Good news, 50,000 jobs to be added in one day.

[Hydroblunt]

Quote from Neenisti:


He took care of her through her recovery, worked at McD's and bought run down properties and fixed them up in his spare time. In the first 3 years he leveraged the first 5 properties to buy the first McD's franchise.

Ok so on a minimum wage job and while taking care of his spouse, he was able to purchase FIVE properties, then pay for the materials of fixing them up, and all of this is apparently on a mostly equity basis as he was then able to leverage them 3 years later.

Wow, well thank you for telling us the recipe for success in America. Little did we know, a minimum wage job in the USA covers all your living expenses, your spouse's and even gives you enough free cash flow to start buying up multiple properties relatively quickly. Who would have thought? Money does grow on trees in America. Hmm, I wonder what I am doing wrong, because after extrapolating those numbers to mine, I should be buying up small third world countries. Oh wait, I know. I forgot to travel to the "fantasy" dimension of this world.

 

[antitrust]

Quote from Neenisti:

The accident wasn't her fault and the other party paid the medical expenses while the lawsuit was going on.
He took care of her through her recovery, worked at McD's and bought run down properties and fixed them up in his spare time. In the first 3 years he leveraged the first 5 properties to buy the first McD's franchise. He lives in a small community where the bank had a physical investment in his success. (They see where the money goes, they see he is not a risk, they are making money off him and they actually care.)
Each two years thereafter they bought a new franchise from profits.
All the time they were growing their wealth, they lived in one of those fixer-uppers I think he paid $30K for at auction. (It was a beautiful home when he was done but was a dump when he started it) It wasn't till recently (2 years ago) they finally settled the lawsuit with the accident and they took the settlement and built themselves a new home on 50 acres. There last project is the apartments near the college. They are doing it so their kids have a free place to live. Oh, the kids are going to be the property managers of each of the units. The kids have worked with both of them rehabbing homes since they were little.

so obviously, he had a friend or relative with money. to buy 5 properties and materials to fix i( or even obtain a loan through a local bank) is not possible from a mcjob without financial help some were down the line.

So your previous comment that kids today are lazy is on the fact that they don't have wealthy friends and they don't score enough lawsuits. those dam lazy kids. If only they were born in the upswing of a real estate bubble

 

[Neenisti]

Quote from Hydroblunt:

Ok so on a minimum wage job and while taking care of his spouse, he was able to purchase FIVE properties, then pay for the materials of fixing them up, and all of this is apparently on a mostly equity basis as he was then able to leverage them 3 years later.

Wow, well thank you for telling us the recipe for success in America. Little did we know, a minimum wage job in the USA covers all your living expenses, your spouse's and even gives you enough free cash flow to start buying up multiple properties relatively quickly. Who would have thought? Money does grow on trees in America. Hmm, I wonder what I am doing wrong, because after extrapolating those numbers to mine, I should be buying up small third world countries. Oh wait, I know. I forgot to travel to the "fantasy" dimension of this world.

Wow, it's no wonder success is so hard of a concept to grasp for some of you.

He bought one property, fixed it up, rented it, used the increase in value and income to buy a second one . . . and so on and so on. If you work smart you can find good deals. It took 3 years to build up to rehabbing and completing 5 properties. Those 5 properties were then leveraged to get the 1st franchise based on his success from the rehabs and a recommendation from the franchise owner.

As far as McD's, he was hired as an Assistant Manager in training, so he wasn't making minimum wage to start.

What are you doing wrong? I could guess based on your nickname but then I would be assuming and might not be accurate, right? I would say the fantasy dimension is located in your spliff. The real world is located in your community where hard work and sweat equity actually pay off.

 

[Hydroblunt]

Quote from Neenisti:

Wow, it's no wonder success is so hard of a concept to grasp for some of you.

He bought one property, fixed it up, rented it, used the increase in value and income to buy a second one . . . and so on and so on. If you work smart you can find good deals. It took 3 years to build up to rehabbing and completing 5 properties. Those 5 properties were then leveraged to get the 1st franchise based on his success from the rehabs and a recommendation from the franchise owner.

As far as McD's, he was hired as an Assistant Manager in training, so he wasn't making minimum wage to start.

Oh ok, so he was making just above minimum wage, but still poverty wages level. Yet, miraculously, he was able to buy not one but FIVE properties right away and then start rehabbing them? Hilarious. You might need to try some of the stuff in the picture, it may bring you back down to planet Earth.

Putting the basic financial sense aside, of which you seem to show close to zero, I'm actually quite curious how & why someone with a Masters in Business would have to settle for a McD's assistant manager's job 15 years ago. I can understand today, but back in 1990s, that makes about as much sense as expecting poverty level wages to allow you to buy property. Even if his time was constricted due to his wife's sickness, he could have easily gotten work from temp agencies which would pay double of what a fast food assistant manager position would.

If you want to spin the economic news of low end service jobs as good, that's one thing. But you should probably abstain from telling stories such as that, because they are complete nonsense and make you look like an imbecile. The question is whether you made it up or your "friend" is feeding you BS in an effort to make himself look so superior.

