One of my goals is to eventually be able to purchase a house. Many of my nursing colleagues are purchasing homes that are worth $450,000, $500,000 or even more. Sadly, my budget is about half of that or even less, which means the houses I have to choose from are not appealing. Most of them are small, old, or both.
I am just curious how other nurses manage to purchase decent houses? I've been looking through my income, and I just can't find a way to make it possible to incorporate such a house into my budget. I am salary, so there are no opportunities for overtime.
What are other nurses' experience with buying houses? How did you make it work? Did it require switching jobs? Inquiring minds want to know!
I don’t think wanting to own a home is superficial. My parents bought a nice three bedroom ranch on an acre in Indiana in 1972 for 15k. Adjusted for inflation that house would cost about 100k today. However similar homes in the area today go for about 250k. The “American dream” has gotten much more difficult for the middle class.
Wanting to buy a house isn't superficial. A single person wanting to buy a McMansion as a symbol of success (while looking down on smaller and older houses) is.
One of my younger brothers is a lawyer, another is a CPA, both work for the family business (in which I have minimal involvement). I talked about some of this to them last night, asking questions, wondering if this type of investment situation could be for me. They say that laws vary by state, but also LLC status doesn't protect you in the presence of illegal activity in any state (including tax issues, immigrant status issues, business conducting illegal activity such as theft/fraud, etc). I stand by my comment that any investment is okay, as long as the investor has their eyes wide open going in, and @Curious1997sounds like they inherently understand those risks and will continue to take them. It will pay off well if no issues, could backfire big if there are any issues. It just depends on resources state and federal (IRS, etc) wish to expend
I don't engage in illegal activities. I have an Llc that does my investment for me. My father would skin me alive if I got into trouble. These are all legitimate businesses regulated and inspected by the city with the required certification and permits.
The reason I branched out re the auto body repair shop is that for a simple scratch on a door now, you have to match the paint and modern paint is very complicated. You have different flash points and the clear coats etc. Sometimes you have to do the entire panel or the whole side because sunlight or age of the paint can vary. So it's becoming expensive and complicated. And, you should see the regulations re the paint booths re filtration etc. The paint guns are over $1000 a piece because of atomizing the spray.
Every business is legitimate because of you run into problems with the IRS, they can give problems re certifications.
The club has to have the most complicated fire systems re water pressure and nozzles and retardents etc. To make any structural changes, it's like pulling teeth re building plans and codes etc.
I'm looking into Chinese take outs next and more nail salons. Much less oversight. You can tack on waxing and hair extensions etc on the side.
Building houses is far easier except the market is stagnant currently. I'm not going to build a 1500sq ft house for a $30k profit when in the same time period I can build a 3200 Sq ft house with a $70+k profit margin. It's the same effort. Bigger outlay but better returns.
Yeah, I don't think "plausible deniability" is going to hold up well in court.
I think you folks need to think about perspective before assuming things. You are assuming that immigrants do illegal things. To have an auto body or mechanics shop, you need permits and certifications. A simple thing like installing a lift has to be done by the company to satisfy the warranty. Every business I invest in is legitimate and unlike the big businesses we don't bank our money off shore to avoid taxes as my father's clients. We work with local banks who have local loan officers who come out to inspect premises before allowing loans. Insurance companies have their own inspections for fire etc. There's customer liability issues.
I think maybe you guys are watching too much telly or listening to the wrong people. Do you really think that we can afford tax attorneys or bribe city hall for permits for the small businesses we run? This is not the Sopranos! Even the food trucks are exposed to surprise inspections.
I let people who know their businesses, do their thing and I invest if they want a paint job or a new stove or a vehicle lift, instead of going to the bank which discriminates against Blacks and immigrants and make them jump through hoops, I loan them the money for a piece of the business. I also bring a different perspective to their original vision and increase their customer base which allows me to negotiate a better return on my investment. I don't care if they call me Blanco or much worse names, I look at the bottom line! And instead of spending a fortune to replace the brakes or align my tyres from the dealership, I get it done for next to nothing.
America is an amalgamation of cultures with good people and bad. I think you guys are profiling somewhat and I apologize if anyone is offended. There's a Nicaraguan woman on the sheet rock crew who runs rings around the men. I made her the boss. Two guys left because they won't take orders from a woman. I held the door as they exited!
Just like on the units, we know who's gonna create a stressful situation and who's going to be effective!
15 minutes ago, londonflo said:
I thought you were invested in a car repair operation?
It's a Toyota camry! Look it up! Indestructible!
And get a life and do something with yourself instead of always looking at the negative!
I think you folks need to think about perspective before assuming things. You are assuming that immigrants do illegal things
NO, I did not say anything of that nature. You said hire Hispanics! Why! Hourly pay is less, they accept money off the books?
