House Mortgage -- Countdown

[LivingAlmostLarge]

True...we can't really cut back on anything in our budget right now...we have animals so couldnt live in condo/unit and my illness extra noise from people or change in temperature, to many lights etc set my body into melt down...we have looked at all options...moving further away is not an option also wouldn't save us money, it would cost more in gas and rent isn't any cheaper...believe me we have looked at the options...renting is fine for now...and I believe if we are meant to buy a home again it will happen

Are the jobs in person? What are the posssibilities of working remotely and moving cities? What are possibities of switching jobs?

[mumof2]

remote jobs here are far and few between...and I won't move cities simply put we all have great doctors that have taken years to find that are understanding and listen and work with us..so wouldn't move for that reason and most other states are the same when it comes to renting or buying...you guys have 50 states...we have 6 and 2 known territories and our state is one of the cheapest already....covid has really messed up a lot of things...and I can't currently work

[LivingAlmostLarge]

What about moving within the city you are in?

[Randomsaver]

What I learned in life is avoid rent for more than a year, 2 at the most. For me rent is paying other people's mortgage or retirement. Believe me, I know that because I am a landlord of 2 properties now. When I comment out on youtube, I put on my landlord cap and post stuff why rent is good than owning. But on this site, I put on my advisor cap and I would like folks to get out of rent instead.

The best way to do this is by starting small, get something you can buy right away. These would be mostly townhouses or condos, not because they are cheap.... some of these are more expensive per sqft...but because of their smaller sizes, like 1 BR or 2 BR, they become more affordable.

Then as you get bigger pay and save more...sell and move to the one you like. Me, I've kept all as I find it easier to rent smaller units out. The rents are small also but the capital gains are nice. That's the other thing about smaller units of properties, one can get great locations.

[Fishindude77]

What I learned in life is avoid rent for more than a year, 2 at the most. For me rent is paying other people's mortgage or retirement. Believe me, I know that because I am a landlord of 2 properties now. When I comment out on youtube, I put on my landlord cap and post stuff why rent is good than owning. But on this site, I put on my advisor cap and I would like folks to get out of rent instead.

The best way to do this is by starting small, get something you can buy right away. These would be mostly townhouses or condos, not because they are cheap.... some of these are more expensive per sqft...but because of their smaller sizes, like 1 BR or 2 BR, they become more affordable.

Then as you get bigger pay and save more...sell and move to the one you like. Me, I've kept all as I find it easier to rent smaller units out. The rents are small also but the capital gains are nice. That's the other thing about smaller units of properties, one can get great locations.

I don't agree with a lot of this. In my opinion there are one heck of a lot of people out there that would be much better off as renters than home owners.
It's almost always cheaper to rent than own when you start considering things like upkeep costs, taxes, snow removal, lawn care, etc., etc. Not to mention the tools and equipment you'll need to own to maintain the place.

A home owner either needs to have deep enough pockets to pay and have everything done, or needs to be physically able and somewhat handy to do all the upkeep, maintenance, minor repairs, lawn care, etc. Many home owners do not fall into either category and it's not hard to spot their homes as they are usually in disrepair. Some of those folks are losing equity rather than gaining.

[disneysteve]

I don't agree with a lot of this. In my opinion there are one heck of a lot of people out there that would be much better off as renters than home owners.
It's almost always cheaper to rent than own when you start considering things like upkeep costs, taxes, snow removal, lawn care, etc., etc. Not to mention the tools and equipment you'll need to own to maintain the place.

A home owner either needs to have deep enough pockets to pay and have everything done, or needs to be physically able and somewhat handy to do all the upkeep, maintenance, minor repairs, lawn care, etc. Many home owners do not fall into either category and it's not hard to spot their homes as they are usually in disrepair. Some of those folks are losing equity rather than gaining.

I agree. Saying that owning is always better simply isn’t true. There are many situations where renting makes way more sense. My mom has been renting for the past 18 years and I’m very glad she no longer owns her own place.

[LivingAlmostLarge]

What I learned in life is avoid rent for more than a year, 2 at the most. For me rent is paying other people's mortgage or retirement. Believe me, I know that because I am a landlord of 2 properties now. When I comment out on youtube, I put on my landlord cap and post stuff why rent is good than owning. But on this site, I put on my advisor cap and I would like folks to get out of rent instead.

The best way to do this is by starting small, get something you can buy right away. These would be mostly townhouses or condos, not because they are cheap.... some of these are more expensive per sqft...but because of their smaller sizes, like 1 BR or 2 BR, they become more affordable.

Then as you get bigger pay and save more...sell and move to the one you like. Me, I've kept all as I find it easier to rent smaller units out. The rents are small also but the capital gains are nice. That's the other thing about smaller units of properties, one can get great locations.

Renting and owning have a time and purpose like Disneysteve said. His mom has rented for 18 years. I can definitely see the appeal in the end stages of life of renting. Call landlord when anything breaks.

But i think homeownership is the cornerstore of financial freedom in some ways. Hedge against inflation, appreication, leverage.

[Randomsaver]

The hedge against inflation cannot be understated. But here is another --- hedge against today's market downturn. I agree though at some point, it's time to cash it up and enjoy the moolah! And guess what, not only had you lived rent-free but you earned more, sometimes more than what the market gave you (if the location is right).

[Randomsaver]

Bought my fourth property.



This has been appropriated separate from my retirement $ in the Countup thread. I bought this almost cash with minimal debt that I can pay fully by end of year.

My 2 other properties.

[james.hendrickson]

All - posting another update here. I made another payment on my mortgage on Tuesday of this week, bringing the total down to $284,905.33.

[Randomsaver]

Go for it James...once the debt is done, you would find the next purchase is easier. It's like savings... the first $100K is the hardest.

[james.hendrickson]

Go for it James...once the debt is done, you would find the next purchase is easier. It's like savings... the first $100K is the hardest.

Random saver, thanks for the encouragement, I really, really appreciate it.