and poured concrete along the way... you do what you have to when money is tight.

One of my brothers complained bitterly at one time saying he was tired of always being broke... because we funnelled all our money to the investments.

Years later he has said many times how fortunate he was that we stuck together...

It will never be equal except for cash contributed... anyone that expects otherwise is doomed to fail.

You have to decide if your are willing to stick it out and structure things accordingly.

One of my good friends builds multimillion dollar homes on spec in the SF Bay Area.

He came here at 17 from Ireland and got on as labor in construction... 4 guys pooled their resources and bought a lot and built a very modest spec home to sell... it went well and they did it again... later it was just two of them and in 1970 he went out on his own and never looked back.

He is still close with the two that are still living... they have great stories about not having enough to buy gas for the car and making deals to get the carpet and finishing materials with terms hoping to sell to get the money to pay everyone.

Never got a bank loan... was told he wasn't even a contractor or graduated highschool so how did he expect a bank to advance money?

To this day he never got his contractor license... never borrows money and when he is done owes no one.

[Perma Bear]

Originally Posted by Ultrarunner

I've done it with Siblings to buy investment property... it wasn't all smooth sailing but the results have been spectacular.

Was exposed to several role models through work... they all happened to be Asian families and in each the oldest had the final say... no one had to participate and could opt out of future projects...

The hardest part is gaining critical mass to move forward... I have hung a lot of drywall, shingled roofs and poured concrete along the way... you do what you have to when money is tight.

One of my brothers complained bitterly at one time saying he was tired of always being broke... because we funnelled all our money to the investments.

Years later he has said many times how fortunate he was that we stuck together...

It will never be equal except for cash contributed... anyone that expects otherwise is doomed to fail.

You have to decide if your are willing to stick it out and structure things accordingly.

One of my good friends builds multimillion dollar homes on spec in the SF Bay Area.

He came here at 17 from Ireland and got on as labor in construction... 4 guys pooled their resources and bought a lot and built a very modest spec home to sell... it went well and they did it again... later it was just two of them and in 1970 he went out on his own and never looked back.

He is still close with the two that are still living... they have great stories about not having enough to buy gas for the car and making deals to get the carpet and finishing materials with terms hoping to sell to get the money to pay everyone.

Never got a bank loan... was told he wasn't even a contractor or graduated highschool so how did he expect a bank to advance money?

To this day he never got his contractor license... never borrows money and when he is done owes no one.

Sounds like an illegal business. Guess I too can
Be rich if I become a columbian drug lord! If I make as much as tony Montana does maybe I can qualify for a 2 bedroom 1 bathroom, thanks for your wisdom ultra runner relevant as always! By the way saying "multi million dollar homes" does not impress anyone. That's a 2 bedroom 1 bath in Palo Alto in a bad neighborhood that's a complete fixer

[Larry Siegel]

Originally Posted by Perma Bear

Sounds like an illegal business. Guess I too can
Be rich if I become a columbian drug lord! If I make as much as tony Montana does maybe I can qualify for a 2 bedroom 1 bathroom, thanks for your wisdom ultra runner relevant as always! By the way saying "multi million dollar homes" does not impress anyone. That's a 2 bedroom 1 bath in Palo Alto in a bad neighborhood that's a complete fixer

In other words if someone else busts their a*s to get ahead he must have done something wrong?

Glad you weren't one of my grandparents. They did it too.

[KaraG]

If you are going to go through life single and living in a high cost of living area, don't be bitter about not being able to buy a house. Why do you need a house anyway?