Political Roundtable Part XXIII

[doclinkin]

But i felt back then i needed a very high paying job and i wanted to "respect" myself more and do something that my kids could look up to.

You have kids?

[nate33]

The Trump era has lead to open White Supremacist support within the Republican ranks

Read on Twitter

Person who promotes the interests of blacks = Black advocate
Person who promotes the interests of Hispanics = Hispanic advocate
Person who promotes the interests of Jews = Jewish advocate
Person who promotes the interests of whites = White Supremacist

[Ruzious]

The Trump era has lead to open White Supremacist support within the Republican ranks

Read on Twitter

Person who promotes the interests of blacks = Black advocate
Person who promotes the interests of Hispanics = Hispanic advocate
Person who promotes the interests of Jews = Jewish advocate
Person who promotes the interests of whites = White Supremacist

C'mon Nate, you're basically begging me to mock you. I'd like to think you're better than that. I do think you're better than that.

[montestewart]

I sympathize with those advocating for whites. I find my white skin to be constantly under attack. Lubriderm and a good sunscreen (Alba, Banana Boat) defend my white skin as good as any.

[Pointgod]

The Trump era has lead to open White Supremacist support within the Republican ranks

Read on Twitter

Person who promotes the interests of blacks = Black advocate
Person who promotes the interests of Hispanics = Hispanic advocate
Person who promotes the interests of Jews = Jewish advocate
Person who promotes the interests of whites = White Supremacist

Since you apparently know so much about Faith Goldy elaborate on exactly why she isn’t a white supremacist.

[stilldropin20]

ok SD. teach me. what do i need to do to be a millionaire?

now that is more like it...i will teach you. But I want to get at least one more mentee. So let's see if we can get a second or thrid person interested. its better if we have different age groups from different parts of the world.

This is what i need to know in order to tailor your personalized path to $1,000,000 in equity or cash in ten years or less.

1. Age:
2. Income (AGI): 2 years if W2 employeee. just 2017 if you are self-employed.
3. Credit score average of big 3 credit bureaus.
4. hours worked per week. Additional hours you are willing to work.
5. Skills you have (or could learn) in construction. (some can barely paint others can install kitchen cabinets).
6. Current living situation...own? rent? condo? house? income property?
7. city you live.
8. type of work you do/filed of work/ expertise/ grad school education/etc.
9. include wife's/or partners income and credit scores if you have a wife or partner willing to go the distance.

Edit:

10. existing monthly liabilities to current debt. including student loans. cars, homes, etc. itemize and detail.

1. Age: 18
2. Income (AGI): $0
3. Credit score average of big 3 credit bureaus. 0
4. hours worked per week. Additional hours you are willing to work. 0; As little as possible to get to $1 million.
5. Skills you have (or could learn) in construction. (some can barely paint others can install kitchen cabinets). None.
6. Current living situation...own? rent? condo? house? income property? Fresh out of HS, I have nothing. Can live at home, but prefer to rent on my own.
7. city you live. DMV
8. type of work you do/filed of work/ expertise/ grad school education/etc. HS Diploma
9. include wife's/or partners income and credit scores if you have a wife or partner willing to go the distance. None
10. existing monthly liabilities to current debt. including student loans. cars, homes, etc. itemize and detail. $500

1. Age: 22
2. Income (AGI): $0
3. Credit score average of big 3 credit bureaus. 700
4. hours worked per week. Additional hours you are willing to work. 0; As little as possible to get to $1 million.
5. Skills you have (or could learn) in construction. (some can barely paint others can install kitchen cabinets). None.
6. Current living situation...own? rent? condo? house? income property? Fresh out of College, I have nothing. Can live at home, but prefer to rent on my own.
7. city you live. DMV
8. type of work you do/filed of work/ expertise/ grad school education/etc. B.S.
9. include wife's/or partners income and credit scores if you have a wife or partner willing to go the distance. None
10. existing monthly liabilities to current debt. including student loans. cars, homes, etc. itemize and detail. $1500

1. Age: 27
2. Income (AGI): $0
3. Credit score average of big 3 credit bureaus. 700
4. hours worked per week. Additional hours you are willing to work. 0; As little as possible to get to $1 million.
5. Skills you have (or could learn) in construction. (some can barely paint others can install kitchen cabinets). None.
6. Current living situation...own? rent? condo? house? income property? Fresh out of Grad School, I have nothing. Can live at home, but prefer to rent on my own.
7. city you live. DMV
8. type of work you do/filed of work/ expertise/ grad school education/etc. Medical
9. include wife's/or partners income and credit scores if you have a wife or partner willing to go the distance. None
10. existing monthly liabilities to current debt. including student loans. cars, homes, etc. itemize and detail. $2500

1. Age: 27
2. Income (AGI): $0
3. Credit score average of big 3 credit bureaus. 700
4. hours worked per week. Additional hours you are willing to work. 0; As little as possible to get to $1 million.
5. Skills you have (or could learn) in construction. (some can barely paint others can install kitchen cabinets). None.
6. Current living situation...own? rent? condo? house? income property? Fresh out of Grad School, I have nothing. Can live at home, but prefer to rent on my own.
7. city you live. DMV
8. type of work you do/filed of work/ expertise/ grad school education/etc. Medical
9. include wife's/or partners income and credit scores if you have a wife or partner willing to go the distance. None
10. existing monthly liabilities to current debt. including student loans. cars, homes, etc. itemize and detail. $2500

