Good News! The Pratt Mansion Is Under Contract: 2100 W. Pratt Blvd in West Ridge
We’ve chattered about this 112-year old mansion at 2100 W. Pratt Boulevard in West Ridge several times over the last few years.
Our last chatter was in July 2012 after the bank took control of the property.
See that chatter here.
But there’s good news!
After originally being listed in January 2011 for $2.45 million and being reduced all the way down to $749,900, it has gone under contract.
Aw…shucks Groove.
No wonder you’ve been so quiet lately. Why didn’t you tell us about the big purchase?
If you recall, the house was built in 1900. The earlier listings said it was a summer home and took 4 years to complete.
The 5-bedroom home has hardwood floors throughout and 5 fireplaces.
Built on an oversize 187×150 lot, there is a 3-car garage which the prior listing said was also the original chauffeur’s quarters.
20 years ago an indoor pool was also added to the house (you can check it out in the pictures- it has now been drained.)
The kitchen has white cabinets, black counter tops but the appliances are now missing.
There is central air.
The house sits across from Warren Park’s golf course.
Is this an indication that if you price a property “right” you can make a quick sale?
Or was this house, with that big lot, just too good to pass up?
Richard Babula at Century 21 Rainbo Realty has the listing. See the latest pictures here.
2100 W. Pratt Boulevard: 5 bedrooms, 4 baths, 3 half baths, 12,000 square feet (new listing says 8865 square feet- so maybe it is excluding the chauffeur’s apartment), 3 car garage
- Last sold in 1900
- Lis pendens foreclosure filed in October 2010
- Originally listed in January 2011 for $2.45 million
- Was still listed in March 2011 for $2.45 million
- Reduced
- Was listed in June 2011 at $1.89 million
- Reduced several times
- Was listed in January 2012 at $1.29 million
- Reduced
- Was listed in April 2012 at $848,000
- Withdrawn
- Was re-listed as “bank owned” in July 2012 at $749,900
- Under contract
- Taxes now $16036 (they were $14,225 previously)
- Central Air
- Indoor Pool
- 5 fireplaces
- Bedroom #1: 20×26 (second floor)
- Bedroom #2: 15×15 (main floor)
- Bedroom #3: 14×12 (main floor)
- Bedroom #4: 20×19 (second floor)
- Bedroom #5: 17×10 (second floor)
For a person with time, patience, and money, this is a very good deal. Fine old mansions in deteriorated neighborhoods can pay back very handsomely over a few decades, as people who bought such homes on the near north side in the 1960s, when that neighborhood was very threatened, can attest. It’s hard to remember how run-down and dangerous the near north was c. 1968, while the West Ridge-West Rogers Park area was one of the most desirable neighborhoods in the area and it probably will be again in a couple of decades.
I guarantee, after about 100-200k in repairs and in about 10 years, this place will be worth well over 2 million dollars easily. If Cribchatter is still around in 2022, we are going to be posting how someone make a killing on this property!!! The great thing about investing is that the general population has no patience or intelligence to understand the value and power of long term investing. Everyone wants a quick profit…..
@Clio,
There are plenty of individuals who are older (40+) on this board. Once you get to 40, you begin burying your friends, priorities change. Some of us had brothers, sisters, sons and daughters who have already passed on. 20 years, while a quarter of some lucky people’s lives, is the whole life for others. You might forgive them, for not wanting to wait around or throw extra capital at a long-term investment. While time can build wealth, you can never get time back.
“I guarantee, after about 100-200k in repairs and in about 10 years, this place will be worth well over 2 million dollars easily.”
Why?
Because we’ll see massive 1970s style inflation?
Because incomes will sharply rise?
Because West Ridge will become the next Old Irving Park or Lincoln Square?
Just throwing out blanket statements seems stupid to me.
“Why?”
If it happens, I’d pick:
“Because we’ll see massive 1970s style inflation”
I really hope this place doesn’t get torn down and some ugly courtyard building put in its place
I dunno, I’m (ack) kinda with Clio on this one. This seems like a no-brainer if you have the capital – this is 7, count ’em, SEVEN, extra-long city lots.
Just owning this kind of contiguous space is appealing in of itself, that’s like your own suburban retreat in the City. Plus, the house is in pretty decent shape from the looks of it. You could rent this and do pretty well is my guess. Also, 2100 W. is pretty close to the lakefront this far north.
I love this house and it’s the type I would want to own if I was wealthy.
“I guarantee, after about 100-200k in repairs and in about 10 years, this place will be worth well over 2 million dollars”
While I agree that the blanket statement Clio made is a bit overconfident the point Clio makes holds some water. Let’s face it we all know that there are many many higher net worth individuals that just do not or will not have the resources, vision, time or desire to take on a renovation of this caliber. They may have been shown the property and walked away due to the current condition.
Homes like this are an emotional buy. Once the new owner puts some time energy and love back into the home it will grow in value and dramatically increase the buyer pool. That said one of the tire kickers might pay a sizable profit to the current owner for the restoration work. Will it eventually sell for over $1 million or $2 million remains to be seen however it is clear that they have some upside elasticity in price on this wonderful home. The downside is that it may indeed be coming down to make way for a higher density rental building.
Getting a 3 flat approved on each lot does not seem to be a stretch in zoning for the area. That means that they could put 21 units on the lot making it a value for land cost around $35K per unit. Not too shabby.
I wonder if this is zoned to become a church?
anybody know the zoning codes off hand?
“I wonder if this is zoned to become a church?”
Might need a use permit or something, but definitely not prohibited by zoning.
Groove, you planning on turning it into a church? We are all waiting on an invite to the BBQ and pool party!
Even Clio thinks your purchase is a good one! 🙂
“Might need a use permit or something, but definitely not prohibited by zoning”
Thank you, for some reason I can see this becoming a church or something.
“Groove, you planning on turning it into a church? We are all waiting on an invite to the BBQ and pool party!”
I will let you know when i get the pool disinfected 😉
“I will let you know when i get the pool disinfected”
Don’t go to too much trouble disinfecting it as based on the comments on these threads I suspect that most of us CC’ers are full of sxxx!
“after about 100-200k in repairs and in about 10 years, this place will be worth well over 2 million dollars easily. If Cribchatter is still around in 2022, we are going to be posting how someone make a killing on this property!!”
————————
You know what the funny thing is. Even in a HYPOTHETICAL world where Clio is right, he is STILL wrong. Even if you hypothetically assume this is going to be worth $2 million in 2022 it is still not that great of an investment. Can anyone guess what the rate of return is for this house to go from its current value to $2mm over 10 years? Answer: not even 9%! 8.68% to be exact. Not a terrible return at today’s all time low interest rates, but a stellar investment it is not. Not unless you are you are a realetard. “Making a killing”? Nope.
Here’s my sources:
Initial Value $800k ($650 + $150 fore repairs). Pretty low estimates in my opinion.
Final Value $2 million
Rate of return 8.68%
CNNMoney Calculator http://cgi.money.cnn.com/tools/returnrate/returnrate.jsp
I can guarantee that 10 years from now after about $200-300k worth of repairs and upkeep this place will be worth at the most about $700k. Which equals a rate of return / depreciation of -1.21% per year. What you would expect in a normal market. Not counting for inflation.
Rent till you’re rich (I did it).
Don’t Buy and Cry
I’m not sure this place will be worth $2M after a decade, but I feel pretty confident in $1.6M.
Keep in mind that, until 10 years ago or so, W. Rogers Park/W Ridge neighborhoods were still considered to be very desirable. The architecture in the area is incredible, and most of the houses and apartment buildings were built in the 1920s as luxury dwellings, with a lot of detailed stonework and brickwork. The beautiful thing about dwellings of that era is that they’re old enough to have been designed by classically-trained old-school architects who often practiced and/or learned their professions during the “city beautiful” era of 1890-1910… but they’re “modern” enough to have efficient, compact floor plans that make the most use of space, and often have generous closets as well. It breaks my heart to see so many of the exquisite old courtyard buildings wrecked by “rehabbers”, as they were in the Bubble years, with new floorplans that have bathroom windows in the living room, and boxed-in ductwork all over the place.
I believe this fine old neighborhood will experience a dramatic revival, as will many other abused and exploited urban nabes, as gasoline prices continue their upward march and more and more people are squeezed out of auto ownership, while others will simply want the convenience and amenity of urban neighborhoods close to retail, services, and transit.
That last is the only problem with this pocket. The transit around there is terrible. It is 4 blocks north of the Devon bus, 3 blocks south of the Touhy, and a solid mile west of the Red Line el. My dream is for a spur off the brown line to run from the Lincoln Square stop to Touhy, and a crosstown line over Touhy connecting the Red at Howard and the Blue at the Rosemont yards, to bypass the nightmarish traffic on Touhy.
“Can anyone guess what the rate of return is for this house to go from its current value to $2mm over 10 years? Answer: not even 9%! 8.68% to be exact.”
The “conventional wisdom” is that you should have a “greater than 10%” return on your investment (whatever it is). In reality, if you talk to ANY real investor or ANY rich person, they would tell you that they would put ALL their money in something (anything) that would guarantee a 6% return. The “8%” traditional return in the stock market is BS – not only because it cherry picked the time frame in which it was calculated but also because it uses an average of several good stocks – this doesn’t mean anything to the individual investor. Hell, I could say there is a HUGE appreciation in real estate if I take prices in San Francisco from 1975 to 2005 and divide over 30 years. That means shit to people who bought in the South Loop in 2006. So stop parroting what you hear on TV and in the office – you don’t know wtf you are talking about.
Have to agree with CLIO here.
A 10% return on an investment, year in and year out,never has been a realistic expectation. It’s only thanks to the credit-driven asset inflation of the past 30 years that returns like that were ever possible on real estate, which usually keeps up only with inflation at best. The worth of residential real estate is rooted in the incomes of likely buyers, and those are not rising.
We’re reverting to normalcy as it was understood before 1975 or so. This will mean a real adjustment in perspective in those who don’t remember how things were before the “financialization” of our economy. That means hardly any appreciation in real property at all. Your only hope of making a killing will be to buy a needy property in an undervalued, neglected area like Rogers Park, and hope the area gains in value relative to its neighbors.
“The “8%” traditional return in the stock market is BS – not only because it cherry picked the time frame in which it was calculated but also because it uses an average of several good stocks – this doesn’t mean anything to the individual investor.”
No- it uses the S&P 500 which has 500 stocks. And it usually is calculated going back to 1957 (which is when the S&P 500 was created). Some of the “longer term” stock return numbers you see floating around (the 11% return that was bandied about- not sure what it is now with the returns of the last decade) are based on the Dow. It is not “cherry picked” for a certain time period- but yes- very few people will have owned it every single day since 1957.
The investment community has certainly picked certain time periods to “tout” in the past. The average annual return on the stock market from 1981 to 2000 was 18%. Again, you had to have owned it for that entire period (and how many did?). None of the Baby Boomers I know (too bad for them.) Conversely, the last 10 years were sold as “horrible” because the S&P 500 return was zero (at least through 2010, I believe it was.) But that was only if you bought at the opportune time in 2000 and were still holding in 2010. How many did?
“Rent till you’re rich (I did it).
Don’t Buy and Cry”
ha! ha! Great slogan Brad F.
Are you still in your bank owned condo- paying only the assessments? Any news on that front?
Hi Sabrina,
Yep, you bet I am. Living in a modern 3/2 and loving it (no rent, no mortgage, no equity). No news, which of course is good news. The banks aren’t even going to bother with typical non-GZ 2/2’s and 3/2’s. They know they are going to zero market value before they could off load them anyway, so why would they wreck their balance sheets and put their bonuses at risk. I’m not going to fall into the trap that the big banks have laid out for the realetards and their gullible prey. Don’t throw good money after bad, which is all anyone’s doing in this market if they buy a place or even keep paying on a mortgage. It’s really a suckers bet. It’s pretty funny now, but I’m really going to be laughing, when they 1) raise RE taxes 2) raise interest rates and 3) start selling shadow inventory.
If you buy now or continue holding now you should EXPECT -1.0 to -1.5% annual return. This is would be in a normal market. But of course we don’t have a normal market, so realistically your more likely to loose that much MONTHLY for a few years for the above reasons, before reverting to the standard rate of DEPRECIATION from there. Oh you thought you were going to MAKE money by living in the house you own? What a great plan. Oh sorry, there was 50 million other people who had the exact same idea, haha.
Just think of a toilet flushing sound every time that mortgage payment comes out of your account.
Rent till your rich (then keep renting!)
