Anyone here cheap?

[metalwater]

Man that’s gold @metalwater. Never thought of it that way.
“A high credit score is usually the sign of a beta chump.”
I see the truth of it. Come to think of it, my last two construction loans I had borderline credit scores but I had 30 grand to front on one and 50 grand on another. Never had a single problem. Fastest closings ever.

thanks.

More power; go go go. Money is the measure of the current times. can't buy luv; can buy ***** all day long. don't even have to pay if you can.

one small caveat. if you owe someone a little; they have the power. if you owe them a lot; you have the power.

 

[Lynx nkaf]

More power; go go go. Money is the measure of the current times. can't buy luv; can buy ***** all day long. don't even have to pay if you can.

one small caveat. if you owe someone a little; they have the power. if you owe them a lot; you have the power.

why is it when "you owe them a lot, you have the power"
I agree but my caffeine-jonesing brain can't reason why right now.

Seems counter-intuitive but I'm telling you I agree.....just don't know why this is true.

 

[RickTheToad]

A high credit score is usually the sign of a beta chump. good boy, you pay your interest to the alpha really well. Drop that crap and pay cash. A bad credit score and a full wallet are golden. (by full wallet I mean a couple million in cash reserves.)

This is the dumbest thing I've read since Big Goal on SS. Excellent credit builds wealth. I've already own four multi-family properties putting 20% down. I could only do this with excellent credit.

Stop being naive and passing bad information around.

 

[bat soup]

Nobody is as cheap as women.

 

[Lynx nkaf]

Nobody is as cheap as women.

Also, S cottish men.... so the stigma goes

 

[Lynx nkaf]

Metalwater can speak for himself on this.
I have my input. construction loans are higher interest rates. So I go buy a 20 to 30 acre piece of ground. Plus I add on the amount it costs to build a home. So let’s say I have 400 grand from my last sale.
im only going to put 50 grand down. So I borrow the rest for the entire project. Let’s say 200 grand for the land and 300 for the house. I still hang onto the bulk of my 400 grand minus the 50 I put down. This is my safety fund.

this means I’m into the loan for 450 grand. Beings its construction it’s higher interest. They will make much more interest off of me in a 10 month to year
project. Your 2000 credit card debt is chicken feed. Because I have finished projects before with a track record they jump on it. So I’m in the power position. If I defaulted they loose a truck load of money. They will help me along, if I need it, to prevent me from failing. In a year they make high interest return and I automatically have 150 grand of equity and as high as 200,000 or more in equity. Depending on the market.

So if I bought 60 acres that’s 3 to 4 custom homes.
the more work I put into it personally the more I get out of the house. I am a very hard worker too. 4 houses would net me a million. Do I spend it? Oh hell no. I reinvest it or I will be severely punished with income tax.

I'm an experienced, trained and qualified construction worker...albeit, a commercial steel and industrial steelworker not residential wood worker/homebuilder.

I have always been curious about residential homebuilders and their business decisions. I know a bit about commercial steel and a lot more about industrial steel construction but only from the employee point of view, not entrepreneur pov. So always interesting to learn about.

 

[Lynx nkaf]

I was never a home builder. I started off a pipe fitter/welder on refineries. I’m familiar with the iron heads sitting on a spud wrench. I decided to build my own home. Hired my brother and his partner, master carpenters and told them the caveat was that they had to train me. I ran all the mechanical and finished it mostly by myself. Anything I didn’t know how to do I went to a bookstore and looked up how to do it. This was just before YouTube became famous.
I sold it and rolled the money up and built a new one. I never looked back.

hmmm, wicked resume, I've had 2 pipe tickets but never got to the skill level of a pipefitter welder-much respect.
Killer idea to withhold the hire until they promised to train you.
You are hardworking then.

I remember the days before youtube and the vast searches for books.

So I'm an ironhead...cool, first I've heard of that nickname.
I haven't erected since last March 2019 but I'm starting to dream about it. I love it, I love steel, I love loud industrial, machinery noise and the controlled chaos of building with a team of brothers(a few sisters) too.

I drive by the site where we're going to build a school/hall sometime in the future.....at least once a week now. Itching to build again.

 

[mrgoodstuff]

I think "happy wife happy life" had to deal with women whose default state was "happy". Not someone whose a crabby azzhole for you to try and make happy. That never works. Pick a good hearted lady, whose default state is "happy" and it makes her happier to see you getting stronger and better you can't lose. She will amplify your efforts.

 

[metalwater]

why is it when "you owe them a lot, you have the power"
I agree but my caffeine-jonesing brain can't reason why right now.

Seems counter-intuitive but I'm telling you I agree.....just don't know why this is true.

good question. If someone owes me and doesn't pay me I am the one that is out, yes I can take action to recover and all sorts of things but it takes time and effort. I am out temporarily; screws up my plans. That is partially why in some case a borrower can renegotiate, it is not the kindness of the lender it is that they have a need to recover. If we are ever able to get an unsecured or less secured loan, we have the power to dictate the terms later and renegotiate. even if they mark our credit... we have the money.

 

[metalwater]

This is the dumbest thing I've read since Big Goal on SS. Excellent credit builds wealth. I've already own four multi-family properties putting 20% down. I could only do this with excellent credit.

Stop being naive and passing bad information around.

nope; we agree to disagree then. the typical person pays so much in dept that it robs them. you are apparently are educated well and understand leverage, that is great. you're then in the upper categories of these things. the dept you have on those is good dept, different as you probably know than the average chump that pays 7 or 10 years for a new bmw while renting one of your units...

I am naive on some topics, not this one.

 

[metalwater]

I'm an experienced, trained and qualified construction worker...albeit, a commercial steel and industrial steelworker

I was just yesterday bending some 16mm bar for forms by hand because a tool walked away. after I did a couple the others caught on and got with it. what a pain, glad I never went into that stuff it's hard work.

