BGOL Finance: how much monthly income does it take to live comfortably in your area?

[jagu]

T

Why LOL?

One of my homes is in a million dollar community and I got a CAC doctor paying the note for me. The note is only 2700 but I have the insurance and property tax impounded with it. I couldn't live in the boondocks where houses are 160K

That's an investment property. I have my office building that I pay $$4500/mo for. But that office generates lots of money. My residence generates nothing and I only pay $1600/mo.

 

[LordSinister]

T

Thats an investment property. I have my office building that I pay $$4500/mo for. But that office generates lots of money. My residence generates nothing and I only pay $1600

Exactly. Between my wife and my Family we turned all the old houses and apartments into rental units. The fact remains that to live in a home in LA, it will cost you at least 26-2800 for a decent 3 bedroom home and at least 1800 for a decent 2 bedroom condo.

I know you're a Lawyer, but you don't live on the west coast. I'm paying about 2300 including taxes in Texas for a bigger house than any of the ones in Cali. However I could sell any one of them in Cali and buy 3-4 houses here. That's the difference.

 

[Eclipse99]

Damn man some of y'all need to move down south. You'll live like a king down here lol

 

[Dr. Truth]

Lol. You're renting , doc. But you're talking bout quality of life though

I own a home and I'm renting a home, so my rent is not paid by me. I own a 4 bedroom jawn in the suburbs about 20 minutes away. 4300 a month rent.

 

[jagu]

I own a home and I'm renting a home, so my rent is not paid by me. I own a 4 bedroom jawn in the suburbs about 20 minutes away. 4300 a month rent.

Ok I see that the number increased. You paid around $2600 a couple of years ago.





This is a post you made two years ago:

Like I said I've owned two condos which one I sold the other foreclosed due to the market crashing. I basically made my money back and broke even on the second property. I'm renting now. No smart person will drop a quarter million on a 1800 square foot house. You act like 20% is easy for most people to save. Out here its not happening for 90% of the population. Most of the buyers are tech millionaires or Foreigners with all cash offers.

We've thought about it and like Spider said now ain't good. Houses in my area sell for 1.1 1.2 million starting. Buying is not an option right now unless we want to never travel and eat Ramen only.

Y'all can talk that stupid shit calling people dumb because you live in a city that has a low cost of living.

Dr. Truth, Sep 23, 2015Report
#40Like+ QuoteReply

 

[Amajorfucup]

These threads are always entertaining.. Especially when the NY clowns come in telling you how anything shy of 600k annum will have you in the projects.

 

[tallblacknyc]

These threads are always entertaining.. Especially when the NY clowns come in telling you how anything shy of 600k annum will have you in the projects.

ehhhhhhhhhh it's never a ny dude telling you that rent is 5,000 or you need a quarter mill to survive it's always an outtastater who reads all the bs articles, watches sex and the city, or see the news that say that shit... us ny'ers kno u don't need that much money to survive or live "comfortable"..in fact the person who said the 600 grand thing is a ny transplant(not a born and raised ny'er)..transplants and born and raised are two completely diff entities truss me

 

[THE GRANDJURY]

Ok I see that the number increased. You paid around $2600 a couple of years ago.

Oops. BGOL is hilarious. Yall be catching that guy in lies daily, yet he still has groupies on here hugging his nuts.

 

[Adam Knows]

lol at you guys with $4000 house notes.

sometimes it is relative though to where you live. atl u get a lot for the dollar so being under 2k a month is realistic.

 

[Adam Knows]

Ok I see that the number increased. You paid around $2600 a couple of years ago.





This is a post you made two years ago:

Like I said I've owned two condos which one I sold the other foreclosed due to the market crashing. I basically made my money back and broke even on the second property. I'm renting now. No smart person will drop a quarter million on a 1800 square foot house. You act like 20% is easy for most people to save. Out here its not happening for 90% of the population. Most of the buyers are tech millionaires or Foreigners with all cash offers.

We've thought about it and like Spider said now ain't good. Houses in my area sell for 1.1 1.2 million starting. Buying is not an option right now unless we want to never travel and eat Ramen only.

Y'all can talk that stupid shit calling people dumb because you live in a city that has a low cost of living.

Dr. Truth, Sep 23, 2015Report
#40Like+ QuoteReply

 

[tallblacknyc]

Ok I see that the number increased. You paid around $2600 a couple of years ago.





This is a post you made two years ago:

Like I said I've owned two condos which one I sold the other foreclosed due to the market crashing. I basically made my money back and broke even on the second property. I'm renting now. No smart person will drop a quarter million on a 1800 square foot house. You act like 20% is easy for most people to save. Out here its not happening for 90% of the population. Most of the buyers are tech millionaires or Foreigners with all cash offers.

We've thought about it and like Spider said now ain't good. Houses in my area sell for 1.1 1.2 million starting. Buying is not an option right now unless we want to never travel and eat Ramen only.