Don’t Buy and Cry
Remember the 8.7% return is IF this place goes to $2 million in 10 years (of course it’s NOT), but even if in some make-believe lala land world that were to happen, you would get an 8.7% return. Not terrible, but by no means stellar, and by no means “making a killing” – which is the phrase Clio used.
But back to reality. Have you people been to this ‘hood? This area is full of dilapidated buildings, foreclosures, section 8 types, and all sort of transient scary characters. This is NOT the sort of hood where any normal person would feel safe walking Fido after 1pm. And as far as urban real estate goes, it’s far from EVERYTHING. Everything except gangbangers and newly arrived taxi drivers – no they are NOT picking up their fares here, they LIVE around here. Yeah, yeah, I know this area used to be like freggin Kenilworth, but guess what, that was 100 YEARS ago. Back then Miami Beach was a dump. Doesn’t anyone think that’s relevant? Or that somehow those two places will revert back and trade places in terms of prestige and investment? Miami Beach will be a dump again and West Rogers will somehow become the nicest hood between the loop and Milwaukee as it once was?
In 10 years this will still be a $6-700k house, provided the new owner continually puts money into it.
I think I’ll keep paying my mortgage and enjoy my 820 credit score, but thanks for the kind of advice I’d expect from a 17 year old kid with issues related to seeing the big picture.
“Don’t throw good money after bad, which is all anyone’s doing in this market if they buy a place or even keep paying on a mortgage. It’s really a suckers bet. It’s pretty funny now, but I’m really going to be laughing, when they 1) raise RE taxes 2) raise interest rates and 3) start selling shadow inventory. “
“In reality, if you talk to ANY real investor or ANY rich person, they would tell you that they would put ALL their money in something (anything) that would guarantee a 6% return.”
Which is what makes them suckers for the shills’ pitches on investment RE today. Just think how many of them fell for the same spiel about the guaranteed returns of US mortgage-backed securities. It’s the same bubble, folks, and it will be until they shake the last nickels out of the yield chasers. The govt will remain complicit in the charade by propping up housing any way possible until the job is done.
Those counting on this neighborhood going back to its original glory will be sorely dissapointed. I do like this house and the lot but most here are right, west rogers park sucks. If the neighborhood was decent or even had a chance of coming back this place would have sold a while ago for the original 2mm asking price as its a 10k sqft house on 7 city lots… not too many of those around town
“Yep, you bet I am. Living in a modern 3/2 and loving it (no rent, no mortgage, no equity). No news, which of course is good news…Just think of a toilet flushing sound every time that mortgage payment comes out of your account…Rent till your rich (then keep renting!) Don’t Buy and Cry.”
But Brad, you totally fell into that situation by chance.
It was just dumb luck.
Your landlord defaulted on her mortgage, the bank has not taken any action yet and your HOA has allowed you to stay and just pay the monthly common charges.
So good for you, but most other renters are not in the same position.
“So good for you, but most other renters are not in the same position.”
Nah, milkster, it’s his superior acumen. Anyone who can’t find his circumstance is just not trying hard enough.
Yes we should all be so lucky as to not be paying rent… gosh darn, why didn’t I think of that one before!
“So good for you, but most other renters are not in the same position.”
Brad F is the extreme of good fortune. However, most other renters also had good fortune by not handing over their financial freedom, especially in Brad F’s example of “typical non-GZ 2/2?s and 3/2?s.”
At least call is what it is: squatting.
The banksters have come up with a new twist on real estate investing, securitized rentals. And if the JOBS Act passes, it will be much easier to sell them to the muppets through things like crowdfunding on the internet. The ratings agencies are being “tough” though, Fitch saying this latest innovation would probably not get its highest rating.
http://www.nakedcapitalism.com/2012/08/new-real-estate-train-wreck-coming-securitized-rentals.html
“Just think how many of them fell for the same spiel about the guaranteed returns of US mortgage-backed securities.”
“Yep, you bet I am. Living in a modern 3/2 and loving it (no rent, no mortgage, no equity).”
Brad F. – I have news for you – they passed a law that allows banks to go after renters who have not paid rent on properties which have been foreclosed upon. The best thing to do is put the rent money in an escrow account – the last thing you want is to be in litigation for the next 5 years and find out you owe tens of thousands of dollars that you may or may not have saved.
“Dumb luck?”
Yeah sure, I guess that explains everything.
All those people who bought between 2002 and 2009 and are still paying mortgages, especially those who bought at the peak and agreed to subprime terms, I guess those people were just UNLUCKY. Ha. People who believe in “dumb luck” are just plain dumb.
Clio “…blah blah….THEY PASSED A LAW….blah blah…”
“They passed a law” ? What are you retarded? Yeah, that sounds remarkably credible. Your sources really back you up too.
And regardless of any so called LAW that Clio says THEY passed. I have permission to be here. The banks are not asking for rent, nor are they accepting it if you try to voluntarily give it. Not their money anyway. It’s all a big joke people. And if you’re paying into it, you’re the sucker.
“…you bet I am. Living in a modern 3/2 and loving it (no rent, no mortgage, no equity). No news, which of course is good news. The banks aren’t even going to bother with typical non-GZ 2/2?s and 3/2?s.”
Are you saying that you’re living in a non-GZ Chicago area condo? And you’re “loving it”?
I guess you’re right anonny, I actually hate it. Everyone not in the GZ is miserable. I recognize your superiority for living in more expensive neighborhood than myself. Hope that makes you feel great.
Damn, wish I’d thought of this. I’m just going to stop paying my mortgage! now i’m not a sucker.
“Damn, wish I’d thought of this. I’m just going to stop paying my mortgage! now i’m not a sucker.”
Love it! You win!
“Hope that makes you feel great.”
No, actually, I’d feel better if my neighborhood weren’t more expensive than yours. I’d love a bigger, nicer place, but for now that’s not in the cards. Living in a smaller, less updated place is just a sacrifice we’re willing to make in order to live closest to many of the city’s best outdoor/environmental ammenities. Note that there’s lots of fairly pricey (GZ) areas that I have no desire to spend any time in, let alone live in. There are some areas in this country that are pretty amazing that also happen to be cheaper than most GZ hoods. If I couldn’t live within a couple blocks of the park (in either LP or the GC), and I guess maybe a couple of north shore burbs east of GB Rd, then I’d make other life sacrifices and move to one of those other parts of the country. I suppose I’m an adherent to the “you could get hit by a bus tomorrow” mantra when it comes to where I choose to live.
“Brad F. – I have news for you – they passed a law that allows banks to go after renters who have not paid rent on properties which have been foreclosed upon. The best thing to do is put the rent money in an escrow account – the last thing you want is to be in litigation for the next 5 years and find out you owe tens of thousands of dollars that you may or may not have saved.”
Clio, you never get anything right. Brad F clearly stated that the unit has not yet been foreclosed.
“I suppose I’m an adherent to the “you could get hit by a bus tomorrow” mantra when it comes to where I choose to live.”
Isn’t your choice actually increasing those odds? I suppose you’re more of an adherent to “address for success.”
“It’s all a big joke people. And if you’re paying into it, you’re the sucker.”
So, you’re advocating that everyone stop paying mortgages so that we can all live for free? I like this, it is nearly as sustainable as my “let’s all write each other checks for a billion dollars so we can all be billionaires” plan.
What Brad F is doing is stealing. This is the same as people who receive free utilities (electricity, cable, water, telephone, gas etc.) because of some oversight by ComEd, Comcast, Nicor, etc. – these entities are allowed to collect monies owed to them for services provided. So, too can banks. I understand that the unit has not yet been foreclosed upon – what Brad F doesn’t understand is that, even if his unit owner is in default, he still owes that owner money (even if that money may be then forfeited to the bank). That owner absolutely can sue Brad F for non-payment of rent and any judge or jury in america will find Brad F liable for back rent. This is why any attorney will advise someone in Brad F’s position to put the money he would have paid in rent in an escrow account – or at least have it available to show that he wasn’t stealing. Brad F is all laughs now – but that can change in an instant.
Brad F. absolutely is required to have the rent $ either in an escrow account or on hand. This could lead to huge trouble! I think he’s supposed to show that he has tried to pay rent, and it has been refused, but my memory’s a little foggy on the legal details.
SO NOW I OWE MY LANDLORD? You know the funny thing is when I found out my landlord was pocketing my rent and not paying the mortgage (or the assessments or taxes) I threatened to sue him! I can be very convincing especially when pissed off, as I had a right to be under the circumstances. So the landlords response was that I can “live there for FREE” And to top that off, he put that in writing, which of course I saved. So any of you on your high horse saying I owe someone need to rethink that. If anything, from a strictly legal standpoint my land lord still OWES me, for my security deposit. But I think I’ll let him go on that one, hehe. Nothing like a few years of free rent to lighten someone’s mood.
The reason I think the RE bubble is funny as hell, is because so called “buyers” are uppity and think that somehow signing like a fool for a mortgage makes them better than “renters”. Then they got their asses handed to em, and will continue to get their asses handed to em. It’s called irony and comeuppance. If you don’t think that’s funny, well then that’s your problem. I on the other hand, have made my RE choices based on reasonable financial decisions, not on some emotional quest to hold myself better than a renter, or my brother, or a neighbor. Puleeze.
So now I’m supposedly REQUIRED to have rent $ in escrow or on hand. Even though the bank never asked for it and actively declined it and the owner put in writing that I could live here for free. Very funny. So by ‘on hand’ should that be in cash funds or would liquid investments suffice? Did SUZANNE research this? Required by whom exactly? Required by law? Required by some mortgage payer’s fragile ego perhaps. To make everything right in the RE world, haha.
Not that it would bother me one bit to pay up the rent, remember that’s what I signed on to do in the first place, before the landlord realized back in like 2008 that values were going to s***. Some people on this board still haven’t figured out where values are going 5 years later. NO ONE is ever going to require me or even ASK me to pay up, but even if they did I could just withdraw it from the $2 million+ of liquid that I’ve saved up. All you mortgage payers in the GZ have that on hand too, right? Oh you “owners” didn’t realize that some “renters” are sitting on that much cash, out side the GZ of all places. After all anyone with that kind of dough would surely buy right? Just like you? Haha, nope. We’re the ones selling you your “dream” and laughing all the way to the bank.
It’s cool what someone can accomplish just by being level headed, when nearly everyone else just drinks the realetard kool-aid. That stuff was laced with poison, and it’s too late to help you. Yep, you were all just lemmings in the cult of bubble RE. Sadly many of your still believe in the cult, while you are on life support or starting to feel woozy. You’re precious credit rating is like your status in the cult, hold on and ride it in to 30 years of servitude.
Yep, $2 mm plus, from NOTHING. And I’ve only been out of school for 8 years. Think I’m just bs? Call me on it, and I’ll PROVE it, right here on cribchatter. I run my mouth, but I can back it up all day long on here or in real life, with real money. People who doubt me on the other hand, just run their mouth, but the only thing they usually have backing them is an 80/20 5%+ mortgage on an underwater shithole. Haha. You thought it would go up in value, just like the cult leader and other followers said. Cult leadership/bankers have long escaped with their millions, while you suffer the effects, but you can still believe that what they sold you was “a good investment” except now the new story is it will eventually go up in 10 years, then 20, then 30. Pshhh, lame. WAKE UP!
“I think he’s supposed to show that he has tried to pay rent, and it has been refused, but my memory’s a little foggy on the legal details”
—
Memory is a little foggy? Your entire brain is a little foggy!
“What Brad F is doing is stealing.”
I thought the bank IS the owner. (???) I thought his old landlord is long out of the picture. The bank knows he is there (paying assessments so they don’t have to.) They could tell him to get out and sell the unit. They are choosing not to. If I remember the story correctly, he offered to pay rent to the bank originally, but they refused it. So there he sits- paying just the assessments. (are you paying the taxes too Brad F?)
I’m all for the little guy gaming the system. Rule of law is for sheeple.
More about rule of law and the imperial presidency:
http://www.nakedcapitalism.com/2012/08/in-bailout-neil-barofsky-reveals-the-key-lie-of-the-obama-administration.html
2 mil in eight years?
Ah another Internet millionaire prolly married to a supermodel too!