1. Age: 27
2. Income (AGI): $60,000
3. Credit score average of big 3 credit bureaus. 700
4. hours worked per week. Additional hours you are willing to work. 45; As little as possible to get to $1 million.
5. Skills you have (or could learn) in construction. (some can barely paint others can install kitchen cabinets). None.
6. Current living situation...own? rent? condo? house? income property? Rent
7. city you live. DMV
8. type of work you do/filed of work/ expertise/ grad school education/etc. Sales
9. include wife's/or partners income and credit scores if you have a wife or partner willing to go the distance. None
10. existing monthly liabilities to current debt. including student loans. cars, homes, etc. itemize and detail. $2200

1. Age: 45
2. Income (AGI): $80,000
3. Credit score average of big 3 credit bureaus. 670
4. hours worked per week. Additional hours you are willing to work. 45 As little as possible to get to $1 million.
5. Skills you have (or could learn) in construction. (some can barely paint others can install kitchen cabinets). None.
6. Current living situation...own? rent? condo? house? income property? Rent
7. city you live. DMV
8. type of work you do/filed of work/ expertise/ grad school education/etc. Sales
9. include wife's/or partners income and credit scores if you have a wife or partner willing to go the distance. 60,000; 700
10. existing monthly liabilities to current debt. including student loans. cars, homes, etc. itemize and detail. $3500

1. Age: 45
2. Income (AGI): $380,000
3. Credit score average of big 3 credit bureaus. 770
4. hours worked per week. Additional hours you are willing to work. 65 As little as possible to get to $1 million.
5. Skills you have (or could learn) in construction. (some can barely paint others can install kitchen cabinets). None.
6. Current living situation...own? rent? condo? house? income property? Own
7. city you live. DMV
8. type of work you do/filed of work/ expertise/ grad school education/etc. Law
9. include wife's/or partners income and credit scores if you have a wife or partner willing to go the distance. 80,000; 800
10. existing monthly liabilities to current debt. including student loans. cars, homes, etc. itemize and detail. $5500

1. Age: 67
2. Income (AGI): $30,000
3. Credit score average of big 3 credit bureaus. 700? How do I check?
4. hours worked per week. Additional hours you are willing to work. 0; As little as possible to get to $1 million.
5. Skills you have (or could learn) in construction. (some can barely paint others can install kitchen cabinets). Electrician.
6. Current living situation...own? rent? condo? house? income property? Own
7. city you live. DMV
8. type of work you do/filed of work/ expertise/ grad school education/etc. Electrician
9. include wife's/or partners income and credit scores if you have a wife or partner willing to go the distance. 30,000
10. existing monthly liabilities to current debt. including student loans. cars, homes, etc. itemize and detail. $2200

ok...cool...ready to get to work...I take it this is your family? Or you just made it all up? lol i'll assume you are the lawyer. making 380k? and your wife is making 80k. Total 460K. You certainly already have a few million in cash, 401k or equity or you bought the wrong house at the wrong time or you have a spending problem.

460K But let's do them anyway. Simple. Buy income property. Easy as that. buy as much as possible. buy occupied. buy unoccupied n improve it...doesn't matter. find a contractor and realtor in your are that you can trust and buy!! You are a simple client!! DMV is downtown maryland i assume? So you can comfortably invest anywhere from NY, through jersey, philly, and down into norfolk.
--you should buy bigger buildings if you can. Or a bunch of smaller buildings.
---you dont have to move because your income allows you to afford your current house and save money for a down payment.
--you can begin immediately.
--or you can buy multiple buildings in poor areas in and around DC...maryland.
--i take it the 18 year olds are your kids? They should drive for uber for 2 years. make 50K per year...and buy in 2 years. which will be closer to a down turn in the real estate market anyway.

---i tell everyone of my clients in the last 3 years (people like Pointgod who think "real estate is dead")this story: I bought a 3 unit in the north center bell school district in chicago for $542K in 2016. I put 25% down or about 135K. taxes are $5000 annually $425 monthly). interest is $1400 monthly. rental income is $4800 per month. Maintenance n repairs are about $700 annually. Its an old building. with older everything. updated kitchens n bath about 20 years ago. everything works.
--Walls are square and plum
---floor are level
--no sign of moisture in basement.
--bricks are strong and tuckpointed.
--needs new roof which will cost 10K when i do it.
--monthly mortgage with taxes n insurance rolled is $2500
--gross monthly income is $4800.00
--net $27,600 anually which is 20.4% return on my cash of $135K I put down. true the stock market out performed that in trumps first year but has come back to earth this year. When you take into consideration that i am paying down my mortgage by $600 per month, my "real income" is $34,800. or 26% return on my cash of 135,000
--my taxes will go up over time...and i will raise rents to cover the taxes.
--this is the very best public school district in chicago so the neighborhood is highly desired. The house next door sold for a bargain price of $1.1 million in 2015 and sold again for 1.4 million in 2018. Same house. no upgrades.
--so my appreciation is significant. I bought the building with about 150K in equity because i am good at recognizing undervalued property but appreciation in this neighborhood is averaging 8-12% since 2003.
--I could sell this building today and within a week for $750K. Or i can tear it down. Build new for $450K in costs and sell for $1.6 million. but i wont do any of that...i will sit on it for at least 10 year...watch it appreciate and it will be worth no less than 1.2 million as is.

