Shark Tank's Kevin O'Leary sez: save 100k by 33, buy a house and pay it off by 45

[Millennial_Messiah]

in LA, if you go to an area like northridge, you can probably get an acceptable starter condo/townhouse for about 500k. but beyond a condo, a house at that price range is going to probably need a ton of renovation. you need to pony up more than that for an acceptable house. if you go to nicer area like studio city, you're not finding anything at 500k tbh. even for something like a 2 bedroom condo in that area you're looking at least 600+

if you're looking for a non condo and want room for more than just 2 people, you want to have 200 minimum just for your down payment, generally speaking, in LA.

funny thing is, my sister and bro in law just recently bought a 3 bedroom home in glendale. i bought my 2 bedroom condo here in charlottesville for less than their down payment

its not just housing prices... my annual car + homeowners policy is virtually the same (slightly less, actually) than i was paying for a 6 month term on auto insurance alone back in LA (same car). my wife and i had to pay to get our drivers licenses here, get the car led here, and registration. all that cost less than i would pay just for registration back in CA. everything beyond commercial goods (food, electronics, etc) is substantially cheaper

Okay so you moved already. Pretty boring area in the US though, you have to drive 120+ miles to find real entertainment or the coast

looks like a condo for under 200k there is easily attainable. https://www.zillow.com/charlottesville-va/houses/

But still, 200k is a fortune to not live in a fun big metropolis... I get it's for your wife's med school, but that would be a lame long term plan

[spurraider21]

Okay so you moved already. Pretty boring area in the US though, you have to drive 120+ miles to find real entertainment or the coast

what "real entertainment" are you referring to?

[Millennial_Messiah]

what "real entertainment" are you referring to?

idk... big time events, water (somewhere chicks in bikinis hang out), hangout spots for all sorts of groups of people, pro sports, clubs, festivals, concerts, etc... big city things. And walkability/public transit. Hate driving everywhere, for example in Dallas area driving is the only option

[BD24]

idk... big time events, water (somewhere chicks in bikinis hang out), hangout spots for all sorts of groups of people, pro sports, clubs, festivals, concerts, etc... big city things. And walkability/public transit. Hate driving everywhere, for example in Dallas area driving is the only option

DART is actually pretty decent tbh. Dallas is the only Texas city with decent public transit imo. DART goes all the way out to DFW airport and many of the northern burbs as well. Really need to do your research before you start spouting nonsense Andy. Your cheap ass can even ride DART for free, have never had anyone ask for my ticket on there

[Millennial_Messiah]

DART is actually pretty decent tbh. Dallas is the only Texas city with decent public transit imo. DART goes all the way out to DFW airport and many of the northern burbs as well. Really need to do your research before you start spouting nonsense Andy. Your cheap ass can even ride DART for free, have never had anyone ask for my ticket on there

I got a formal written warning once on DCTA. But I used to ride the DCTA and DART before I got my first car in 2016. Problem is, only lowlifes seem to ride it, literally 95% of the riders were black and frumpy/sketchy looking so I was downright scared, and makes the overall experience unattractive. Oh, and then you have the DART Transfer centers in Downtown Dallas, one of which literally had a patched up large bullet hole the last time I was there.

Plus the DART doesn't really go into the decent residential areas in the northern suburbs (Lewisville, Plano, Colony, Frisco etc).

Completely different experience from say, the New York City MTA, which literally everyone from hoboes to students to executives ride. My 1-month experience riding the MTA last spring was downright pleasant, especially compared to feeling like I was going to get shot on the DART buses/trains. DCTA in Denton was usually okay because it's majority students.


I actually think the San Antonio VIA is better than the DART

[BD24]

I’ve never felt unsafe on Dart. I’ve seen Hobos on there, but whatever.

Sounds like your just a scared white guy Andy

[spurraider21]

idk... big time events, water (somewhere chicks in bikinis hang out), hangout spots for all sorts of groups of people, pro sports, clubs, festivals, concerts, etc... big city things. And walkability/public transit. Hate driving everywhere, for example in Dallas area driving is the only option

eh, the wife and i are pretty much home bodies. we like staying in, maybe going to a bar/pub, so dont need huge stadium/convention centers. richmond is just over an hour out, so if there are big events like tours or something we wanted to catch, it's not that big a deal.

when it comes to sporting events, there are no pro sports in Virginia, but we're about a 2 hour drive to DC. i used to drive that much minimum to watch the raiders play in san diego anyway, so its not big difference tbh

[Millennial_Messiah]

I’ve never felt unsafe on Dart. I’ve seen Hobos on there, but whatever.

Sounds like your just a scared white guy Andy

what was the ratio of blacks to other races when you rode it?

