Just sold an apartment Ive owned for 2 years for 260k on a whim (bought for 240k) - I decided 5 days ago & today got a commitment to buy in writing & the contracts are already being drawn up. the apartment is in a great spot in a rapidly appreciating area & will probably be worth almost double in 5 years (I estimate around 450k). rental income isn't so great but I calculated I could have gotten 300k minimum over the next 20 years. so that's a potential value of 850-900k I just sold for 260k.
I'm going to put the money into crypto (most likely link) as soon as it hits my account in 6-8 weeks (start of December probably). assuming link hasnt blasted off into outer space by that point and I can get a 10k stack, I'll have 1mil when it hits 100, more if I hold. this is my thinking. was it a good idea or have I just gone full degenerate gambler?
Its called a "loan", user...Dont sell your goddamn income generating apartment in a great spot in a rapidly appreciating area that will probably almost double in 5 years.
William Baker
You are a degenerate gambler. It may work, but let's be real here, it usually never does.
Nathan Wilson
You are going to need at least 1 Bitcoin to survive the apocalypse.
I can't do debt, call me retarded but it's a hard limit. I have no debt a d intend to keep it that way. also some more info: have 2 other rental apartments that are solid income generators but won't appreciate much & the rent is stable. I sold the other apartment though cause it was empty and I could get a quick cash sale from a company I knew would buy it (they own other ones in the same block)
Gavin Green
So you traded a fairly stable investment with a high potential for growth, for a volatile investment with a lot of speculation and hopes of even greater growth (but a greater chance for a crash to zero).
And you're asking if this is gambling? What else would you call it, "smart investing?"
LINK is one of the best preforming assets, year over year, for the past 3 years...
Seriously, good move, BUT you should have looked into the Tax code, there’s a good chance, you could do something with real estate and owe basically zero tax.
Everything is a gamble. It goes without saying that some investments are more risky than others. Crypto is maybe not the riskiest (casinos and such would be), but it's right up there. Now consider the risks associated with real estate. What's the worst that can happen? A collapse of the housing bubble? Maybe. But that's highly unpredictable. Now put everything in perspective, what's more likely to happen? That the building appreciates 2X in value, or that link appreciates 10X ?
Adam Walker
What's the point of you made up story about you being an absolute retard? Jesus how heavy are those link bags that you need to resort to this stupid story. You probably don't even have 1k in your account you stupid faggot bagholder
Dominic Robinson
Most retarded decision I've heard. Unless you have other huge forms of net worth, You should never do this. If it pays off, You earned but still doesn't stop it from being stupid.
Ian Moore
This desu unironically
Robert Lopez
>lose income generating asset >lose potential speculative asset >pay tax on sale of apartment >pay sales tax on crypto you buy >all because "I don't do debt"
Josiah Sullivan
that's one way of putting it yes, but link is hardly speculation anymore, that's why I did it. the apartment is alot of work, I'd need to renovate it to get it's full value, then desk with tenants & manage it (which is do myself). that's alot of hassle when I could just throw the money into link & do nothing, & might we'll end up with alot more. I'm not saying property is a meme, but fuck it seemed worth taking a chance right now since link has dropped so much, plus covid. I can just see crypto exploding when the virus subsides, while the apartment would just be work for comparatively small gains
Ethan Cooper
holy shit people on this board are actually retarded
Levi Bailey
building is guaranteed to appreciate x2 but probably in 5-7 years. in my head link is guaranteed to x10 in next 2 years
Dylan Roberts
I'm in Germany. checkmate
Evan Jenkins
Degen gambling for sure. Should have 1031'd into another piece of real estate you can rent out and spend the rents on crypto.
thing is, rental properties are work and stress. it's passive income for some of the time, but not all. it's also slow af. i already have 2 rental properties which is why I didn't feel it was tooo risky to sell this other one
Oliver Phillips
Congrats man. Your courage will be paid off in the future. Sit back and relax and never sell!
Jason Cox
>was it a good idea or have I just gone full degenerate gambler?
Depends. There was a guy in my country in 2016 who went balls deep to Ethereum with everything he had to the point he had to borrow money from friends to daily stuff.
2 years later he exited the crypto market with €34 million euros and was one of the top 5 gainers that year in my country (Yurop)
Not saying you are going to make same sort of gains with investing $200k into LINK, but the point is that going balls deep to Ethereum in 2015-2016 was probably more riskier and at least as much gambling
Jose Fisher
That may be, but OP is obviously, as always, a faggot. And you can't argue against that simple fact.
Jordan Turner
I might be a degenerate gambler too, but to me this sounds like the right move. Fwiw, i am 35, living in a developing country, and i own over us$350k worth of chainlink. I got a loan in 2018 to get in. I have a grand total of about us$20k in debts, and have no other investments or substantial assets. So essentially, 100% of my net worth is in Link.
Isaiah Scott
Make your LINK gains then buy it back
Caleb Anderson
Try working full time for less lol
>muh rentals are work and stress
Ok
Aiden Adams
Have uronically over $400k worth of Chainlink and less than $1k on my bank account currently.
So like >99% of my networth is in Chainlink.
Yes, it is gambling and it is degenerate.
Nathan Ramirez
Not if you have enough rentals to outsource to a prop management company.
Adam Ortiz
can't imagine the stress of cashing out 34mil though. what did he do with the money?
this is also my thinking. I'm.sure I can at least get to 800k off the link I'll buy with it in the next 2 years, and could then just buy a better rental property. while if I'd kept the apartment I'd be stuck with something that's only appreciating slowly