^^^and its that simple!!!!^^^^ it really is that simple.


so lets get on with type of real estate to buy for a couple making 480K. This is where you do some work. You need to find a building like this. And i will help you choose. You should buy something big if you can (down payment 25%). Or depending on the type of law you practice but if you own your own law firm, you should buy commercial real estate to house your practice...this way when you sell, you can rent out the space to the buy or sell the real estate with your practice. If you practice storefont type law like real estate law, you should buy. Or buy a few buildings like the one i outline above...the one i bought in 2016.
1. obviously location is paramount in terms of appreciation. but also in terms of value.
2. i need you to identify what you believe are the fastest appreciating neighborhoods in your region. name the Top 5. I will double check you info. I dont live there so i rely on you and others in the thread.
3. With your income, You should buy a massive building and the best long term a commercial building. If i were you I'd look into buying an old ratty, empty, storefronts 7-10 units. rehab them...put your lawfirm in there or a satellite law firm office to drum up business to refer to the main office.
4. or buy up tons of (blocks) of abandoned homes in baltimore and redevelop it all. parcels at a time.

here is your homework:
1. Look up n report section 8 rates in your area (top 5 appreciating neighborhoods) for 2br, 3br, 4br.
2. look up n report back typical non section 8 rental rates in your area( top 5 appr.)
3. look up and report back approx. tax rates (amounts per building) for commercial and residential in the top 5 appr. areas near you


the 18 year kids above need 2 years of tax returns. For now, get to work driving for uber or if they cant get a job anywhere else. Uber drivers are making 50k right now. lease a car. get a job else where if they need to first in order to get a car. borrow mom n dads car whatever they need to do. But they must work! Do both! job and Uber!! must get income!! Go!!

the middle income earner are my bread and butter clients. This is where i started. its my specialty. Income $40-80K. They need to be willing to move. Move into their first building they buy. Their NO WAY aroundFirst...why are bills so high? Rent? or debt? If rent, fine...they will ,move into their first property and they cant miss. They can not stumble. the first one must be a good buy.

They will all need to buy a multi unit. No other options! MUst buy multi unit!! 2-4 flat. ideally a 4 unit with a huge basement and huge attic to expand. The more building they can buy for the money, the better...brick is better. look for Square and plumb walls with level floor. buy buildings where everything already works if possible. if porches can be enclosed for future extra bedroom space or walk in closet space helps.

1. cheap 4 unit is ideal. the more BR per unit the better!! ideally 3-4 br with 2ba per unit in best school district! rare. 2br, 1 ba is the norm
2. 700 credit and 40-80K and they will qualify for 2-5% down FHA loan. with 700 credit and above.
3. 80% of income from other rental units counts to qualify for loan. ,--Huge!!
4. must find properties for less than $600K which is harder on east coast. so likely less desired neighborhood but as close as possible to better and safer neighborhoods. ideally around 400K. so they need 20K in saving. (go work 2nd full time for uber if necessary) You want to be rich? go do it!
5. identify: 1. best public school districts, 2. the best "destination" neighborhoods restaurants, fitness clubs, yoga, upscale bars, 3. neighborhoods near expensive collages where rich kids parents will pay higher rental rates. Buy as close as possible...1-2 blocks into a war zone type neighborhood is OK for most tennents...lots of hipsters think its cool so long as their building is secure...they think it makes them "edgy."

but all of this is part of "step 1" . identifying the first property.

Again, This is the goal:
1. as close as possible to good neighborhoods or in good neighborhoods. if "bad neightborhood...be as close to the good neighborhood as possible. It wont be long before your block is a good block. and your building rapidly appreciates.
2. 4 units (with a basement to convert to living space (non conforming 5th unit). with3 BR or more each unit.
3. move in basement. rent extra bedrooms to roomates!! Income! Income! Income!
4. improve property unit by unit. rent out the nicer units. live in basement unit. rent out garage. park on street. etc.
5. purchase in december-february. usually less competition to purchase.
6 price should be $600k or less.
7. at 600K purchase price the total monthly income must be at least $4000. taxes must be less than $10K annually.
8 if you find buildings for 100-200K monthly income can be as low as $2000 and taxes less than $5000.

for camparison sake, in chicago i can buy buildings near the westloop in chicago for $200K. 3 unit. and collect $3900 per month on section 8 income. and taxes as low as $2500.

So those are your target. go find buildings in your neck of the woods in these price ranges. if rental income in your neck of the woods is higher, you can obviously pay more for any given building but jumbo FHA loans (5% down) dont exceed over $679K and usually max at $453K. So that is your max. unless you can put 20% down.