Y'all can talk that stupid shit calling people dumb because you live in a city that has a low cost of living.

Dr. Truth, Sep 23, 2015Report
#40Like+ QuoteReply

3 more pages

 

[Adam Knows]

3 more pages

thread went a whole different direction, i though @LSN 's bitch ass was still going to be crying in here...

now they done turned it on Truth

 

[Blackmayne]

Central NJ

9k a month, Cost include


Mortgage: 4 bed 2.5 bath 2500sqft .55
acre, $2,600
Daycare: $1,200 (1 child)
Student loans $600
CC PMNTS: $800
Grocery budget: $1,000

Other Obligations: utility Bills,car payment, and commuting costs.

 

[Damian Stone]

Man I am paying less than 1000$ for a 1 Bedroom and I am pissed lol
It's all about perspective.

 

[jagu]

Central NJ

9k a month, Cost include


Mortgage: 4 bed 2.5 bath 2500sqft .55
acre, $2,600
Daycare: $1,200 (1 child)
Student loans $600
CC PMNTS: $800
Grocery budget: $1,000

Other Obligations: utility Bills,car payment, and commuting costs.

Do whatever it takes to pay off the credit card and student loan.

 

[jagu]

thread went a whole different direction, i though @LSN 's bitch ass was still going to be crying in here...

now they done turned it on Truth

Truth and I are friends. I just need him to explain his inconsistencies.

 

[Adam Knows]

Truth and I are friends. I just need him to explain his inconsistencies.

an additional mortgage?

 

[jagu]

an additional mortgage?

Maybe. I'm sure he'll come up with a reason, in his usually masterful way. But this is my field , so he needs to be careful.

 

[Adam Knows]

u do property? my daughter was originally going into that or something else, chose family law instead. i was hoping for product liability litigation but hey.... 3 more months to go and all done

 

[jagu]

u do property? my daughter was originally going into that or something else, chose family law instead. i was hoping for product liability litigation but hey.... 3 more months to go and all done

We all do the same things in law school but we tend to specialize when we start working. I specialize in real estate transactions. Handling acquisition and development for builders, foreclosures for banks, title insurance etc.

Out of all those specialties that you mentioned, real estate is the best. I've recently seen some young sisters getting into it and doing very well. I don't litigate anymore and don't miss it. Lots of money in it but it's also the most risky type of law practice because if you Fuck up, there will be financial consequences.

 

[Jae Scotia]

Single person 65k. Chick and I have four kids between us and we make anywhere between 160-170k total per year. Save/Invest about 35-40k between us per year. Allows for 4-5 vacations a year (we take kids with us twice). Kids school is paid for. Live in a good area. Hardly ever have any "I want but cant afford conversations".... So I think we are comfortable. With a drop in vacations I think we could live the same life style here making 145k a year.

Toronto, Canada

 

[castro]

10 Acres; 2400 sq ft house; 4 wheeler (paid off); 2 cars: 2011 Camaro SS (paid off) and 2016 Tacoma TRD. $4500 after taxes etc. save $500-800 every month. No kids. Central Indiana. I am away from people.

 

[Adam Knows]

Single person 65k. Chick and I have four kids between us and we make anywhere between 160-170k total per year. Save/Invest about 35-40k between us per year. Allows for 4-5 vacations a year (we take kids with us twice). Kids school is paid for. Live in a good area. Hardly ever have any "I want but cant afford conversations".... So I think we are comfortable. With a drop in vacations I think we could live the same life style here making 145k a year.

Toronto, Canada

now there's an expensive place to live... at one point we considered moving there permanently.

 

[Jae Scotia]

now there's an expensive place to live... at one point we considered moving there permanently.

Ok maybe I should put an * next to Toronto... I say Toronto because unless you are from here you would not know my city. I live about 30 minutes NW of Toronto. Dont get me wrong... where I live homes are going for 750 to over a million for single detached... We got this for mid 4's years ago. High 200's left on mortgage but if we sold the home we could make bout 650-700 easy. So their are affordable pockets in Toronto or in a city close to it.... but if you want to wake everyday with a view of the CN Tower then yeah you need a bit more money. So.... if you are not from the area but would like to be close enough there are some spots.

 

[Adam Knows]

Ok maybe I should put an * next to Toronto... I say Toronto because unless you are from here you would not know my city. I live about 30 minutes NW of Toronto. Dont get me wrong... where I live homes are going for 750 to over a million for single detached... We got this for mid 4's years ago. High 200's left on mortgage but if we sold the home we could make bout 650-700 easy. So their are affordable pockets in Toronto or in a city close to it.... but if you want to wake everyday with a view of the CN Tower then yeah you need a bit more money. So.... if you are not from the area but would like to be close enough there are some spots.

we use to watch love it or list all the time when we were first looking at the idea of doing it and the houses that went for a million plus...
they were like the inner city houses in cleveland ohio

 

[Blackmayne]

Do whatever it takes to pay off the credit card and student loan.

