Topic: Is it a bad decision to payoff mortgage early - page 2. (Read 3519 times)
Numbers-only speaking, it was probably a good idea, anyway. Because, 1: Your debt-to-credit ratio is the main factor in determining your credit score. So paying it off is good for your score. 2: If the interest you're paying on a loan is higher than the interest you are earning for having that money in the bank, then you save money by paying off the loan.
or rent it out and buy another house. I have a few friends who started doing that, and have since quit their jobs and do that as their sole source of income.
how did they do during the recession?they cant hire someone or their relatives to do the property management? doesnt seem like a full time job all the time .seems to be a solid source of income especially when this country is getting more and more crowded .
He started by buying one house and fixing it up. While renovating it he realized he could divide it into something for him, and a rental space. Eventually he found the second house he could do the same to, so moved out of his and rented it, moved into the beat-up house, and lived there while he renovated.
Now I think he has 10 that he rents out and an 11th that he lives in. 10 rental places keeps him pretty busy but hiring someone to manage it would kill his profit.
By contrast, the 2014 standard deduction for married filing jointly is $12,400.
So, unless you are itemizing deductions in excess of about $15,000 annually, then you are better off with the mortgage paid off from a tax perspective.
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or rent it out and buy another house. I have a few friends who started doing that, and have since quit their jobs and do that as their sole source of income.
how did they do during the recession?they cant hire someone or their relatives to do the property management? doesnt seem like a full time job all the time .seems to be a solid source of income especially when this country is getting more and more crowded .
He started by buying one house and fixing it up. While renovating it he realized he could divide it into something for him, and a rental space. Eventually he found the second house he could do the same to, so moved out of his and rented it, moved into the beat-up house, and lived there while he renovated.
Now I think he has 10 that he rents out and an 11th that he lives in. 10 rental places keeps him pretty busy but hiring someone to manage it would kill his profit.
By contrast, the 2014 standard deduction for married filing jointly is $12,400.
So, unless you are itemizing deductions in excess of about $15,000 annually, then you are better off with the mortgage paid off from a tax perspective.
Sure, there are logical arguments for both sides. But, no one can dismiss the peace of mind you may feel by having paid it off. Sometimes that is more important than the numbers. Use that argument when talking to people. It's your money and your emotional state. They shouldn't argue with that.
or rent it out and buy another house. I have a few friends who started doing that, and have since quit their jobs and do that as their sole source of income.
how did they do during the recession?they cant hire someone or their relatives to do the property management? doesnt seem like a full time job all the time .seems to be a solid source of income especially when this country is getting more and more crowded .
He started by buying one house and fixing it up. While renovating it he realized he could divide it into something for him, and a rental space. Eventually he found the second house he could do the same to, so moved out of his and rented it, moved into the beat-up house, and lived there while he renovated.
Now I think he has 10 that he rents out and an 11th that he lives in. 10 rental places keeps him pretty busy but hiring someone to manage it would kill his profit.
or rent it out and buy another house. I have a few friends who started doing that, and have since quit their jobs and do that as their sole source of income.
how did they do during the recession?they cant hire someone or their relatives to do the property management? doesnt seem like a full time job all the time .seems to be a solid source of income especially when this country is getting more and more crowded .
He started by buying one house and fixing it up. While renovating it he realized he could divide it into something for him, and a rental space. Eventually he found the second house he could do the same to, so moved out of his and rented it, moved into the beat-up house, and lived there while he renovated.
Now I think he has 10 that he rents out and an 11th that he lives in. 10 rental places keeps him pretty busy but hiring someone to manage it would kill his profit.
or rent it out and buy another house. I have a few friends who started doing that, and have since quit their jobs and do that as their sole source of income.
how did they do during the recession?they cant hire someone or their relatives to do the property management? doesnt seem like a full time job all the time .seems to be a solid source of income especially when this country is getting more and more crowded .
He started by buying one house and fixing it up. While renovating it he realized he could divide it into something for him, and a rental space. Eventually he found the second house he could do the same to, so moved out of his and rented it, moved into the beat-up house, and lived there while he renovated.
Now I think he has 10 that he rents out and an 11th that he lives in. 10 rental places keeps him pretty busy but hiring someone to manage it would kill his profit.
or rent it out and buy another house. I have a few friends who started doing that, and have since quit their jobs and do that as their sole source of income.
how did they do during the recession?they cant hire someone or their relatives to do the property management? doesnt seem like a full time job all the time .seems to be a solid source of income especially when this country is getting more and more crowded .
He started by buying one house and fixing it up. While renovating it he realized he could divide it into something for him, and a rental space. Eventually he found the second house he could do the same to, so moved out of his and rented it, moved into the beat-up house, and lived there while he renovated.
