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5 year old son closing on first investment property a week from tomorrow (CSLG)
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Date: August 7th, 2022 12:34 PM Author: Vermilion vigorous laser beams My son is in escrow for a single family home in the valley (obviously I'm funding it). Will be owned by my son's trust. Plan is to renovate it after we close, then move into it while we renovate our primary home. After that it's going to be a rental property. Should generate about 3.5k/month in cash flow (which I will teach my son how to invest the cash flow). Once my son is old enough I'm going to make him help with management (small things at first like calling a plumber, and then larger things like collecting rent/taxes/renovations as he gets into high school). When he is older, I would help him use the cash flow to acquire new properties (plus teach him how to find them, negotiate them, renovate, and rent/manage them). The goal is that he will have a decent rental portfolio that he built and manages himself by his mid 20s.
Goal is to buy a property for my daughter and do the same thing in the next 6-12 months. After that I'd probably pump up their trusts a little bit and then stop contributing.
I think this is better than just giving them money since that way they learn how to manage, renovate, and acquire real estate. I don't want them to just be trust fund kids that never work, wonder through life aimlessly, never finding accomplishment. I want to help them learn to invest, start businesses, and find fulfilment through accomplishment. My son is also super stoked about helping at our restaurant that should open in February. |
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Date: August 7th, 2022 2:33 PM Author: Primrose sanctuary Your daughter: https://m.youtube.com/watch?v=SIdxVR_7ikg (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977297) |
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Date: August 9th, 2022 10:57 AM Author: Avocado Nighttime Address Idea He Suggested (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44987459) |
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Date: August 9th, 2022 11:14 AM Author: Vermilion vigorous laser beams (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44987577) |
Date: August 7th, 2022 12:36 PM Author: canary spot How much is the property? (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44976802) |
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Date: August 7th, 2022 12:38 PM Author: Vermilion vigorous laser beams Under 900K. I got a great deal since the owners bought a new home at the peak of the market in another state and now need to sell or else they are screwed. I got it under contract 50K under asking and then got another 50K knocked off after inspection. It had had a price reduction before that too. We did all cash with no loan contingencies and they were worried about getting funding to close on their new house. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44976817) |
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Date: August 7th, 2022 12:39 PM Author: canary spot How are you handling the gift tax? (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44976825) |
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Date: August 7th, 2022 12:40 PM Author: Vermilion vigorous laser beams I'm just going to have to reduce my lifetime exemption. Doesn't matter that much since it's going down in 2025 anyways. Plus my goal is to give my kids some appreciating assets like real estate and stocks when they're young, and then spend the rest of my NW to enjoy my life. I want to get all my gifting to my kids down before they are adults since it will grow into a large number by the time I'm dead. Plus I want to be able to enjoy the money I keep for myself without guilt. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44976829) |
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Date: August 7th, 2022 12:42 PM Author: Confused casino Do the sellers hate you now? (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44976838) |
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Date: August 7th, 2022 12:43 PM Author: Vermilion vigorous laser beams I think they actually appreciate that I'm closing on their house. The market is pretty stagnant right now. Hasn't dropped much yet, but I think another down leg is coming. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44976845) |
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Date: August 7th, 2022 1:24 PM Author: Territorial cerebral dog poop main people Lol classic — trick the goyim and make the goy think HE got the deal. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977014) |
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Date: August 7th, 2022 1:39 PM Author: Vermilion vigorous laser beams CR (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977061) |
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Date: August 7th, 2022 1:44 PM Author: Territorial cerebral dog poop main people (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977083) |
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Date: August 7th, 2022 2:16 PM Author: buck-toothed maize death wish background story (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977217) |
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Date: August 7th, 2022 8:07 PM Author: Soul-stirring lettuce jfc goyim are hopeless (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44979038) |
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Date: August 7th, 2022 4:28 PM Author: Idiotic Onyx Home Mediation (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977898) |
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Date: August 7th, 2022 12:45 PM Author: Obsidian philosopher-king Only 3500 a month for a mil property in Cali? (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44976854) |