44 minutes ago, Curious1997 said:
I'm looking into Chinese take outs next and more nail salons. Much less oversight. You can tack on waxing and hair extensions etc on the side.
Actually , the nail salons are usually staffed by Koreans or Vietnamese.
23 minutes ago, Curious1997 said:
And get a life and do something with yourself instead of always looking at the negative!
I am actually positive but I abhor those who take advantage of immigrants trying to establish a life here.
23 minutes ago, Curious1997 said:
It's a Toyota camry! Look it up! Indestructible!
You said you had invested in a great car repair place and then mentioned you needed a repair. Perhaps it mended itself. Curiously I wonder if my Lexus/Jeep will self heal. I guess you have no need for repairs on an idestructible care. like a Toyota. BTW previously would said you had a Mercedes.
Specializes in Psych, Addictions, SOL (Student of Life).
On 3/10/2021 at 8:19 AM, Hoosier_RN said:
I didn't suggest otherwise. I did state that not all of us want to invest as you do. That's why there's so many options out there. And none are incorrect, if the investor goes in eyes wide open. I'm already set for life, inherited and invested well, and don't spend like millionaire. Works for me. Do what works for you
I love this. I too am pretty much set for retirement. Have successfully played the stock/commodities market a couple of times, saved wisely and spent with thrift. Some of what @Curios1997 seem highly risky to me and IMHO the tax man will find out sooner or later.
Wanting to buy a house isn't superficial. A single person wanting to buy a McMansion as a symbol of success (while looking down on smaller and older houses) is.
My point is that homes are much less affordable. That home that my parents purchases in 1972 represented about one years income given that they earned about $9.000 each year as teachers (actually less than a years income). For that they were able to get a nice house in a decent area about 30 minutes from Indianapolis and about 10 minutes from a decent school on an acre of land. that house today would cost at least 200K. A school teacher working for the same district in Indiana as my parents would earn about 50K with equivalent levels of experience. Thus, it would represent at least two years of income (at least for school teachers). My point is that homes are much less affordable. The same can be said of automobiles and many other aspects of basic existence. The middle class is getting squeezed out of existence. Also the jobs they had not only provided health insurance, but also provided for a retirement income in addition to social security something that few employers do today. Thus, not only are prices for everything higher but the ability to save for many is diminished by the higher prices for everything.
Think about looking for a fixer upper. I've done that a few times, I paid $27,000 for my current home 5 years ago, which is now worth $200,000.
Do that a few times and accumulate the profit each time, so when you finally find the expensive house you want, you already have half the purchase price as a deposit.
Think about your commute, and whether you can make it work without a car. That will be a huge saving, no car payment, parking, gas, insurance, etc. Transit, bicycling, or even walking/running are all options I have used in the past, and continue to do. I have never owned a car, and don't have any plans to do so.
And review your general expenses. Don't buy takeout, or soda at work, when you can buy ingredients in a weekly shop at Aldi for the cost of one takeout, that will create meals for a week!
Specializes in Psych (25 years), Medical (15 years).
On 3/8/2021 at 11:10 PM, SmilingBluEyes said:
I have a few stories of my own, but this is the wrong thread.
Well then- let's start a thread titled:
Ghost Nurses Who Haunt $450,00+ Houses and Pepsi Vending Machines Looking For Ways to Help Colleagues Whose Relationships Were Affected By Their Attempts To Prioritize Between LTC & Rehab Patients!
NO, I did not say anything of that nature. You said hire Hispanics! Why! Hourly pay is less, they accept money off the books?
Actually , the nail salons are usually staffed by Koreans or Vietnamese.
I am actually positive but I abhor those who take advantage of immigrants trying to establish a life here.
You said you had invested in a great car repair place and then mentioned you needed a repair. Perhaps it mended itself. Curiously I wonder if my Lexus/Jeep will self heal. I guess you have no need for repairs on an idestructible care. like a Toyota. BTW previously would said you had a Mercedes.
You're a hater dude. My run about is the Toyota. Instead of perusing posts for discrepancies, do something with yourself! Get a hobby. Always jealous of people that work hard and succeed. I've failed a few times but I have learned. Also learned how to stay away from haters and people who always are negative. I still pull about two shifts weekly per diem.
At the end of the day, knock and it shall be opened for you. Seek and you will find. I try to only be around positive people who are optimistic because they are always problem solving and not hating!
I also expand immigrant's businesses that I get involved in by bringing in a different clientele. Being the son of first generation immigrants, I see them as my parents. Hard working and honest people in a society that limits their potential.
turtlesRcool
718 Posts
Wanting to buy a house isn't superficial. A single person wanting to buy a McMansion as a symbol of success (while looking down on smaller and older houses) is.