I just realized nobody gave you the boring “get rich slow” advice yet. I like real estate investing. Thread’s question: “How do I turn $100k into $1million?”
Take the $100k and put $20k down payments on 5 single family homes worth $100k each. Let your tenants pay your mortgages/expenses for 5 years. Refinance your mortgages or use a portfolio loan/line of credit to pull out $100k in equity. Buy 5 more $100k houses with 20% down. You now have 10 houses with 15 year notes on them. Let your tenants pay those mortgages and expenses for 15 years and voila. 10 houses worth $100k each for a net worth of $1 million.
This is assuming no appreciation and that you bought at retail. You should never buy at retail, there are always deals if you look.
While you can’t control appreciation in the market you can force a property to appreciate. By turning a big 2 bedroom into a 3 bedroom or a SFH into a duplex for instance.
While real estate isn’t as sexy as crypto currency or the S&P 500 try forcing either of those to appreciate as an average Joe. Also good luck getting OPM to invest in those. It’s way easier to get capital (debt or equity) for real estate than for any other investment/business.
There are a million ways to invest in real estate, for every risk tolerance and from passive to full time job. Google bigger pockets podcast to listen to over 200 interviews of real investors (No affiliation).
That and the federal government suing banks forcing them to write sub prime mortgages to get the ball rolling. Then some banks discovered how profitable loaning to anyone with a pulse is. Especially when you can securitize the pool of mortgages and get them off your balance sheet. Perfect storm of failure.
I kick myself every other week for not buying bitcoin.
How much longer do you think the S&P can manage this upward climb? Any market correction will likely make me enough money to buy the corvette I’ve been eyeing
BCH is another crypto currency. Some kind of spin off of bitcoin. I don’t think Morgan Stanley and the like are trading it(yet). Probably the Chinese fucking around.
I want to like Bitcoin. The blockchain concept is pretty cool and it’s being used elsewhere.
But when I take a step back and ask “what is Bitcoin at a 50k ft view?” It is a fiat currency without a government guaranteeing its value. Seems legit. It looks like the big banks and corps are going to take the blockchain idea and forget about BitCoin after a while.
I’ve been buying GBTC and enjoying 10% daily Swings. If you watch BTC closely, you can somewhat predict how GBTC will react. Looking forward to a huge drop tomorrow.
Honestly, I’m just riding the bubble since I only have profits invested at the moment. It’s grown into a very different beast from when I first bought it. The transfer fees alone have gotten too high for sending small amounts.
However, IMO some parts of the value I saw in bitcoin when I first started investing may still be applicable now, which is:
Hedge/wealth storage. The main reason I took notice of it was when the Chinese stock market had a 3 day shutdown early last year and I saw the price spike upwards by almost 30% IRRC. There were similar spikes corresponding with shit going down in Venezuela this year. Lots of rich guys in China, including most of my clients, have been using it to move wealth out of the country as well.
Awareness and the rate of adoption is still relatively low and I’ve never seen the fucking media hype and FUD anything else this much. It’s like I’m fucking playing chicken with Warren Buffet whenever a correction is impending. We’re most likely in a bubble, but a bubble can last for a pretty long time and reach quite ridiculous levels lol.
I actually started accumulating a small amount of cryptos utilized by banks and financial institutions recently while their price in bitcoin was falling.
