Best thing I ever did. - Page 2
Page 2 of 3 FirstFirst 123 LastLast
Results 14 to 26 of 38
  1. #14
    Yes it does, I paid off 2 of em, still rent out the first house as in investment. It's really nice because if something happens to me, we will still always have a home to live in, we use the extra dough to get our last kid through college now. I ain't big on refinancing stuff, look at the long term interest you pay, all loaded up front so by the end of the loan you are paying principle and it ain't worth paying it off then. The extra $50 or $60 a month will help a lot in the end. Our first house was a 30 year mortage...we paid extra on it to get it down sooner...they SUCK.... get a 15 year mortgage, compare how many thousands of dollars you will save over the long haul, more than you will make in investments.
    Banks and RE's want you to get 30 and even 40 year loans, don't do it, think, compare, don't be their sucker.
    And don't get that life insurance policy they often add on them, you can get much better term policies for lots more money for the same amt they want to charge you.
    Hey cockroach, don't bug me!

    www.AskTheDiceman.com

    www.TheColdConspiracy.com

    www.Pennwood-HVAC.Com

    Bring Em Home....

  2. #15
    Join Date
    Feb 2004
    Location
    chicago suburbs
    Posts
    4,422
    on my primary residence i refi-ed to a 15 yr and saved $95k. Dice are you incorporated? i inc.ed this past year.
    FILL OUT YOUR PROFILE!!

  3. #16
    Join Date
    Apr 2004
    Location
    Midwest
    Posts
    2,682
    Originally posted by mattm
    I owe, I owe, it's off to work i go........ I will always have a mortgage unless my kids make it big.
    Yeah, I am in that club also mattm.
    Live each day like it is your last, for one day you will be right!

  4. #17
    Join Date
    Jan 2001
    Location
    Pacific Coast of Canada
    Posts
    4,008

    Meanwhile, up in Canada

    I have about 9 years to go.
    Our mortgage is NOT tax deductible so I am doing my best to pay it down. Short ammortization periods with payments every two weeks.

  5. #18
    Originally posted by tinner73
    on my primary residence i refi-ed to a 15 yr and saved $95k. Dice are you incorporated? i inc.ed this past year.
    No, I been thinking about it though, how do you like it so far?
    Hey cockroach, don't bug me!

    www.AskTheDiceman.com

    www.TheColdConspiracy.com

    www.Pennwood-HVAC.Com

    Bring Em Home....

  6. #19
    Join Date
    Feb 2004
    Location
    chicago suburbs
    Posts
    4,422

    Dice

    well... my wife has a part-time job (sub-contractor) working from home on the computer. my accountant took her $6600 income and turned it into a $2000 loss. leasing equipment, house(office), entire cell phone bill, 1/8 of all utilities(office), her minivan, etc. from ourselves. Social Security tax is about 15% of your income which is shared equally by employer and employee. as a corporation you pay a minimal amount (around 2-4%, not exactly sure). we do have plans to try and "flip" some real estate and this would defer taxes greatly on any income from this.
    FILL OUT YOUR PROFILE!!

  7. #20
    I been doing that for 25 years......
    It's the best reason to be self employed and work out of your home.
    I see no advantage to inc. except limiting your liability, and I have read their are even way around that now.
    Hey cockroach, don't bug me!

    www.AskTheDiceman.com

    www.TheColdConspiracy.com

    www.Pennwood-HVAC.Com

    Bring Em Home....

  8. #21
    Join Date
    Apr 2001
    Location
    Camel City, NC
    Posts
    6,232

    not that anybody asked

    A tip for the younger guys. Live within your means. pay no attention to what others have, fine cars, big house and all the expensive toys. Their up to their a** in debt. Keep your head down and stay the course. What I have is for my family first, I come second or will do without. Thats my job. If you don't pay your credit card bill off when it comes your playing into their hand. Look what Bigtime has done.
    Be safe not fast. body parts don't grow back

  9. #22
    Join Date
    May 2000
    Location
    Colorado flatland native
    Posts
    15,067

    I paid my 1st home off last year

    at 38. Bought it as a wrecked rental from a farmer, Nice little 100 yr old 4 acre farm yard. Main Victorian looking home, Smaller Mother-in Law home to the East, and a labor shack in back. All together 6 buildings not counting the outhouse. I've refurbished them all 'cept the little garage. Let a neighbor have it and I built a 1,200 sq ft. garage/shop with heat and A/C. [original purchace price was $55,000] County has it's taxable value at $167,000. Would sell for more. It's real nice now.

    Now I've bought 3 more fixer-uppers. Honest- $65,000 for 3 homes. Have finished 2- 1 bedroom homes since mid December. Brining in $675.00 per month for both, enough to cover pmt, tax and insurance on all three. The bigger one is gutted and I will finish it into a 3 bdrm $700 per month rental this spring. Will turn the $700 over to principal only and pay um off quick, then find some more. I plan to retire off my slum lord income. Rent dont hurt your SS pmt. Even have the Mother-in law house in my yard newly remodeled. I have a son living there now but once the older 2 are done with college, it will be a teacherage for our local school. They already want it.

    Stock Market scares the hell out of me too. Homes are real. I don't have much in the stocks and most of the folks I know who did regret it.

    [Edited by spotts on 02-19-2005 at 07:20 PM]
    My doctor gave me six months to live, but when I couldn't pay the bill he gave me six months more.
    Walter Matthau

  10. #23
    Join Date
    Apr 2001
    Location
    Camel City, NC
    Posts
    6,232

    Spotts

    Your to nice to be a slum lord
    Be safe not fast. body parts don't grow back

  11. #24
    Join Date
    Feb 2004
    Location
    chicago suburbs
    Posts
    4,422
    spotts is that written right? 3 houses for $65k? how come so cheap? are they in "bad" areas?
    FILL OUT YOUR PROFILE!!

  12. #25
    Join Date
    May 2000
    Location
    Colorado flatland native
    Posts
    15,067
    Originally posted by tinner73
    spotts is that written right? 3 houses for $65k? how come so cheap? are they in "bad" areas?


    Naw, just small homes in bad shape. Great for rentals. Hell, the 1 I just finished was in such bad shape [it's in a yard with 2 homes that I gave $38,000 for. Big home was gutted to the studs by previous owner.] it appraised for $1,500. I bought the property from a broke cousin. Spent about $6,000 to fix it up nice, just rented it for $325.00.
    No crap, I have $7500 in a home that will bring in $3900 per year.

    The other home was an unmaintained 800 sq ft home on a 1/2 lot I bought from a little old lady after she went to assisted living. $24,000 bucks. Just needed carpet, new plumbing fixtures, and some paint and cleaning. These good deals are getting hard to come by. I'm gonna buy um when I find um.

    [Edited by spotts on 02-20-2005 at 12:23 PM]
    My doctor gave me six months to live, but when I couldn't pay the bill he gave me six months more.
    Walter Matthau

  13. #26
    Good post Scott, on not trying to live like a big shot.
    And Spotts will be the next Donald Trump if he keeps it up, only with better hair.........
    Hey cockroach, don't bug me!

    www.AskTheDiceman.com

    www.TheColdConspiracy.com

    www.Pennwood-HVAC.Com

    Bring Em Home....

Page 2 of 3 FirstFirst 123 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Comfortech Show Promo Image

Related Forums

Plumbing Talks | Contractor Magazine
Forums | Electrical Construction & Maintenance (EC&M) Magazine
Comfortech365 Virtual Event