/biz/ - Business & Finance

[Anonymous No.54277771]

So a friends druggy sister in Ontario oregon is willing to sell me her shitty fucking small 2 bedroom house for 40, it needs some cleaning but is otherwise in decent shape, the house right next door sold some years back for almost twice that amount

I am thinking of buying it and either renting it out or just flipping it immediately, she is dumb and doesn't want the headache

Is it better to buy a house outright with cash right now? Or am I better off putting a fat down payment on a loan so it builds some credit or something or other, I don't know shit about real estate bros

[Anonymous No.54277784]

>>54277771
I hope they rob you.

[Anonymous No.54277817]

>>54277771
Do you know how to perform renovations?

[Anonymous No.54277824]

>>54277784
this

[Anonymous No.54277828]

>>54277771
Depends on the type of 40 she wants, if it's a Colt 45 or Old English the definitely, Steel Reserve maybe not

[Anonymous No.54277832]

>>54277771
building credit is always good, and you can write off a lot of long term financing. but if you're just loaded, money is no object, or you simply don't feel like balancing that stuff then just buy outright

[Anonymous No.54277854]

Don't ever do business with drug addicts. No matter how good of a deal it seems like. Trust me on this. Once they get the idea in their head that you owe them something you will never hear the end of it.

[Anonymous No.54277857]

>>54277828
based alcoholic

[Anonymous No.54277866]

The place looks like nigger town but it's actually stonerville, though apparently it has some pretty hefty crime, like I said I don't fucking live in the state I was just wondering if it's worth grabbing a piece of property cheap and holding onto it given how shitty things are at the moment, not sure if it's better to rent or flip or what and if it's better to buy with cash then take out a loan on it or what

>>54277817
The house is an ugly piece of shit but all the utilities work, it really just needs to be cleaned, she isn't a junkie just a dumb stoner on SSI

>>54277824
You are ugly when you are stupid

>>54277828
Noted

>>54277832
I am not loaded but I am also not a faggot who blows money on gay vices and save a lot of what I have so it wouldn't destroy me to lose 40k I would still have some decent savings and mattress money left, I just don't really know how loans work and shit or how to make my equity work for me

[Anonymous No.54277867]

>>54277771
Real estate is crashing. I would take the 40 out in cash, and wait for more bank runs. Once bank runs peak, then buy a lot of good shit. They say in 1929 with 25k you could buy most of chicago.

[Anonymous No.54277877]

>>54277854
You owe me 50k nigger.

[Anonymous No.54277889]

>>54277877
Can I pay it in heroin?

[Anonymous No.54277892]

>>54277889
Yea that's fine I'm just gonna buy heroin with it anyway.

[Anonymous No.54277916]

>>54277867
I don't know what the fuck you are talking about

>>54277892
You need a place to stay? I know a guy who can rent you a shit hole for cheap

[Anonymous No.54277932]

>>54277916
Na I need 10k so I can pay my bills then have like 9k to put into crypto/hold back until whatever shitshow happens so I can try to double it, so then I can take 6k then buy some rifles and ammo and reserves and have 14kish left over.

But I'm just gonna keep being a poorfag shitposter.

[Anonymous No.54278026]

>>54277916
Is that the house for 40k? how bigs the lot, and get a witness/notary junkies are squirmy fuckers, and make sure not a penny more.
Gut it and redo everything, looks like it was burned on the outside.
Sand and paint that wood, keep the shit from getting worse or do a good dark stain.

[Anonymous No.54278044]

>>54277916
It could be a nice shitshack, for city living if you're rich or just a place to build yourself up.
I got a decent place but it needs work and I ain't got the funds for it but eventually someday I hope.

[Anonymous No.54278063]

Clean the trash, redo the roof and outside, put some nice paver stones in the front until you're ready to do a concrete path.
It's kinda cute but If its got fire damage or water I'd avoid.

[Anonymous No.54278087]

Not burned no water damage or anything, just a shitty old house in a small town. I think the lot is pretty big around 6k square feet house itself has about 1200 inside and it has non asbestos insulation

>>54278044
The town itself is small and shitty and I couldn't give a fuck about it because Oregon love niggers and trannies and I am not about that sort of thing so I would seriously just sooner rent it out and see where that gets me after doing the bare minimum to make it habitable

[Anonymous No.54278101]

>>54278087
Ontario or oregon?
It's cute weird chainlink shit fence next to you though I'd throw up a privacy fence right on that bullshit.

[Anonymous No.54278113]

>>54278101
Ontario, Oregon.