“Yep, $2 mm plus, from NOTHING. And I’ve only been out of school for 8 years. ”
HAHAHHAHAHAHAHA – oh God – that HAS to be the funniest thing I have read here. OK – you are obviously exaggerating by …..about 2 million dollars….again, HAHAHAHHAHAHAHA. OH god, this is too funny. You expect us to believe that a millionaire (or even someone who saved a few hundred thousand) is squatting in an apartment grade condo outside of the green zone to save a couple of thousand a month in living expenses?!!! Once again….HAHAHAHAHAHAHAHA…..First of all, stop lying. Second of all, learn that money isn’t everything. There is something to be said for quality of life. I would rather be a little cash poorer and live where I want to live and have the peace of mind knowing what my payments are going to be for the next 30 years as opposed to squatting in an apartment grade condo outside of the green zone, looking over my shoulder preparing myself to get ready to move out to who knows where at a moments notice. Instead of being jealous or admiring you, I truly feel sorry for you Brad F. I really do….
To put things into perspective to achieve a + 2 mil net worth over an 8 peroid you would need to save 15k per month with a 10% roi. Methinks that BradF doesn’t make 600k per year. And based on his commentary on cc i doubt he works for citadel nor is he a wiz kid working for DRW trading. Sorry Brad your full of the brown stuff.
‘What Brad F is doing is stealing.”
Not quite at the level of Obama’s buddy, jon corzine
“Are you saying that you’re living in a non-GZ Chicago area condo? And you’re “loving it”?”
Wow annony can that statement come off any more snooty? It sounds even worse when its coming from you
CLIO: ” HAHAHHAHAHAHAHA….OK – you are obviously exaggerating….”
—
Uhmm…”obviously exaggerating”? Really? That’s what you think? Why would it be so hard for anyone to believe that some random guy in his 30’s who is very opinionated about financial matters and writes in complete sentences would have a couple mill stashed up? It’s not like I’m claiming to have $200, or heck even $20 mill. Just $2 to 3. And that DOESN’T even put me into the top 1 or 2% !!! It’s hardly an outlandish claim. Oh I forgot that you and many others don’t understand basic math. Let me try to help you out a little. FACT: 1 out of every 100 people in the US has at least $8.4 million or more, in many cases much more (source below). And that’s a national average (including impoverished areas of the south), it’s drastically higher in a places like downtown and northside Chicago. Clio being skeptical of me illustrates his ignorance. The misguided skepticism is actually somewhat flattering though. Glad you think it is enough to be doubtful of. But from a realistic perspective $2 or 3 is really not that much money. Sure being in the top 5% is better than being near the middle but my life really isn’t different than anyone else who went to college and made reasonable efforts to apply himself. I just live within my means and make smart money choices which includes RENTING, especially when every fool is still drunk off the Cult of RE kool-aid.
If people want to keep “Buying & Crying” and throwing good money after bad every single month, then so be it, but don’t say I didn’t warn anyone. It hurts me too (not by as much as it hurts yourself of course), but when you make yourself poorer you really make everyone poorer too. There’s an interconnectedness of an economy, no surprise if that’s way over most people’s heads, especially Clio’s.
So here’s the source showing that 1 out of every 100 people in america have $8.4 mill or more. Backed by US gov’t statistics, so if you disagree just take your argument to them.
http://finance.yahoo.com/news/6-million-gets-1-40-154917921.html
And here’s a screanshot of my liquid bankroll. If you’re the type who doubts me or votes me down, I left a little water mark for you. Enjoy. http://imgur.com/JL9FP
Ok I’ll bite! I’m calling you out to “prove it on the Internet” I trust everything I read here.
The only way Brad F has 2 mil liquid is if grandma died and left him 3 mil. The dude does sound pompous enough to be a trust fund know it all.
On the other hand since he does not like to pay his bills he might not have bothered with those pesky taxes. That could increase his net worth pretty quickly. Then he only needs a cash flowing business with 400k in revenue, to be extremely frugal, and enjoy living like a homeless person. Could have happened!
Come on Brad F we are still waiting…. Please just send us your bank account numbers and internet passwords. I can personally vouch for all the other cc’ers that we will just look at your balances and not make any transfers to our accounts!
The post above could easily be your, rich grandpa, one of your biggest clients, or completely fabricated statement. Not a hater but definitely not a guy that takes you word or statement as gospel.
The screen image is right there for any to inspect. Grandma? Yeah, I wish. All self-made. Not that hard, it’s called being smart and investing wisely (and renting!).
Impressive BradFOS you know photoshop!
Actually I left you that little note/water mark just with Windows Paint. No photoshop needed. Don’t see why this would be so hard to believe, but I’m flattered. Have to assume that any doubters don’t have a clue about the real world in terms of money though.
wow brad works for e-trade, congrats toolbag, i could show you a statement with me being worth millions too but everyone here knows I’m an astronaut pornstar billionaire and that would be mean just playing poor with you internet losers showing an account worth mere millions to make you all feel better
“wow brad works for e-trade, congrats toolbag…”
Yep, I’m the janitor there. The downtown office on Wacker. One of the traders left his computer open while I was sweeping the floor. Ha, you people are so smart. Darn, and I thought I could pull a fast one on you guys, silly me. No wonder you’re wealthy and watching your RE holdings go up.
“Actually I left you that little note/water mark just with Windows Paint”
Dude 2 mil liquid and you cant even spring for adobe photoshop? and seriously who even uses a windows box anymore?
BTW you lucked into your renting situation and I commend you for being smart enough to game the system when the opportunity arrived. But i really think your patting yourself on the back way too much for a random lucky stumble
I do agree with sheeple being house poor in a 2/2 APARTMENT (call it what it is) and 5-11% growth on what should be a depreciating asset is long gone and aint coming back in the next 20 years. You aslo need to remember that not everyone buy a house/condo for investment many will buy it to have a home and plant roots within a community. and if they loose 100k after living there 20+ years i think the positives over the 20 years outweigh the 100k loss on an asset that should be depreciating anyway.
also regarding the pic you linked to
please tell my your not buying leapfrog games on amazon for yourself?
“You aslo need to remember that not everyone buy a house/condo for investment many will buy it to have a home and plant roots within a community. and if they loose 100k after living there 20+ years i think the positives over the 20 years outweigh the 100k loss on an asset that should be depreciating anyway.”
Well said, Groove!! He will understand this once he gets married and has kids (oh wait…..there is no way any woman is going to marry him – seriously, what woman wants to get married to a pompous frugal squatter – no matter how much money he has in the bank!!! All they will be thinking is ‘good god, is this guy going to make me live in some boarded up crackhouse in englewood next?’
“if they loose 100k after living there 20+ years”
Losing $100k in nominal terms, over 20+ years is a HUGE loss.
“what woman wants to get married to a pompous frugal squatter”
The contrary sister of the sort who would marry a pompous, spendthrift, doctor/developer?
“The contrary sister of the sort who would marry a pompous, spendthrift, doctor/developer?”
Uhhh – what woman WOULDN’T want to get married to such a person – think of the lifestyle: big house, expensive cars, expensive jewelry, nice vacations, and ability to “brag” that they are married to a doctor. I don’t make up the rules – society does – and let me tell you that despite everyone on this site thinking that women (and men) are independent smart thinkers who value honesty, individuality, creativity, humility, frugality, the EXACT opposite is true for the masses out there. Again, I personally think it is disgusting, superficial, idiotic and horrible – but that is what gets the women (and men). In the real world, money talks but lifestyle (perceived or real) talks even louder…..
“Losing $100k in nominal terms, over 20+ years is a HUGE loss.”
Is it really a loss when looking back and seeing all non-nominal stuff you gained from living there and the fact it IS a depreciating asset?
“think of the lifestyle: big house, expensive cars, expensive jewelry, nice vacations, and ability to “brag” that they are married to a doctor.”
but wait arent you divorced, and also talk about how lonely it is in your oakbrook estate and that nobody uses your pool?
“Is it really a loss when looking back and seeing all non-nominal stuff you gained from living there and the fact it IS a depreciating asset?”
say you pay $300k for your house, and then 20 years on, sell it for $200k. At 2.5% inflation, that $300k in year X is about $500k in X+20. So, instead of losing $100k, you really lost $300k. That’s my point.
Now, if in that 20 years your outlay for maintenance/repairs/replacement is really $0.00, then that’s a different story.
who was the last guy who posted his bank statements on cc? it was a few years back. dont really see the point but I guess if it riles clambo it’s all in good fun.
how did you make your millions brad f?
“say you pay $300k for your house, and then 20 years on, sell it for $200k. At 2.5% inflation, that $300k in year X is about $500k in X+20. So, instead of losing $100k, you really lost $300k. That’s my point. Now, if in that 20 years your outlay for maintenance/repairs/replacement is really $0.00, then that’s a different story.”
that my thing, the house is a depreciating asset and the land isnt. Every door knob, every wood panel, every sink, every light fixture even if bought last year and installed last year is worth less today and actually even more less because of the cost of labor to install it.
If you got use out of the building and neighborhood for the past 20 years and put regular maintenance and upgrades in the 20 years plus you are getting more fore your land value (considering inflation) then one shall call it a win.
take the easy example of a car. a car to house is the same (minus the land) both are used and get repairs and upgrades why is a house (structure) treated different?
they is also the non-nomial value of the 20 years spent in the community (really more tied to the land not the structure) enjoying the people, parks, and architecture around you. all the wonderful thanksgivings you had in the house and all the great bbq’s had in the yard (roof decks for people in ELP) there is a value to those memories that are not reflected in covering the 500k loss.
Yes my view is different than the normal thinking on this. probably doesnt make sense either.
” CH (August 30, 2012, 10:23 am)
how did you make your millions brad f?”
well he made 70k at his job last year, and 60k in capital earnings last year from his grandparents giving him a 2mil trust fund when he graduated college. he also saved 18k in rent last year.
” he also saved 18k in rent last year.”
Where in Rogers Park (or wherever it is exactly that Brad squats) does a 3/2 apartment rent for $3200+/month?
“how did you make your millions brad f?”
Are we talking about Brad F or Brad S? Because Brad S. just embezzled 2.1mil from his clients’ accounts. How much does Brad F have in that etrade account again?
http://www.cftc.gov/PressRoom/PressReleases/pr6262-12
How did I do it? Not that hard really. I’m 35, so I’ve had some years to apply myself. Graduated from a big 10 school, manageable student loans. But the most important thing is I didn’t and don’t continue to make incredibly stupid financial mistakes and then try to justify it based on “intangible benefits”. That is deranged cult-like behavior justification if I ever saw it. What kind of fool leverages up on depreciating assets, and then expects to NOT become poor? I live within my means and I’m proud of it. The hot chicks I hang with respect that too. They’re way more impressed with a guy who is good with money and makes smart money choices, than some pompous idiot who attempts to impress them with it. I live well. I enjoy all the latest and best stuff. I don’t believe in miserliness. Why should I be miserly, I can always make MORE money. But I don’t live beyond my means. Everyone on the board could go out and by a huge bag of candy, then eat it all day like a child, most don’t, but that is how most people manage their RE decisions, like a child, like a freggin spoiled brat really. My left over money I’ve invested, and have invested fairly well, as you can see by my accounts. I KNEW i should have shorted the RE bubble way back in 2007!!! But I just wasn’t able to pull the trigger and had a lot going on. Do you people realize that I would likely have $20 to $100 million if I had gone with my gut on that. THEN you could have reason to doubt me. Like I said $2-3 mill isn’t a lot, but apparently it’s more than some of you fools can realistically believe.
I bought Leapfrog software from Amazon to brush up on my math skills. As people on the board continue to demonstrate, basic math illiteracy is rampant, even among the so called ‘middle class’. So most of you could benefit from it too, especially Clio.
brad f the guys on this site just don’t understand how wealth is created.
ccers take a look a mine http://i.imgur.com/hdrOb.jpg
Oilc, that is awesome.
holy cow looks like everyone on cc lately is richer than clambo
OILC: haha, very funny. You put a extra digit in front of my balance. So brilliant! You deserve millions! You only WISH. Now if you could only find an ORIGINAL of my picture that shows my account with a balance LESS than $2 mill (without somone having doctored it and removed my scrawl) that would be something. Of course you won’t find that b/c it doesn’t exist. What you make only shows that you’re an idiot. Same goes for anyone who thinks that is “awesome”. Really people? Awesome? That watermark is for you. Think about it.
Brad, why do you care?
If you truly are in the situation you claim to be, I’d think you’d keep it zipped and have some humility.
So brad F you ARE a trust fund brat then
What oilc’s is a fake? But it says Etrade- it has to be real, right? It has a WATER MARK dammit!
