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Didn't Oprah do a show with a black older woman who was either a domestic or a school cafeteria worker…who over her lifetime saved, and grew her savings to hundreds of thousands of dollars, and had enough to establish a scholarship for a school. (which she did because when she was young and in the south she couldn't go to school, or had to quit after elementary school).
IMO, if she can do it -- anyone can do it. To me the issue, is are you will to sacrifice or life a lifestyle in a way that allows you to save. And yes that does mean figuring out a way to make more money than you need to live….and figuring out a way to live below your means, whatever those means are.
If you're poor, then bust your butt and get out of poverty.
Didn't Oprah do a show with a black older woman who was either a domestic or a school cafeteria worker…who over her lifetime saved, and grew her savings to hundreds of thousands of dollars, and had enough to establish a scholarship for a school. (which she did because when she was young and in the south she couldn't go to school, or had to quit after elementary school).
IMO, if she can do it -- anyone can do it. To me the issue, is are you will to sacrifice or life a lifestyle in a way that allows you to save. And yes that does mean figuring out a way to make more money than you need to live….and figuring out a way to live below your means, whatever those means are.
If you're poor, then bust your butt and get out of poverty.
The few who do it usually have some cost-of-living advantage not readily available to the masses - often involving NOT having to pay market rent for housing. That right there often allows you to save and invest the 30% or so of income you would otherwise spend on shelter.
For example, it's not rare for people to inherit homes from parents or other relatives; inherited homes are often paid off and unmortgaged so there isn't even a mortgage to pay.
if you are driven and motivated you will find a way , the rest will find an excuse .
One way people do it is to get into a rent-controlled apartment, pay negligible rent for decades, and invest the cost savings. Of course, NYC closed that window years ago so only a dwindling number of oldtimers are currently enjoying this break. No motivation needed.
Owner financing is rarely available on low-end condos. Most are rentals and landlords usually don't sell with seller financing. The owner-occupants in low-end condos are usually encumbered by a mortgage and due-on-sale clause, so they cannot owner finance.
My brother attended UC Berkeley and supported himself...
He was able to do this because he lived in a 20' camping trailer for 4 years that he bought for $2500 and worked out an arrangement to work weekends at a horse boarding stable that let him park his camper in the back... he did not own a car... just a small Honda motorcycle to get back and forth year round...
Another friend lived in an old 25' sailboat the marina was looking for someone to just pay the berthing fees... his total cost for "Housing" was less than $200 per month including electricity and showering at the marina...
PS... after 4 years my brother sold his camp trailer for $2200... nearly covering his original investment.
Both of these examples were not making this a lifestyle... both lived in very high cost areas and attended prestigious schools on a shoestring budget and worked while going to school... no platinum credit cards from Mom and Dad...
My brother said he never shovel so much S**T as he did the 4 years he attended UC Berkeley and living at a boarding barn...
One way people do it is to get into a rent-controlled apartment, pay negligible rent for decades, and invest the cost savings. Of course, NYC closed that window years ago so only a dwindling number of oldtimers are currently enjoying this break. No motivation needed.
see that is how little you know .
when you move in the rents are very near market or at market . the lag in rents happened many many years ago , decades in fact , when the rents for original tenants were manipulated to win votes .
just about all the apartments in our building are at market or a hair under but nothing that will influence your life either way . the only way you are ahead is to have been in the apartment already for decades .
it is all about the turnover the apartments saw over the years and the capital improvements in the building .
the tenants we have in the 200 central park building are original . they are paying 1/2 the going rate . those apartments are co-op and the reason we offer 100k for the leases .
if they were rentals instead of co-op we likely would not offer much if anything , but we sell these once thy are out .
Last edited by mathjak107; 11-26-2015 at 10:23 AM..
My brother attended UC Berkeley and supported himself...
He was able to do this because he lived in a 20' camping trailer for 4 years that he bought for $2500 and worked out an arrangement to work weekends at a horse boarding stable that let him park his camper in the back... he did not own a car... just a small Honda motorcycle to get back and forth year round...
Another friend lived in an old 25' sailboat the marina was looking for someone to just pay the berthing fees... his total cost for "Housing" was less than $200 per month including electricity and showering at the marina...
PS... after 4 years my brother sold his camp trailer for $2200... nearly covering his original investment.
Both of these examples were not making this a lifestyle... both lived in very high cost areas and attended prestigious schools on a shoestring budget and worked while going to school... no platinum credit cards from Mom and Dad...
My brother said he never shovel so much S**T as he did the 4 years he attended UC Berkeley and living at a boarding barn...
I know someone who, while working his way through college, took out student loans and used the funds as down payments on two rental properties.
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