Do you consider $200,000 a lot of money?

[Anonymous]

[MrKinktastic]

Depends on the context and your financial IQ. It’s not enough to buy a house outright but it’s enough for a great down payment for a couple rental houses. So if you were dumb and put it all into the house you’re going to live in then you’ll end up with more expenses, if you’re smart and put it into cash flowing assets like rental properties then you’ll be in a much better position in a few years (with your renters having paid down your mortgage and you making money from 1/5th of the cost of the house at the bank’s and renter’s expense).

[Batsy01010101]

wow you really are delusional if you believe that crock of bull. if you bought rental units and used that 200,000 as a downpayment you'd have the mortgage, pmi, interest rate, insurance, taxes, repairs, maintaince, which end up costly and if you get someone to manage the property for you, you still have to do all those things and pay that property management company an arm and leg to do a shitty job for you and to make matters worse if you got tenants who destroy the apartment holes in walls bugs everywhere mice everywhere evictions which can take anywhere from 10 days to 30 days depending on the state laws and if you got tenants who have section 8 which is even worse, disruptive tenants. you couldn't pay me enough money in the world to deal with all that shit it's not as simple as you make it sound. do yourself a favor quit listening to that jackass robert kiyosaki and really educate yourself on the pitfalls of owning rental property

[midnightmoon05]

@Batsy01010101 you are correct.
I started to listen to Dave Ramsey a yr. ago…he talks about some people listen to tik tok to get into rental properties…like what Mr. K. said.
The reality is like what you said.
I started all that real estate stuff around 30…it’s definitely a great way to build wrath when done right.
But most think it’s easy and they loose their money quick.
The key…invest with no loans…buy with all cash. Cash is king.

[Batsy01010101]

@midnightmoon05 i still wouldn't buy any rental property not if somebody paid me all the money in the world. I don't need my property trashed or vandalized by some jealous asshole tenant and me having to fork over more money to make repairs and most landlords don't have a clue about rental laws and the ones that do pay city councilmen off to look the other way on multiple violations they have on their properties same with the property management companies they are notorious for paying city councilmen off and building inspectors off to look the other way and if the tenant wins and gets the repairs done that's needed or gets the other disruptive tenant evicted (which 99.999% of the time never happens) then that tenant won't get his or her lease renewed and will be forced to look for a new place because the property management and landlord decided to get revenge on that person or that person might face eviction themselves out of spite and revenge by the property management company and landlord

[midnightmoon05]

@Batsy01010101 definitely lots of those out there. We have been cautious and picked certain types of properties, locations, and certain type of tenants. We manage and are hands on as well as know ours tenants (screen them ourselves). Otherwise…it’s not going to go well…. like any businesses…must be 110% attentive at all times.
But hubby is overwhelmed with doing the paperwork. I’m just the brain behind these properties.
But I can always ask my older sister to help me manage the finance part. She is good at it. 😊

[BoopBoopBeep]

@Batsy01010101 I have 5 rental units (duplex and a triplex) that cost me far less than 200k to get into and are cashflow positive YOY. Triplex has since been paid off and refinanced (@2.375%) and duplex is at 4.8%. The thing with rental property is you can't look at it month to month as far as return goes. Some months I may lose 1200 but over the course of the year how does that look? I refinance every time it appreciates 50% and I keep the monthly payments (all of them, insurance, taxes, all) below the monthly rent. As long as there's a person in it it costs me nothing FOR THE YEAR. Needs a new roof, sure I'm paying $1500-2k deductible, and that month is red, but I have good property managers and they keep me quite green for the year. If all you do is break even, you're having someone else pay for your equity. Now I'd also never buy somewhere that has squatter's rights. I can get a court order by the 15th and have the locks changed in under 30 days of non-payment... just in case.

I also don't do section 8.

[Batsy01010101]

@BoopBoopBeep who's your property management company? The ones I know I got into massive blowouts with over the years and so did the actual owners of the apartment complexes

[BoopBoopBeep]

@Batsy01010101 Donna Farrow realtor. I love em. I get like two calls a year from them but everythign else they handle and post all the numbers online for me to download into excel/quicken/whatever

[Meropatrick]

Depends on needs and lifestyle. Do i need to buy a house or pay for a surgery. Its a lot if i need only to pay for my rent and food. Its a little if i have children and they need money for university or so

[WonderBell99]

Depends on where you live. If it’s states like Wisconsin, heck yeah, but in New York it’s pretty average.

