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Joined: Jan 2001
Posts: 30,961 Likes: 23
Campfire 'Bwana
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Campfire 'Bwana
Joined: Jan 2001
Posts: 30,961 Likes: 23 |
as in an earlier thread.......2.25% mortgage is C H E A P
T R U M P W O N !
U L T R A M A G A !
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Joined: Aug 2020
Posts: 293
Campfire Member
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Campfire Member
Joined: Aug 2020
Posts: 293 |
Like one of my buddies says "You mite pay off that house someday but you will never pay off the taxes."
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Joined: Oct 2005
Posts: 79,321 Likes: 2
Campfire Oracle
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Campfire Oracle
Joined: Oct 2005
Posts: 79,321 Likes: 2 |
We sold our rentals, one of the happiest days of my life when we closed on the last one. Rentals are the biggest PITA imaginable, with the possible exception of owning a restaurant or bar.
They're not bad if you buy good houses that will attract good renters. The last house I bought was fairly immaculate and in a nice, yet fairly low cost neighborhood. I'll admit, it's a bit tricky to find a rental property that's low enough in price yet still decent enough to attract good renters. You have to keep an eye out for the right one. I got a decent deal on one I bought in October. I paid a bit under $150K for it. With 20% down I'm renting it for 2X the mortgage payment. If I put it on the market today I'd price it at $170K. Those deals don't come along every day, though. The market is so hot around here right now for any house under $300K that any with an appropriate price will have 5 offers on the table 24 hours after it's listed. It's a big plus to have 20% down on hand. A lot of people looking for a nice, starter home (the kind that make good rentals) will have 5% to 10% down and looking for a FHA loan. Sellers don't particularly like FHA loans. Someone with 20% in hand and planning on financing with a conventional loan will have an edge over those other 4 offers that are on the table.
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Joined: Dec 2005
Posts: 3,019 Likes: 3
Campfire Tracker
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Campfire Tracker
Joined: Dec 2005
Posts: 3,019 Likes: 3 |
That's good math but I bought this house very cheaply and since the 2.62 percent is on a balance of 28k I don't mind paying it. Sure. But it's not necessarily the best for everyone. If a man has the capability to make early payoff the savings may be the cost of a truck or even allow for another mortgage on a vacation home or the like. Having more cash on hand for savings could pave the way for a early retirement in some cases. A lot of peace of mind comes with just being debt free and that can be priceless.
Padded VA Hospital Rooms for $1000 Alex My ignoree,s will never be Rock Stars on 24 hr campfire.....Like me!!!! What are psychotic puppet hunters?
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Joined: Feb 2011
Posts: 5,856
Campfire Tracker
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Campfire Tracker
Joined: Feb 2011
Posts: 5,856 |
A lot of peace of mind comes with just being debt free and that can be priceless.
That's what others so often forget. Different people have different comfort levels with different things. Investing in the market doesn't bother me but house rentals would. I'd rather pay cash for most things because owing money bothers me. Different people, different tolerances...
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Joined: Jan 2008
Posts: 15,787 Likes: 3
Campfire Ranger
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Campfire Ranger
Joined: Jan 2008
Posts: 15,787 Likes: 3 |
That's good math but I bought this house very cheaply and since the 2.62 percent is on a balance of 28k I don't mind paying it. Sure. But it's not necessarily the best for everyone. If a man has the capability to make early payoff the savings may be the cost of a truck or even allow for another mortgage on a vacation home or the like. Having more cash on hand for savings could pave the way for a early retirement in some cases. A lot of peace of mind comes with just being debt free and that can be priceless. You are absolutely correct.
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Joined: Jan 2008
Posts: 15,787 Likes: 3
Campfire Ranger
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Campfire Ranger
Joined: Jan 2008
Posts: 15,787 Likes: 3 |
Only reason i attacked bob is that he is a loud mouth a hole who needs to be shown how his behavior sounds to everyone else
Last edited by mjbgalt; 02/19/21.
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Joined: Feb 2006
Posts: 6,902
Campfire Tracker
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Campfire Tracker
Joined: Feb 2006
Posts: 6,902 |
A lot of peace of mind comes with just being debt free and that can be priceless.
That's what others so often forget. Different people have different comfort levels with different things. Investing in the market doesn't bother me but house rentals would. I'd rather pay cash for most things because owing money bothers me. Different people, different tolerances... Exactly. For me it's #1. Cash flow everything. I'd love a new truck but will not borrow. Don't even have credit cards. I can't tell the future. I'd rather just have utility bills only in case something happens to my job. I hope it stays that way. Writing the property tax check pisses me off though.
