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'Bidness' news channel says the majority is now mortgage free.....

In 1971 we needed a 5% down payment and had to somehow meet the requirements to pay the mortgage, taxes and interest. We purchased a house on a condition that we had to rent out the basement suite, it was a rental house, we found renters that moved in before us. They were very good people. Things worked out well. Then we moved to our present house in 1976.
Couldn’t meet the 30% for the mortgage, so assumed the owners mortgage with proceeds from the sale of our old house, wasn’t easy but achieved it.
Had part time jobs after the regular job, during those years.
 
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Our "second job" IS property management.

Beats the hell out of working a "real" second job for set hours on someone else's schedule every week with the difference in what I bring in for them and my pay going to them.
 
Cranky said:
Probably need to clarify how I paid mine down quicker.....I didn't double my monthly payment but paid the regular payment...ie, paid 1/2 of the payment every two weeks and added 50 bucks per payment. My credit union actually told me that and showed me how the interest accumulated during the month and paying every two weeks would pay the house off faster even if I paid the same amount during the year....and adding in 100 bucks a month would put the mortgage on target for a 15 year pay off.

Seems each county and city has their own program going so you should contact the county/counties that you think you might move to to see what they have. The city I live in cuts the water bill in 1/2 for 65 or over too and also does the break on property taxes....likewise on school tax and for me, I pay to a different city for that lol.

Man, thought you wanted one for an 8 3/4. And well, don't have a Dana snubber....and if I did, it certainly wouldn't be as cheap as the 8 3/4 snubber was. Need to take this to PM's.
Click to expand...
Guess I am out of PM's, when I try and PM you it says I have exceeded 15. Funny I have been a member on this site for at least 15 years and nerver seen that.
 
We're pretty much debt-free, except a CC balance that isn't much, utilities and insurance.
 
Budnicks said:
Old fashion way, you inherited it, old money works too...
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Yesterday, I had lunch with the son of the original owner of my GTX. He gave me the last of the original factory documentation that his father had saved from day one. Then we explored where he had been since the family dealership went under, and how the legacy got distributed. His older brother, who had no interest in cars, and never wanted the business, forfeited his interest early on, in exchange for a larger portion of the personal assets, including a significant real estate holding. He never held a full time job in his life.

Today, the family homestead he lives on within the shadow of Penn State's football stadium is worth a small fortune. The dealership ended up being a huge negative liability for his brother, through no fault of his own. Inherited money is great, but be careful what you wish for. The brother with the debt free real estate was shrewder than anyone gave him credit for.
 
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2024 =Home price: $400,000Down payment: $80,000Mortgage: $320,000 Interest rate: 7.5% Monthly payment (before taxes & fees): $2,2372021 =

2021
Home price: $400,000Down payment: $80,000Mortgage: $320,000 Interest rate: 3% Monthly payment (before taxes & fees): $1,349
 
Pops1967GTX said:
2024 =Home price: $400,000Down payment: $80,000Mortgage: $320,000 Interest rate: 7.5% Monthly payment (before taxes & fees): $2,2372021 =

2021
Home price: $400,000Down payment: $80,000Mortgage: $320,000 Interest rate: 3% Monthly payment (before taxes & fees): $1,349
Click to expand...


The only problem with that equation is that the $400,00 home in 2021 is now $550,00 - $600,000 in 2024.
 
I met my goal of no mortgage at 57 years old. Unfortunately there were some roof issues and other issues at my rental building. Looking at a 30-40k for a roof. The joys of being a landlord.
 
no mortgage for the last 7 years. But my monthly taxes, School & Real a state kept climbing. $1200.00 monthly. If I remember correctly in 1992 total taxes $5,900 …
 
Scott Engelhardt said:
I met my goal of no mortgage at 57 years old. Unfortunately there were some roof issues and other issues at my rental building. Looking at a 30-40k for a roof. The joys of being a landlord.
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The roof on my house and shop is getting old.....iirc, 25 now. At least it's still laying flat and no leaks. Together, there's 3300 sq ft to cover.
Richard Cranium said:
What took so long? :lol:
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47 here but it was only because my dad passed on.
Pops1967GTX said:
no mortgage for the last 7 years. But my monthly taxes, School & Real a state kept climbing. $1200.00 monthly. If I remember correctly in 1992 total taxes $5,900 …
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We got a really nice tax relief for this year to the point I thought someone made a mistake....and I still think that and it was for the whole county. Just hope it's not a mistake! However home insurance is getting out of sight!
 
Pops1967GTX said:
no mortgage for the last 7 years. But my monthly taxes, School & Real a state kept climbing. $1200.00 monthly. If I remember correctly in 1992 total taxes $5,900 …
Click to expand...

How do you have monthly taxes (escrow?) if your place is payed off?

BTW mine is about 1200.........a YEAR.

How many acres you got?
 
YY1 said:
How do you have monthly taxes (escrow?) if your place is payed off?

BTW mine is about 1200.........a YEAR.

How many acres you got?
Click to expand...
No, just a monthly calculation for expenses. Sept & July are due dates …
 
I am not mortgage-free. That being said, I bought my home...late to the party...in 20015 for 243,000 at 3.75% interest on a VA loan. I refinanced in 2020 to get a lower % rate and got 2.5% with a very small cash out bringing the amount up to 260,000. The estimated value is now at 425,000 which is really shocking but as the market is so askew, I can take it. Property taxes are 1700.00 per year but I do not pay anywhere that amount because I am a disabled Vet, and Nevada reduces or eliminates property taxes according to disability percentage with 100% costing zero. Plus they do not tax SS payments and Disability payments where the sales tax is about the same as Commiefornia. Or you can use that benefit towards your vehicle(s) registration cost each year but seeing as how for both my vehicles, they cost me a combined 166.00 per year to register them, I chose the property taxes over the vehicles because it changes each year to keep my mortgage and insurance payments plus property taxes reasonable. Still, Nevada's cost of living keeps going up which eats up a lot of my expenses monthly but thankfully I am not overextended by tapping into that estimated value like so many others tend to do these days. Looks like a repeat of 2008...cr8crshr/Bill :usflag: :usflag: :usflag:
 
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