 

[Neenisti]

Quote from antitrust:

so obviously, he had a friend or relative with money. to buy 5 properties and materials to fix i( or even obtain a loan through a local bank) is not possible from a mcjob without financial help some were down the line.

So your previous comment that kids today are lazy is on the fact that they don't have wealthy friends and they don't score enough lawsuits. those dam lazy kids. If only they were born in the upswing of a real estate bubble

He had lots of friends, a lot of us lent him a hand rehabbing the properties but none of us gave him any money.
The bank gave him some small loans to do the work . . . duh.

Again, I didn't say "kids are lazy", I said they lack work ethic. It is obvious you don't understand the difference.

The lawsuit was irrelevant to the success of the couple since they didn't receive any of the money until recently.

There are properties out there right now that can be bought for a song and rehabbed. I'm looking at one in the paper right now that is a 3K sq. ft, 3/2 foreclosure for $60K. If only you knew how to think outside of the box, get off the couch and could use power tools.

 

[Hydroblunt]

Quote from Neenisti:


There are properties out there right now that can be bought for a song and rehabbed. I'm looking at one in the paper right now that is a 3K sq. ft, 3/2 foreclosure for $60K. If only you knew how to think outside of the box, get off the couch and could use power tools.

So you gonna get an assistant manager position at McD to generate that $60k? I'm guessing it piles up quickly, two, maybe three paychecks and voila!, you gots the cash to pay for the property.

 

[Neenisti]

Quote from Hydroblunt:

Oh ok, so he was making just above minimum wage, but still poverty wages level. Yet, miraculously, he was able to buy not one but FIVE properties right away and then start rehabbing them? Hilarious. You might need to try some of the stuff in the picture, it may bring you back down to planet Earth.

Putting the basic financial sense aside, of which you seem to show close to zero, I'm actually quite curious how & why someone with a Masters in Business would have to settle for a McD's assistant manager's job 15 years ago. I can understand today, but back in 1990s, that makes about as much sense as expecting poverty level wages to allow you to buy property. Even if his time was constricted due to his wife's sickness, he could have easily gotten work from temp agencies which would pay double of what a fast food assistant manager position would.

If you want to spin the economic news of low end service jobs as good, that's one thing. But you should probably abstain from telling stories such as that, because they are complete nonsense and make you look like an imbecile. The question is whether you made it up or your "friend" is feeding you BS in an effort to make himself look so superior.

Alrighty then . . .
Twist another.
I think he is the superior one. I'm just glad I can count him as a friend. The only one I'm superior to is my dog and I can flip a coin on that some days.
I'll tell him tonight at poker he's a figment of my imagination.

 

[Neenisti]

Quote from Hydroblunt:

So you gonna get an assistant manager position at McD to generate that $60k? I'm guessing it piles up quickly, two, maybe three paychecks and voila!, you gots the cash to pay for the property.

What could you have saved not wasting your money on pot all of these years?

 

[Hydroblunt]

Quote from Neenisti:

What could you have saved not wasting your money on pot all of these years?

An extra 3-5% to the stake that I put away. An extra night of drinking or an extra dinner. Bottom line, marginal.

That still does not explain the complete basic math & common sense fail in your genius idea to success of buying FIVE fixer uppers on borderline minimum wage earnings within 3 years, let alone actually fixing them up, all while working to support yourself and your spouse.

Note that you have completely omitted the initial question that doubts your super amazing story since the first page.

 

[antitrust]

Quote from Neenisti:

He had lots of friends, a lot of us lent him a hand rehabbing the properties but none of us gave him any money.
The bank gave him some small loans to do the work . . . duh.

Again, I didn't say "kids are lazy", I said they lack work ethic. It is obvious you don't understand the difference.

The lawsuit was irrelevant to the success of the couple since they didn't receive any of the money until recently.

There are properties out there right now that can be bought for a song and rehabbed. I'm looking at one in the paper right now that is a 3K sq. ft, 3/2 foreclosure for $60K. If only you knew how to think outside of the box, get off the couch and could use power tools.

you're right i don't understand the difference maybe you can explain how it is different from lazy

Laziness: a lack of desire to expend effort

well the bank loan must have been 120% of the sale value of the house, because their is simply now way to pay for the materials to fix 5 houses in 3 years saving it 7 dollars and hour at a time unless he stole the material. please break down how much he spent on each home and how he got it. so start leveraging property in a declining market is your new strategy. I think you're confusing luck of a housing boom and cheep credit for hard work and ingenuity. For every success story of property flippers theirs 10 fails.

I'm starting to see that working at MCD had nothing to do with it he just took overloans on properties which anyone with a heart beat could get at the time. I'm not saying that's bad, I actually think that people with no upward mobility to take a shot as long as they were giving money away was smart. They really had nothing to lose but their credit score which wasn't very good to begin with, but to pretend it was hard work that most will not do is ridiculous it is the risk most can't stand