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Joined: Jan 2010
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Campfire Ranger
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Campfire Ranger
Joined: Jan 2010
Posts: 23,533 |
with the standard deduction being 24K for a married couple, even when I was young and had a big mortgage I wouldn't be able to itemize by todays tax standards.
locals here just passed a levy that goes into effect now that added $400 for each $100K your house is assessed
so then right after , these township sumbitches go around and reassess the value of everyone's homes, so now my local property tax bill went up more than $1K a year.
they've pretty much priced me past my tolerance level. I can move on the other side of this township, be just as close to the shopping and live in a schit school district for about 2/3rd the tax and the same house will be $30K less.
Last edited by KFWA; 02/19/21.
have you paid your dues, can you moan the blues, can you bend them guitar strings
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Joined: Nov 2002
Posts: 33,686
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2002
Posts: 33,686 |
as in an earlier thread.......2.25% mortgage is C H E A P
Yep.
Conduct is the best proof of character.
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Joined: Nov 2002
Posts: 33,686
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2002
Posts: 33,686 |
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. Thinking you have a rock solid helper...
Conduct is the best proof of character.
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Joined: Sep 2011
Posts: 60,734
Campfire Kahuna
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Campfire Kahuna
Joined: Sep 2011
Posts: 60,734 |
Barry this might be worth a thread of it's own?
Proverbs 13:7, Something like, The rich man pretends to be poor, the rich man pretends to be rich.
These premises insured by a Sheltie in Training ,--- and Cooey.o
"May the Good Lord take a likin' to you"
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Joined: Jan 2010
Posts: 1,418
Campfire Regular
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Campfire Regular
Joined: Jan 2010
Posts: 1,418 |
All 3 paid off and one for sale... I OWE NO ONE!!!!!!!!
If it ain't broke don't fix it!!!!!!!!!!!
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Joined: Oct 2005
Posts: 79,321
Campfire Oracle
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Campfire Oracle
Joined: Oct 2005
Posts: 79,321 |
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. Thinking you have a rock solid helper... Yeah,...my wife is fairly obsessed with real estate stuff. She inherited the practice from her father. Being around her for 20 years has done a lot to clue me in on how it all works. Real estate investments are for people who can't wrap their minds around the stock market. Stocks are complicated. Real estate is simple.
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Joined: Jul 2009
Posts: 14,076
Campfire Outfitter
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Campfire Outfitter
Joined: Jul 2009
Posts: 14,076 |
No, it is my only debt. I am 38 and will have it paid for by 45, well that is the plan anyways.
I made a choice to invest instead of pay off my house, that was a much better choice the last several years when you look at returns vs interest. The next few will be telling...
I'm not gonna fret over the 2.75% interest rate and 400k in equity.
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Joined: Feb 2004
Posts: 17,731
Campfire Ranger
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Campfire Ranger
Joined: Feb 2004
Posts: 17,731 |
Like one of my buddies says "You mite pay off that house someday but you will never pay off the taxes." A years worth of property taxes and insurance is vastly different from 12 monthly payments with interest in over 90% of the houses being paid for currently. I have my personal residence paid for and 2 rentals paid for. Been retired for 8 years.
NRA LIFE MEMBER
GOD BLESS OUR TROOPS
ESPECIALLY THE SNIPERS!
"Suppose you were an idiot And suppose you were a member of Congress... But I repeat myself."
-Mark Twain
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Joined: Nov 2002
Posts: 33,686
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2002
Posts: 33,686 |
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.  Absolutely right Barry. All that is needed is that folks are planning and are more than comfortable with their plan.
Conduct is the best proof of character.
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Joined: Feb 2009
Posts: 6,766
Campfire Tracker
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Campfire Tracker
Joined: Feb 2009
Posts: 6,766 |
I had to pay off two houses. One for the ex-wife and one to move into to get away from her. I owe nothing and am still on track for early retirement.
Guns don't kill people, drivers with cell phones kill people.