Ok, I was able to hack into Brad’s account and let the truth be told this is what I found.
http://imgur.com/zg6G5
“Ok, I was able to hack into Brad’s account”
—
Haha, the personalized watermark meant just for you is still there. Have fun editing/”hacking” that out. And I’ll send you a cookie, or a big bag of candy, like I referenced in my earlier post.
wait you graduated from a big ten with loan debt? need my kids leapfrog to get math up to par yet some how took a 40k a year job out of college and make it 2mil in 12 years with it when within those 12 years there were two big hits to everyone’s portfolio?
again basic deduction says you start out with a hefty sum which is either trust fund or lotto ticket.
Yeah Groove77 you win. EVEYRONE who has done very well over the past 12 years won the lottery or has a trust fund. Lame.
“And I’ll send you a cookie”
No need to send me one, your mom just gave me one. Oh and BTW she says to come up from the basement for lunch. She made your fav PBnJ with the crust cut off.
“Yeah Groove77 you win. EVEYRONE who has done very well over the past 12 years won the lottery or has a trust fund. Lame.”
not saying it was a 2mil lotto ticket or saying it was a 2mil trust fund.
just pointing out leaving big ten with loan debt and even a good job would take great skill to take $1,000 and turn it into 2.1mil over THESE past twelve years by investing only. not saying it cant be done just saying that it takes great skill, and luck, and hard work to get there.
so again you are avoiding the direct question is what was your cash starting point to get 2.1mil liquid in 12 years?
I am not avoiding anything. I started from nothing/zero, just as I said way back. (I know you CAN read, even if your comprehension skills are limited.) Technically speaking I think I had saved up about $3500 bucks when I graduated (part time jobs). (The only gifts I received at graduation was a nice dinner and I’ve never inherited or been gifted anything except the typical presents – sweaters haha). Then I only had like $1000 after I got my first apartment and my 10 year old Honda broke down.
You said “great skill, luck, and hard work”. Now you’re talking. Those 3 things combined, or perhaps 2 of any 3, are what made nearly all wealthy people in this country. That and not doing incredibly fooling things with real estate. So many imbeciles fails to grasp that winning lottery tickets and trust funds are extraordinarily rare, but self-made wealth even over $8.4 million bucks, is not rare at all (in fact 1 out of every 100 people has that much or more).
groove ! he said you cant spend a lot on stupid stuff and you gotta invest. if you do that well then your starting point can be anything and get you to mullionaire status in a dozen years. course it’s easier to do if you start with mil or two.
wonder what the investments were though bc even if he saved his whole salary including taxes it would only be around a half mil right now. (40k x 12yrs……leapfrog says…..480k)
CH? Have you ever heard of salaries going up? Who in the hell makes $40k every year for 12 years. Jeesh. Now I’ve really walked into a cult meeting, I know you people have been drinking the RE-kookaid, but I didn’t know you were all so financially illiterate beforehand. They really would give anyone breathing a mortgage.
CH (August 30, 2012, 2:16 pm)
groove ! he said you cant spend a lot on stupid stuff and you gotta invest. if you do that well then your starting point can be anything and get you to mullionaire status in a dozen years. course it’s easier to do if you start with mil or two.
CH gotta correct you on this one, go back up the thread he did it in only eight years. You guys still don’t understand. Hes spelled out his entire invest strategy above, don’t you guys get it! Get a leapfrog things will become crystal clear.
I agree with OILC now, most of you doubters really do need a Leapfrog, not only on math which is obviously lacking, but reading comprehension too.
I challenge you and your leapfrog skillz to disprove my equation. any way you slice it, free rent or not 12×40 isnt close to 2mil.
okay confused here, you had school loans (back then what 30k total) and on $3,500 pocket cash. lets say you got a decent starting job out of big ten thats around 50k back then, lets say you lived in a basment studio in uptown with HD so rent would have been $2,400 a year.
so your saying that within the PAST 12 years you took that $3,500 paid off your school loans and invested the rest and made 2.1mil?
Now of the 3 things we can take hard work out of the picture as you spend too much time bragging than working and too much time here and other web outlets. so that just leaves skill and luck?
if I take $3,500 and take my bonehead investments out plus take out my bad luck investments (also could be classified as bonehead) then say I give myself and average ROI of 7% over the 12 years and say kick in 20k each year i only come out to 317k at the end of 12 years?
were did the other 1.7mil come from?
2.1mil / 8years = 262,500 per year. man Brad you are not the typical mich state grad at all (except for the leapfrog part)
Yeah, you cave man. I never said I only made $40k a year for 12 years. WTH. I think you need like leapfrog level 1 or something, my writing is obviously a few levels above your reading ability.
“Have you ever heard of salaries going up?”
national average over the past 12 years is 3.5% i think and that gets you to 60k barring any promotions
“were did the other 1.7mil come from?”
underpants gnomes.
methinks that Brad F needs to change his name to Forrest Gump.
I think this will clear up some of the misunderstanding on this thread.
“were did the other 1.7mil come from?”
If he put $45,000 into Apple stock upon his B-School (or whatever) graduation in May 2004, he’d have over $2.1m in Apple stock today. And I’d wager he’s been making $150k+ since 2004, in any event.
It’s a hell of a lot less unbelievable to me than y’all are making it out to be.
” CH (August 30, 2012, 2:30 pm)
“were did the other 1.7mil come from?”
underpants gnomes.”
Not saying it cant be done, it can
its just with the fact being provided its not possible even with two luck scores. 1. being the score on renting the bank owned property and 2. randomly working for company and oddly having way to much stock right before it went IPO.
“If he put $45,000 into Apple stock upon his B-School (or whatever) graduation in May 2004, he’d have over $2.1m in Apple stock today. And I’d wager he’s been making $150k+ since 2004, in any event.”
but he only had $3,500 no where to live and had school loan debt to cover.
I didnt think it was unbelievable at the start, but the more he writes the more curious it becomes.
Ok, ok, for once and fall all I’m going to try to tell you people how to become a moderately well off (not rich) Chicagoan. Sure there are many many different ways. But this is probably the most simple of them. No special skill talent or luck required.
Easy/Simple Steps to being a Well-off (not rich) Chicagoan
1. Graduate big ten or better
2. Start out with a decent job in some kind of money making endeavor (no photography or literature bulls***)
3. Don’t make the same freaking starting salary for the next decade – DUH
4. No stupid stuff.
5. Invest (No buying a house to live in is NOT investing, no matter what the realetard told you).
6. Focus on steps 3-5 and in several years you WILL be well-off.
anon (tfo): “It’s a hell of a lot less unbelievable to me than y’all are making it out to be.”
—
FINALLY. Low and behold a voice or reason and common sense. Jeesh. Thank you anon (tfo).
“It’s a hell of a lot less unbelievable to me than y’all are making it out to be.”
No kidding. Also, have you guys ever heard of stock options (not employee stock options)? There are plenty of people who have made a fortune on those, even people who are idiots. This guy’s a fool and who cares if he has $2.1 million or $2.1 thousand, but don’t act like it’s completely unbelievable that he got rich during a period of unprecedented volatility.
35 years old and 8 years out of college. Is that the 10 year college plan?
“but he only had $3,500 no where to live and had school loan debt to cover.”
That was 13 to 14 years ago. I’m talking 8.
“I didnt think it was unbelievable at the start, but the more he writes the more curious it becomes.”
If he’s cheap (fine. frugal) and done fairly well and ridden Apple, it’s not even particularly curious. And if he’s worked in some sort of field with 6-figure bonuses (hardly common, but hardly rare), becomes less curious.
Easy/Simple Steps to being a Well-off (not rich) Chicagoan
1. Graduate big ten or better-CHECK big ten here
2. Start out with a decent job in some kind of money making endeavor CHECK i am an accountant and did construction jobs on the side
3. Don’t make the same freaking starting salary for the next decade – CHECK (adjusted for inflation, well umm)
4. No stupid stuff. FAILED but thats what makes life fun
5. Invest (No buying a house to live in is NOT investing). FAILED but i bought a cheap house that i fixed up myself and still live in 10+ years later
6. Focus on steps 3-5 and in several years you WILL be well-off. FAILED 1 out of 3 is bad huh?
again taking out bonehead stuff and bad luck stuff nothing i have done with $3,500 has gotten me even 1mil over 8 years
“if he’s worked in some sort of field with 6-figure bonuses (hardly common, but hardly rare), becomes less curious.”
see you adding plausible facts that he has not. I am just going by what he has stated during the time he stated.
the apple thing goes to my luck theory
“That was 13 to 14 years ago. I’m talking 8.”
considering his first job out of big ten he was probably paying $100 a month to the school loan but its all speculation
I suspect BradF, leapfrog user , microsoft paint “fu haterz!” watermark creator, and multi-year rent dodger did not make his millions in the boring plausible way.
I’m pretty sure he’s full of shit, in fact i’ve never been so certain of anything in my life
Me and anon(tfo) understand things. We GET IT. I’m sure there are other’s out there too, who get it. That’s why we are likely top 5% or better in terms of finances and real estate acumen. The doubters/haters there are more of you, much more, millions of idiots in fact, that’s why you’re likely bottom 95%. You can’t be top 5% because if being financially illiterate got people into the top 5%, then it wouldn’t be top 5% anymore. You can’t fit 95 into 5! If you practiced on your Leapfrog you’d know that, even without having to think too hard.
“the apple thing goes to my luck theory ”
Um, he owned up to luck being one of the elements.
Look, not a fan of the tone, either, but y’all are being crazy.
Luck CAN be one of the elements but sure as hell isn’t necessary. We all have BOTH lucky and unlucky breaks in life. It’s what you do with both those lucky breaks and your unlucky breaks, that determines the outcomes. Don’t keep following and following the heard, without sticking your head up to see if the heard is running off a cliff. Or to stop and listen to what the other monkeys are saying who are standing still or running the other way. The idiot mentality is more to blame for the RE bubble than any banker.
Maybe I’m picky, but personally, you’d have to *pay me* $2 mm to live for that long in a non-GZ area of the city. For that matter, you’d have to pay me about $250k (post tax) to live for that long in a GZ area of Chicago that’s outside my well-known and often-mocked prefered areas.
“For that matter, you’d have to pay me about $250k (post tax) to live for that long in a GZ area of Chicago that’s outside my well-known and often-mocked prefered areas.”
Seems possible that you could save $20k/year in rent by living in a similar apartment outside your understandably-mocked preferred 7 half-block area. And Brad certainly *is* saving that amount annually compared to living next door (or, frankly, on the other half of any of your 7 half-blocks) to you (albeit, apparently non-GZ). And, truly, he was only slightly less likely to stumble into his situation in a non-primae GZ area compared to thenon-GZ location of his squat.
Regardless of how much money someone has in the bank, just ask yourself this: who is the winner:
Person A: Someone who constantly is thinking about ways to save money – at the cost of not enjoying everything this world has to offer (which DOES require some amount of spending – ie travelling, eating at different resaurants, entertaining friends, living in a place where you want to live, etc). This type of thinking absolutely results in a more narrow-minded view of the world – think about it – how many misers/cheapskates do you know who are actually generous, open-minded, and happy?
Person B: A happy go lucky person who spends his/her money to enjoy everything they want to enjoy in life. Sure, person B will have less money than Person A, but, at the time of death, will havemany more happy and joyful experiences than Person A
You can’t be top 5% because if being financially illiterate got people into the top 5%, then it wouldn’t be top 5% anymore. You can’t fit 95 into 5! If you practiced on your Leapfrog you’d know that, even without having to think too hard.
Just wanted to spell out that you can’t fit 95 into 5, because 95 is a BIGGER number! Even if you are the sort of mortgage payer who is not very good with numbers, you can tell because 95 has MORE digits than 5. If you are in doubt about two separate numbers, just try counting the digits, or the number of numbers, it’s an easy shortcut.
” If you practiced on your Leapfrog you’d know that, even without having to think too hard.”
I started work in the same position with a guy who can rattle off math in his head with in seconds.
I couldnt even tell you what 11*11 is right now without turning to a calculator or excel spreadsheet.
I can say that I am now his boss’s boss.
dont think the leapfrog would have helped me at all.
“Look, not a fan of the tone, either, but y’all are being crazy.”
I think its his tone and that the more facts he gives us it becomes more skeptical that is is making this thread about a wonderful mansion turn into a BS call out.
again not saying it cant happen just saying he is full of BS based on what facts he has given and what facts he is avoiding.
Clio: Regardless of how much money someone has in the bank, just ask yourself this: who is the winner:
—
Yeah, be happy, DON”T be a miser. Of course I agree with all that. But it doesn’t justify financially stupid behavior that will not only preclude being well-off / financially comfortable, but will make you broke. Anybody who thinks it’s a good idea to spend too much of their money in order to “enjoy life” is surely not going to end up anywhere except broke and distressed. Leapfrog will help you with the basics.