[Anonymous No.54278123]

>>54278087
Likely wouldn't take much, redo the flooring/repaint rehash anything usable and sand/stain the outside hell air BNB it might be enough to keep it income friendly but not the hassle of section 8 type shit or whatever u leafs got.

[Anonymous No.54278127]

i live in boise and go down to ontario to get weed and know the owner of the house will not appreciate this

[Anonymous No.54278135]

>>54278113
Oh then yeah dude that's an easy buy.

[Anonymous No.54278147]

>>54278135
If you can though get it on mortgage, hyperinflation hits you got a free house.

[Anonymous No.54278171]

>>54278147
Can you explain what you mean by that like I am a retard

[Anonymous No.54278196]

>>54277916 In the last two week we have had Credit Suisse, Silicon Valley Bank, Signature Bank, and silvergate bank go bust. First republic bank most likle to be next this week. It only going to get worse. It not 2008 2.0. It 1929 2.0. Credit crisis >>54276566

[Anonymous No.54278212]

>>54278196
So, what, if the bank that I get my loan from shits the bed I don't have to pay my loan back?

[Anonymous No.54278250]

>>54278171
I kinda have to assume this is bait but I'm shitposting so fuck it here.
So you mortage this pos shit 45k at 5-6% interest rate.
Okay not bad it's affordable it's pretty cheap.

Next year we end up getting hyperinflation let's say, now your previous dollar converts to 10000x it's previous amount but your mortgage is locked in.
Now your single dollar is worth 10k then 4 dollars pays off your mortgage.
That's a simple way of putting it but the easiest explanation.

[Anonymous No.54278284]

>>54278212
No they would sell it to another bank, but I'd just hedge your bets on some from of hyperinflation and likely it won't last but anything on loan would be paid back for pennies on the dollar.

[Anonymous No.54278301]

>>54278212
And say it doesn't happen but inflation continues, you'll be able to rent this fucker out for $1500+ a month and be paying less than 500
Get hyper jewish put some stairs on the upstairs make it a duplex and you got 3k a month

[Anonymous No.54278336]

>>54278250
Not trolling just very, very ignorant of all of this stuff, I dropped out of highschool

So hyperinflation hits and we are in a crisis suddenly since money is now worth more the rest of the loan can be paid off for nothing essentially so I save the rest that I didn't pay off?

>>54278301
Funny you say that, essentially the upstairs is essentially a separate studio

[Anonymous No.54278385]

>>54278336
Precisely, instead of dumping your money you can save most of it and just get it loaned out, they get their money now, you hedge your bet on some crisis where our money inflates beyond control.

and I dropped out in the 3rd grade kek, just have some weird understanding of finances.

I'd knock out a window make some steps right up to it away from the main door and see what it takes to get a separate residence put onto it, I've seen people turn houses into quadplexes here

[Anonymous No.54278388]

>>54278212
As long as you can turn around and pay off loan. Get loan, get money of of the bank. You said you had 40k, right?

[Anonymous No.54278402]

>>54277771
>>54277866
>>54278087
Let me just explain it to you since it sounds like you’ve not been there.
Ontario, OR is an absolute fucking shit hole.
Used to live in Boise, ID and that place was the closest you could legally purchase weed.
Sketchy fucking drive back though because Idaho cops know the traffic of people going to out there for legal cannabis and there’s 1 main highway back. Used to call it driving the gauntlet.
But anyyyyyway. Ontario was a completely dead economically depressed town, and then realized the cash grab they could make if they opened up their town for legal sales, since Idaho is so restrictive.
Guess what? It’s still an economically depressed shit hole town, with a few dispensaries making absolute bank.
I don’t care how cheap the home is. Don’t buy it.

[Anonymous No.54278404]

>>54278336
Oh kek if it's got stairs then you're ready to roll, it's a steal make sure there aren't some hidden liens against the property

[Anonymous No.54278473]

>>54278402
Still cheap regardless of how shitty it is, there's a town near me same kinda problem called St Joseph, it's really pretty and cheap, shit economy but if it ever booms again it's gonna be a huge flip for people who buy

[Anonymous No.54278503]

>>54278473
Ontario is not really pretty. It’s a desert wasteland.
Eastern Oregon is fucking rough.
I’m cool with stoners, but that place has a lot of metheads and junkies.
You can buy a cheap house in Flint/Detroit or Gary, IN but it doesn’t make it a good deal

[Anonymous No.54278550]

>>54277867
This is a little outdated. The marketcap of Gold is 12 Trillion and is expected to go even higher if we go to $3000+

[Anonymous No.54278555]

>>54278503
Well this anon might have a point, St Joseph has some beautiful historical buildings cheap only reason if I had money I'd invest in them.
Only thing is some cities are real kikes and won't let you fix them up.