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Joined: Dec 2005
Posts: 585
Campfire Regular
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Campfire Regular
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Joined: Jan 2012
Posts: 9,379
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2012
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An asset at rest tends to stay at rest. With interest rates as they are today a guy w/ a 1/2 million $ in equity could refi at<3% and invest 1/2 of that. Different folks have different levels of risk tolerance.
mike r
Don't wish it were easier
Wish you were better
Stab them in the taint, you can't put a tourniquet on that.
Craig Douglas ECQC
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Joined: Nov 2014
Posts: 1,393
Campfire Regular
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Campfire Regular
Joined: Nov 2014
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35 here, should be out of payment in next 12-18 months. Plan is to live here for a year while we look for ground/lot in area we like and build. Can use VA so hoping rates stay low and build a home to get us to retirement and rent the current one. Might work, might not, but figure as long as we planning for retirement and can afford to live while kids are little it will be fine. Could get in a crash and be gone tomorrow so we just take it day by day.
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Joined: Aug 2010
Posts: 27,909
Campfire Ranger
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Campfire Ranger
Joined: Aug 2010
Posts: 27,909 |
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. Thinking you have a rock solid helper... Yeah,...my wife is fairly obsessed with real estate stuff. She inherited the practice from her father. Being around her for 20 years has done a lot to clue me in on how it all works. Real estate investments are for people who can't wrap their minds around the stock market. Stocks are complicated. Real estate is simple. I agree. And nope not paid off yet.
![[Linked Image from i.postimg.cc]](https://i.postimg.cc/qMjL6f8C/27-FD3-F35-D9-CF-4-FC0-AE24-D01508-F7-AF1-C.gif)
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Joined: Aug 2010
Posts: 27,909
Campfire Ranger
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Campfire Ranger
Joined: Aug 2010
Posts: 27,909 |
All 3 paid off and one for sale... I OWE NO ONE!!!!!!!! Im looking forward to that day. Im trying to come up with a way to have zero monthly payments . NONE .
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Joined: Aug 2020
Posts: 1,889
Campfire Regular
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Campfire Regular
Joined: Aug 2020
Posts: 1,889 |
5 more yrs. Even then I'll never really own anything I'm just borrowing it as I pass through this life.
Romans 5:1
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Joined: Aug 2020
Posts: 288
Campfire Member
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Campfire Member
Joined: Aug 2020
Posts: 288 |
Paid off the house then borrowed against that to buy a cabin and a few acres. 15 miles from home so get there quite a bit. That will take 10 years to finish up but glad we did it when we did.
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Joined: Dec 2013
Posts: 1,478
Campfire Regular
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Campfire Regular
Joined: Dec 2013
Posts: 1,478 |
Paid my modular, and property off (20 acres). Saved 7 years and built a log house. We did about 40% of the work. Its all paid for. No debt, and no regrets. I am 48. Feels pretty good.
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Joined: Feb 2012
Posts: 2,400
Campfire Regular
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Campfire Regular
Joined: Feb 2012
Posts: 2,400 |
Have a mtg, but am growing cash in an “offset” savings account. When the accumulating cash equals the declining mtg balance, BAM! I’ll pay it off. Sure, I could just put the extra cash against the debt and save some mtg interest expense, but I just don’t think now is a good time to lose that liquidity. YMMV. We’re doing the same. We accepted a pre-payment penalty clause for the first 6yrs to get a 2% rate on a 15yr. This year the 6 is up and we have enough cash to get us to about 75% paid down. Hoping to have it done by my 48th b-day in 3.5yrs. In the meantime, House has appreciated by about 40%. Looking forward to seeing if the grass feels different afterward like D Ramsey’s always saying. 😊 Can’t wait.
Fear the crabcat.
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Joined: Oct 2007
Posts: 5,468
Campfire Tracker
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Campfire Tracker
Joined: Oct 2007
Posts: 5,468 |
Nope, but the current one will be soon. Entering into another 30 years mortgage, for the retirement home. No other debt. With the tax breaks for over 65 and a disabled Vet, It will be the only tax breaks that we can claim. Interest at 2.855% I can live with that and have budgeted for that.
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