The person or family making 40-80K that buy the right building i describe above will now earn $20-30,000 per year. Pay your taxes on that extra income!!! Rinse and repeat...buy a second building 1-2 years later after saving momney from down payment. By moving in...and fixing up your building to get higher rents, you will increase the value of your 1st building...based on income alone!! Once your original loan-value is 75% or less you can purchase again using another FHA loan.

Or just keep saving.

1. keep working the 2nd job at uber. (additional 50K per year)
2. Go get a real estate license in your area. it cost around $600-700 and about $1500 annually across the entire US. learn and study your market!
3. Drive uber and market yourself as a realtor to uber clients. Sell real estate on the weekend in between uber rides. My brother is 22. He is a complete idiot. Never went to college. Drives uber 80 hours per week. Makes ov er 80K per year. Got his real estate license. works under me. and refers over $100k in real estate to me and makes himself $25K on the referrals and he doesn't know a damn thing about real estate. I know many uber/realtors that earn over $100k combined working only about 50 hours per week. <--do that!! Plus do your own job!! Save money!! use that money to purchase real estate i describe above. Rinse and repeat.

When you get good at this...you wont want to be in poor or downtrodden neighborhoods anymore...that might take a decade. But until then...your purchase price target should be under $200K which means $10K down. You must have an additional $15K saved up for repairs. Your annual income off of a place like this should be 10% on cash (based off of 20% down) minimally (which is the national average). but i can hit 20-30% all day long. I essentially dont buy for myself unless I am going to make at least 25% just on rental income.

So A $200K purchase should yield an annual net income return of at least $10K in rental income. but can easily yield $20-30K if you buy the right place. And it should and will appreciate at a rate of at least 5% annually. east coast appreciation is way higher though.

keep working! claim tour additional income. keep buying! rinse and repeat. It usually take 2 years to buy a 2nd building. Then in year 4 you can buy a 3rd and sometimes a 4th building because banks look at you differently once you have multiple years of tax returns showing ownership of multiple building that are all producing income. You can borrow MUCH more money at MUCh higher loan-value ratios at the lowest rates.

By year 6 you can easily be buying multiple $1,000,000 properties that will not only produce net income in the $60-80K range annually but will appreciate at 6-8%(or higher) in the best neighborhoods. You will be kicking the stock markets ass!!!

and you wont ever need to work again!!

By year 10, if you keep buying the maximum amount of buildings as possible...you will have purchased at least 10 buildings. perhaps as much as 20-30 if they are much cheaper yet still prodice good income... Your total annual net rental income will be well over $200K. Likely as much as $300-400K in net profits just on rental income. But you will have worked your ass off to get it!! And it will be worth it. Your net worth(or equity) ...if you do all that will exceed 3-4 million. Easy. And you can sit on your but and type away on realgm all day long. You wont have to paint another unit. fix another leaky faucet, or even answer a phone ever again. You will have hired maintenance guys to answer phones and deal with all of that crap once you have 6-7 buildings. You can moves a maintenance guy into a unit for free and he will do all the BS work. Until then, you will have to do it to squeeze and maximize profits to maximize growth.

now which of you puzzies is going to do it?

[stilldropin20]

i agree with indu that this thread is toxic and the costs outweighs the benefits.

i post bc i remember being young and thinking i had all the answers and some strong voices itt like dobro, sev, and indu making me think more than i would have otherwise and i'm trying in my own little way to pay that forward

i post cuz i dont think "free" fish works. I am here to teach you how to fish for your own fish. To teach you how to hunt. no meal tastes as good nor is as fulfilling and as the meal you caught for yourself and prepared yourself after years of mastering the art of hunting and preparing.

Self reliance is better than reliance on the government 10 times out of ten. free stuff only creates apathy. lethargy. and eventually anarchy. because you will always run out of other peoples resources. Always. And every time.

[gtn130]

Bahahahhaa SD20 only selecting the $460k household income to apply his magic million dollar mentorship to is *chefs kiss* perfect

[TGW]

Trump's approval rating is 47%. The Dumbocrats still continue to lose the messaging war against one of the worse presidents in modern day history. Pathetic.

[stilldropin20]

Bahahahhaa SD20 only selecting the $460k household income to apply his magic million dollar mentorship to is *chefs kiss* perfect

What? i did both. 460K 1st and 40-80K 2nd. Go back and read again. The only difference between the 2 strategies is 200-550K in income likley has 20-25% down payment money and therefore does not have to move into income property. and will qualify for nicer building in nicer neighborhood.

$40-80K need to likely finance using FHA (5% down) and buy not as nice a building in not as nice a neighborhood.

obviously 18 year old kids with no income need to earn money for 2 years. (drive uber). But they could be the most likely to succeed so long as they are disciplined investors because they should HAVE NO DEBT. Live at home! save for 2 years and buy a 4 flat. put a hot tub in back yard or roof. Rent to some sexy chicks and dont look back!! rinse and repeat.

in short...college is a waste of time and money!! you dont need it unless you are going for a "sure thing" type of professional career.

if i were 17 year old punk kid today, i would still do dental school because the dental business is so good. But i would immediately begin working at 16. save my money. drive uber (if they let you). Get my real estate license at 18. and drive uber and do real estate. I would convert as many riders as i could to real estate clients. And most importantly, begin buying real estate at 18. In chicago i would buy cheap 2-4 flats for 20K to 100K. Put in the elbow grease to repair. and rent them out. rinse and repeat. If i followed my own advice at 17 and i were 17 today? i would be worth no less than 5 million at 27 and own at least 20-30 buildings by the time i turn 28. My combined net income would be around $500K. And thats without dental school.

