FAO sightless

[Jenks]

Re: FAO sightless

Interest only works for some people. Like me.

My payment is half what my mortgage previously was, i'm in at 5.75 and i'm not planning on staying in this house for the rest of my life. There is no benefit to me paying down principle, in fact, it's down right retarted.

The area my house is in naturally gains value because it's a hot area, and i gain equity without paying principle. I've gained almost 50k in equity in two years and have paid only interest to live here. I've almost lived here 3 years, completely rehabbed my house. I will sell this house in 2 years and take the money, reinvest the gain, and move on.

That old 'pay off your mortgage ASAP" thing is for people saving for their kids, staying in their house for life. It's not me.

Definitely look into it pickle, especially being in the midwest market.

If this is the last home you'll buy, then don't do it. Somehow tho, i doubt your first house is your last house.

[FM]

true...a lot does consider how long or think you'd be living in your home. My parents did that with their old house; lived in it for ~20/25 years, added on, etc. etc., payed off a lot but let the rest build up.

Sold the house 2 years ago, bought a much larger, nicer one and used the old house as equity; now they have about a 5-year mortgage on the new house before it's all fully paid off (and the new house has already shot up in value as it's on a new development)...add on to this one a lil' bit, sell it off in like 5-10 years depending on "the market", go buy a condo or something (maybe in FL) to retire on and pocket well over $300K in the end...not too shabby.

[thesightless]

Re: FAO sightless

too many outside factors and your own personal thoughts to ask someone to make a choice for you. but it is something you truly have to contemplate, you will be doing a great disservice to yourself by not. its pretty big. also to note, never forget to ask "but what if....". shit happens a lot.

[picklemonkey]

true...a lot does consider how long or think you'd be living in your home. My parents did that with their old house; lived in it for ~20/25 years, added on, etc. etc., payed off a lot but let the rest build up.

Sold the house 2 years ago, bought a much larger, nicer one and used the old house as equity; now they have about a 5-year mortgage on the new house before it's all fully paid off (and the new house has already shot up in value as it's on a new development)...add on to this one a lil' bit, sell it off in like 5-10 years depending on "the market", go buy a condo or something (maybe in FL) to retire on and pocket well over $300K in the end...not too shabby.

...but their money hasn't gained one penny of interest. it could have been +1M

[thesightless]

Re: FAO sightless

dont forget the fact that 300k is not a lot of money at all. will be gone in less than 3 years(i guarantee it). and its only getting worse. just look around. gas is 2.70 a gallon for the cheap stuff. milk is 3 a gallon, every commodity is skyrocketing. and no signs of slowing down outside of housing because that got asinine.

its my job to plan, not to bet. so i am defo biased. im not one to hit for a stock tip. you come to me either when you are in trouble or when you want to be secure for a long time.

[asdf_admin]

Re: FAO sightless

CGNX ...

I am rich biatch!

what a fucking day.

[FM]

I know $300K isn't a lot, but I forgot to mention all the other investments they have running right now (and have been for years), so it will all add up in the end...maybe not as much as it could, but it will...and if my Dad (who does the investing) is smart enough, they'll take some of that gain out and put it into something short term to make a bit more off of it.

Of course the biggest problem will be in about 10-15 years when many of the boomer generations hit 65, 70, "retiring age"; and not many of them have good investments or were told that they should have invested young (or for that matter didn't invest anything as is personally; 401K's et al notwithstanding)...basically they're gonna be fucked bigtime.

Maybe I should start fully hitting real estate...I hear there's a good killing in the right levels of it