hanimmal
Well-Known Member
Putting aside that this could just mean you had bought that house for a very low price or lived there for a long time and accrued a lot of increase in your property value over that time.I sold my house in Arizona during the recession of 2009, in October at over $60,000 more than what I bought it for.
I bet the people that bought it from you if the above is not the case got screwed when the value collapsed leaving them with the bag.
I sold my house in Arizona during the recession of 2009, in October at over $60,000 more than what I bought it for. My current house is apparently worth much more than I paid for it. Tiny cabin down the road on a tiny 60 foot lake lot sold in October for $200,000 in three days. They had listed it for $180,000.
I live on the same lake but on an island. I have 175 foot of frontage, a larger yard, a pole barn. I over paid at $168,000. I have had two different individuals approach me to convince me to sell even though I don't have my place for sale. Neighbors tell me I can get $250,000 for my current house.
Real estate is just like the stock market. You buy low and don't sell until the market is right. You don't overpay if you what to profit. You hold until the market is right.
I purchased my current place by putting $87,000 cash down, financing the remainder on a 15 year loan and paying it off in 10 years. Never take out a second mortgage or refinancing to get cash to buy things that aren't necessary. Live within your means.
Sounds like your neighbors failed in all of that. I currently have my mortgage paid ahead to June of 2021.
People I worked with told me it was stupid to pay my mortgage ahead. Come lockdown, I was paid ahead 1 year in advance. I didn't need to make mortgage payments for one year. I spent six months making principal only payments paying down the actual principal.
The one individual that was most vocal in condemning me at work for paying my mortgage a year ahead has filed bankruptcy twice that I know of.
I remember all the house flipping tv shows just prior to the last recession.My current house is apparently worth much more than I paid for it. Tiny cabin down the road on a tiny 60 foot lake lot sold in October for $200,000 in three days. They had listed it for $180,000.
I live on the same lake but on an island. I have 175 foot of frontage, a larger yard, a pole barn. I over paid at $168,000. I have had two different individuals approach me to convince me to sell even though I don't have my place for sale. Neighbors tell me I can get $250,000 for my current house.
Ive heard a lot of people are trying to buy homes right now. If the economy doesn't completely collapse it is great, if it does we could be looking at the same thing as in 2009-2011. When houses would sit for a year or so before the people would have to leave after they stopped paying their mortgages.
I bet your place is beautiful man, congrats!
I would consider thinking about real estate like a game of musical chairs. But the person who is left with the chair when the music stops is the one that loses the ability to sell the house again.Real estate is just like the stock market. You buy low and don't sell until the market is right. You don't overpay if you what to profit. You hold until the market is right.
I purchased my current place by putting $87,000 cash down, financing the remainder on a 15 year loan and paying it off in 10 years. Never take out a second mortgage or refinancing to get cash to buy things that aren't necessary.
Nice job on the rest. Did you rent prior to that? That is a big nut to lay down that a lot of people won't be able to save up for years/decades if they are starting from scratch.
Kind of shitty assumption. They actually lived well within their means. But unfortunately the company that they both worked for collapsed in 2009 and they were unable to recover and had to make a tough choice.Live within your means. Sounds like your neighbors failed in all of that.
Nice work.I currently have my mortgage paid ahead to June of 2021.
Working hard and getting ahead and saving money is never a bad idea man.People I worked with told me it was stupid to pay my mortgage ahead. Come lockdown, I was paid ahead 1 year in advance. I didn't need to make mortgage payments for one year. I spent six months making principal only payments paying down the actual principal.
The one individual that was most vocal in condemning me at work for paying my mortgage a year ahead has filed bankruptcy twice that I know of.
But it really depends on the interest rates you are paying on your mortgage and if you could have earned more in say a tax free government bond that would have given you more money in return when it matures than you lose in interest rates (for example). You might have made a bit more return on your hard work.
But I wouldn't call you stupid for just making sure it was in your mortgage at all. It is a good way to make sure your land is always going to be what you work first to keep.
Unlike the stupidity of the Trump and the Republicans trying to 'repeal and replace' Obamacare then pretend like they would pass something far better, they could amend the legislation to repeal the tax breaks for people making over $400k.In response to Biden saying he would not tax people making less than $400,000. How does that align with his promises to repeal all Trump passed tax reductions that were giving $2,000 in tax reduction to all taxpayers and the increase tax credits for the child tax credit? All those poor people who don't pay any federal income taxes due to the child tax credit will start paying higher taxes.
I am just going to take your word for this. I would say is he not really making that much money and had a wife/bunch of kids to support so their federal taxes were pushing them below the poverty line?I worked with a guy in Arizona, he was in a different department and different job. Made more than I did but had five or six children. He paid no federal income taxes as all his children qualified for as deductions in his income taxes plus the child tax credit.
I know it might seem unfair, but the thing I would try to understand is those kids will end up paying far more in taxes on average than their family used while they were growing up.
Because those kids will one day be the ones paying the taxes that pay for the infrastructure that you use to survive while taking care of you when you need it?I received nothing other than the standard deduction being single with no children. Why should I be taxed to death for not having children, while someone that pushes out another child every year or two gets off with getting more back in a tax refund than they paid in?
Basically, taking money out of every single childess person's pocket because they don't practice birth control.