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re: What is your opinion on credit?
Posted on 5/18/15 at 10:59 am to VetteGuy
Posted on 5/18/15 at 10:59 am to VetteGuy
quote:
I have made good cash on all the homes I've bought, lived in, and sold. Basically lived in them for free.
same, real estate is the one thing I've never lost a penny on, not to mention using the equity in your home to get a better interest rate on other things and then deduct that interest
1
Posted on 5/18/15 at 11:00 am to VetteGuy
quote:
That won't hold true on my current home unless I live until I'm 117.
But I bet its a badass home and you are happy as hell.
You only live once. Being afraid of debt within your means is just silly, ESPECIALLY a mortgage. Mortgage makes better sense than paying in cash. Use that cash to max out retirement accounts and investment accounts and make money.
Posted on 5/18/15 at 11:00 am to LucasP
quote:
the only way to financial peace is to walk daily with the prince of peace, Christ, Jesus
This is actually correct
Posted on 5/18/15 at 11:01 am to Salmon
You area painting with such a wide brush with your statement. I'd rather use my own money to not only make large purchases but also to re-invest. As of now, almost all profits made are re-invested into the business.
I can liquidate one day if I so choose.
I can liquidate one day if I so choose.
Posted on 5/18/15 at 11:02 am to tigerstripedjacket
quote:
orrect - at 3.25% he would only pay about 114,000 in interest, or to describe it as the OP did, he would pay 314K for a 200K house
and $200k, invested with an annual return of 6% for 30 years is >$1 mil...
Posted on 5/18/15 at 11:02 am to TheCaterpillar
quote:
You only live once
Yeah, this was my "death house".
Posted on 5/18/15 at 11:02 am to tigerstripedjacket
Bingo
Posted on 5/18/15 at 11:03 am to Peazey
Freshen up on your fractional reserve banking
Posted on 5/18/15 at 11:03 am to tigerstripedjacket
quote:
Correct - at 3.25% he would only pay about 114,000 in interest, or to describe it as the OP did, he would pay 314K for a 200K house
3,800 in interest per year on average
And to go a step further he would pay $314000 for a house that was a $200000 house 30 years ago. Gotta think he still wins in that situation if he sells after 30 years.
Posted on 5/18/15 at 11:03 am to tigerstripedjacket
quote:
, he would pay 314K for a 200K house
assuming that he never made additional principle payments, 30 year mtg. gives you some breathing room but it takes discipline to pay it off unless you know you won't be in it very long, then why bother?
Posted on 5/18/15 at 11:03 am to Salmon
quote:
orrect - at 3.25% he would only pay about 114,000 in interest, or to describe it as the OP did, he would pay 314K for a 200K house
and $200k, invested with an annual return of 6% for 30 years is >$1 mil...
This.
Posted on 5/18/15 at 11:04 am to BigEdLSU
quote:
I'd rather use my own money to not only make large purchases but also to re-invest
This is wise if you're able to grow your business at a greater return rate than you could by investing in other areas.
Are you public/private and do you have other investors?
Posted on 5/18/15 at 11:04 am to 777Tiger
quote:
I have made good cash on all the homes I've bought, lived in, and sold. Basically lived in them for free.
We are on our 3rd house. We made $70k on the first, nearly $400k on the second and the third is yet to be determined but things are looking pretty good.
Posted on 5/18/15 at 11:05 am to VABuckeye
In 30 years, 314k won't be worth what 200k is worth today. It's worth noting.
Posted on 5/18/15 at 11:05 am to VABuckeye
quote:
nearly $400k on the second
Damn son.
Send a few grand my way if you got extra lying around
Posted on 5/18/15 at 11:05 am to VABuckeye
quote:
We are on our 3rd house. We made $70k on the first, nearly $400k on the second and the third is yet to be determined but things are looking pretty good.
awesome
Posted on 5/18/15 at 11:06 am to TheCaterpillar
Northern Virginia market.
Posted on 5/18/15 at 11:06 am to tigerstripedjacket
100% father/son business. Started with nothing and worked like dogs to grow. It's a blessing.
Posted on 5/18/15 at 11:06 am to BigEdLSU
quote:
In 30 years, 314k won't be worth what 200k is worth today. It's worth noting.
Then why did you bitch about it?
Posted on 5/18/15 at 11:07 am to VABuckeye
quote:
Northern Virginia market.
Nashville is similar.
Have some married friends that bought a house in Nashville in 2004 for 180k and sold it last year for 410k.
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