Planning on dropping Health Insurance. Change my mind.

[BrokeFarmerJohn]

I’ve pretty much sworn off ever owing a rent house. I’ve seen it go down and that’s not my idea of fun. Renting nicer places is less headache. The second problem is if I owed a rent house it would put a real drain on my flip house money. Even at the snails pace of 1 house every 1.5 years I get a lot better rate of return doing that vs what renting pays. If I was working at that full time which I don’t I could shorten the 1.5 years to a few months. At least the snails pace avoids short term capital gains tax.

It’s just a plan at this point, something to generate additional regular income, mainly by paying the mortgage on the property with someone else’s dime. But plans change. Idk if I would enjoy flipping houses.

 

[ultrarunner]

So if I want a sex change I need to commit a crime in California?

Thanks for sharing.

I don't make this stuff up... my tax dollars at work...

California Is First to Pay for Prisoner’s Sex-Reassignment Surgery - The New York Times

 

[4570Man]

It’s just a plan at this point, something to generate additional regular income, mainly by paying the mortgage on the property with someone else’s dime. But plans change. Idk if I would enjoy flipping houses.

That’s about the way my numbers work out so you do win in the long run if you live long enough but it’s not a get rich quick plan.

 

[BrokeFarmerJohn]

That’s about the way my numbers work out so you do win in the long run if you live long enough but it’s not a get rich quick plan.

That’s why I’m pushing to buy my first at 30 (2 years), I planned on letting each rental mature so to speak. If needed I can sell them, in 20 years or so when they are paid off they will generate much larger income. 4 or 5 rentals and I could prob make what I make now, just off rental properties.

 

[ultrarunner]

The old rule of retirement income was 5 paid off units... any combination... a triplex and a duplex, etc...

I bought my first home under threat of condemnation at 22... it was the least expensive single family home on the MLS and bought it for a 1/3 of list price as the hearing date was fast approaching... I paid what it was worth but it made me a home owner in the SF Bay Area... for the next 10 years I bought another fixer in a little better area every 18 to 24 months...

Lots of work but best single financial decision of my life was buying that run down cottage on a 25x100 city lot... since I moved... I have only rented to two families...

It took me about a year to rewire, reroof, floors, doors, drywall, new kitchen, new bath, floors, windows... etc... doing it meant I had really a new house... except for a water heater and stove... I have done nothing since...

 

[Paddy]

What all these stories tell us is how medical costs are out of this world. No wonder insurance is so expensive. I have always had good coverage at my places of employment. I've been on a higher deductible plan but my employer contributes to a HSA account covering most of the deductible. Over the past 10 years, zero out of pocket and a $15,000 plus HSA balance.

But we are all not that lucky. There are too many people out there that the cost of insurance is not affordable. The hardest hit are low wage earners and self-employed. About 15 years ago, I was a self employed consultant. My family insurance cost $13,000 a year! It easy to understand how a self employed trim carpenter with 3 kids ops out of insurance. Or a mother of two working at Walmart part time. These aren't bad or lazy people, they are just in a system that doesn't work.

 

[Turbys_1700]

Not going to add much to the discussion...
Everything has pretty much been said...
Great information and wisdom from the group participants...
At the very least keep catastrophic insurance...
Our church pays the insurance for our pastor and his wife...
It's currently over $1500 per month with a high deductible...
He's 58 years old...
Hope health care in our country becomes more affordable in the future...

 

[kenmac]

I thought about putting the tractor to work with side jobs, I got into hay this past spring, racked up 20+ hours on the machine cutting and raking hay but my buddy and I got out of hay.

For a long time I was very aggressive with “Hobby’s”. When I bought my house I soon gin chickens, lots of chickens lol, I had 80 at one time, I planned to sell eggs, I soon found out that people fight you on every little detail like price and the color of the egg, it got to the point I was putting too much time into the chickens so I gave up on selling eggs. Then I got into cattle, bought a steer, then another steer and bull. Then I installed 470ft of fence, set my property up for cattle, fed by square bales and stashed 75 squares up in the loft. Figured out I could buy cheaper hay if I fed round bales Im down to one steer, had 4 or 5 at one time hauling water via 5 gallon buckets everyday even in the winter. I like cattle a lot, I won’t get out of having cattle.

I have chickens here. Not to sell eggs and not 80 chickens. I have enough to supply myself and the kids with eggs.

With the cost of laying feed, I would have allot of chickens to be able to sell enough eggs to make any money

I have been repairing fencing around the property with the thoughts of getting into cattle. Problem is, Everyone I talk to around me says, it's fair amount of work and there really isn't much money in cows.
When I ask them why they have cows, they say, I don't hunt, I don't fish, I don't golf, etc,. I have always fooled with cows. they are just my hobby.

Well, I really don't need any hobbies where I have to put a good amount of work into it.

Older fellow up from me bails hay from his property. Large round bales.
I asked what he does with the hay since he has no cows.
He says, I sell it and make money.
I ask him how much for those large round bales of hay ? He says $30-$35.00.

I ask him how much he has in his hay equipment ? He says probably 100K, or so for equipment. Then, I have the hay fields sprayed for weeds and have them fertilized by a company

I ask him how he figures he's making money selling hay for that price with that much money invested ?
He answers, I guess you could say I'm doing this just for something to do ! LOL

 

[mcfarmall]

My daughter was diagnosed with ITP, a condition where her blood platelets got so low that the could have bled to death from a papercut. A 1000ml bag of platelet IV solution cost over $28,000.00...the nurses called it the Mortgage in a bottle. My insurance covered at 100%. I'd say it was worth it.

 

[inthe country]

I wish I paid what you pay. I'm paying $1,400 per month with a $4,000 deductible. Back in my younger days insurance came with my job, I never used or thought about it. A heart attack and my first catheterization just prior to my 32 birthday made me pay attention fast. My last stent on 12/18 cost right around $40,000. That's in at 11:00am and out at 6:00pm. The bill for that afternoon would pay for 18 years of insurance for you. It's all about the risk, If your situation allows for going bankrupt without a huge loss it may be an option. If they do away with the preexisting condition, your cost would will be astronomical.