 

[metalwater]

I think "happy wife happy life" had to deal with women whose default state was "happy". Not someone whose a crabby azzhole for you to try and make happy. That never works. Pick a good hearted lady, whose default state is "happy" and it makes her happier to see you getting stronger and better you can't lose. She will amplify your efforts.

that is the perfect situation. getting and keeping that is a challenge.

 

[Lynx nkaf]

I was just yesterday bending some 16mm bar for forms by hand because a tool walked away. after I did a couple the others caught on and got with it. what a pain, glad I never went into that stuff it's hard work.

You're strong as fvck, omg metalwater.
Rodbusting WAS challenging. Did it in school and for 5 sites right in this city. Everytime I pass by my muscles ache. I go to the gas station site regularly to get gas and things.
One time I excitedly shared with some random in the grocery store I built in another city that I had helped build this....I was walking around the store staring up at the ceiling like an autist just admiring the finished build, so I felt like I had to explain to someone. I don't do that anymore, lol.

 

[bat soup]

You are cheap if you're not enabling a woman to be even cheaper.

 

[RickTheToad]

nope; we agree to disagree then. the typical person pays so much in dept that it robs them. you are apparently are educated well and understand leverage, that is great. you're then in the upper categories of these things. the dept you have on those is good dept, different as you probably know than the average chump that pays 7 or 10 years for a new bmw while renting one of your units...

I am naive on some topics, not this one.

No, respectfully, you are very naive. Allow me to educate you. One cannot acquire real estate property or build a successful business without excellent credit. Example. With credit above 760, one can obtain a mortgage for 30 years on a single family, duplex, triplex or quadplex for under 2%. One lives in one unit and rents the others out. After one year, they can leave that building, rent their unit out and then repeat all over again.

It's how one builds wealth. You are greatly mistaken, so stop passing lies and misgivings.

 

[RickTheToad]

You can do it with average to just below average credit. Same interest rate. A wife can do that to things.
Multi family properties are the collateral. Just need CASH to seal the deal. I see @metalwater point very well.

Take the average Joe with a wife and 1.6 kids. He generally struggles to maintain a high credit rating to “buy stuff”. Keep his wife happy. Get ready to sell and move into a larger more elegant home so she show off her status. Always trying to please his wife and keep her “happy” so she doesn’t bounce on him and wreck the whole show.

Trending upwards towards 70% divorce rate and a woman’s life of leisure drive he is bucking a stacked deck. This is real. Anyone who tells you it’s not true is a mother fukking liar. It’s a brutal battle.

I can see where there’s truth in it. That’s never a reason to have a good credit rating.

I get construction loans. Made good on them. I write my ticket because I start the show with CASH.
Walked out of a closing because the broker wanted 10 grand for putting me and the bank together.
One week later I was closing with another guy and with the same bank.
Companies file bankruptcy all the time. 18 months later are getting major financing.

credit ratings are for consumers to buy stuff. That’s all.

No, you can't. Sorry dude, this is not how it works. I run now six rental properties as my side business in the Greater Bridgeport, CT area. I think I know how it works a bit better than you; respectively.

One telling anyone, in this day and age, having good credit is beta has to be the most ill-informed person in the world. Or, likes to live paycheck to paycheck. You and @metalwater continue to preach this BS, while the smart money buys up rental properties and other real estate and make millions.. Mostly tax free.

I am only talking about one's credit. I cannot advise anyone person with assets or thinks they will have assets in the future to get married. While, yes, people can fall into that trap. However, they are not keeping up good credit to do so. Any idiot can get a credit card nowadays at really any credit score. I am talking about using your credit to make $$$ and not have to live paycheck to paycheck. I am not materialistic, nor would I ever, nor have I ever would even think of doing what you say the average Joe is doing.

I am not sure why you are giving a mortgage broker 10k. I do not pay a cent to my mortgage broker at the bank. I pay no points either. Yes, you may be able to get a light-doc loan for 7%+, but it's hard to make good money at 7+%. I'll stick to my sub 2% loans locked in for 25 years and laugh all the way to the bank. Happy to pass along some banks in the NYC area that will right in NY/NJ/CT/CA/PA for you; if it helps. I won't even charge you a fee either.

 

[RickTheToad]

I’ve built four houses and fixing to build four more.

I’m not going to tell you what to think. Hey if that’s your experience run with it. Personally I would rather get the construction loan and build family dwellings. I’m sure I would sell them to you. I don’t have a problem with that.

Whatever works for you chief. Construction loans are higher priced loans and due sooner than mortgages. To each their own and build away.

 

[Bible_Belt]

I am not sure why you are giving a mortgage broker 10k. I do not pay a cent to my mortgage broker at the bank. I pay no points either. Yes, you may be able to get a light-doc loan for 7%+, but it's hard to make good money at 7+%. I'll stick to my sub 2% loans locked in for 25 years and laugh all the way to the bank. Happy to pass along some banks in the NYC area that will right in NY/NJ/CT/CA/PA for you; if it helps. I won't even charge you a fee either.

The mortgage broker is getting paid by the lender on the back end, and that compensation is not required to be disclosed to you. It is certainly possible to give a broker a big pile of cash and come out with a better deal. He might drop the rate to as low as it gets, the level where the lender does not pay him on the back end. You'll never get that rate without paying up front.

 

[user43770]

So you don’t think it’s worth it to have a few nice shirts and shoes to wear to a bar or casual social event?

If you're trying to get laid, this is must.

Being frugal is great and all, but most women don't find it attractive.

 

[AttackFormation]

Being frugal is great and all, but most women don't find it attractive.

My mom compliments me for it.