[Millennial_Messiah]

eh, the wife and i are pretty much home bodies. we like staying in, maybe going to a bar/pub, so dont need huge stadium/convention centers. richmond is just over an hour out, so if there are big events like tours or something we wanted to catch, it's not that big a deal.

when it comes to sporting events, there are no pro sports in Virginia, but we're about a 2 hour drive to DC. i used to drive that much minimum to watch the raiders play in san diego anyway, so its not big difference tbh

Too bad the Raiders don't play the Redskins on the road until 2025.

And they just went to Baltimore last year during a AFCW-vs-AFCN year, so they're not scheduled to go back there until 2024, but there's a 1/4 possibility they go there in each of 2022 and/or 2023. But no possibility until then.

Next closest is Philadelphia, where they don't go again until 2025 as well.

I guess you can drive to Charlotte there next year as the Raiders play the Panthers there in 2020, but that's your only decent shot for a LONG time.

[spurraider21]

Too bad the Raiders don't play the Redskins on the road until 2025.

And they just went to Baltimore last year during a AFCW-vs-AFCN year, so they're not scheduled to go back there until 2024, but there's a 1/4 possibility they go there in each of 2022 and/or 2023. But no possibility until then.

Next closest is Philadelphia, where they don't go again until 2025 as well.

I guess you can drive to Charlotte there next year as the Raiders play the Panthers there in 2020, but that's your only decent shot for a LONG time.

its not that big a deal. i could fly to vegas for a weekend

i'm not trapped here

[Xevious]

I’ve never felt unsafe on Dart. I’ve seen Hobos on there, but whatever.

Sounds like your just a scared white guy Andy

That has been established already. Andy is scared of his own shadow. Maybe if he spent more time with his behemoth of a wife, she could protect him from the scary black people.

[SnakeBoy]

...or you're just a loser

https://www.cnbc.com/2019/08/14/kevi...000-saved.html

“You have to start in your 20s. You just have to, because you want to end up in your 60s with a boatload of cash sitting in investments, so you can kick back and relax a little bit,” O’Leary says.

“If you want to find financial freedom, you need to retire all debt — and yes that includes your mortgage,” O’Leary told CNBC Make It last year.

“The reason I say 45 is the turning point, or in your 40s, is because, think about a career: Most careers start in early 20s and end in the mid-60s,” O’Leary said.

“So, when you’re 45 years old, the game is more than half over, and you better be out of debt, because you’re going to use the rest of the innings in that game to accrue capital.”

Guy is right about saving 100K by 33 but wrong about what to do with it. Any decent growth fund that $100k will be over 2 million by 65 which would then guarantee six figure income for the rest of your days.

[Millennial_Messiah]

its not that big a deal. i could fly to vegas for a weekend

i'm not trapped here

Oh that's right, they're going to Vegas. Go fly to see a Raiders game, piss away $500 at the slots and score some cute hookers. Fun times.

[spurraider21]

Oh that's right, they're going to Vegas. Go fly to see a Raiders game, piss away $500 at the slots and score some cute hookers. Fun times.

you need to grow up from your 22 year old outlook on life tbh

[Millennial_Messiah]

you need to grow up from your 22 year old outlook on life tbh

Married life sounds soooo boring

[spurraider21]

Married life sounds soooo boring

have you changed your story again from being married?

[Millennial_Messiah]

have you changed your story again from being married?

I am, legally, still. But it's more of a le than anything. I date other people pretty much every week. Wanted to get the divvy this past spring but waited till next spring so we could get the green card thingy done. We got it done, early this month actually. So we're gonna get the divvy done next march or so after doing taxes, tbh.

[BD24]

what was the ratio of blacks to other races when you rode it?

I don’t know.

I’m not scared of black people so I don’t take a headcount of ratio everywhere I go Andy

[Xevious]

have you changed your story again from being married?

[DMC]

I bought a 1,830 square foot, partial brick home in Columbus, Ohio for 21K cash in early 2017.

If I'd bought it in 2013 it would have been $6K.

Then you have Detroit, where there were 1500-2000 sqft houses available for around $1k in the winter of 2012-2013. Not joking.

A lot of it is when you buy relative to the economic cycle. Now is still bad because it's still a seller's market, even though it's slowly trending back down towards buyer's. When the recession hits the project houses will go for next to nothing. Because there's a lot less disposable income so a lot less cash/hard money investors in the market, so if you do have cash on hand you can get them cheap.

Still a shed, just a bigger shed.

You could drop 60K on it (if it were actually true) then it would be worth 24K.

[AaronY]

My career as an employee ends at 35.

sure thing

[Blake]

Didn't OLeary just kill somebody with his yacht?