“Maybe I’m picky, but personally, you’d have to *pay me* $2 mm to live for that long in a non-GZ area of the city. ”
dude i used to like the discourse between us here even if we disagree on most stuff. but lately bro your coming off way to snooty.
as one internet friend to another Dont pull a MuiMiu
says they guy who just bragged about beating rainman for the promotion
I wonder if Forrest is as good looking a clio?
“dude i used to like the discourse between us here even if we disagree on most stuff. but lately bro your coming off way to snooty.”
Snooty? I’m nearly as disinclined to live in, say, West Ridge or Old Norwood as Streeterville or on ELSD.
“Don’t keep following and following the heard, without sticking your head up to see if the heard is running off a cliff. Or to stop and listen to what the other monkeys are saying who are standing still or running the other way.”
I admit and usually do here that I am risk adverse so my ROI is way below any normal person. But even I when seeing a bunch of people running north will turn east and hall arse. And i do know its the folk who have the balls to run south will hit it big.
“says they guy who just bragged about beating rainman for the promotion”
LOL
well actually its beating him at three promotions to be exact 😉
OILC: “I wonder if Forrest is as good looking a clio?”
—
Seriously? That is the sort of thing you wonder about? Would suck to be you. I do happen to be average to moderately good looking, so what. There are beautiful people who are well off and there are fugly people who are well off. Doesn’t matter. But on the average, people who are doing well financially also take better than average care of themselves, and look better than average. And make better than average real estate decisions.
“Snooty? I’m nearly as disinclined to live in, say, West Ridge or Old Norwood as Streeterville or on ELSD.”
its not that you live in Lincoln Park and need to call it East LP
its going off topic just to say that somebody would have to pay you $$$ plus interest to live in a non-gz area. thats the key to the door
Forrest, us girls care about looks….. just sayin.
No need to get all uptight about it…….
Too much good stuff and too little time to know where to comment. I’ll just note to @fo that I knew nonny would not deign to live w of gb road.
“its going off topic just to say”…that you can’t imagine living in a unit in a building and paying the related fees IN A TRHEAD ABOUT A UNIT IN A BUILDING?
As long as a guy isn’t hideous looking or grossly obese then girls care way more about financial stability than looks. I think most girls would choose an average looking guy who was financially well off, than some studly model dude, who was scrounging for $100’s. Being good looking can help guys in the real world, so to be around a guy who was remarkably attractive but a financial wreck should be doubly embarrassing.
“A TRHEAD ABOUT A UNIT IN A BUILDING?”
Um, this is a thread about a manse in disrepair. I know it’s hard to tell.
Not in this thread, the Fullerton thread, where Groove today, for the 1,000th time, bemoaned the indignities of condo/co-op living.
“where Groove today, for the 1,000th time, bemoaned the indignities of condo/co-op living”
yes i think is a scam but I dont go out of my way to make it sound elitist.
I hugged a tree today have you?
Don’t forget the possibility of riding on someone else’s coat tails to the top. I’m in a pretty good spot even with my Big Ten degree by having some friends in high places.
“Maybe I’m picky…you’d have to pay me…to live…outside my well-known and often-mocked prefered areas.”
It’s not the areas we’re mocking!
Wow this is the famous Brad F debacle i mean debate.
This pretty much sums things up.
http://m.youtube.com/watch?v=SNa4EMUWnAc
“You said “great skill, luck, and hard work”. Now you’re talking. Those 3 things combined, or perhaps 2 of any 3, are what made nearly all wealthy people in this country.”
Brad – I would highly encourage you to do some additional homework. A great deal of those individuals on the list of wealthy individuals have impressive real estate holdings. Do not overlook how many millionaires there are in the USA who live in places like suburban D.C., SanDiego, the Bay area, Boston, or parts of NYC who have lived in their property for 20+ years. They are in homes that are paid off! They have impressive net worth today not just because of skill or work but because they bought a home, stayed put, didn’t HELOC the crap out of it, and paid down that initial mortgage.
Sure you could make the argument that they were “lucky” to have purchased in an area that has had excellent appreciation over the long run but in the end it was because they did not look at their RE purchase as an ATM machine. Someday you too will have to and perhaps want to live in a place that you pay rent or own. I would argue that if you did not choose to purchase a home with your alleged cash holdings that continuing to rent at that point shows just proves that you are naive and uneducated.
The smart money and large corporations are using today’s rates as an inflation hedge…. 30 year fixed @ 3.5% or less is a no brainer… thats why you see companies like IBM, CSCO, MSFT, INTC etc. even though they have loads of cash taking out long term money @ 2%, shit even countries like Mexico are taking out hundred year bonds at 6%!!!
BTW – I think that it is quite possible that you had a good run and made a great income. Here is my theory. You got out and worked for two years then took a chance and invested time and energy into a start-up. I’m thinking something like Threadless. It hit, and made you some wealth. Nothing massive but you were able to take out 250K to 350K in addition to a modest salary for two or three years before the market corrected and additional competition came along that put downward pressure on your big idea. After that correction you were still able to take out a salary and 100K additional profit. Another theory is that you graduated from say P.T. school and after two years of working for the man you opened your own clinic. Five or six years into that operation you have a small chain of clinics and a good stream of profit.
That income, and a few well timed stock picks, could have easily put you into a $2 mil account status. Earlier on the thread everyone else was concentrating on your salary and student loans trying to calculate how you got to $2M so quickly. They did not think about you being a successful business owner. While I suspect that the statement is not actually true I will give you the benefit of the doubt.
I am a business owner that has had some success over the years. Competitors are always trying to cut into our success which means that past earnings mean nothing. Each January 1st we start a new clock and have to work smart to stay ahead of them at every step. Most other successful business owners I deal with have the exact same issues.
Here is why I doubt your story. Most business owners have above average communication skills, high levels of integrity, and far more maturity than you exhibit here on CC. There are many areas of business that do not put a priority on those traits. Perhaps you are a bar owner, promoter, music industry guy and can get away with that attitude for the moment. If you do own a business and act the same way to your customers then in the long run I suspect that the market will correct and show you the door.
Just a simple observation.
” I think most girls would choose an average looking guy who was financially well off, than some studly model dude, who was scrounging for $100?s.”
A smart woman bangs the studly model dude for a while then marries the average looking financially well off guy at the right time. A dumb girl picks the studly model dude instead of the average dude and wonders why no one is buying her drinks when her looks fade.
“The smart money and large corporations are using today’s rates as an inflation hedge”
Good point Sonies. Let me adjust my statement to better reflect the brilliance of todays low rates. With your cash holdings I think that you would be naive to not use some of those holdings to purchase a long term home rather than to keep renting and moving sporadically. Roots, community, and stability are good for individuals and families. Perpetual renters are not bad people but they do miss out on many opportunities and relationships that come with being a long term owner.
On topic: I live almost directly across the park from this house. In fact I have breakfast on my back deck overlooking Warren Park almost every morning. You know what? I see a lot of joggers and dog walkers. Also people pushing baby strollers. Park is a great amenity and my kids spend hours there playing and bike riding almost every day. Also, sledding on ‘mount’ Warren in the winter. Other side of park you will surely spot golfers.
The stretch of Pratt along the northern end of park is exclusively nice to very nice ( and mostly nicely kept) single family homes. Streets north are mostly Jumbo/Huge six flat condos with enormous condos. Some larger courtyard buildings. A little north of that you get into your bungalows and two flats. Tree lined streets, etc.
Subject property is a classic white elephant, but it is not a bad area. Also many people in area take Metra ( Lunt) to work or drive if they work in suburbs, etc.
Want to add that if you go about a mile north and a half mile east you do get into a rough area.
and @ 700k I’d much rather have this house than the 8br home featured today in Uptown
The stock market is flat over the last 12 years. Right now it’s at a triple top (S&P at 1,400 in 2000, 2007, and 2012).
Brad F, should just tell us what particular stocks he invested in to amass $2,000,000 from nothing. It doesn’t sound credible. Nobody can beat the market over the long-term, even the best hedge fund managers cannot do it, so there had to be a particular investment or else it’s BS.
I also don’t believe the “saving” aspect of the story, because one would need a high-income to save that much after expenses and taxes…and those with high-incomes are not living in non-GZ rental units.
PS own a business and sell for big money? this is sad, but see here: http://online.wsj.com/article/SB10000872396390444230504577615861593287688.html
“Brad F, should just tell us what particular stocks he invested in to amass $2,000,000 from nothing”
All you haters just don’t get it….. Forrest probably bought SIRI on Feb 11, 2009.
Let me show the facts……….
Buy 833,334 shares at .006 = $50,000
Current valuation 833,334 x 2.54 = $2,116,668
See how easy it is?
“Buy 833,334 shares at .006 = $50,000”
Good story, but you’ve got an order of magnitude error there.
JP3: “A great deal of those individuals on the list of wealthy individuals have impressive real estate holdings. Do not overlook how many millionaires there are in the USA who live in places like suburban D.C., SanDiego, the Bay area, Boston, or parts of NYC who have lived in their property for 20+ years. They are in homes that are paid off! They have impressive net worth today not just because of skill or work but because they bought a home….”
—–
This is the typical inane realetard talk. The same b.s. that got everyone in trouble to begin with. The idea that wealth is created by living in the home you own (something that over half of Americans do by the way). If that were the case then the top 65% of Americans who “own” their home, would be in the top 5%. As I demonstrated above that is mathematically impossible. 65 is a BIGGER number than 5. Furthermore, about half of those people, 32% have their home paid off. “List of wealthy individuals” Really? One out of every 100 people has $8.4 million or more (based on gov’t stats cited above). That’s 30 million people. I don’t know what “list” you are looking at or naively concocting in your head. You might be confusing of some list of the top billionaires with the typical wealth that millions of people have. Sure the people on the billionaires list have some realestate, but those astronomically untypically wealthy people also probably have millions in artwork and wine. Their artwork and wine collections have probably appreciated in value too, your faulty logic would be that they became wealthy from buying and holding those “investments” too. Simpleton thinking from someone who has sipped from the Cult of RE koolaid. One out of every 100 people in their 40’s has $6 million or more (in many cases much more). Did that $6 million+ come from living in their property for 20+ years, haha. Yeah, they leveraged up on deprecating assets when they were 20 years old, haha, doens’t work that way. 60%+ percent of people OWN their own home, anybody who thinks wealth is created by doing the same thing that the majority of the population is doing is DREAMING, not investing.
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helmethofer: “The stock market is flat over the last 12 years. Right now it’s at a triple top (S&P at 1,400 in 2000, 2007, and 2012). Brad F, should just tell us what particular stocks he invested in to amass $2,000,000 from nothing. It doesn’t sound credible. Nobody can beat the market over the long-term.
—-
I’ll correct your statement to say “Nobody with a defeatist attitude, who knows little/nothing about investing, and pays more attention to RE blogs, can be beat the market over the long-term.” Now that’s a statement I can agree with. Having a defeatist mindset is a sure path to being a mediocre financially. Saying “nobody can beat the market long term” is the equivalent of saying that “nobody can loose against the market long term” and of course that is not true. The TRUTH is that some loose and some win. On average in the market there will be almost as many losers as winners. Smart money takes dumb money. This is how it’s been since as long as financial markets have existed. When experts say that most people should just passively index their money, they are RIGHT, most people (aka typical idiots) should passively index – so they don’t get taken for a ride by other market participants.
About my investments. If you knew anything about investing and are curious you could glean at least 1 or 2 of them, just by looking at my eTrade platinum client landing page. One of my investments is in Leapfrog learning technologies. A year or so ago, I began to realize the extremely vast amounts of financial illiteracy, substandard reading comprehension skills, and basic math incompetence present on this board. As such, I made an educated, wise, and experienced decision to invest in Leapfrog and it has been booming. Just as I predicted. I encourage any people doubting me to try out their products for your own benefit. They are available at your local Target. I suggest the Target on Peterson & Damen, if you are willing to leave the GZ.
You can’t believe that I have FAR LESS than the $8.4 mill that 1 out of every 100 people have? Really? Do you realize that if 2,000 people have visted Cribchatter over the life of the blog, then chances are that at least 20 (likely much higher) of those people have $8.4 million or more? Or that if they are in their 40’s then $6 million or more? (stats are sourced above.) If you don’t under stand that, then maybe take some remedial math courses.
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dahliachi (August 31, 2012, 11:36 am) “I live almost directly across the park from this house….[the area is nice]…you will surely spot golfers.”