I'm telling you anyone can do this. You must willing to:
1. move into their first 5 buildings.
2. Work 80 hours per week.
3. elbow grease on your buildings. from some light to major demolition, install drywall. redo kitchens and bath<--especially baths.
4. work another job...like uber that pays at least 50K on 40 hours per week. Great way to find contractors. tenants, sellers, buyers.
5. getting your own real estate license helps greatly.

and income i didn't list earlier is that I make money every time i buy about 3%. So when i purchase a $500K building i earn $15,000 in real estate commissions. I buy at least 1-2 building per year (just for my own portfolio).

Additionally i would "do uber" in a big mini van with a massive vinyl real estate signs all over my UBER. I already earn over $200K/year as a realtor...but if i did real estate full time??? I would phucking kill it!!! murder it!!! I would bet that I would earn at least $500K as a realtor. easy. Massive minivan uber with my face palstered all over it. I'd give away $50 starbucks gift certificcates for every referral and give back $500 in cash to every successful transaction. driving all over downtown!! massive sign!! I would effing kill it!!

And if this jackass can do it so can you!!! And then buy a bunch of passive income real estate.

When you even help renters out...and put them in a high rise...you usually earn at least 1 month commision...rents in chicago high rises start at $2500 and go to $15,000. easy money! and you can do showings all day long inbetween uber rides. I'm telling you...you'd be buying a million dollar boat by the time you are 30 if you start at 17-18.

or you can go rack up $100K in students and get brainwashed into socialism and free stuff. sit around and smoke weed with your douchebag frat boys and play devil's threesome with chicks who will get bored with you real quick when a millionaire pulls up in his million dollar boat. Up to you!! But its out there for the taking!!

[gtn130]

So I stand corrected - SD20 does have a master plan for the broke 18 year old and it’s...

[*wait for it*]

Drive Uber!

SD, buddy, Uber drivers, after paying for expenses, make around minimum wage. The driver turnover rate was something like 50% annually the last time I checked - it’s why Uber and Lyft used to advertise so aggressively for drivers and offer scammy auto loan programs. It’s why they’re both so deeply invested in self-driving tech and don’t classify drivers as employees - because they can’t turn a profit while paying drivers a living wage.

May come as a shock, but don’t take SD20’s advice guys

Edit: was way off on annual driver turnover. It’s 96% turnover annually according to CNBC. Easy $50k though in SD20 land

[stilldropin20]

Trump's approval rating is 47%. The Dumbocrats still continue to lose the messaging war against one of the worse presidents in modern day history. Pathetic.

pathetic my ass. I told you guys Trump will go down as GOAT president of the modern era. easy.


look folks. SD20 is (in real life stuff) smarter than all of you combined. Sorry. I am. I just inderstand more human beings so much more than you do. Been through too much. lived all over the world. done too much. too many relationships. too much puntang. too many clients. Too much everything. and the entire time I have basically worked 100 hours per since I have been 17. i have a degree in literature. I degree in creative writing. A degree in psychology. A masters in material science. A doctorate in dentistry. A a diplomat surgical residency. A 26 year vet of the chicago real estate market. A licensed in real estate professional. A licensed class B construction company(mid rises). I know the human body and i know how to build any type of construction type in the entire world. I know most chicago building codes off memory. And a massive real estate portfolio. A massive client list. I talk to people all day long. Hundreds. each day. I can analyze a business the way an investment banker can. And I can surgically place 4 dental implants and sell that same patient real estate at the same time. I'm dead serious!!

I bring all this up to say..."learn from me." Im here to teach but i wont be here forever.

now i dont know a thing about coding or programming or any of that crap...wish i did. that is my one weakness. And i dont know hardly any coders that well either. But I'm about to put a team together and build an App. And you bet your ass im going to learn how to code at the same time. After making all of my money the old fashioned way...the hard way...I'm about to try to catch some of my own lightening in a bottle (wish me well!!) I'm trying to get some of that easy money i keep seeing everyone else grab...and no, I aint telling none of you how....yet...when its done. you'll know.

and with all that said...if i were 16 today...i would start working 80 hours per week, driving for uber, buy a mini van, put a big vinyl ad on the whole thing, get my real estate license, and buy real estate as i describe above. hard pass on college and partying!!! Seriously!!! Why waste time and money going nowhere and learning nothing? I would maybe take 4 easy classes per semester just to get a degree in case i wanted to go to a professional school. thats it! but really, just real estate and uber!

[stilldropin20]

So I stand corrected - SD20 does have a master plan for the broke 18 year old and it’s...

[*wait for it*]

Drive Uber!