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Date: August 7th, 2022 12:47 PM Author: Vermilion vigorous laser beams Cap rates in CA are super low. You are making a lot of your money in CA on appreciation and depreciation. The house will rent for like 5-5.5K. Property tax and insurance is like 1K plus random stuff that comes up. so maybe cash flow 4K if things go well. You can't get cash flow right now in LA without buying cash or mostly cash. The cap rates are too low. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44976865) |
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Date: August 7th, 2022 12:41 PM Author: Confused casino Sick RSF neg (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44976834) |
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Date: August 7th, 2022 12:42 PM Author: Vermilion vigorous laser beams How? I love RSF. I would love to get beer with him, brother. We just have different things that make us happy. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44976842) |
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Date: August 7th, 2022 1:36 PM Author: Kink-friendly tattoo Why would RSF want retarded kids? (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977052) |
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Date: August 7th, 2022 1:16 PM Author: Pungent appetizing temple Honestly expected this to be a FLW thread from the title. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44976991) |
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Date: August 7th, 2022 1:55 PM Author: Mint disturbing school cafeteria We workshopped this one together (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977129) |
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Date: August 7th, 2022 7:14 PM Author: Vermilion vigorous laser beams You still jumping on the 8pm call tonight with me, Kamalasexy, and Henry Aaron? (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44978735) |
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Date: August 7th, 2022 3:15 PM Author: Stirring learning disabled tanning salon ceo same, 100%. was legit shocked when it was real. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977492) |
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Date: August 7th, 2022 4:33 PM Author: Big-titted iridescent love of her life cuck (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977910) |
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Date: August 7th, 2022 1:23 PM Author: know-it-all cuckoldry lay 180 brother.
Will you put your son as of counsel on your firm website so he’s equally as accomplished as RSF and even more employed (since he did a bit of work)? |
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Date: August 7th, 2022 1:42 PM Author: Vermilion vigorous laser beams I wouldnt want my son to be a lawyer. RSF finds satisfaction in his own way Im sure. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977073) |
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Date: August 7th, 2022 1:30 PM Author: Cruel-hearted Becky Twinkling Uncleanness and if market crashes you can get out of it because k is not legally binding (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977030) |
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Date: August 7th, 2022 1:41 PM Author: Vermilion vigorous laser beams Im already buying 10% under market. Market wont crash that much by next week, brother. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977067) |
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Date: August 7th, 2022 2:08 PM Author: Cruel-hearted Becky Twinkling Uncleanness I'm just saying, have him sign the deal docs (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977188) |
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Date: August 7th, 2022 1:35 PM Author: Jade blood rage dilemma Are u worried about ur son being a nowag incel (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977046) |
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Date: August 7th, 2022 1:40 PM Author: Vermilion vigorous laser beams No. Im going to teach him how to talk to girls when he gets older. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977062) |
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Date: August 7th, 2022 1:46 PM Author: Abnormal idiot trust fund Lmao (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977096) |
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Date: August 7th, 2022 1:54 PM Author: Jade blood rage dilemma Do u think girls will want to talk to some short Asian dork? (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977121) |
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Date: August 7th, 2022 2:08 PM Author: Vermilion vigorous laser beams You have no idea how women work, brother. Email happy to help. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977189) |
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Date: August 7th, 2022 2:14 PM Author: Abnormal idiot trust fund this board is 80% Asian. we know (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977208) |
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Date: August 7th, 2022 1:40 PM Author: apoplectic son of senegal Calling a plumber (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977065) |
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Date: August 7th, 2022 1:40 PM Author: Purple godawful roommate point This is just incredible on so many levels. You're taking care of your son obviously, but also giving him legs to stand on when he comes into age. That's something my father never tried with me. Also, for yourself, you're getting your gifting out of the way so you can be guilt free for the rest of your life. That's great. You can just spend what you've earned knowing that you really helped the kids out with their trusts when they were young. I wonder how I will help my own children, but I probably won't at all. Apple won't fall far from the tree in my yard. And it'll be rotten and worm-eaten too. No. We don't accomplish things over here. We just get swallowed by the seas of shame. |