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Uhhmm….well there IS a golf course here!!! So “surely spotting” golfers should be a given. I’m flattered that golfers are seen as a positive sign in a community. But don’t equate that mentally with this being a country club like area (as it was historically). You’ll “surely spot” golfers over by South Shore park too! I don’t think that says much about the South Shore area and its residents. I’ve golfed both. You know it would be funny if you had someone from out of town, like a typical person from NYC suburbs who golfs in CT or something posh like that and bring them to South Shore or Pratt & Ridge to play golf. They will likely be in for some shocking surprises. Tell them THIS is how the other half golfs…hehe. I’m not elitist about it, I’ve had some good times golfing at both parks when I’ve dragged my friend to them and assured him with “whats the worst that could happen?” Many of the shocking moments you can experience at these golf courses are not really dangerous and can be quite amusing if you have that sense of humor. I think it adds a interesting aspect to the game. This park is not as bad as South Shore, but don’t get any preconceived notions b/c there is a golf course next to this house. Keep in mind that when they built that golf course, this neighborhood WAS NICER THAN KENILWORTH!
There seems to be a constant stream of young minorities along this section of Pratt. They’re generally hooting and hollering, fighting with each other as they go. Usually at least one of them will find a big stick (like big enough to really hurt someone) and just generally swing it around while walking down the street. This is what I’ve seen from the practice area and the 9th hole along the course. Was I just there at the wrong times of day? Wouldn’t a typical person in the neighborhood be concerned by that, especially if they were pushing a stroller or a little old lady walking a dog? Curious to know your thoughts on this.
is the equivalent of saying that “nobody can loose against the market long term” and of course that is not true. The TRUTH is that some loose
Brad F – better get back to the Leap Frog. Most multimillionaires know the difference between lose and loose.
Oh no Phil, you got me, I made a grammatical error, how I am ever going to be successful in this world? Hope you feel great for pointing it out (or at least less pathetic.) Btw, even if you are correct that “most multimillionaires know the difference between loose and lose, that still leaves the other part of “most”. Haha, I’ll take faulty grammar or spelling, over faulty logic any day.
More pathetic than printing one’s bank statements on a real estate blogs?
Yep, pointing out someone grammar is more pathetic.
“just by looking at my eTrade platinum client landing page.”
Umm. Get a real trading platform…
“Get a real trading platform…”
Does Leapfrog have one?
I’ve got a fiver that says that Brad made his stash dealing coke at the Board of Trade.
“About my investments. If you knew anything about investing and are curious you could glean at least 1 or 2 of them, just by looking at my eTrade platinum client landing page. One of my investments is in Leapfrog learning technologies.”
OK, thanks that explains it to me. It had to be an overweight in a particular stock to outperform as such. People slightly older with kids and houses (because they need schools), would be driven to diversify for safety’s sake, which would preclude that kind of performance. Take note of that Leapfrog chart from 2008 to the March ’09 lows. If we’re topping out once again, on the S&P at 1,400-ish, there could be a plunge across the board. Good luck to you.
“Yep, pointing out someone grammar is more pathetic.”
I believe that should read “someone’s”
Yep, you need to outperform and be overweight an investment to go from $1000 bucks to $2 mill. I wouldn’t recommend it for someone who needs to pay for kids, house, school, etc. Haha. For such people I recommend leveraging to the hilt on depreciating assets, haha. Good luck on that.
BradF, what’s your next stock tip? If you tell us, there might be more buyers to follow you and drive the price higher….so tell me, will you?
Leapfrog has only tripled from $3 to $10….that’s not going to get you to $2,000,000 from even $100,000 as if some Etrade dude would put all of it like that. Sell us on another good pick, and we’ll load in behind you.
Sorry, that sort of knowledge isn’t free (I give enough free wisdom away here in my posts). Can’t have you taking pennies out of my net return. Stick to paying your mortgage.
“Can’t have you taking pennies out of my net return.”
I knew you’d say that. However, if you read my post correctly, I suggested to you that your salesmanship of a stock you already own, increases demand for that stock, and that increases the market price of your stock, making you worth more. So, what’s the stock you want to tell us about? You should be happy to drive demand into bidding on it.
“One out of every 100 people has $8.4 million or more (based on gov’t stats cited above). That’s 30 million people.”
Pull out your leapfrog and try again.
Fred,
He is just not that smart. One percent of 330 million us residents is too hard to compute.
Ok. 3.3 million people in the US have $8.4 million or more. Point is it’s not as rare as some people here make it out to be. Don’t by RE, at least don’t leverage up on it. Been saying that for years. And buy Leapfrog, the products and the share.
Brad F
My thoughts are that I’ have only lived here for 9 years, so naturally I defer to the superior knowledge of someone who golfs here now and again.
“Don’t by RE”
I know that your comments and viewpoint have value in the current market however you draw from such a limited perspective and short window that you miss the big picture. I begged my employee not to buy a condo in 2009 when the housing tax credits were offered. He did not listen and is now underwater in a 2 bedroom condo in the west loop. He would have been better renting. On the other hand another good friend just explained that he is 9 years into his 15 year note in New Orleans and HAS equity! Seven years ago he did not care what happened. He would have “walked away” if needed.
Finally at same point you will have to pay rent. For the moment it is clear that you are gaming the system and really either a criminal, a squatter, or perhaps just an arrogant DB. The rules don’t apply to me theory is just that, a theory, and in tie the market will correct your deal. I doubt that anyone will ever legally make you “pay up” as your angles are well thought out. At that time you will have to make a decision.
If you are still unsettled in life and job you will rent forever. If you do settle down then perhaps one day you will mature into a homeowner. And then you will undrstand that with a disciplined purchase and sone upkeep that it will not be the end of the world!
Wishing you luck!
Yeah, keep paying underwater mortages, I’ll use my millions to buy up those properties for 15 cents on the dollar when the time comes (or lower!). Finally a few years after that people will learn the difference between being a DEBTOR and an OWNER/LENDER.
Arrogant. Yeah, I’m in my 30’s, good looking, and am sitting on $2 to 2.5 mill of self-made liquid and climbing, so what if I’m arrogant. On top of that I got idiot mortgage debtors who call themselves owners, who look down their noses at me for being a “rentor”. Talk about how backwards and screwy things are.
They need to bring back DEBTORS PRISONS. It sounds like JP3’s “good friend…who would have walked away” is exactly the sort of person who should be in such a prison. And you just as bad as the company you keep. Net LENDORS like myself and my friends should be allowed to throw rotton vegetables at you people while you’re up in some modern version of a pillory. Now that would encourage people to be a tad more responsible with their finances. And a little less cocky about their debts.
Brad F – believe it or not, I do understand and partly agree with what you are saying. However, I will bet you any amount of money that you are not married (or haven’t been married for long) and do not have a family. As soon as you get married and have kids, you will realize that money (for money itself) is not that important. The most important thing is going to be providing your family with a safe and nice place to live (even if you can’t get a great deal)!!! You are the perfect example of a self made man – and unless you change your attitude towards money/real estate, I can guarantee you that you will find yourself alone with your millions by the time you are 45.
Clio, thanks for partly agreeing with me. But the gist of your post where you essentially said that “money… is not important” but that “providing” for your family in a material way is vitally important, is a pretty nonsensical message.
“But the gist of your post where you essentially said that “money… is not important” but that “providing” for your family in a material way is vitally important, is a pretty nonsensical message.”
You missed the point. Having money just to “have money” (ie getting an ego boost by looking at your bank account or feeling secure because you have a lot of money in the bank – at the expense of living your life the way you want) is stupid. Money is a tool and is meant to be spent. Sure, you don’t have to lose it foolishly, but, to many, buying a house in the area in which you want to live (even though it may be cheaper to rent in another area) is an appropriate and great way to spend money.
“Money is a tool and is meant to be spent.”
No you try to act wise but you are still stupid. It’s “meant to be spent”. It’s meant to further your goals or make your life easier. Not “to be spent”. You never cease to entertain how financially stupid you are do you, clio?
I choose to live my life how I want. Which is with an abundance of money and the choices that it brings. I choose to make financial and RE choices which further those ends. If someone wants to choose to make a lifetime of stupid, financially senseless choices, based on emotions, then they shouldn’t be surprised to find themselves in exactly the circumstances many home “owners” find themselves in today.
“You never cease to entertain how financially stupid you are do you, clio?”
Thank you Bob – but from where I’m sitting (you know, in my office on my multimillion dollar estate, looking over my large bank statements) I think YOU are the one who is “financially stupid”!!! I hope your one bedroom rental includes high-speed internet because I look forward to your response.
“I choose to live my life how I want. Which is with an abundance of money and the choices that it brings.”
I agree with you here as I also choose that way of life. In my business account I have chosen to keep the equivalent of 5 months of payroll on hand at all times. It gives me flexibility to make choices (within reason) and to not be overly concerned about an unexpected cost. It also helps me sleep at night. What it does not do is make me a jackass. You my friend are that guy.
Oh and I admit that positing in this forum does not get my highest grammatical or spell checking attention. However I suspect that a spelling and grammar class at the local community college might be a wise investment for you.
Even Mark Zuckerburg decided to be a debtor on his own home. Sure he got a special low interest deal from his bankers but in the end he saw that low cost funds were an excellent choice to invest in property. Wait I guess that he should be put into debtors prison! Even if his Facebook stock continues to fall he will likely still be a liquid man until the day he dies and still used debt to purchase his home.
Wow!
JP3, Zuckerberk also has roughly $15 billion NOT in real estate. It doesn’t make sense to call him a “debtor” as you have. He’s not a representative example, obviously. Don’t know if you were being facetious by bringing him up, or you are just that clueless.
Oh, you guys!
Sometimes I wish there was a CC meet-up for real. So much adorable bickering online; so much potentially awkward lol in person. It’s too cute by half.
“If you are still unsettled in life and job you will rent forever. If you do settle down then perhaps one day you will mature into a homeowner. And then you will undrstand that with a disciplined purchase and sone upkeep that it will not be the end of the world!”
Jp3: No offense, but you have been brainwashed by The Man. Listen to what you are saying: “You are a loser if you rent and a winner if you buy.” As if being a (cue the music) “homeowner” is somehow magical. And suddenly he’ll be “mature” because he’s a homeowner (like all of those millions who took out all interest loans in 2005-2006 and are now walking away from their properties. They’re so mature.)
Sure, you can build equity and pay off a house after 15 to 30 years (or more- depending.) This has been a stabilizing thing in our society since Americans are unable to save money any other way and it is a method of forced savings. But that is ALL it is. It’s not some magical force that transports you to the good life.
Wow- the brainwashing has been really, really good the last 60 years.
JP3, Zuckerberk also has roughly $15 billion NOT in real estate. It doesn’t make sense to call him a “debtor” as you have. He’s not a representative example, obviously. Don’t know if you were being facetious by bringing him up, or you are just that clueless.
Yes that was meant as a bit of a joke but you also misread my earlier comment about my employee. He does not need to go to debtors prisioner as he fully intends to live up to his obligation and continue to live in the unit and pay down his debt.
You are only as good as the company you keep” haaaaaa haaaaa, that guy is more the man then you will ever be! Its nice that grandma who died and left you 3 million that you have turned into 2 million but it does not make you special. And if you really did get fortunate, made it all on your own, and somehow have hit a huge winning streak It means that you trade with aggressive positions. That’s awesome but also comes with a great degree of likely hood that the market will show you the other side someday. Had a few friends from my days down at the CBOT in the early 90’s. Some did quite well in that era. Only one still trading today. Oh, and the others are not retired living on a beach….
” If you do settle down then perhaps one day you will mature into a homeowner.”
Sabrina – fair point. I’m not trying to make the analogy that you are a loser because you rent and winner if you own. Rather I was trying to point out that in Brad’s case that someday he may have different feelings about home ownership. If I may amend my comment to read:
“perhaps one day you may want to become a homeowner.”
I disagree that it acts only as a forced savings plan. Often the stability of staying in one home for a long time allow individuals to create relationships that have lasting value. Sure a renter can establish that same exact relationship however most do not stay in the same place long enough.
“Often the stability of staying in one home for a long time allow individuals to create relationships that have lasting value. Sure a renter can establish that same exact relationship however most do not stay in the same place long enough.”
But homeowners don’t stay for long periods of time either. The average American was moving every 7 years (or less) before the bust. Now, with the price drops, many more are trapped in their houses because they’re underwater and can’t move. So maybe we’ll see a lot of homeowners getting to know their neighbors and establishing relationships.