SD, buddy, Uber drivers, after paying for expenses, make around minimum wage. The driver turnover rate was something like 50% annually the last time I checked - it’s why Uber and Lyft used to advertise so aggressively for drivers and offer scammy auto loan programs. It’s why they’re both so deeply invested in self-driving tech and don’t classify drivers as employees - because they can’t turn a profit while paying drivers a living wage.

May come as a shock, but don’t take SD20’s advice guys

Edit: was way off on annual driver turnover. It’s 96% turnover annually according to CNBC. Easy $50k though in SD20 land

not just "drive uber."

Drive Uber and become a licensed realtor which take about 2 months and costs $500 bucks. And Buy a hybrid minivan SUV like a rave 4. which is good on gas. and put a massive sign on your uber advertising yourself as a realtor. put signs inside your car. hand out cards. and talk real estate. offer $500-$1500(depending on your commission) in gifts or cash back to your clients that use you for real estate and close on real estate transactions.

As far as uber...i dont care what their tax returns say...they are MAKING MONEY!!! full time uber drivers keep 80% of their fare. and uber will keep them busy in the large cities. impossible not to run up $30 per hour in fares. that's $240 in 8 hours. gas wont be more than $30 per day. and most driver dont put on more than 50-60K miles per year. a brand new hybrid rav 4 costs $24,000 . I almost bought one yesterday...went with the 2018 HRV xle instead for $21,900. one of these will easily go $150,000 miles with minimal maintenance...thats 3 years of uber!! And will sell for at least $8,000 in 3 years even though it has high miles. let someone else deal with headaches of ownership after 150k miles.

Your costs are about:

--5K per year for the car including all maintenance.
--$1500 for insurance.
--$7000 for gas

gross revenue is easily $240 per day. times 6 days per week equals 72,000 per year taking 2 weeks off for vacation. minus 13,000 in costs and you are clearing $59K.

And that is without a penny from real estate.

get your real estate liciense and put on a sign on an suv/minivan uber and market to all of your riders and its impossible to not get at least an additional 20K in real estate commisions in year 1.

And i know these numbers because MY fiance is a newish realtor and made 35K just in real estate in year 1 and about 45 K in year 2 for redfin. and blew up in year 3 because she also became a cycling/fitness/and yoga instructor and went to church weekly and learned how to market herself to friends and clients and earned over 175K last year.

my brother drives for uber. he is an idiot. a complete jackass and grossed over 90K in his first year. And of course being an idiot that he is...he bought crappy used cars and spent 30k on cars and maintenance other car crap and another 15 K on gas because he bough gas guzzlers. so he only "netted" about $45K...but still, he did make $45K last year driving for uber about 65 hours per week.

[gtn130]

Study finds Uber drivers make less than minimum wage

http://www.chicagotribune.com/business/ct-biz-uber-driver-wages-20180518-story.html

That’s one of many articles on the subject. Bottom line is Uber/Lyft drivers make around minimum wage and quit when they figure out how little money they make after factoring in gas and maintenance.

Uber’s entire strategy is focused on growth and capturing the market with artificially low prices until self-driving is available and they turn on the profit switch.

As it stands they can’t pay their drivers a living wage while continuing to grow and absorb losses. This isn’t really debatable and every Uber investor is looking at what Uber can be without having to pay drivers. Uber has raised more money than anyone ever in SV - these investors aren’t lining up to invest in a cab company

[stilldropin20]

Study finds Uber drivers make less than minimum wage

http://www.chicagotribune.com/business/ct-biz-uber-driver-wages-20180518-story.html

That’s one of many articles on the subject. Bottom line is Uber/Lyft drivers make around minimum wage and quit when they figure out how little money they make after factoring in gas and maintenance.

Uber’s entire strategy is focused on growth and capturing the market with artificially low prices until self-driving is available and they turn on the profit switch.

As it stands they can’t pay their drivers a living wage while continuing to grow and absorb losses. This isn’t really debatable and every Uber investor is looking at what Uber can be without having to pay drivers. Uber has raised more money than anyone ever in SV - these investors aren’t lining up to invest in a cab company

bro...i'm teaching you how to make money. Just learn. stop fighting it. and learn. There are layers to this. We are not even getting into tax strategies yet. next i will teach you how to mimize your tax burdens while maximizing your income to qualify for loans.

Anyway...those "reports" are based on tax returns... what next...you are going to tell me that waiters, bartenders, and strippers only make $30 bucks per shift? Here's the deal...you think my jackass brother claimed the actual $45K he earned driving for uber? Or do you think he maximized his write offs? and paid taxes on $15K instead? Without saving a penny? and do you think anyone will give him a loan while earning 15K? hell no! You need more income!

So an uber wont work with a crumby old gas guzzler that is always in the shop and requires expensive maintenance. Like one of my idiot brother's friends, bought a 2010 BMW x6 with 80K miles...and thought driving uber would be smart. He spent 25K on gas. 12K on maint n repairs. 2K on just tires. and lost all kinds of time driving to being in shop and then had to "rent" additional cars. you think he made any money? hell no! And thats a lot of uber drivers right there. and some just do it for an hour a day for a whole 30-40 bucks per day.

so that report is littered with both idiots like my brother and worse his friend as well as part timers. Kinda like when i worked in service industry when i was 21. we made about $200 per shift back then and they prolly make 300 per shift today...you think waiters and strippers claim everything? and dont maximize write offs like clothes, make up, phones, etc.

