PS Since you're in London until Sunday, I guess you realize you've now been steadily posting from 7 PM (London time) until your last one which was 6:40 AM (London time). Guess you don't need sleep over there.

 

dude, i havent seen your post here before but derek prefaced his statement with "im not hatin" which means dont take this personally. but your reply (above) was a bit flippant to a long term poster or anyone for that matter. and the 50,000sf house comment was fronting a bit. just chill a little and, "cant we all just get along!"

 

Jakpro1, sorry for the highjack. Peter, thanks for getting my back. Now that his fraud has been confirmed (see below), the highjack is officially over.
https://mbworld.org/forums/off-topic/104272-novitec360-fraud.html

 

Serious delusions of grandeur, novitech, you need to go to a good psychotherapist . I can recommend some if you want.. Good catch DerekFSU , this is crazy…now can we get back to talking about our E55’s!!

 

holy s your the man. good kill, some may say why'd you care??? but when one strokes like that tool he just needed to be put in his place. i think its fun! anyway, i thout hes messpelling wus prette badd 2!

 

Unbelievable poser. As Peter said, good kill. His stuff sounded pretty amazing.

 

Wow Derek, that's dedication. I'm going to make some popcorn and start reading from the beginning.

 

Back to the thread, We, my better half and I do a lot of the same things that Peter does. Real Estate is the only way to go in AZ. We lucked into a condo deal and have benefited from about 200k in "paper" price increases. We shall see when when it actually closes in 3rd quarter of '06. Will have to pay cap gains but still will have more than we started with. Also, refi'd to interest only loans on our primary and rental properties, and took out an equity line to buy a lot to build on in N. Scottsdale "Mirabel" Really nice masterplan. We are able to build for about $120/foot and should see huge equity when it is finished in early '07. I'll say it again, Real Estate!!!!! I am a General Sales manager and Associate Broker for a builder here in AZ and my wife sells new homes for a different builder, combined we fit into cat 3 but alone each are in cat 2.

 

What a poser......funny and good idea with the popcorn.

T

 

Wow that was a good read.
I would fit around the 95k bracket. Not much in MA since housing like most of the country is out of controle. Plus its taxachussets

 

I concur...our medical practice leased space for over 8 years until we built our 10,000 sq.ft. office space to house our practice, an accounting firm, investment firm, and a part-time dermatologist in this area. Our land and build cost ended up a little over 900K (we bought the land about 5 years ago in cash and financed 80% of the construction) and the appraised price on the property is already showing a paper increase in value of over 400K in less than 2 years.

Bottomline is if you can own land and build on it then it can be an investment that will give solid returns. The money leasing seems to be such a waste now.

 

San Diego is crazy. Good weather is expensive. My homeowners fees are $400/month + $1100/month property tax + mortgage + gas @ $2.60/gal. Homes is my neighborhood cost about $400/sq foot. No kids for us.

Wouldn't trade it for the world.

 

^^^ at least you have the good weather.

 

Hey NoviTec360,

Here is a little info from the IRS web site. I'm sure you dont care since you are only 15 y.o., but I thought others would benefit, since your income tax post was pure bull@#$%. From the IRS list of the "dirty Dozen" tax fraud schemes.........

Offshore Transactions. Despite a crackdown on the practice by the IRS and state tax agencies, individuals continue to try to avoid U.S. taxes by illegally hiding income in offshore bank and brokerage accounts or using offshore credit cards, wire transfers, foreign trusts, employee leasing schemes, private annuities or life insurance to do so. The IRS, along with the tax agencies of U.S. states and possessions, continues to aggressively pursue taxpayers and promoters involved in such abusive transactions.

 

There was a physician in one of our buildings whose accountant told him this was all on the up and up. He sent his dough off shore (run by the accountant) and enjoyed his low tax hit. Well, as eagleeye points out above, this isn't legal. The IRS caught up with him and he's now basically ruined. In his defence, he argued that his accountant should be the one at fault. The IRS got both of them, and several other clients of the accountant too.

If it sounds too good to be true . . .

 

 

Considering that you can "own a benz" for the low low price of 299/month (c-coupe) its not that hard to survive on 95K, especially with a neg-am loan on your house. is there any savings left? hell no.

Im in lower cat. 3, not according to the IRS however. But my income comes in chunks. So it doesnt feel like i make 20K a month, sometimes 5-8K, sometimes 35K. etc. I also have 4 properties, so I have a huge nut to swallow, and cashflow seems high with rents coming in.

I'm single, 24, rent out some rooms to 2 chics I know, so instead of "family expenses" I have a positive cash flow from that aspect.. I can only imagine the way things would change if I had kids and a discerning wife.. but my hope is that we will have a dual income. and kids will wait..

In response to 500K not being so much, thats a rediculous statement. I'd be tickled pink if I pulled that. I'd have a nother 200K+ to blow/invest. That's a lot of buying power. I wouldn't need anything else. 2 million a year would feel much different. One day...

 

 

oh, now come on all. Everybody always wants more money.....I do. But we all drive MB's, it can't be all bad? Just give it some gas, you'll feel better.

 

Yeah I would take $500K...I'm just saying it isnt as much as it was in the PAST or in other parts of the country where taxes, property values, and other cost of living expenses are different (meaning higher).

 

aw come on man! dont hate. i think its interesting so see whos doing what and many arent even commenting on the actual cash but those who do, no biggie. seems to me (and my personal experience) real estate investment has helped more than a few out while the offshore account bs has been laughed out of here. its good to know.

 

HEY PETER, sorry I wasn't trying to hate on anyone, I'm glad people have nice stuff and yea there was a few funny posts but it semed like it drug on, thats all. and I agree real estate is were its at! thats were all my cash is.
I own 3 homes and a 5 plex in a small college town. and laugh all the way to the bank in my E55!

 

Sorry for bringing this thread back to life, but in fact NoviTec360 is right in a sense. I'm going to come out and say it, I do have a offshore account. There are gray areas of the tax law, its not illegal but its not legal. They quote "hiding income"... you can go wherever you want with this, but its not hiding income you can pay a office down there a "Management Fee" if you do all your transactions through that corp. I know this from 1st hand experimenter I have been audited 3 times in the past 5 years with a offshore account and they know about it, but since its done right and I checked twice. THEY CANT DO ANYTHING! NOTHING at ALL until they change the tax laws which I think will never happen since Congress is too lazy. You really don’t know enough about offshore law to think that its automatically wrong and illegal. Nothing personal just there are so many gray areas that are defined by law... There’s a lot more to it that just that little paragraph they provide.

 

This thread should be changed to What's your NET WORTH? In my opinion, net worth is a better indicator of someone's financial health.

It would also be interesting to know the income differences among different attainments of education levels (i.e.high school grad vs undergrad vs graduate vs PhD).

Another interesting statistics would be who is making more money now as adults, the jock or the nerd in high school (maybe even the popular or not so popular in high school)?

Thank goodness for my education in engineering and business, Real Estate values skyrocketting in California, demand for senior health care, high tech, and the ***** to take risks. Without them, I would still be driving a Nissan Pulsar. Ha, ha, ha!!!

My only worries are my kids not having the same drive to succeed because unlike me growing up, they'll pretty much be able to own mostly anything they want. But that's another topic of discussion.

 

Would it go in the off topic section??