Scharfschutzen
Well-Known Member
Although you're right, try arguing with them and see where it gets you.
Buying a house at age 18
- Thread starter Grenwall
- Start date
Great Lemon Skunk
Well-Known Member
i bet you end up in jail for arguing with da irs
streets8r88
Well-Known Member
Its good to see someone trying to make a solid investment and keep his head above water. Your mind is in the right place, there's just a lot of fine details in between the lines that you can only learn from experience, trying and failing before success. Something like this you need to go into with a mental preparation that failing can be a reality and things don't always go as planned. Buying a home is a hit or miss. It's like buying a used car, you're buying someone's problems and you never know how much it was neglected. If you're willing to take a 50,000$ or more hit, then maybe it'll be worth at least trying.
If you're even going to consider fixing up a home for profit, you need to forget the word contractors and start learning to do things yourself. You'll be spending 50,000$+ just to fix up a home if you don't do it yourself. It's one thing to hire an extra hand or two, but you'll never see a cent of profit by hiring a bunch of contractors from a construction company to come in and fix everything. My family has many generations of property owners and the first thing you need to learn is that to save money, you do it yourself.
Im not saying you haven't thought of this but there are a lot of fee's that come along with owning property too. It's not just simply pay 50,000$ and you don't need to pay anything else. The majority of homes in that price range are going to need work before they are uninhabitable. So you'll be looking more along the lines of getting a bank loan to pay for the house, putting down $ on it, and using the rest of your cash to fix it up immediately because no bank would let you purchase the home without contract saying it will be getting fixed immediately.
SunnyJim
Well-Known Member
I dig your style. And although I don't agree with all taxes, without any form of taxation, how would public services be funded?
You could easily go buy US Gold Eagles with cash, anonymously, about $40K worth, then go talk to a bank about getting a prequalified loan on a home. Use the gold as collateral and try to jump into a cozy ARM loan, then make sure you flip that fucker really quick like before the market tanks again and sell to the next fool.
You could also buy short term US TReasuries and use those as collateral too, and they even give you a bit of interest to boot.
Go buy a bunch of calves, pay some rancher to take care of them, sell them at market once they fatten up, make a bit of profit there too.
Go into the used car parts business by buying old used junk cars and strip them of their good parts and resell them for profit. Might need some property to store the junkers. Once stripped sell the metals to a recycler.
Buy an old classic automobile and restore it to 100% condition, resell at a profit if you can find the right buyers.
all sorts of investments you can use cash for and make it "clean" again. Use several of these methods to really throw 'em off the trail.
But if you just want to buy a house, explain your situation to the banker and the realtor. They can sometimes help you get things "legal" like.
You could also buy short term US TReasuries and use those as collateral too, and they even give you a bit of interest to boot.
Go buy a bunch of calves, pay some rancher to take care of them, sell them at market once they fatten up, make a bit of profit there too.
Go into the used car parts business by buying old used junk cars and strip them of their good parts and resell them for profit. Might need some property to store the junkers. Once stripped sell the metals to a recycler.
Buy an old classic automobile and restore it to 100% condition, resell at a profit if you can find the right buyers.
all sorts of investments you can use cash for and make it "clean" again. Use several of these methods to really throw 'em off the trail.
But if you just want to buy a house, explain your situation to the banker and the realtor. They can sometimes help you get things "legal" like.
SharpEdges
New Member
Contractors willing to work "under the table" will rip you off. They also have to get permits. They have to explain their incomes, too. Fixing up houses is a very slow way to launder money.
SharpEdges
New Member
I going to live in primitive 18th century conditions. That will show that mean ol' IRS what's what!
SharpEdges
New Member
He's not looking for profit. He already has the profit. He wants to turn his "dirty" profit into "clean" money. If he pays a contractor $50k to turn his $50k house into a $100k, he has "cleaned" $50k. Except that still doesn't explain where the $50k to the contractor came from. So let's say he pays some one else to do the work but makes it APPEAR he did the work himself. The only expense he will have to show receipts for will be the materials. Say $10k. He has now "cleaned" the other $40k. So he can now pay taxes on it. Fortunately, it will be taxed at capital gains rate or not at all if he rolls it into another house within 5 years(I think). Slow way to launder money. Growing in the house with dozens of workmen coming and going is going to be impossible. So no more illegal profit. Self defeating plan, in my opinion.
skippythebushkangaroo
New Member
Go to casino and put 40 down on 0 [roulette] get the 10 use it on an [operation] not a cubpoard grow and keep repeating this till u win u will get shit loads of pussy flashing at a casino and every ones shonky there so you wont matter and the chances of meeting a proper contact at a shifty casino will get you paid or get you dead win if you get paid win if you die cause you would of had fun doing it or with that kind of cash id be learning to cook not grow wrong site man lol
MonkeyGrinder
Well-Known Member
Me thinks the OP has abandoned thread to plan his thing. Hey let the guy learn. I'm pretty sure theirs a few of us who had dreams back in our younger years. His plus is he has the internet to walk him through everything lol. I honestly wish him good luck in his journey.
@ skippythewildbushkangaroo
Back in my late teens that show used to run on some channel or another. That was back in the day when I spent too much time cuddling the Ibanez. Had the TV on and the theme song came on. Messed around and picked it out a bit of it by ear. Found out when it was airing again. Recorded the audio. Then perfected the electric guitar version of Skippy the Wildbush Kangaroo.
Good times with MJ
@ skippythewildbushkangaroo
Back in my late teens that show used to run on some channel or another. That was back in the day when I spent too much time cuddling the Ibanez. Had the TV on and the theme song came on. Messed around and picked it out a bit of it by ear. Found out when it was airing again. Recorded the audio. Then perfected the electric guitar version of Skippy the Wildbush Kangaroo.
Good times with MJ
SunnyJim
Well-Known Member
It's a nice sentiment to wish the OP luck on his journey in pursuit of his dreams, but all paths lead to federal prison if he decides to follow this specific dream. The smart advice is to dissuade him from doing anything foolish.
texasjack
Well-Known Member
moot point as an 18 yr old with no credit and no steady income won't be able to get a mortgage. I got one last summer and they made me prove all my savings and income through 3rd party sources. I'm 35, have good credit and make low 6 figs. Not going to happen for this guy.
CCCmints
Well-Known Member
precisely! lol.
DietRobot
Member
Yeah chips stacked against the young people, most of us locked into doing societies bitch work (Retail/food service) for minimum wage. and having no options when it comes to getting houses, forced to rent which makes for an uncomfortable growing situation like BAM, landlord all up in your shit.
DietRobot
Member
Whole reason I started posting on this forum was to get into a position where I could grow with somebody who already has an operation, cause I can't grow where I'm living and won't be able to get a house for years probably never if I don't actually get a job doing the bitch work I spoke of before, I just wanna grow and I'll be comfortable when it becomes legal and I can get a job doing that.