24hourcampfire.com
24hourcampfire.com
Previous Thread
Next Thread
Print Thread
Hop To
Page 6 of 6 1 2 3 4 5 6
Joined: Mar 2001
Posts: 6,958
KC Offline
Campfire Tracker
Offline
Campfire Tracker
Joined: Mar 2001
Posts: 6,958

Bought my first house in 1977 for $80,000. Upgraded to a bigger house with a bigger mortgage in 1984. Paid off the mortgage in 1993. No debt since then.
Bought two houses since then. Both were fixer-uppers. Paid cash and remodeled them using earned income, then sold for a profit.

All major purchases are done with cash. No house payments. No car payment. Pay off the credit card every month. Mostly use the credit card because it's convenient and to get air miles.

My son is 45 and was paying double house payments for about ten years. Paid off his mortgage last year.


Wind in my hair, Sun on my face, I gazed at the wide open spaces, And I was at home.





BP-B2

Joined: Nov 2004
Posts: 10,689
Campfire Outfitter
Offline
Campfire Outfitter
Joined: Nov 2004
Posts: 10,689
Daughter is stationed out in San Antonio and says many of her coworkers are buying homes with a 50 year mortgage! Insane!!

Says their plan is to rent home out when they get stationed elsewhere.

Joined: Sep 2017
Posts: 2,795
M
Campfire Regular
Offline
Campfire Regular
M
Joined: Sep 2017
Posts: 2,795
Originally Posted by KC

Bought my first house in 1977 for $80,000. Upgraded to a bigger house with a bigger mortgage in 1984. Paid off the mortgage in 1993. No debt since then.
Bought two houses since then. Both were fixer-uppers. Paid cash and remodeled them using earned income, then sold for a profit.

All major purchases are done with cash. No house payments. No car payment. Pay off the credit card every month. Mostly use the credit card because it's convenient and to get air miles.

My son is 45 and was paying double house payments for about ten years. Paid off his mortgage last year.


Anarchy like that is going to get you cancelled! You must be in debit to be free. The interest paid is the measure of your freedom.

Joined: Feb 2003
Posts: 10,324
Campfire Outfitter
Offline
Campfire Outfitter
Joined: Feb 2003
Posts: 10,324
My grandfather died in 1965. His house was worth $8.5k, per when we sold it.

That house is now worth $450k in 2021 per Zillow

2021- 1965 = 56 years
56th root of [$450/$8.5] = 1.073 -> = 7.3% return compounded annually over 56 years

My grandfather built that house with cash, so that is realistic.
But if the had a 20% down 3% interest 30 year loan, his return would have been more like 20%.


There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. -Ernest Hemingway
The man who makes no mistakes does not usually make anything.-- Edward John Phelps
Joined: Aug 2017
Posts: 8,929
T
Campfire Outfitter
Offline
Campfire Outfitter
T
Joined: Aug 2017
Posts: 8,929
Neighbor offered me way to much money for my house a few months ago. About 25% more than a reasonable market could bear. He swore he was dead serious. The wife and I laughed about it but didn't consider it very long because the replacement cost for our home would probably be 25% more than he offered.

Waiting for this real estate bubble to burst.

IC B2

Joined: Jul 2001
Posts: 2,166
R
Campfire Regular
Offline
Campfire Regular
R
Joined: Jul 2001
Posts: 2,166
Originally Posted by Spotshooter

I’d depends -

1. do you or your wife like cleaning .... if not don’t buy a bigger house.

2. Does your wife buy so much crap (Hoarder) until you are pilling stuff on top of each other ... smaller is better.

3. Big open spaces = more comfort inside, but high heating & Air Conditioning bills


We have up sized and down sized a couple times, I like the bigger open spaces but things can bite you in the arse.




Spotshooter, good points but it depends on where you live regarding heating and cooling costs. My dad and step mom retired and moved to Ecuador several years ago. They built a 5700 square foot house, all on one level and have no heating or cooling costs since the house is 100 yards south of the equator and at 8900 feet elevation.

Page 6 of 6 1 2 3 4 5 6

Moderated by  RickBin 

Link Copied to Clipboard
YB23

Who's Online Now
539 members (10gaugeman, 222Sako, 1badf350, 1lessdog, 160user, 17CalFan, 48 invisible), 2,564 guests, and 1,153 robots.
Key: Admin, Global Mod, Mod
Forum Statistics
Forums81
Topics1,187,733
Posts18,401,021
Members73,822
Most Online11,491
Jul 7th, 2023


 







Fish & Game Departments | Solunar Tables | Mission Statement | Privacy Policy | Contact Us | DMCA
Hunting | Fishing | Camping | Backpacking | Reloading | Campfire Forums | Gear Shop
Copyright © 2000-2024 24hourcampfire.com, Inc. All Rights Reserved.
Powered by UBB.threads™ PHP Forum Software 7.7.5
(Release build 20201027)
Responsive Width:

PHP: 7.3.33 Page Time: 0.115s Queries: 15 (0.004s) Memory: 0.8253 MB (Peak: 0.9070 MB) Data Comp: Zlib Server Time: 2024-03-29 12:44:40 UTC
Valid HTML 5 and Valid CSS