In my age group and particularly in the GZ I’d agree. It in older generations they stayed for 25+ years! My family home where I grew up in EP was a great example. Let’s say 16 houses closet to
my parents home were stable for the entire time I grew up. Not even one home changed. Now as empty nesters all but two or three changed over. The unique thing is that the changes all happened during the boom and as far as I know each house that traded still has the same next owner. Perhaps this is quite rare.
“The unique thing is that the changes all happened during the boom and as far as I know each house that traded still has the same next owner. Perhaps this is quite rare.”
The baby boomers might not have moved as often but that is not the case for GenX and GenY. People no longer work for Coca-Cola or GE for 35 years and then retire.
wait wait wait,
you guys took this random discussion about some random dude and is random money posted randomly with a random screen shot of a random account all the way through the labor day weekend?
maybe thats why brad f has 2.1mil in his account he doesnt go anywhere or do anything so he he has nothing to spend it on.
considering that it is very easy to rack up a couple million when you dont have a life to live.
Yeah, I was in another state at my wife’s family reunion. That gave me plenty of iPad time at the hotel!
Here we go about my alleged grandma again. Do you people realize how rare that would be? For someone’s grandma to croak and they go from nothing to $2 million? Do you realize how rare multi-generational transfers of wealth really are in America? (Maybe all you doubters watch too much tv. It has dumbed your already dumb-asses down even more). Yeah, were all like Paris Hilton’s brother, and Donald Trump’s son. Oh, you’re right, I started with one thousand dollars, and just kept picking good stock after good stock. GET REAL! Now compare that to the odds that a guy with a college degree, some motivation, and a MINIMUM AMOUNT OF FINANCIAL COMMON SENSE would rack that up amount by reasonably applying himself and avoiding the RE Cult cool-aid. What are the odds?
It’s funny when someone tries to refute an argument by coming up with the most extremely unlikely (1 in 100,000+) explanation of observable reality. It’s like the bear belly gut having 50lbs over weight couch potato thinking “Yeah, I can shoot a 3-pointer just like Jordan” So long as he gets 200 tries and a week to do it, a typical fat-ass office drone probably could drain a 3, but THAT’S NOT THE SAME THING, Mr. Beer Gut.
Now translate that sports analogy into financial terms, and you have what the doubters and haters say about me. Now of course my $2 mill is NOT the equivalent of shooting 3-pointers like an NBA star. (I never said it was, I always said it’s not that much money.) But what the doubters & haters vs. me IS equivalent of is if a fat-ass white typical couch potato where for some delusional reason decides to go play basketball at some ratty court in Rogers Park and a random 44-year old, but very physically fit African american who just plays once a week for fun, were to drive and dunk on him, with the ball landing right in the fat guy’s face as he falls over. He’ll get up, holding his bloody nose, and drive to his underwater mortgaged home and try not to cry in front of his wife – never to play basketball again. That’s the mindset vs reality of the doubters and haters. I’m the random guy who dunked on you, and my buddy’s got a good laugh out of it.
“But what the doubters & haters vs. me IS equivalent of is if a fat-ass white typical couch potato where for some delusional reason decides to go play basketball at some ratty court in Rogers Park and a random 44-year old, but very physically fit African american who just plays once a week for fun, were to drive and dunk on him, with the ball landing right in the fat guy’s face as he falls over. He’ll get up, holding his bloody nose, and drive to his underwater mortgaged home and try not to cry in front of his wife – never to play basketball again. That’s the mindset vs reality of the doubters and haters. I’m the random guy who dunked on you, and my buddy’s got a good laugh out of it.”
I’m not sure why you brought anti-white racist commentary into this. On a percentage basis, blacks have the most dismal net worths and levels of homeownership of any group in America, despite homes in their areas costing a fraction of areas where whites are forced by crime rates to dwell. Black males are furthermore statistically more likely to have felony criminal/incarceration records, low credit ratings, etc. than the % that can successfully dunk a basketball on a 10 ft. rim. Lots of homeless 44 year old black males too, who don’t even have their own couches.
Brad, I don’t doubt that a relatively bright individual could work hard, invest wisely, and save $2 mm within your purported time frame. I know folks who have essentially accomplished similar feats. The difference between them and you is (among other things) that you (i) credit your decision to avoid buying a residence for your financial success and (ii) proudly live in a sub-standard area (relative to areas in which most younger folks with $2 mm net worth would live). You make it sound as if buying real estate in the past decade required having purchased a dozen 2/2 condos at the bubble peak with cash and then selling them all at a giant loss in 08. Or that one needs to buy a $2 mm PH or nothing else.
The only people I’ve known in Chicago who have a fair amount of money yet continue to rent do so for some very specific reason, e.g., potential job move out of state or abroad, looming marriage and/or inevitable move to the burbs, etc., and all of them seem to struggle with that approach. While all rent in desirable areas (well, a few rent in Logan Sq, apparently because they love the scene and el), they all also seem to desire a nicer home, of the sort that one typically gets by buying. But, as with these financially savvy folks, you’re continued rental approach (or squatting, as the case may be) has indeed given you one very attractive advantage: the ability to up and move with little or no notice and minimal expense.
That said, I know I’ve expressed my “you could get hit by a bus tomorrow” philosphy of where-to-live (and as G right notes, living where I live, and being bus instead of el dependent, I have in fact worsened my odds of meeting with that fate). Seriously, you’ve got $2 mm in the bank, and you’re stoked to wake up and stroll out of your front door each day? Love coming home at night, or inviting people to spend their free time coming to your neck of the woods to enjoy themselves? $2mm is the stuff of Lotto daydreams, with which I occassionally occupy myself, pondering whether such a jackpot would cause me to spring for a big place on the park or a big place in some beautiful/lower-taxed/lifestyle-oriented area elsewhere in the country.
“Do you realize how rare multi-generational transfers of wealth really are in America?”
If 1% of Americans really do have $8.4mm+, then not *that* rare.
ps: ignoring the issue of favored grandchild, of course.
I can’t believe you guys are still debating with this fictional character.
Time and energy could be spent on better endeavours, ie building that +2 mil nest egg……..This is what leapfrog 2.0 is telling me.
anon (tfo): 1% of Americans have $8.4 and the vast vast majority of that is self-made. 1% of Americans in their forties have $6 million. Their parents are likely still alive. Many of them even care for or financially support their parents, using their self-made wealth. Inheriting it is very rare when compared to making it.
“Inheriting it is very rare when compared to making it.”
So, most of these rich people, when they die, either give it away, or have it buried with them? b/c if 1% of 40-somethings “only” have $6mm (and, presumably, lower foryoungers), then more than 1% of oldster must have $8.4mm+, and thus over 1% of those who die in any year.
Of the 11 richest people in America, 6 of them inherited their money: Charles & David Koch, Christy, Jim, Alice, S Robson Walton.
“1% of Americans have $8.4”
You do realize that’s more of an estimate than a “fact”?
“$2mm is the stuff of Lotto daydreams”
I truly don’t mean this unkindly but you need better lotto daydreams. Need a big enough lotto to not need to work.
Yes, the $8.4 owned by 1% of the population is an estimate, chances are the true number is much higher. As the stat is based on government sources and some wealth is unreported. I agree it’s funny that some home “owners” daydream of having $2 million. So many suckers fell into the myth that buying a house to live in is a path to wealth. Many of them are still living in that dreamland.
” Need a big enough lotto to not need to work.”
Always curious what others see as that number. Mine is also much larger than anonny’s, as it would need to accomodate never working again.
Brad,
Great call on not buying during the bubble, wish I could say the same. What is your strategy when the common elements in your building start needing repairs, like new roofing membrane, tuck-pointing, sealing, etc.? You pay assessments, so you would also then be responsible for any special assessments, yes? What about limited common elements like a balcony that’s exclusive to your unit? Or your A/C condenser or coil, furnace, etc. Are you going to pay money into keeping the mechanicals going in the condo the bank owns?
where is this rogers park court where 44 year olds dunk on people?
” Do you realize how rare multi-generational transfers of wealth really are in America?”
No I don’t but I’ll sure take your word to be gospel. I guess that it is about as rare as your story being fully accurate. BTW nice ramble about basketball. That was sure unusual.
I was in corn land this past weekend and can tell you that many multi-generational transfers of wealth happen there. Old depression era farmers don’t want their land sold off by their lazy children that chose not to farm and, on occasion, turn it over as a trust that can allow the land to be handed down to multiple family members and sometimes even skip a generation. Yes there are bitter people everywhere. My wife has a sister who’s husband was working in banking and now thinks that he will be getting a large part of grandpa’s 2000 acres when he hits the bucket. He actually quit his banking job in the city to work on the farm for the last three summers so that his stock would go up in grandpa’s eyes. It is a long shot but kinda like hitting that lotto prize if it works. If successful I think that he would dwarf your $2M.
“Yes, the $8.4 owned by 1% of the population is an estimate, chances are the true number is much higher. As the stat is based on government sources and some wealth is unreported.”
As I understand it, it’s based on a survey–a carefully done survey, but still a survey with all of the attendant issues. And while they probably oversample the wealthy, one of the standard concerns w using survey data is that if you cut the data too finely, any estimates are going to have significant error even if the survey was done perfectly.
Estimated based on a survey are not subject to underreporting of wealth on tax forms, filings, etc. I could still see incentives to underreport in a survey but I can also see biases for overestimates. E.g., I suspect that people like to think their houses are worth more than they are and more generally that they are wealthier than they are. And tax issues can also be difficult to deal with. Anyway, it’s just an estimate and I certainly wouldn’t bother with anything after the decimal point.
“As I understand it, it’s based on a survey”
Another survey has the number of people in the US with merely $1mm+ of investable net worth at about 3.1mm. And a mere 40,000 in North America at $30mm+. Seems damn unlikely that the curve, and non-“investable” assets, are such that 100% of those with $1m liquid have $8+m total.
“people like to think their houses are worth more than they are and more generally that they are wealthier than they are”
Small business owners frequently have wildly optimistic views of what their businesses are worth.
“Seems damn unlikely”
Seems unlikely to me too, but we should prob wait to see what Brad F. thinks.
Kristina (September 4, 2012, 5:42 pm)
“Brad,…Great call on not buying during the bubble, wish I could say the same. What is your strategy when the common elements in your building start needing repairs, like new roofing membrane, tuck-pointing…”
—
Thanks for the compliment Kristina, I understand why you and others would wish you were in my position. Regarding maintenance or repair costs, depending on the timing and amounts, I could elect not to pay them and see if anything happens, or I could deffer them off to the next occupant and move out, or I could just choose to pay them out of my savings without any stress at all. That’s one of the benefits of making prudent financial and RE choices and having money – having options and choices to weigh. I can understand though that for leveraged up underwater homeowners, such maintenance and repair costs would be cause for great concern. That must be fun. But seriously, it sounds like you’ve made a bad choice, but you sound smart enough to certainly dig yourself out of it. Just focus on making money and making good choices going forward.
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JP3, regarding the person you know who went from banking to working on his grandpas farm just to raise his “stock in grandpa’s eyes”, before the old man dies is despicable and pathetic. I am not surprised at all that you’re associated with such a person.
I was downstate too over the weekend. My parents are enjoying a relaxed retirement from a career of steady work and common sense financial choices. I hope that someday my siblings and I might get an inheritance, but I sure as hell am not leaving my life to chance like that. Or a “long shot” as your friend is. Hopefully the grandpa will wise up and stiff him by leaving his money to some organization. The honorable way to make money is to make it yourself, not to butter up someone whom you figure is going to die soon! Pathetic! Sure some people are better off than others, and the world needs ditch diggers too, but some people are just despicable. That sort of behavior is the lowest of the low. A common thief in the night is more honorable. Offensive and disgusting! You and your inheritance-scheming friends. Myself and the wealthy old grandpa should spit on the lot of you.
is this thread still going on?
and how does a self proclaimed hard worker get so much time to post paragraph after paragraph, photoshop bank accounts, play with his leap frog, and not see the irony in what he is typing/preaching if at all true?
“where is this rogers park court where 44 year olds dunk on people?”
I havent played there yet either. given the facts I would love to run that court all day and then drive to my underwater home painted yellow all while playing beatles yellow submarine (looking for an old friend to come back)
” I am not surprised at all that you’re associated with such a person”
Perhaps you should also add a reading comprehension class to your list of courses. If you read correctly the individual is actually married to my sister in law. I do not have any choice on that. Going to see them at a family reunion. You sure have a way with words but for the record I was quite tough on this guy for about two years about getting a job. Now I have matured and learned to just smile and stay out of their business.
