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Larry T. Spider

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    2016
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Everything posted by Larry T. Spider

  1. Recently got a higher paying job so I have a good challenge on my hands. I can save about 4k or 5k per month plus commissions. Not counting commissions for now but it would be safe to expect another 50k or so. Could be much higher with accelerators. This money is based on take home with my 401k getting maxed at 23k. Already maxed my Roth and my wife’s traditional IRA for 2024. So the question is what’s next? Can’t do a HSA. Owe 135k on a house worth 600ish at a 3.25 rate. No debt other than the mortgage. No kids. 12 month emergency fund is done. Need a new car soon and saved enough cash for that. Want to buy a couple of rental properties and also have enough for 25% down on those. Im 40 and don’t have a ton of retirement savings because I wasn’t making a ton for a lot of my career. Paid into TRS for 15 years. Is a taxable brokerage account the only real option here? Can’t imagine throwing a bunch at the mortgage would be smart with the low rate. I can buy more rentals if I end up liking it, but that won’t be for a while.
  2. Going to 7,000 and 8,000 this year.
  3. Appreciate the perspective, especially from a lender’s viewpoint. Just want to clarify that a low cost of entry isn’t my main criteria. I’m more looking at the 1% rule, meaning that you can get 1% of the purchase price per month in rent. Pretty easy way to tell if you can cash flow assuming 25% down. I do feel that I could get better appreciation in the major Texas markets. However, only putting 25% down would leave me in the hole each month. As a quick example, if somebody purchased my home using the same metrics, they would have to put about 150k down and would have about a $3,600 monthly payment with no repairs. It would rent for about $2,300. I know there are better areas in Texas for rentals than my current neighborhood, but I’m not finding much of anything that meets the 1% rule.
  4. This is actually something that I have been looking into and would love opinions from the experienced landlords on here. I’m in Austin and it looks pretty hard to cash flow here unless you buy the house outright, which is expensive and hard to scale unless you are already rich. I’ve been talking to a realtor in a midwestern city with more affordable homes and it’s not a shithole/dying city. He was an investor long before he became a realtor, owns 20+ properties, has good connections with management companies, and has several out of state investors he works with. He would tour the homes, video, make an offer, then I would go up there during the option period to view in person. If it’s going well, I could eventually to more than 1 at a time. From my own research, it looks possible to invest with the 1% rule there and houses that don’t need much/any work are 100k-130k. They get rented fast and have a chance of ok appreciation. Nothing like what the Austin market has seen, obviously. Thoughts on being an out of state landlord using a property management company?
  5. Not sure Epstein had underage boys.
  6. At this rate, we are going to have to start a 2024 Lake Travis countdown to 0 thread.
  7. After 15 years in education, this was my first full year in sales. Full cycle AE selling to school districts. It’s relatively entry level but I picked up some extra projects, hit my number and won some minor internal awards. Talked to some other companies that could easily double my current comp…..which is already the most I’ve ever made. This job can be a complete kick in the dick. It can also be amazing. Seeing the possibilities out there definitely keeps me motivated.
  8. I visited where they meet a couple of months ago but it wasn’t on a Thursday. They usually don’t have any disputes and it’s mostly for tradition. However somebody had an actual issue a year or so ago.
  9. S&P 4950 Winner: Nike. Currently $118.
  10. I get when the ground is hard as concrete it’s going to take a while for water to soften it up and soak in. That can cause flash flooding if you get an immediate heavy downpour. But if you are talking consistent rain over a period of days, that dry ground will hold a lot of water.
  11. We have been getting a good amount in western round rock so I checked the lake Travis level. Hasn’t gone up at all. I know it’s not immediate and it doesn’t have the biggest drainage basin. It’s amazing how much water really dry ground can soak up as well. Hopefully this next round coming in will show up in the lake levels.
  12. Is this the appropriate thread to mention that Lake Travis is down over 3.5 feet in the last month? The recent rains provided us with a brief reprieve from the drops but did not increase the water level at all.
  13. Wouldn’t 22k a year in property taxes have her downsized house in the 1.5 million range?
  14. One of the local weather guys says that September 13th is the day where the downhill temp slide typically ramps up. Obviously you can still have plenty of hot days after that, it just becomes less of the norm. However, with how hot and dry things are right now, I’m not holding my breath.
  15. I was in Chicago for a long weekend and soaked up as much patio time as possible. At lunch on Saturday a couple was so offended they would be seated outside with the oppressive heat. Got a good laugh out of that. Jokes on me though. I land back in Austin in 10 minutes with nothing but 100+ degree days on the horizon.
  16. Feels strange to hope for a flood knowing that it’s going to cause significant property damage and people will likely lose their lives. But it’s the only way this city continues to exist.
  17. Has Lake Travis ever been really low and been filled up by steady consistent rain over time or has it always taken a flood?
  18. Hadn’t driven by lake Travis in a while. Yikes.
  19. Having never lived there, I didn’t realize that DFW has so many current/potential water sources to support all the growth. Tons of decent sized lakes. I think Dallas currently sources water from 6 of them.
  20. Based on what you shared with 4% cutting it close in certain scenarios, my guess is that 3.5% is almost always safe. What do the simulations say?
  21. Although there are bad actors in every country, almost all of the negative issues being discussed here are specific to the US. We have the most fucked up breeding system, sales system, track management, drugs, and political corruption. Almost every major country in the world does it better than us. As a result, we have more horse die than other countries, and it’s not even close. Hell, in the UK they have these supposedly fragile animals jumping over obstacles in the middle of races and we can’t get them to turn left without breaking down. I am a small part of an ownership group trying to fix things from the inside, but it’s an uphill battle. We are slowing getting people on different boards, but every state is it’s own little kingdom that doesn’t want to give up control. Additionally complicating the system is the number of horses bred each year is declining. This puts tracks in competition with each other for horses, which gives trainers too much power. Local jurisdictions are scared to crack down on drugs because the dirty trainers will leave with all their horses. It’s a cluster but some of us will keep fighting for doing right by the horses and the honest people in the game.
  22. They should stay in the restroom and hide in a stall. If they are letting kids back in that are knocking, it’s a terrible habit and doesn’t follow any safety protocol. In a real situation, only the police unlock the doors and nobody moves for any reason. There is no verbal “all clear” or admin involved.
  23. The project costs have skyrocketed but money is already being collected from taxpayers. Where does that money go? Is there an Al Gore lockbox or general funds or to cap metro to blow on other stuff?
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