Steiny How did you nake your money...

[Moosie]

you said

I have two comercial properties, one is worth about $750K and the other $1.5 mil.

You also said borrowing money isn't a good idea. I'm jsut wondering how you made your money to buy comercial buildings cash ? Fess up

 

[JoseCuervo]

You also said borrowing money isn't a good idea. I'm jsut wondering how you made your money to buy comercial buildings cash ? Fess up

He read Rich Dad, Poor Dad......

 

[cjcj]

Busted my ass!...then used common sense... good investments and timing

 

[Moosie]

He read Rich Dad, Poor Dad......

You don't get rich by reading books..... But if he did read that book, He read a Very good book !!!

 

[Steiny]

My partners and I run an industrial general contracting company which does quite well. I focus the bulk of my efforts on running this business for maximum profit potential. When we make some money, roll it into good investments such as real estate, etc.

We run a very conservative program, rarely borrow, and if we do, we pay it off rapidly. Doing this saves tons of interest expense, and soon as it's paid off, the income is all gravy.

This is just the way we think. Business is risky enough; economic downslides, making a bad bid, errors, ommissions, etc. can get you into plenty of trouble without digging the hole any deeper via borrowing a bunch of money. If things go to sh!t, I want a bunch of cash on hand to ride through bad times. This stuff happens, and when it does, the bank may not want to loan you anything.

If you don't carry debt, you aren't paying interest, and you have that many more dollars which you can do things with. An example of something very simple .... don't do car loans and don't buy brand new $30K cars and trucks. Wait till you can pay cash, then buy something with 30,000 miles for $20K.

Pretty much barn yard, simple, stupid money management.