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Date: August 7th, 2022 1:41 PM Author: apoplectic son of senegal Lol (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977069) |
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Date: August 7th, 2022 4:11 PM Author: Bull headed piazza alpha disco fries poasting is reaching truly remarkable levels. it's like he went straight to ssj3 (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977834) |
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Date: August 7th, 2022 4:24 PM Author: Vermilion vigorous laser beams Im juat trying to be a good and supportive father, brother. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977885) |
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Date: August 7th, 2022 4:27 PM Author: Purple godawful roommate point We all are brother. We’ve gotta raise up this generation of Alphas. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977892) |
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Date: August 7th, 2022 1:42 PM Author: dun spectacular water buffalo this thread manages to come off as kikey even for xo. congrats! (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977072) |
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Date: August 7th, 2022 1:43 PM Author: Vermilion vigorous laser beams Have you read my posts before, brother? (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977075) |
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Date: August 7th, 2022 1:45 PM Author: dun spectacular water buffalo yeah this isn't quite at the level of the paper sushi plates thing, but it's getting there. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977087) |
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Date: August 7th, 2022 1:44 PM Author: apoplectic son of senegal Was gonna say... Incredibly Jewish post. Especially the "skills" he will be teaching his son - rent negotiation, taxes, how to call other people to actually do manual labor.
Would be 180 if he said, I'm gonna teach my son how to change a garbage disposal and patch drywall but no. |
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Date: August 7th, 2022 1:45 PM Author: dun spectacular water buffalo agreed. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977090) |
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Date: August 7th, 2022 2:04 PM Author: Territorial cerebral dog poop main people why would a jew teach his son to do a $150 kitchen repair that might cut his hands? (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977173) |
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Date: August 7th, 2022 8:05 PM Author: Soul-stirring lettuce (Bob Williams, Prole Goy Mr. Fixit) (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44979016) |
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Date: August 7th, 2022 10:38 PM Author: apoplectic son of senegal This always strikes a nerve with board jews for some reason. one thing they all seem generally ashamed of. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44979713) |
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Date: August 7th, 2022 10:43 PM Author: Vermilion vigorous laser beams Why would I want my kids to be poor? Wouldn't it be better to teach them how to make good money and they can hire goys to do all the trivial shit they don't want to do? You think I patch my own drywall, brother? (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44979726) |
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Date: August 7th, 2022 10:55 PM Author: apoplectic son of senegal Lol (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44979772) |
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Date: August 7th, 2022 1:44 PM Author: wine parlour reading party 180. How much rent can he charge his future mother in law? (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977085) |
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Date: August 7th, 2022 1:45 PM Author: Vermilion vigorous laser beams Hopefully a lot. Cant give people free rides, brother! (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977088) |
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Date: August 7th, 2022 1:45 PM Author: Fiercely-loyal multi-billionaire lmao so (((this))) is why private home ownership is in decline. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977092) |
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Date: August 7th, 2022 2:13 PM Author: Vermilion vigorous laser beams More people should start businesses, brother. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977205) |
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Date: August 7th, 2022 3:13 PM Author: Fiercely-loyal multi-billionaire Having the personal wealth to navigate the tax code to profit off poors is not a "business." You're not growing apples or building houses or sewing clothes. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977478) |
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Date: August 7th, 2022 3:22 PM Author: Primrose sanctuary You'd be doing the exact same thing if you were in his position, but you won't be in his position because of this attitude. Don't take that as denigration; I mean it neutrally. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977537) |
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Date: August 7th, 2022 3:22 PM Author: Stirring learning disabled tanning salon ceo (guy being sued by multiple people for nonpayment of debt and rent) (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977546) |
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Date: August 7th, 2022 4:10 PM Author: Primrose sanctuary I am in the right here. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977829) |
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Date: August 7th, 2022 4:09 PM Author: Vermilion vigorous laser beams CR (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977824) |