[Anonymous No.54278558]

>>54278503
>>54278402
I understand the hesitation but I see homes that have sold in the area from a couple years ago at 80k+, it's tough to say no to that, again I don't plan on living there

[Anonymous No.54278577]

>>54278503
These are what I'm talking about super cheap cause the towns full of junkies but one good decade of prosperity will make this place awesome, used to be the town for some upper class millionaires back in the turn of the century.

[Anonymous No.54278592]

>>54278577

[Anonymous No.54278612]

>>54278577
>>54278592
Yeah Detroit has some absolutely stunning nigger mansions, but it isn't like folks are clamoring to get in there even now

[Anonymous No.54278617]

>>54278550
True, but my point was the derivatives market, that shit is scare as all fuck, and will come down.

[0x58120E2F2C6AE9f89481C05DA3A749928Dcc7238 No.54278625]

>>54278555
claiming these checkems then taking your advice, anon

[Anonymous No.54278630]

>>54278625
100 Checkems scheduled for deposit

[Anonymous No.54278631]

>>54277771
40?
40 DOLLARS nigga?

[Anonymous No.54278640]

>>54278612
I'm sure although this place isn't nearly as bad off as detroit I'm curious cause our state just legalized weed if it's gonna make all property skyrocket like colorado since it's super lenient anyone over 21 resident or not can buy 3 ounces a day.
per store, so basically we just ran out of weed, got over 90 million in taxes in the first month and we don't even have many stores here
I'm in KC which is about an hour south of st joe, i've noticed tons of new businesses popping up I'm gonna petition the area to start driving out the niggers and homeless.
Maybe finally get some peace around my place.

[Anonymous No.54278662]

>>54278625
Take my advice: Give me your checkems

[Anonymous No.54278679]

>>54278577
We really should legalize weed and execute the remaining drug addicts and homeless. Maybe big pharma for good measure
Imagine the prosperity that could spring forth in our country again

[Anonymous No.54278693]

>>54278662
claim your own, slowpoke

[Anonymous No.54278700]

>>54278558
So what’s your plan? Flip? Rent?
Nobody is moving there and the ones that are? You don’t want to rent to them.
Flip? Can you do the work yourself? Ok so now you’ve sunk even more money into this place, as we’re heading into an economic recession, and trying to unload this house…. To who? Who is going to be moving there that can get a loan?

Look man, do what you want, but I worked in real estate in the treasure valley and know wtf I’m talking about.
Bad financial decision.

[Anonymous No.54278717]

>>54277771
submit it to scuffed realtor tomorrow at 4pm pacific time

Sam & Nick's Perfect Clips on youtube

[Anonymous No.54278732]

>>54278250
Tried mentioning the inflation betting strat to my brother but he is saying it's the dumbest thing to ever attempt and I am unsure how to refute him

[Anonymous No.54279184]

>>54278732
Just tell him hes a faggot.

[Anonymous No.54279208]

>>54279184
tried that, he said whoever suggested it is a retard and hyperinflation would just be picking up pennies in front of a steamroller Venezuela style

[Anonymous No.54279368]

>>54279208
it's why you move you money into crypto during the next leg down, when hyper inflation hits crypto has to move along to match it's price, your dollar won't but a fraction of a bitcoin will pay off your home.
I'm a nocoiner lolbertarian who knew this shit in 2010.

[Anonymous No.54279385]

>>54279208
And if this happens you quickly off ramp your currency into its inflated value, and simply pay off your loan with your insane sized bank account.
this will be a fast downfall if it happens but the wise people with money can take advantage of it, and tell him he's a niggerfaggot.

[Anonymous No.54279418]

>>54277771
never do deals like this with friends or family.

[Anonymous No.54279638]

>>54279418
Don't tell me what to do, nerd

Apparently tater tots were invented in this joint, maybe that means something to someone

Also eastern oregon is trying to split from the state and merge with Idaho, not sure what the ramifications are if that were to happen

[Anonymous No.54279789]

do not buy a house without a pre-sale inspection. there is probably something wrong with it that makes it uninhabitable or unsellable.
and just some advice in general: do not speculate on trash real estate unless it is an absolute wipeout, as in the market is flooded with foreclosures. now is not that time so don't even think about this.
how to speculate on real estate the right way is to buy mid-high end stuff, places where young white girls are actively moving into. those are the only places that will see significant appreciation. unless it is a magnet for starbucks drinking skinny jean wearing blonde haired white girls your real estate sucks and is a depreciating asset and you won't make any money speculating on it.