Big financial losses

[Eric O]

I understand, you seem to do good financially. I also invested in real estate, but taxes here are not in favor of that, so I stopped doing that.

Where are you located? For residential, it's a similar situation prop tax wise where I live in NY. The local municipality is pretty much a 1/3 partner with you in any single family. Multi-fam props are slightly better. Most people who own rentals here own them outright because single fams won't support a note and have enough positive cash flow to make managing them and paying for repairs worth it. My friends buy them and use them for write-offs. That's why I stick with commercial.

I've been taking trips up to Vermont looking at 4 and 5 units props there. If I get involved with residential again it'll be someone with lower taxes.

 

[Dogshare]

Where are you located? For residential, it's a similar situation prop tax wise where I live in NY. The local municipality is pretty much a 1/3 partner with you in any single family. Multi-fam props are slightly better. Most people who own rentals here own them outright because single fams won't support a note and have enough positive cash flow to make managing them and paying for repairs worth it. My friends buy them and use them for write-offs. That's why I stick with commercial.

I've been taking trips up to Vermont looking at 4 and 5 units props there. If I get involved with residential again it'll be someone with lower taxes.

I am not from the US. I was born in the Netherlands, but live in Spain now and investing in real estate here is not profitable in my situation. I still have some properties, but will sell them.

 

[Eric O]

I am not from the US. I was born in the Netherlands, but live in Spain now and investing in real estate here is not profitable in my situation. I still have some properties, but will sell them.

I'm sorry. Which part of Spain. I've visited Barcelona, Madrid and Ibitha.

I absolutely loved the food, architecture and the people. I will bring my children back for the experience when they are older. I had an amazing time.

 

[Dogshare]

I'm sorry. Which part of Spain. I've visited Barcelona, Madrid and Ibitha.

I absolutely loved the food, architecture and the people. I will bring my children back for the experience when they are older. I had an amazing time.

So you visited Spain already. I like Ibiza also. I live in Málaga, South of Spain.

Yes life is good here and you can have a good holiday with your family. Next time you should try Málaga, you will like it.

 

[chardog]

stocks might have lost 50K during covid only to recover

sitting through it was a bit stressful for a little.

my kids have cost me loads of money due to illness/hospital bills.

 

[Eric O]

So you visited Spain already. I like Ibiza also. I live in Málaga, South of Spain.

Yes life is good here and you can have a good holiday with your family. Next time you should try Málaga, you will like it.

I'm going to do some research now. Thank you.

 

[Prefect]

It is hilarious how many people got burned by crypto and how many won't admit they are underwater. Only losers get into crypto because of greed and greed is why they never get out when the getting out is good. The person who should invest in crypto because they have the discipline to take their bag and leave early is not the person who would invest in crypto. I made enough to buy a decent car on Gamestop stock but got out because the whole thing was unsound and just kept my winnings.

People who daytrade have the same problem in that they don't get how hard it is to win and win enough to offset the fact that they are not employed. It is an addiction to greed and gambling that wraps them around something that is unlikely to pay off.

 

[Dogshare]

stocks might have lost 50K during covid only to recover

sitting through it was a bit stressful for a little.

my kids have cost me loads of money due to illness/hospital bills.

You just waited for the stocks to recover and they did? Must be difficult to see such a big loss and not knowing if or when it goes up again.

 

[boingyman]

Having 2 kids.

 

[nostradumbass]

Not a ton, but I opened a brokerage account to trade options and put $10k in, got it up to $30k then eventually back down to like $200, but it was just gambling money cause I knew everyone loses it eventually. Wanted to get to like $50k and pull it but never got there.

 

[Snackbar]

I'm married so every passing day is a financial loss.

 

[GSP_37]

How did you deal with it? Made a lot more money than lost and not worried about it.

 

[chardog]

You just waited for the stocks to recover and they did? Must be difficult to see such a big loss and not knowing if or when it goes up again.

Generally, they always recover, how much time did you end up losing is the question.

it is the ultimate game of buy low, sell high, and there are some rules you follow for what you invest in the first place. It’s not very different than driving around looking for cheap gas. You have an idea of how much it costs, and after seeing the price hundreds of times, you know what’s a good price and what isn’t. When it’s a good price with stocks, you buy, and you know it’s a good price because you’ve been following the price closely. Some people use charts to figure out what’s good but at the end of the day,”is it a good price“ matters most.

 

[facePuncher7]

$5k on some alt coin that frizzled
$3k on a car that just died a month later

Nothing too big, lucky to hear some horror stories early on and had the fear

 

[facePuncher7]

Oh no I forgot:

$20k or so on a marketing campaign that didn't result in any extra income.

Built some connections with interested parties but didn't realise it was just a bad time for the industry.
Learner a lot, and maybe it comes back later.