Here is a crazy thought, dont keep buying new houses and restarting the debt clocks.
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Once my kids are gone, hopefully in next 2yrs. We are more than likely going to rent in the city.
Something breaks, let the landlord deal with it, grass needs to be cut or snow needs to be shoveled, not my problem lol.
I thought about buying a 3 flat, but really have no desire to ever own a home again until I retire.
Maybe and thats a very slight possibility, I might buy a 2-3 flat with my son. Show him the ropes and let him have at it.
friend of the owner of where i work, almost owned his ~260k decent house.
mid 50's.
sold his house, took the $200k~whatever he got after all the bullshit and chucked it as a down payment on a new 30 year.
sweet.
Yes they're a super low risk loan, that's why the rate is low. I used my analogy to show that, if you were the bank, you wouldn't lend that money out for such a meager return
Rates sub 4% I'm good with. Anything over that I see as a problem. Market is much higher risk and that return still averaged around 8% over the last 30 years, sooooo mortgages should be a much lower rate than that
That's how it's been for me for years. All my shit gets fixed. Big ass window replaced. Two new appliances. I don't have to touch anything.
Smart in the long run? Who knows. I've never been smart with money.
here is my goal on the next property....
Agricultural Use
States recognize the importance of agriculture and provide partial or full property tax exemptions for farming activities. Each state has its own criteria of what farming activities qualifies to make your land property tax-exempt. You can own your land tax-free in Connecticut if you hold your property in a non-profit agricultural trust and actively farm the land. Under Michigan law, you can claim a homestead exemption and an agricultural property tax exemption on the same property. Your state’s department of revenue website has specific information on what farming activities qualify as agricultural use.
And if I keep what I have now, pay it off and rent it out....ill roll the taxes into the rent.
Third Party Tax Payment
You can still own your property tax-free by having a third party pay the taxes. You can rent out your property and specify that your tenants either pay the property tax outright or make it part of their monthly rental payment. If you rent to commercial tenants, a double net or triple net lease specifies that your tenant is responsible for paying the property taxes. You may want to have a real estate attorney draw up the lease so that it does not violate any local or state law.
If you move into your forever home, it's not a huge deal. Which is what I'm planning. Somewhere as far north as careerly possible.
But yeah, hopping houses and living there for 5-10 years each, you're dying with a mortgage.
But yeah, hopping houses and living there for 5-10 years each, you're dying with a mortgage.
In Flynns voice, There is a lot more to it, you just dont understand. Good luck selling your house by yourself
Your not missing anything, believe me
but if i was the bank, there is no fucking risk whatsoever, i would lend the money out for "such a meager return" with no fucks given. THERE'S NO RISK WHATSOEVER.
the rate is low to artificially inflate the market.
make rates 10-15% again and watch home prices correct to 1/2 what they are now, which woulda happened had reagan not dicked with the housing market so hard.
its really no difference in the end. All depends on how you want to live and what you strive towards.
buy land and pay off property if you want the room and generational wealth, but you have to take care of it too.
Rent and not worry about property, save and invest and set yourself and family up that way.
everyone is different and everything has pros/cons.
It doesnt make sense to rent if you want to own a house one day. It doesnt make sense to buy if you dont want to own or take care of property.
My brothers Godfather has 75 acres in Iowa, he lives on 5 of them, and rents out the 70 to a farmer.... I'd totally do that shit!
Keep in mind conventional loans, which make up a significant majority of mortgages, aren't backed by the government. So there is still some risk
it's almost like most important thing is to have a strategery and STICK to it.
yup.it's almost like most important thing is to have a strategery and STICK to it.
and start reading on COMPOUNDING INTEREST and fucking stick with it too.
it looks like no big deal on year 1.....on year 10 its like "ok thats nice" on year 30 its like HOLY SHIT WHERED THIS MONEY COME FROM.
not when the lender gets the house to sell for whatever they want and the lendeeeee still owes.
About 70 percent of home mortgages are backed by a federal agency or government-sponsored enterprise.
chicago.suntimes.com
Can’t pay mortgage due to coronavirus? What you need to know, where to turn for help.
The federal CARES Act covers people with federally backed loans, but others can get relief, too. Here are answers to your questions and a guide for finding assistance.
chicago.suntimes.com
october 2019:
Now, Fannie Mae, Freddie Mac and the Federal Housing Administration guarantee almost $7 trillion in mortgage-related debt, 33 percent more than before the housing crisis, according to company and government data. Because these entities are run or backstopped by the U.S. government, a large increase in loan defaults could cost taxpayers hundreds of billions of dollars.
Now, Fannie Mae, Freddie Mac and the Federal Housing Administration guarantee almost $7 trillion in mortgage-related debt, 33 percent more than before the housing crisis, according to company and government data. Because these entities are run or backstopped by the U.S. government, a large increase in loan defaults could cost taxpayers hundreds of billions of dollars.
Is there a rule that you need to harvest X amount or something? How did it work?
so can I say I am in trouble and bank 6 months of loan payments towards other things? at the cost of interest accruing?About 70 percent of home mortgages are backed by a federal agency or government-sponsored enterprise.
Can’t pay mortgage due to coronavirus? What you need to know, where to turn for help.
The federal CARES Act covers people with federally backed loans, but others can get relief, too. Here are answers to your questions and a guide for finding assistance.
seems i just need to write a letter...
Q. Will I need piles of documents?
A. If you have a federally backed loan, all you need is to write a letter attesting that you’re unable to pay your mortgage due to the pandemic. You won’t need to produce additional documents. “That’s meant to get people relief more quickly,” says Sarah Bolling Mancini, an attorney with the nonprofit National Consumer Law Center.
Q. Will I need piles of documents?
A. If you have a federally backed loan, all you need is to write a letter attesting that you’re unable to pay your mortgage due to the pandemic. You won’t need to produce additional documents. “That’s meant to get people relief more quickly,” says Sarah Bolling Mancini, an attorney with the nonprofit National Consumer Law Center.
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