It's $4 millions. Are you a single person or a couple?
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Heard an interesting fact from financial advisor..
- Thread starter Jace
- Start date
It's $4 millions. Are you a single person or a couple?
mathjak107
Well-known Member
- Location
- bayside ,queens , ny
it took me 50 years to hit the first million , but multiplied it many times over .
we already spent over a million in the decade we are retired and likely paid over a million in taxes over the years on the gains .
so not to shabby for a worker and not a business owner, especially because by standards here i was never a highly paid worker
we already spent over a million in the decade we are retired and likely paid over a million in taxes over the years on the gains .
so not to shabby for a worker and not a business owner, especially because by standards here i was never a highly paid worker
Hmmm...50 years for you to get first million. I am not sure how you can turn an investment of $1 million into $4 million in less than 10 years...you must be a genius.
Please tell me what stock to buy to quadruple my account in 10 years.
mathjak107
Well-known Member
- Location
- bayside ,queens , ny
by selling our house and renting and investing in manhattan commercial real estate with what we had accumulated . it was closer to about 13 -14 years not ten
Ok. I am guessing your first million comes around at the age of 60 or later from the sale of your home. I do admire your courage to sell your house and invest all that money at such age.
I do remember 2011 was the year when the real estate market bottomed out due to subprime crisis. I suppose you sold your house before subprime crisis in 2008, rent, then jump in the real estate market in 2011. Good timing, a lot of people make good profits on this route. It's not just commercial real estate, but also residential real estate.
But now, you don't have a nice home to show off. If you had not sold your home in 2008. That house would probably worth > $2.5 millions.
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mathjak107
Well-known Member
- Location
- bayside ,queens , ny
i was 50 when i hit the first million
mathjak107
Well-known Member
- Location
- bayside ,queens , ny
i can tell you just what we did .
after we sold the house i wanted to invest in something bigger for a while .
an accountant friend said he had two out of state clients looking to dump a partnership they held .
it consisted of 9 co-op apartments in what turned out to be the second most desirable coop in manhattan , over looking central park and next to carnegie hall.
when real estate mogul bernard spitzer took this luxury rental building coop in the 1980’s , any tenant who didn’t buy stayed on as a rent stabilized tenant .
so rents were breakeven on them
well being from out of state all they knew is they were not making money so they wanted out .
well i knew this building as it was well known even back then , the 200 central park south building.
you can bet anyone who didn’t buy as an insider when it converted likely was because they lacked the money to do so .
so with each apartment with 7 figures or multiple 7 figures i thought about the fact that these tenants likely had to be baby boomers since it only applied to the original , tenants and when the pay checks stopped and they retired they couldn’t afford to retire on central park south .
so we bought the package from the two investors for cents on the dollar .
we then offered 100k to any tenant who wanted to move out .
over the years 7 out of 9 took the offer and moved and we sold the apartments off.
we offered the two remaining tenants their apartments for half price , no money down and we would hold the financing for seven years.
they said no and so we sold it to another investor group willing to wait .
to give you an idea of what these deals go for , the two apartments were worth 1.25 million each .
we sold both for 360k . that is how these deals trade but at this point we got them fee this deal was so lucrative
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mathjak107
Well-known Member
- Location
- bayside ,queens , ny
nonsense
we decided we had everything we want right here in nyc including our grandkids so we decided not to move .
we have no desire or reason to buy another house at this stage
stop making crap up. that statement is a lie
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bobcat
Well-known Member
- Location
- Northern Calif
Obviously. Poverty can't buy anything.
Neither are conditions for happiness.