The "trick" is to actually claim your income. YOU WANT TO PAY TAXES ON THE ENTIRE $50-60K you make driving for uber!!!!

get it???????? . that helps you qualify for the loan to buy a 4 unit. learn something here kid. I teaching you what you think you already know...you think its better to make money and NOT pay taxes...I'm telling you to save the money...dont blow it bull crap and partying...dont write it off on fake write offs...buy the right car...and PAY YOUR TAXES.

That's how you get the loan. get it???? Do you????? The jackasses in your uber report are idiots. They bought the wrong car and spent their money on bull crap and dont want to pay taxes. They are penny wise and pound foolish. It will take them forever to save enough cash to buy a home with cash..adn those idiots wont buy real estate anyway. they will buy iphones, clothes, TV's, rims, and hennesy at da club. I'm teaching you not to be that jackass. Dont even go to the club. Work instead. Work 80 hours per week. gross 80-90K for uber and you will net at least $55-60K.

and if you are a real "go getter" get your real estate license...or beomce a personal masuere/massuese/ or hair...or be a bartender...whatever. mix it up. 40 hours driving. 40 hours doing something else...but the absilute smartest thing to do is get your real estate license and work for redfin.

My girl worked for redfin...its impossible to not make 40-60K working for redfin and it will only take about 30-40 hour per week. They will run you all over the city with appointments. and you can drive uber inbetween. Impossible not to make at least 75-100K net doing both full time. im-phucking-possible!!!!!!!

then....most importantly!!!! <--pay your damn taxes on the full 100k!! or pick a point just under a tax bracket that makes sense for you where you minimize your tax liability but claim enough to buy at least a $400-500K rental income building.

trust me on this. I know the damn numbers!!! and if you already make at least $70-80K, then youb dont need uber...you just need to save for down payment and buy income property.

look, I'm a figgin' expert on this stuff. You are not going to be able to punch holes in anything i say. I have forgotten more than you will ever know about real estate and i have a photgraphic memory. ...I am like the actual steve kerr of building wealth in real estate. Not the micheal jordan but at least the steve kerr. good role player as an investor and realtor and now an even better coach with a unique insight because i grew up poor. I'm pretty damn good at it and found a niche i can rinse and repeat forever. its recession proof!!! because i can rent to section 8 in a down economy and i can teach that angle to all of you as well. and you are like a 12 year old kid on a message board talking **** to steve kerr about baksetball...just learn from me. I am teaching you how to build wealth. and rapidly. And at a young age. Just learn. Then go do it. I'll hold your hand through the entire process. you can take video and pictures of potential buildings and I can tell you exactly what to do and look out for. EXACTLY what to do. Step by step.

and like i said...uber is just the beginning!!! get your real estate license and put on real estate sign on your uber!! market yourself! and make money as a realtor. learn your market. study it. I used to study my chicago market for about 4 hours per day. mentally taking myself through every single piece of property for sale. Cost, taxes, cost to rehab, rent projections, sale price after improvements, net profit vs rental profit. I can do it automatically and instantaneously but i used to write them down and just crunch numbers all night long before bed. if i found a good one, i would put an offer on it in the morning. Thats what you gotta do! watch the market like a hawk! paying close attention to how the property is built, rehabbed or redeveloped and how it is marketed. Watching sale prices then purchase prices and then sales prices...Ive now seen most of my market get bought and sold 3-4 times over the past 30 years. Google maps now allows you to see overhead and street vies without even driving by. I used to drive by 2-3 properties at night almost every night as they popped up for sale.

also, i will add that if you dont get a real estate license but do uber...and drive all day in major cities, other realtors will pay you to put a sign on your car. dentists will too. lawyer. etc. So you can cahrge them $300 per week for signage on your car!! just a thought to make even more money.

[stilldropin20]

trump got em on the ropes!!

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[stilldropin20]

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[gtn130]

SD20 as usual has literally no idea what he's talking about. Uber is not a cash business and they report how much you earn directly to the IRS.

Every year, Uber will file IRS Form 1099-MISC and/or 1099-K with the IRS and your state tax agency reporting how much it paid you. This applies if you were paid over $600 during the year.

https://www.mileiq.com/blog/uber-driver-tax-checklist/

They don't withhold, but if you're going to forego reporting a huge % of your income when the IRS already knows what Uber paid you, umm, that's pretty brazen. Going to go out on a limb and say that the studies capturing how much Uber drivers earn are relatively accurate and tax evasion does not have a material impact on those studies.

Again, Uber drivers on average make about minimum wage. This is SD20's method for broke 18 year olds to become millionaires lol

[queridiculo]

So, I guess the Russians are having themselves a laugh and are celebrating over Trumps threat to leave the INF.

With the USA abandoning the treaty, Russia is free to place their nuclear arsenal strategically on NATO partner borders.