[kylee2437]

Depends of the context. A lot of people would benefit getting $20,000 handed to them

[kylee2437]

Oops I read it wrong. $200,000 is 100% a lot of money

[BoobSlayer]

It depends on what you do with it. If I spend it on squeezing melons, boobies, tits, milkers, chesticles, honkers, bazoombas, coconuts, fiery biscuits, cantaloupes, boom booms and jugs, then it might last about a month. But if I buy a place in the country with well water and solar panels, then it could last years.

[lightbulb27]

not anymore... It's a good start for your age, but buy a few expensive things and kapoof... you are broke.

you need 2+ million to have a lot of money. Give it 10 years, it will be 5-10 million.

inflation... govt steals your purchasing power all the time... and it's getting worse.

[nolabels]

$200,000 is enough to launch someone who has entrepreneurial or investing skills into a very comfortable lifelong financial position.

$200,000 to just burn through, not making it work for oneself, won't last long.

[Thatpearl26]

I mean it’s money. I don’t even throw pennies in fountains because every coin and dollar counts. First thing I would do is put that money in my savings account.

[Levin]

In my neck of the woods, yes. That would make a huge difference and it would be life changing.

But not life changing in a never having to work again kind of way.

[AviatorTom]

Depends. It's a lot if it's in a guy's wallet. It's not enough of a nest egg to retire on. And it's nothing compared to a country's national debt.

[BoopBoopBeep]

Depends on the context. If that's my networth, no. If I find it in a shoebox in the attic from the last owners, yes.

[slatyb]

"A lot" is relative. It's not a lot if you are trying to buy a house in the United States. It's not a lot if you are planning to retire on it.

[Telekinetic-Potato]

Depends on the context I guess but overall, not really

[ChiTown33]

Meh. It's a lot of money but it isn't life changing. Properly invested 200k could do a lot. But you ain't going to retire off 200k.

[jamesgoldman]

Depends on the context, I've had my hands on more expensive diamonds and been in more expensive cars

It'll not buy a decent house these days

[Fireguy17]

Yes and no.
It is aolt at one time, but to live on here it would not last long.

[Ms_Facesitter]

It depends on who is owning it. For a person it's a good amount.

[Dargil]

It would get me out of debt and replace my vehicles. I go cheap.

[Anonymous]

From a personal standpoint yes. From a business standpoint probably not.

[Blueeyes81]

Where I live that would be a nice chunk of change.

[In_Trance]

Compared to most people's paychecks yes
Compared to a million dollars no

[KrakenAttackin]

Depends. If it's my $200k, hell yes. If it's the companies $200k, they piss $200K like nothing.

[Kingofkings1992]

Of course it’s a lot of money. People that are saying no are morons. Most people don’t even have half that to drop on something.

[ShesRad80]

its a sizeable chunk of change

[Astarlessnightsky]

Yes, a huge pile of money.

[richardcory]

Yes. Not long term life changing, but a lot

[exitseven]

Yes, it is more than I earn in a year.

[Anonymous]

No. Hell no. And it's sad that most do.

[Asker]

I don’t see how it’s sad. Most people don’t have 200,000 sitting in their bank account.

[HippieVeganJewslim]

Yes, compared to what I have.

[Christoff92]

Sure it's a quite amount of money.

[RyanK9b]

Yes, definitely i can do a lot with it

[msc545]

Yes moderately

[Luckycharms12]

Ya it's good amount of money

[PragmaticProfit]

No not really

[tfan1]

Uhh…Yeah! 😮

[Anonymous]

Yes.

[Anonymous]

Not anymore.

[LiamJHayden]

Nope.

[LavLavLuv]

Yes..

[EaterPeter]

Depends

[barn_stormer]

not really

[BLP11520]

It is if used right

[Anonymous]

Uh yeah.