” That sort of behavior is the lowest of the low. A common thief in the night is more honorable.”
Was that some sort of way of justifying your free rent initiative? You do steal free nights at the condo!
“You and your inheritance-scheming friends”
Again for the record I do not support his plan. I wonder if others will see the irony in Brad’s theory. If I have read your posts correctly you are scheming to not pay for rent aka being a squatter. I’d bet that the grandpa who owns the farm and built up his acreage over the years on hard work, sacrifices, and made sure to pay EVERY bill on time and in full even during the bad crop years would actually spit on you. At least his grandson is working on the farm. We still know nothing about your work ethic but if I had to guess…..it would not be that strong.
“Groove77 (September 5, 2012, 1:26 pm)
is this thread still going on?”
lol my thoughts exactly
amazing how moronic comments by one invidual suckers so many people into commentary
Grove77: I havent played there yet either. given the facts I would love to run that court all day and then drive to my underwater home painted yellow all while playing beatles yellow submarine (looking for an old friend to come back)
—
The basketball analogy was a HYPOTHETICAL ANALOGY. Those seem to be tough concepts for some people to understand. I’m 5’11 and athletic, but I haven’t played basketball in 7-10 years and could never dunk (that’s why it’s an analogy) but I’m not the guy claiming on a RE/Finance blog that he could “run a court all day” in any neighborhood. Chances are you couldn’t even run the LENGTH of the court once or twice before floundering (your fat ass continuing to roll over a couple times after you fall to the ground). That’s the thing about finance, RE choices, and sports. They’re all competitive, and people who excel at sports can often excel at finance and RE. Such people understand risks, competition, and KNOW their limitations, which you clearly don’t. I always back up what I say. If anyone who has posted on the board thinks he/she can beat me in tennis. I’ll show them what’s up in real life. Name any court between Rogers and Highland Park. $100 bucks, winner takes all, just to make it worth while if you suck. I’ll even check my investment account balance on your iPhone if asked.
—
JP3: “If you read correctly the individual is actually married to my sister in law. I do not have any choice on that.”
—-
Yeah, I never said you intentionally befriended this person only that you are “associated”, which you are. Kind of like how all sorts of scoundrels all seem to know each other without even trying. I guess it’s magic. Fact is that given the way you’ve described the relationship, ALL of those intermediate associations were a result of either blood or choice, directly or indirectly. It’s also very telling that you mentioned this association and the inheritance scheme, instead of being embarrassed about it and not broadcasting it.
The fact that I live rent, mortgage, and RE equity free is a result of mostly good decisions with perhaps a little bit of luck. But it is all 100% legal. I have permission to be here from the owner and I pay upkeep. What the person whom describe as “married to my sister-in-law” is doing is much more legally questionable if not outright fraudulent. It reeks of defrauding the elderly. A truly despicable crime. Sadly in this economy more and more so called “normal” people (who are leveraged up and underwater) are apparently resorting to these means for their “long shot” to financial independence. Now that their bubble-RE long shot to wealth hasn’t paid off. First you try house speculation, if that doesn’t work then go for an inheritance scam. Anything for money. Pathetic!
“I’m not the guy claiming on a RE/Finance blog that he could “run a court all day” in any neighborhood. Chances are you couldn’t even run the LENGTH of the court once or twice before floundering (your fat ass continuing to roll over a couple times after you fall to the ground).”
would you like to bet your fake internet 2.1 million I could take you in a 1-1 game and hold you to 1 point in a make it take it game to 11?
“If anyone who has posted on the board thinks he/she can beat me in tennis. I’ll show them what’s up in real life. Name any court between Rogers and Highland Park. $100 bucks, winner takes all, just to make it worth while if you suck.”
so even if you suck at bball my wife then could show you what demoralizing defeat is like in tennis. To make the odds better for you i will have here use her wooden racket that she used in the old country. the pot needs to be sweeter as she wouldnt even want to drive more than 10 minutes to win $100
also while you were downstate with your parents did you ask them for a hug? I think most of all your writing and fake facts stems from lack of attention
Facts are real. And are reasoned and supported. Yet you just say I’m fake with nothing but conjecture. Tennis game is real too, so you’re on. My claim was meant for anyone on this board, but provided your wife is not a former professional tennis player, I’m game. I’m 100% amateur at tennis (no pro experience), and I’m willing to back up what I say. So now it’s on you to put up or shut up. I suggest the courts at Sherman & Lee in Evanston.
“but provided your wife is not a former professional tennis player, I’m game”
in her country i dont know what constitutes as pro, but from my grasp of the soul crushing she gives me is that here here class would have been one level below pro.
let me run it by her but before i do the ante needs to be better than $100. she can just steal a $100 out of my wallet and not have to leave the house
Ok, well I’m still game. I’m never one to back down when someone calls on me to back up a claim.
Regarding the stakes. I’m all about keeping it real. Sure anyone can say I’ll play for $100k and I for one could easily back that up, but there is no enforcement mechanism. It’s all based on honor, which I have no idea that you have. $100 bucks doesn’t mean to much to me either, but it’s the principle that counts. If in the unlikely event that I loose, I just pay, no big deal. If I win, and you choose to stiff me, well I won’t miss the $100 too much.
I suggest 2 out of 3 sets. Other cribchatters can spectate if they want. There are a couple benches at those courts. (As a side show I’ll live load my investment account at the half-way point for whomever wants to press their nose against such an “incredible” amount.) Sorry that she whoops your ass on the regular, but that might have more to do with your lack of ability than with her. So run it by her first. Until she agrees, it sounds like you might be writing checks you can’t cash.
“The fact that I live rent, mortgage, and RE equity free is a result of mostly good decisions with perhaps a little bit of luck.”
Why are you proud that you are equity free. Perhaps you do not understand the meaning of the word equity. In what world would a lack of any equity = lucky? I’m confused so explain with another one of your great analogies. Can’t wait!
And since I know that you are clearly a last word kinda guy I’ll call this my last post on this thread. Good luck with your hoops game with Groove and or tennis with his wife. My money is on them!
JP3, I hope you have a TON of equity in your house. RE equity that continues to rapidly decline in value. I’ll personally put my equity in to appreciating assets. You continue to put yours into depreciating. Good luck with that. Doesn’t seem like you have such a great history with betting. So I’m glad to hear that you would put your money on them.
“Name any court between Rogers and Highland Park. $100 bucks, winner takes all, just to make it worth while if you suck”
Why don’t we have an investment contest? Everyone picks one stock or security, and we’ll revisit in six months’ time. We’ll see if Brad F. can walk the talk versus all of us idiots.
“Until she agrees, it sounds like you might be writing checks you can’t cash.”
And yes i couldnt cash that check. I asked her and she gave me the “are you f***ing kidding me” look. I shouldnt have spoke for her, my bad.
so no bball for you, and no tennis for me. Golf is out for me I gave that up when my son was born so I am too rusty. I am a killer double dutch jumper but we still will need at least one other to move the ropes.
“Why don’t we have an investment contest? Everyone picks one stock or security, and we’ll revisit in six months’ time. We’ll see if Brad F. can walk the talk versus all of us idiots.”
I’m in.
Plus I am dying to meet the CC peeps in person.
How about someone names a date, time and location for the initial picking of the security?
Otober 6th, 7th or 8th are good for me.
why don’t you guys just have a good old arm wrestling match…… or better yet greco-roman wrestling.
and brad, since you will be giving us a peek at you account, please bring 8 years of tax returns with you.
see you soon!
Grove77. “And yes i couldnt cash that check. I asked her and she gave me the “are you f***ing kidding me” look. I shouldnt have spoke for her, my bad.”
—-
Ah well, thanks for following up on that. I had a hunch that you wouldn’t come through or back up what you say, but at least you own it. That puts you way ahead of the typical person who makes a claim, but can’t back it up at all. So I can respect that. But yeah for future reference, best to check with the spouse before running your mouth. That goes for everyone on here in a similar situation.
—
helmethofer: “Why don’t we have an investment contest? Everyone picks one stock or security…”
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Ha! You’re full of great ideas. Let’s have an “investment contest”. Why don’t we all pick multiple securities. And then let’s each invest our own real money in them. Heck we could even call it “wall st” and a whole industry would spring up around it. Oh I forgot, you probably don’t have any real money to invest, so you want to play “fantasy investing”. Just like the lard asses playing “fantasy football.”
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oilc “why don’t you guys just have a good old arm wrestling match…… or better yet greco-roman wrestlin”
—-
I’m down for that if you’re in “oilc”. I won my last match earlier this summer. And she was quite athletic! On second thought I might need to see some pictures first. Ok, my tax returns for your pictures. Fair enough.
I’m down for that if you’re in “oilc”. I won my last match earlier this summer. And she was quite athletic! On second thought I might need to see some pictures first. Ok, my tax returns for your pictures. Fair enough.
Sorry Brad, hubby won’t approve…………
Typical…nobody has any balls anymore. No wonder there was a real estate bubble, everyone is lemming just doing what people tell them to do.
Closed 9/7 for $730,000.
“I had a hunch that you wouldn’t come through or back up what you say, ”
i always back up what i say. I made the mistake of speaking for someone else, sorry for that. but dont ever question what i say about my self and what i can do.
In honor of football season starting, we had an imaginary CC pickup game:
Anon (tfo) Chris M, DZ, and me against Annony, Home Delete, Russ and JP3.
\Clio was the designated QB. High scoring game that ended on a safety.
“oilc (September 5, 2012, 7:35 pm)
amazing how moronic comments by one invidual suckers so many people into commentary”
some people even pick screen names that are a variation of moronic commenter’s
“i always back up what i say. I made the mistake of speaking for someone else, sorry for that. but dont ever question what i say about my self and what i can do.”
How many points is Brad F. asking to be spotted for bball. Presumably none or not too many, given his belief in the fatness of groove’s ass? Can we make this happen? I’ll bring snacks.
“given his belief in the fatness of groove’s ass?”
its not the plumpness of my arse (my boyfriend doesnt mind) its the stubbiness of my legs that should be that considered in handicapping the game.
SInce this is mansion week it reminded me of the Pratt Mansion. I was wondering if anyone lives by it or has driven by lately to see if it was hit the bulldozer. I suspected that the property will be a new multi family structure but hope that it was purchased by someone that wants to salvage the building.
Any updates?
“I suspected that the property will be a new multi family structure ”
its currently not zoned for that. If you want to know if that will happen check with the aldercreature to see if any zone changes are being tried.
“Check with the aldercreature” Good idea but no time for that. I was just hoping someone lived close and saw the signs or knew if it was down already.
“I was just hoping someone lived close and saw the signs or knew if it was down already.”
looking at my calendar next week i am meeting a buddy for lunch over at Wofly’s on peterson. if you want i can swing by and look
Wolfy’s is a great lunch option. Good call. Great if you can swing by as I’m curious what is going on with the structure.
“Wolfy’s is a great lunch option. Good call. Great if you can swing by as I’m curious what is going on with the structure.”
I will do my best, if the original fluky’s was still around i would go there instead
Anyone have any updates on this property? DId it get torn down and replaced with new construction apartments? Perhaps it is getting rehabbed into condos or a sfh on the golf course for a buyer that loves the area. I’m curious and may neeed to make a drive up there to get a first hand look if nobody else has a recent update.
Re: WEST RIDGE, earlier in these posts, someone referred to West Ridge as being scary. This is so off the mark. Yes, perhaps some areas of east Rogers Park (near Howard) (5 miles away) could perhaps be so described, but West Ridge, where i live, near Warren Park is nothing like that at all! The housing is somewhat mixed, with large 20’s apartments and mansions and houses mixed in with newer (and less fancy) low-rise units. West Ridge has a lot going for it; some of the apartments are huge and gorgeous (if you like 20’s vintage, as I do) and West Ridge is near the lake, the Metra stop (20 minutes to the loop) is near by, it has Warren Park, which has a public golf course, and Indian Boundary Park, both of which are lovely and totally safe. If you’ve seen the “crime maps” of Chicago, you’ll see that this area has virtually no crime. I’ve lived here 20 years, walk at night, and have never felt any hint of danger. So, I’d say it could be the right area for many, if you like huge 20’s apartments or houses; it’s near lake & parks and transportation (Metra), etc. if it has any fault, I’d say that it’s so safe, and quiet, it might be considered boring for some, but now the young and gays moving in, perhaps that will change.
This is an amazing home. I drive by it every day. It’s problem is that it’s a $2,500,000 mansion in a $100,000 neighborhood.