[stilldropin20]

SD20 as usual has literally no idea what he's talking about. Uber is not a cash business and they report how much you earn directly to the IRS.

Every year, Uber will file IRS Form 1099-MISC and/or 1099-K with the IRS and your state tax agency reporting how much it paid you. This applies if you were paid over $600 during the year.

https://www.mileiq.com/blog/uber-driver-tax-checklist/

They don't withhold, but if you're going to forego reporting a huge % of your income when the IRS already knows what Uber paid you, umm, that's pretty brazen. Going to go out on a limb and say that the studies capturing how much Uber drivers earn are relatively accurate and tax evasion does not have a material impact on those studies.

Again, Uber drivers on average make about minimum wage. This is SD20's method for broke 18 year olds to become millionaires lol

hey bud, you just dont seem to know anything. and i know you dont know anything. That's why I am trying to help you build wealth.

for starters there are 2 ways to be classified as an emplyee. 1099 or W2.

1099 is essentially an independent contractor. which means that uber drivers can itemize deductions. and pay 100% of their own taxes after deductions.

W2 employess have half their fica/ss/med paid by the employers contributions to their taxes.

There are benefits to both types of employment. but really the 1099 classification tends to benefit the employer most. and hurts the IRS the most because it essentially makes the 1099 employee their own small business. So they have a ton of write offs.

An uber driver (if they are 1099'ed) can write off gas, repairs, maintenance, marketing, phones, internet, car cleanings, etc. and possibly even depreciation of the vehicle.

All of those write offs can easily counter the income. get it?

Look i cancelled my season bulls tickets but when i used to have them, they were $50K annually. I wrote those off. and another $30K in annual boat costs (boat had a bathroom and sink so i sued it as an office). And another approx $30k annually in meetings (at diner) and another $10K in meal and entertainment. And if I bought new equipment that year sometimes i would write it off in 4-5 years. Its quite easy to write off 100-200K in expenses like this as a small business owner.

So an uber driver grossing $70K as a 1099 employee can easily write off 50K if they have a bad car that needs lots of expensive work and/or gas guzzler. Uber only works with newer low cost cars. 22K hybrids are best for uber. drive them for 150K miles and sell them...you lose about $5K per year on the car.

and as i mentioned multiple times. Uber drivers should also be side hustlers. Or uber itself should be just a side hustle.

Here's the key: ready? wait for it...wait for it. wait for it...here it comes......save your money!!!!!...then...just as important...pay your taxes on your income!!!


and that part hurts...every dumb ass snot nosed kid wants to take vacations and buy new phones and new computers and expensive apartments but.........wait for it....wait for it....dont do that!!!!

1. save your money.
2. claim your full income!!
3. pay your taxes.
4. Which allows you to qualify for a home purchase.
5. but dont buy a SFH!!!
6. Buy income property instead!!! (do you phucking get it, azzwhipe)<--this aint rocket science!!! i dont care what uber reports say....claim your damn income...all 50K-70K!!! save your money!!!! and pay your damn taxes!!! so you can get a damn loan!!!!!!!! and become an investor in our markets!!!!
7. but not just a real estate investor...you are buying income property (3-4 units is preferred)...which will NOT ONLY PAY YOUR DAMN MORTGAGE
8. but will also live in it for free!!!
9. Then keep saving!!! keep working!!! keep claiming your income after your purchase(which now includes rental property income). After buying a 3-4 unit, you now should be "earning" around $70-90K.
10. dont blow your money on bull crap! keep saving.
11. keep paying your taxes!!!!
12. find a sweet spot of income vs tax liability that works for you!! ( i have other ways to manage this that i can share later)...well hell...i will tell you now....as a small business owner if in any given year your write off exceed your income you can carry losses back 2 years and then 1 year and refile your taxes for previous years. and get some of that money back. This occurs often in real estate as you "fix up" properties. Get it?? no of course you dont!!! you dont know a got damned thing about our tax codes!!! but all those taxes you paid a few years ago, you can get some or most of it back if your loss in the current year is big enough.

so lets say you dump $250K into a property in year 3....and dont sell it in that year. You can theoretically show a loss that year on your taxes. and carry that loss back into theoretical year 1 where you were just an uber driver and real estate agent so you can recoup some if not all of the taxes you paid in theoretical years 1 and 2.

Now here is another magical kicker...if you lived in said property that you repaired and improved for theoretical year 3 for $250K and sell in year 4. $250K of thos "profits" are tax free for single people and $500K tax free for couples. Get it????? You make money and its tax free!!!!!!!!! No!! of course you dont get it!!!

^^^but right there you have it all^^^^ thats how you build wealth. Thats a wealth building strategy plus a tax strategy. plus career advice. plus uber advice. plus real estate advice.

The trick in income. you need income. you need to save your income. you need to pay your taxes and claim your income! You need to minimize all other debt (including wasteful student loans) . Thats the hump that 99% american can not get over. they dont know how to save money, avoid debt, nor buy income property vs. a panty dropper. Its that simple!


13. rinse and repeat. over and over and over. By year 5-6 you will be worth $300-400K if you have any kind of brain at all. By year 10 well over $1 million.