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Joined: Dec 2016
Posts: 976
Campfire Regular
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Campfire Regular
Joined: Dec 2016
Posts: 976 |
Could be paid off any time I want but a 2.2% mortgage fixed for the next 17 years is a pretty damn good hedge against inflation. I’m certainly glad I had that money in the market for the past few years instead of tied up in a house, but I’ve got very tight stop losses now and if they get triggered I may pay it down.
------------------------ John
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Joined: Jul 2001
Posts: 60,236 Likes: 29
Campfire Kahuna
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Campfire Kahuna
Joined: Jul 2001
Posts: 60,236 Likes: 29 |
A lot of peace of mind comes with just being debt free and that can be priceless.
That's what others so often forget. Different people have different comfort levels with different things. Investing in the market doesn't bother me but house rentals would. I'd rather pay cash for most things because owing money bothers me. Different people, different tolerances... Which is exactly why we paid off our house early. My wife and I are both freelance writers--and not having a mortgage meant we had more flexibility in our careers--including telling some company that started screwing us to stuff it.
“Montana seems to me to be what a small boy would think Texas is like from hearing Texans.” John Steinbeck
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Joined: Dec 2014
Posts: 9,162 Likes: 6
Campfire Outfitter
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Campfire Outfitter
Joined: Dec 2014
Posts: 9,162 Likes: 6 |
Still paying the County of Siskiyou 150 a month for the privilege of living in my own home. But, I get services I think...fire protection-no, my kids schools 20 years ago-no, public transport-no, sheriff 40 minute response time-yes maybe, ambulance/EMT 40 minute response-yes, snowplow-no. Helluva deal.
Well this is a fine pickle we're in, should'a listened to Joe McCarthy and George Orwell I guess.
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Joined: Jan 2001
Posts: 30,961 Likes: 23
Campfire 'Bwana
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Campfire 'Bwana
Joined: Jan 2001
Posts: 30,961 Likes: 23 |
Teamster's/UPS is paying my mortgage...... Go Brown ! But I voted for Trump.......
T R U M P W O N !
U L T R A M A G A !
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Joined: Sep 2009
Posts: 46,294 Likes: 6
Campfire 'Bwana
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Campfire 'Bwana
Joined: Sep 2009
Posts: 46,294 Likes: 6 |
Lord yes, I hate owing anyone, bought a farm over in Arkansas, paid it off in '93 at 30, still have it, lease it out for cattle, bought this farm in '98, paid off in '03, only way to fly.
Trump Won!
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Joined: Jun 2020
Posts: 10,840
Campfire Outfitter
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Campfire Outfitter
Joined: Jun 2020
Posts: 10,840 |
Only reason i attacked bob is that he is a loud mouth a hole who needs to be shown how his behavior sounds to everyone else GFY you dumb fugk
FUGK CCP
It’s time to WAKE UP GOD BLESS THE USA WWG1WGA THERE ARE NO COINCIDENCES
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Joined: Jan 2008
Posts: 15,787 Likes: 3
Campfire Ranger
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Campfire Ranger
Joined: Jan 2008
Posts: 15,787 Likes: 3 |
Great example of proving me right Bob
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Joined: Jan 2001
Posts: 30,961 Likes: 23
Campfire 'Bwana
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Campfire 'Bwana
Joined: Jan 2001
Posts: 30,961 Likes: 23 |
T R U M P W O N !
U L T R A M A G A !
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Joined: Apr 2010
Posts: 10,852
Campfire Outfitter
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Campfire Outfitter
Joined: Apr 2010
Posts: 10,852 |
51 years old
I own two houses
Maker of the Frankenstud Sling Keeper
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Joined: Nov 2004
Posts: 10,069 Likes: 9
Campfire Outfitter
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Campfire Outfitter
Joined: Nov 2004
Posts: 10,069 Likes: 9 |
I tried to build a new one with cash 3 years ago.i went over budget and borrowed a bit once it was done but paid that off the first year. My property taxes and insurance have both about doubled since build. The bank is done but property taxes make me feel like I'm renting from the government. I hate property taxes.
Bb
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Joined: Dec 2009
Posts: 10,653
Campfire Outfitter
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Campfire Outfitter
Joined: Dec 2009
Posts: 10,653 |
Bought the home farm from my parents and paid it off in 12 years, but I continue to be in debt as in stead of playing the stock market I buy and sell land.
You're Welcome At My Fire Anytime
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Joined: Aug 2004
Posts: 69,767 Likes: 39
Campfire Kahuna
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Campfire Kahuna
Joined: Aug 2004
Posts: 69,767 Likes: 39 |
There's people here with lots of money. Deep pockets. Surprisingly, they may not be who you think they are. And people you may think are, may not be.
Molɔ̀ːn Labé Skýla!
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