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Date: August 7th, 2022 7:24 PM Author: Fiercely-loyal multi-billionaire I'm not saying I wouldn't be exploiting the poors in this situation. I exploit them all the time. I'm saying it's nothing noble. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44978800) |
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Date: August 9th, 2022 10:51 AM Author: Vermilion vigorous laser beams How is it exploiting? Being a landlord provides a valuable service. Also, it's a 4 bedroom house in the valley. It's not like people making minimum wage can afford it. If the rent is 5.5K/month it's probably going to be a nice family with decent income, not poors. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44987431) |
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Date: August 7th, 2022 4:08 PM Author: Vermilion vigorous laser beams (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977814) |
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Date: August 7th, 2022 1:59 PM Author: Mint disturbing school cafeteria So he gets capital gains taxed at the 2022 cost basis on inheritance cr? (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977149) |
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Date: August 7th, 2022 2:02 PM Author: dun spectacular water buffalo oh god dammit does that actually work (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977162) |
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Date: August 8th, 2022 10:46 AM Author: Vermilion vigorous laser beams Basically he'll pay zero taxes. He will have a paid off house purchased at 2022 price. In CA property tax is locked in forever and doesn't go up. When he is 25 he can live in the house mortgage free, he could rent it out (and pay taxes on the rental income), or he could 1031 it into another property and pay zero taxes. If I waited until I died to give him the property his property tax would reset when I die and it would go towards my estate total in calculating my exemption (possible that house could be 3 million by the time I die). If you can afford it, it is always better to give your kids appreciating assets as young as possible so that it grows outside your estate. It's possible all estate tax exemptions could be gone by the time I die. It's 26 million right now for a married couple but that goes down a ton in 2025 and then it is possible public opinion causes it to go down to zero or like a million in later years. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44981454) |
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Date: August 7th, 2022 2:13 PM Author: Purple godawful roommate point I have now read the OP 5x and I'm just beside myself with glee. CSLG's kids are so fortunate to have this kind of father figure in their life. They are going to grow up to be titans of industry and absolutely PWN to death all of their peers. When the kids in high school are talking about how mom or dad is going to get them a new car, CSLG Jr. will be saying things like "I'm going to spend my summer's wages on a 180 lifetime expereince, like taking the Blue Origin into space." (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977203) |
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Date: August 7th, 2022 2:33 PM Author: Vermilion vigorous laser beams I appreciate all your love and support. You are a 180 father too and I can tell you love your kids immensely. Come out to LA and visit me. Ill show you a good time! (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977300) |
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Date: August 7th, 2022 2:50 PM Author: Purple godawful roommate point Did you receive my text message on Friday evening? (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977391) |
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Date: August 7th, 2022 3:06 PM Author: Vermilion vigorous laser beams Ya I just got sidetracked. Ill text you later today. Im at Venice Beach right now with the kiddos. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977442) |
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Date: August 7th, 2022 4:36 PM Author: Big-titted iridescent love of her life cuck Venice Beach is kid friendly? Lmao when I went there in 2015 I almost stepped on a used needle and saw homeless sleeping on the beach. Cant imagine now. |
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Date: August 7th, 2022 7:16 PM Author: Vermilion vigorous laser beams It is really nice. Was 80 degrees out with a breeze, my son did some skateboarding with me, we went to the playground, and we walked around looking at the weirdos/stores. Grabbed some lunch, and then ice cream at Ben and Jerry's. Spending time outside is 180. Especially with people you love. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44978751) |
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Date: August 7th, 2022 2:36 PM Author: Primrose sanctuary (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977315) |
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Date: August 7th, 2022 2:52 PM Author: unholy provocative heaven associate Does insufferability take much practice or come naturally? (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977396) |
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Date: August 7th, 2022 3:00 PM Author: Vermilion vigorous laser beams Takes a lot of dedication to do my shtick. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977425) |
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Date: August 7th, 2022 3:13 PM Author: unholy provocative heaven associate No it doesn't. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977480) |
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Date: August 7th, 2022 4:17 PM Author: Concupiscible very tactful organic girlfriend jewess Respect. (http://www.autoadmit.com/thread.php?thread_id=5168641&forum_id=2#44977865) |