She wants to do what?

[YY1]

One thing I've leaned is that one of the most successful "get rich quick" methods is to sell a "get rich quick" method to others!

 

[Budnicks]

One thing I've leaned is that one of the most successful "get rich quick" methods is to sell a "get rich quick" method to others!

:iamwithstupid: I LMFAO....
Exactly

 

[fla 66 cuda]

One thing I've leaned is that one of the most successful "get rich quick" methods is to sell a "get rich quick" method to others!

Exactly my thought also, I always wondered what people would if they went to one of those seminars to teach you how to make money they pay good money and the person comes out on stage and says thank you and walks off!!!

 

[cascius]

I find this thread very amusing because my parents are the exact definition of the "Target" for a lot of those get rich quick schemes. They have been in Amway off and on since I was a kid (I'm now 31), and their latest thing is real estate. They've spent the past two years and I don't even want to know how much money doing classes, attending seminars, and reading books, and having web conferences on how to invest in real estate yet they still don't own any properties (besides their house). I wish I had all the money they've pissed away because I could've made some real money with it.

 

[YY1]

Here's a reality check for any would be real estate investors-

We kept the house my wife bought before we got married.
She had been paying on it for about 5 years.
it was built in 2002, so it's fairly new and in excellent repair.
She refinanced right before we got married and the P&I payment is $450/mo.
Taxes are $1300/yr and insurance is about $500.

We rent it out for between $900 and $1000 per month.
Over the past 6 years, we've had 5 months of "running empty" between tenants.
The average income over that time has been $1500 per year, plus depreciation.
That accounts for repairs and is all inclusive.
Last year was the best, with the maximum of $3800, but again, it's the average that matters.

So, with "minimal" maintenance, a newer, partially paid down property in a somewhat desirable area, and a low vacancy rate (about 10%), those are the kind of numbers you can expect.

We'd need about a dozen of those properties before we could even begin to consider "quitting our day jobs", but the extra income sure helps with the bills, and helps us save for the next one.

Oh, we do 90% of our own repairs, and I do our taxes and bookkeeping.

- - - Updated - - -

One more thing- there is a "sweet spot" for rentals under $1000/mo and over about $800 for a +- 1000 sq/ft house.
(your location will vary)

This weeds out high turnover/high risk tenants but keeps it under the psychological 1K a month number.

Trying to rent a smaller house will attract more short term renters and the associated turnover costs and repairs.

Trying to rent a larger house means renters will expect more and the market is smaller, meaning longer vacancy numbers between renters.

 

[Moparsmitty]

I know some people who leveraged themselves into a bunch of crappy rental real estate before the crash. They are either bankrupt now, or so far upside down now that they will never get out thanks to these get rich quick real estate seminars. The banks were a big part of this scheme too. They couldn't lose. We bailed them out and they ended up with most of the property.

 

[wannadrag]

One of the things these shows never account for is the overhead of the business expenses.

Dealer insurance and certificates aren't cheap around here.

If you are not a dealer, how do you test drive or drive at all without being illegal.

Simply paying the tax tag and title to get it in your name can be a significant portion of any "profit" on a given car, let alone the hassle of adding and then removing cars from your policy.

I do a couple a year.You just leave the title in the previous owners name to avoid the fee's and if you live in the sticks like I do testing them isn't a big deal.

 

[YY1]

So basically (not to be too much of a smart-***), the answer is "break the law" (multiple times)?

 

[vanrj1]

One thing I've leaned is that one of the most successful "get rich quick" methods is to sell a "get rich quick" method to others!

Or a weight lose scam! My weight lose plan worked and it was free. I just quit eating when I was full!

 

[YY1]

I posted a question a few months ago about "transporter" tags.

In FL they issue those if you can prove you have 1 million in insurance coverage and your business involves transporting autos that are not currently registered.

I never really got a good response. Most people thought I was trying to skirt the law by using them to be a dealer.

However, FL law clearly states that you are not considered a "dealer" if you don't sell more than a stipulated number of vehicles per year.

I wish someone with transporter tags would respond.

My current business policy is $ 500,000 coverage, so I'm pretty sure upping to 1M wouldn't double the cost, plus it's tax deductible.

 

[Budnicks]

When I was building P.U.E.C. Utility Trucks, Cranes, Digger Derrek's & Aerials, we had dealer plates, on all our cars even personal vehicles & all the company trucks, all registered to the company & not by the vehicle, you could take the "plate registration" from one car/truck to another & it was perfectly legal.... same thing applied in the Automotive Dealership businesses I was in for over 25+ years, both circumstances were perks of the trades....

 

[YY1]

Yep, there's several law enforcement forum posts about various states cracking down on people using dealer plates for personal use. Transporter appears to be a different situation. I imagine the intended use is say, an auction house, but I'd like clarification.