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Investor Alley / Re: Lending Club - Time to panic?
« Last post by chasesfish on Today at 06:30:59 PM »
I had another crummy month in January.  I struggle with their company not providing me 1,3,5 year returns.

$5000 or so left, hopefully I see most of it.  The only nice thing about all these chargeoffs is I may see recoveries for years
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I have always been frugal by necessity but only once we started making decent money have I enjoyed it. It was no fun being frugal but only saving $1000-$1500/month.

I used to think I would rather have possessions than life experiences, now I have completely flipped and realize what a burden those possessions bring. I really am starting to embrace minimalism and reducing our belongings as time goes by.
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I'm sorry things turned out this way for you.

WA is not necessarily a bad place to FIRE (no income tax, comparatively low property taxes in reference to places like NJ, expanded Medicaid for those living on low incomes/decent subsidized ACA coverage for those with a little more but not a lot), but the cost of housing in high-demand areas can make it really challenging.

It sounds like you are done with this house -- that you either can't or won't sink more money into it.  The good news is that housing prices throughout western WA have continued to rise -- Zillow just told me that my north seattle zip code is up nearly 20% in the last year.  Could you find a real estate investor or another person up for a project to buy you out?  Is it legal to sell in its current condition?  You might not get back everything you put into it, but at least you would have the hassle off your hands.   Then you could maybe rent for awhile and see if the economics and other things really work for you to stay here.  Or move somewhere less expensive.

If you need to boost the stash for a bit to make up for any losses, at least software has decent earning potential --  I know you said you were done, but sometimes accommodations have to be made when things don't turn out as planned.
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Welcome and General Discussion / Re: This really amazes me
« Last post by Neo on Today at 06:18:52 PM »
Itís interesting to see the various responses here. Iíve always had an entrepreneurial mindset, as does my wife, but I know a lot of folks who prefer to go into work from 9 to 5, forget about work at 5:01, forget about work all weekend, and start over on Monday. There are certainly advantages to putting in your 40 hours and enjoying the remaining time. A lot of folks, including many family members and friends, find comfort in that. Even the ones who complain about their jobs have no interest in starting their own business. I wouldnít try to push my own mindset on them. I will say, when you have a salary position, you rely heavily on a defensive strategy, as a set income means the primary way to save more is to spend less (aside from raises and climbing the ladder, of course, but those are typically 3-10% increases). Obviously a strong defense is  a huge component of MMM philosophy.

Personally, my wife and I thrive off of the challenge of starting new businesses and making our own schedules. If we ran into a windfall of 1 million dollars, we would invest all of it into new businesses. Our passion is creating and marketing businesses. When we lose excitement over one business, we start another business. We mitigate the risk of self employment by running 5-10 businesses at a time. And none of it ever feels like work simply because we love every second of it. Itís true that an entrepreneur works 80 hours to avoid working 40, but whatís important is enjoying those 80 hours. Itís also important to remember that an entrepreneur may make in 2 months what a salary employee may make in 2 years.

For the folks interested in entrepreneurship but feel like you donít have a brand new idea, you should remember that in this day and age, almost every thing you could ever dream up has been invented, monetized, or turned into a business of some kind. But the most successful businesses arenít from the inventors. Itís from the folks who see an idea being done, and they improve upon it by 10%. You could name 50 businesses and Iíd venture to guess that 49 of them werenít the first to do it.

Interesting. Have you written here or elsewhere about your strategy? I would love to know more about what kinds of businesses you run, what works and what doesn't, pitfalls, etc. Do you mind sharing more?
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I thought Portland, OR was a high cost of living area.  Have you looked at what your return on investment will be yet?  Have you applied the 1% rule?

The 1% rule - The house should rent for at least 1% of the acquisition price (purchase price + fixing up) to be a worthwhile rental property.  If a house is Portland costs $500,000, it needs to rent out for $5,000 a month to be a candidate as a rental.  Same with multi-family on a per unit basis. 

This is a simple formula, you do more complicated math later to figure out the actual expenses and actual ROI. 

Multi-unit seems to be more popular these days.  It's like a real estate "fad" that everyone is doing.  I personally own 20 single family homes in Alabama (low cost of living) that are doing.  I'm a real estate blogger.
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Meetups and Social Events / Re: Perth Meetup! (Australia)
« Last post by nnls on Today at 06:09:23 PM »
I have barely been on the forum in ages (stupid work getting in the way)

But I hope you all have fun tomorrow, hopefully I can make the next one :)
That was last week!

But on that note, next Meetup: late Feb? Early March? Mid March?

oops lost track of dates!

Early to mid march would probably be best for me

I am home 7/3-12/3
I should probably have thought about dates too. I will be packing/ getting keys/ moving shit that entire time period. When's your next time at home?

April. I go to Spain for a freinds wedding at the end of March. Looks like I will miss the March meetup, catch you all at the next one :)
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Although both the Senate and House versions called for increasing the timeframe for exclusion of taxation to 5 out of the last 8 years, the final negotiated version kept it at the last 2 of 5 years.

That new rule would have hurt rich people.  You think the House and Congress would approve that?  That's like voting themselves a decrease in salary.

That can never be!
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Investor Alley / Re: Shifting from 403b->457b for ER purposes?
« Last post by bacchi on Today at 05:55:32 PM »
Fidelity calls their solo 401k plans "Keogh" plans, which isn't exactly accurate any more. Their web documentation is lacking.
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Hi Guys, time to come clean about a failed project and how it has put the whole deal at risk. [long, td;lr at end]
Looking for input of ways to recover, and what you would have done differently.
Raised as a Contractors Daughter, restored 3 of my own houses and helped build dozens so not a greenhorn.

Roll back to Fall 2016: After a brutal contract in LA, I'm just done with Software. Really done. Shoot me in the face.
Decide to sell my Portland house and move to Seattle to be around grandkids. I get 350k or so when the dust settles.
I look everywhere for a flip opportunity and settle on a 220k half acre in a cute distant suburb called Port Townsend,
'cause there is literally nothing else close to that price in 100 miles. It's a hoarder house, estate sale.

I've done those before so np. Empty the inside, the drywall has failed, no big. Oh, ratty insulation, knob and tube.
Do those too. Oh - look at the framing, it's... treehouse substandard. Plumbing needs to be redone.
Go to the City to get a permit, get slapped with a stop work, and they add so many requirements to the 100yo shack
that a new build would have been easier, nicer, and far more valuable. Now, I'm stuck with a terrible investment.

Market is lower than the money in (220+75) and I'm unwilling to go into debt to build new. I ask you smart people:
1) How would you recover from this situation?
2) Is it sometimes better to lose and walk away?
3) Is Washington State no longer an okay place to FIRE?

cheers all.

td;lr - bought a bad house project, got underwater



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Meetups and Social Events / Re: Perth Meetup! (Australia)
« Last post by Anatidae V on Today at 05:46:39 PM »
I have barely been on the forum in ages (stupid work getting in the way)

But I hope you all have fun tomorrow, hopefully I can make the next one :)
That was last week!

But on that note, next Meetup: late Feb? Early March? Mid March?

oops lost track of dates!

Early to mid march would probably be best for me

I am home 7/3-12/3
I should probably have thought about dates too. I will be packing/ getting keys/ moving shit that entire time period. When's your next time at home?
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