Now I think he has 10 that he rents out and an 11th that he lives in. 10 rental places keeps him pretty busy but hiring someone to manage it would kill his profit.
or rent it out and buy another house. I have a few friends who started doing that, and have since quit their jobs and do that as their sole source of income.
how did they do during the recession?they cant hire someone or their relatives to do the property management? doesnt seem like a full time job all the time .seems to be a solid source of income especially when this country is getting more and more crowded .
He started by buying one house and fixing it up. While renovating it he realized he could divide it into something for him, and a rental space. Eventually he found the second house he could do the same to, so moved out of his and rented it, moved into the beat-up house, and lived there while he renovated.
Now I think he has 10 that he rents out and an 11th that he lives in. 10 rental places keeps him pretty busy but hiring someone to manage it would kill his profit.
Probably within driving distance based on his description.
or rent it out and buy another house. I have a few friends who started doing that, and have since quit their jobs and do that as their sole source of income.
how did they do during the recession?they cant hire someone or their relatives to do the property management? doesnt seem like a full time job all the time .seems to be a solid source of income especially when this country is getting more and more crowded .
He started by buying one house and fixing it up. While renovating it he realized he could divide it into something for him, and a rental space. Eventually he found the second house he could do the same to, so moved out of his and rented it, moved into the beat-up house, and lived there while he renovated.
Now I think he has 10 that he rents out and an 11th that he lives in. 10 rental places keeps him pretty busy but hiring someone to manage it would kill his profit.
or rent it out and buy another house. I have a few friends who started doing that, and have since quit their jobs and do that as their sole source of income.
how did they do during the recession?they cant hire someone or their relatives to do the property management? doesnt seem like a full time job all the time .seems to be a solid source of income especially when this country is getting more and more crowded .
He started by buying one house and fixing it up. While renovating it he realized he could divide it into something for him, and a rental space. Eventually he found the second house he could do the same to, so moved out of his and rented it, moved into the beat-up house, and lived there while he renovated.
Now I think he has 10 that he rents out and an 11th that he lives in. 10 rental places keeps him pretty busy but hiring someone to manage it would kill his profit.
People who want to replicate his success can check out hudstore. Rental yield is well over 20-30% and possibly even more if you fix up the house yourself.
surely, u should keep the money and invest to earn more
Interest rates are low. Don't repay it yet.
or rent it out and buy another house. I have a few friends who started doing that, and have since quit their jobs and do that as their sole source of income.
how did they do during the recession?they cant hire someone or their relatives to do the property management? doesnt seem like a full time job all the time .seems to be a solid source of income especially when this country is getting more and more crowded .
He started by buying one house and fixing it up. While renovating it he realized he could divide it into something for him, and a rental space. Eventually he found the second house he could do the same to, so moved out of his and rented it, moved into the beat-up house, and lived there while he renovated.
Now I think he has 10 that he rents out and an 11th that he lives in. 10 rental places keeps him pretty busy but hiring someone to manage it would kill his profit.
or rent it out and buy another house. I have a few friends who started doing that, and have since quit their jobs and do that as their sole source of income.
how did they do during the recession?they cant hire someone or their relatives to do the property management? doesnt seem like a full time job all the time .seems to be a solid source of income especially when this country is getting more and more crowded .
or rent it out and buy another house. I have a few friends who started doing that, and have since quit their jobs and do that as their sole source of income.
My brother does this. He specifically looks for houses on the city's vacant property list, finds the owner and makes them an offer. The city fines owners of vacant property, increasing every year it is vacant. By the time the house is vacant 5 years, it's $5,000 per year. And the city tacks on criminal penalties if it is not paid. So, the owners are usually thrilled to get an unsolicited offer. Many times he picks up the property for the back taxes and fees plus a paltry tip to the owner of $5,000-10,000. The best part is the city gives a 10 year full tax abatement for derelict properties and a 20 year abatement on improvements to vacant property -- 100% for owners who live in the property, 90% for owners who rent the property.
or rent it out and buy another house. I have a few friends who started doing that, and have since quit their jobs and do that as their sole source of income.
just checked interest rate. 15y 0-point fixed mortgage rate is still at 3.4%, i thought it's risen to pretty close to where my rate was. now i feel better.
buy a more expensive house now. lolbut in general, if you're not investing your money and earning more than your mortgage rate, and factoring tax deduction savings.....then pay it off.
one problem seems to be that property sold prices are not public record down there, making me feel like walking into a minefield
just checked interest rate. 15y 0-point fixed mortgage rate is still at 3.4%, i thought it's risen to pretty close to where my rate was. now i feel better.
buy a more expensive house now. lolbut in general, if you're not investing your money and earning more than your mortgage rate, and factoring tax deduction savings.....then pay it off.
just checked interest rate. 15y 0-point fixed mortgage rate is still at 3.4%, i thought it's risen to pretty close to where my rate was. now i feel better.
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