Trying bruh...

CC payments are actually a consolidation payment to pay of all my shit in 3 years shit is killing me but I wana be done with this shit.... #Freedom!!!

 

[Jae Scotia]

we use to watch love it or list all the time when we were first looking at the idea of doing it and the houses that went for a million plus...
they were like the inner city houses in cleveland ohio

LMAO. Yes it can get expensive for certain parts of the city, however there are some pockets where it's not to bad...... But yeah in saying that it's getting worst. We have a lot of Chinese money and other foreign investors buying everything up... Couple that with that fact that immigrants only really settle in three places in this country (Toronto being number one) and there is always a demand. I sold my house 6 years ago..... It was sold two years later for 240 thousand more. And in my first comment I mentioned our current home we are in was bout 450 at purchase and we could honestly fetch atleast 800 for it now i think...

 

[tpotda]

In any major metropolitan city thats world class not just in this country but the world like London, Paris, Stockholm, NYC, LA, Hong Kong, Tokyo, Singapore etc. you're not going to have a large penthouse and live luxuriously like some of you are talking about unless you're getting money like Truth's cousin importing/exporting grey market bmws and making millions like that. Otherwise you better hope you're a pro athlete or an entertainer or startup founder etc. Atlanta isn't a world class city which is why it's a lot more affordable

 

[Joe Money]

http://www.businessinsider.com/best-places-to-live-in-america-for-a-high-salary-2017-2

 

[Joe Money]

Niggas stay jackin on this board. I told somebody here once that I make around 55k a year, and dude told me to get my weight up and he felt sorry for me. Like I was broke. And I live in fucking Milwaukee

Bgol got the richest niggas on the planet.

Niggas drop 4K a month on just rent.

BGOL either attracts the Black 1% or niggas just need to front for no reason.

 

[Helico-pterFunk]

LMAO. Yes it can get expensive for certain parts of the city, however there are some pockets where it's not to bad...... But yeah in saying that it's getting worst. We have a lot of Chinese money and other foreign investors buying everything up... Couple that with that fact that immigrants only really settle in three places in this country (Toronto being number one) and there is always a demand. I sold my house 6 years ago..... It was sold two years later for 240 thousand more. And in my first comment I mentioned they home we are in was bout 450 and we could honestly fetch atleast 800 for it i think...

I hear you, fam. Parents bought their place in 1983 for 34,000. Divorced in 1995. Home was sold in 2001 for just under 850,000. Westcoast of Canada's on some bullshit here too.

 

[SamSneed]

BGOL either attracts the Black 1% or niggas just need to front for no reason.

Ima go with front, cause that 1% ain't got time for our ignant asses

 

[water]

Kay, I've heard got things about that area but I don't have first hand experience. Atl is funny bro, the housing options are extremely plentiful but you've got to be careful. Developers are slick, they'll get max valuations on new houses and those homes end up depreciating instead of going up in value.

yes

it's like poorly planned communities

 

[Dr. Truth]

Ok I see that the number increased. You paid around $2600 a couple of years ago.





This is a post you made two years ago:

Like I said I've owned two condos which one I sold the other foreclosed due to the market crashing. I basically made my money back and broke even on the second property. I'm renting now. No smart person will drop a quarter million on a 1800 square foot house. You act like 20% is easy for most people to save. Out here its not happening for 90% of the population. Most of the buyers are tech millionaires or Foreigners with all cash offers.

We've thought about it and like Spider said now ain't good. Houses in my area sell for 1.1 1.2 million starting. Buying is not an option right now unless we want to never travel and eat Ramen only.

Y'all can talk that stupid shit calling people dumb because you live in a city that has a low cost of living.

Dr. Truth, Sep 23, 2015Report
#40Like+ QuoteReply

That 2600 is my rent the money I get from the owned home is 4300. Yes buying in my area aka oakland is not an option now. Suburbs are cheaper.

 

[Majestic Lion]

Damn man some of y'all need to move down south. You'll live like a king down here lol

What I've realized isthat no matter what, if you're wasteful in a place with a high cost of living, that won't improve if you move south. You'll be even more wasteful down here.

Some of these numbers are killing me LOL

 

[BitchI'llKillYa]

trying to get a foot in
but really dont want to be a landlord

might look into a management company to do the running around

You'd better...

That middle man is well worth the 8%

My buddy tried to rent a condo and he been getting fucked ever since, them.fool ain't paid him rent in almost a year...

If some shit goes wrong or its time to evict, it's not my problem. T&we know the laws and rules and have lawyers on retainer.

Plus the save me.from over spending on repairs and upgrades. It's a win win for me.

Plus the guy that owns the company I use is a old.friend's dad and he turns me on to properties that I can either snatch up or partner in. He's made me see that I need to really think about transitioning from my current gig, working for a corporation and do real Estate investing full time.