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  1. #11
    Join Date
    Mar 2013
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    1,159
    We are in Nash county.

  2. #12
    Join Date
    Aug 2005
    Posts
    2,705
    One thing to remember is that PMI can be eliminated once your loan to value ration is lower than 80%. I have no idea about the real estate market in your purchase area, but if you expect some appreciation in the short term, PMI may not last all that long, especially if you can squeeze in some extra payments.
    "Public employee unions are an inherently seditious construct"
    "If you see something, say something... so we can call you a racist!"
    "Zen? Meh! Who needs it? All that effort to achieve nothingness and what do you got? Bupkis!

  3. #13
    Join Date
    Nov 2011
    Location
    Somewhere in the Appalachians.
    Posts
    3,589
    Only 20% down?

    F*ck that. Pay off the debt, and use the cash to buy a house where you're mortgage free (or very nearly so).

    You'll have significantly more disposable income if you have no mortgage and all the other associated expenses... mortgage insurance, etc. Having a mortgage is completely stupid if you can avoid it.
    Last edited by H60DoorGunner; 08-20-2019 at 12:13 PM.
    Isaiah 54:17

    Deus dea traballo, dixo o enterrador.

  4. #14
    Join Date
    Oct 2010
    Location
    Phoenix, Arizona
    Posts
    9,411
    Quote Originally Posted by H60DoorGunner View Post
    Only 20% down?

    F*ck that. Pay off the debt, and use the cash to buy a house where you're mortgage free (or very nearly so).

    You'll have significantly more disposable income if you have no mortgage and all the other associated expenses... mortgage insurance, etc. Having a mortgage is completely stupid if you can avoid it.
    if you roll the cash into a more expensive property you can avoid capital gains taxes on the sale. I'd buy a multi-family dwelling (like a quad condo) and live in one of them until I could buy something else.
    Greg "Hyena" Nichols
    Instagram: tacfit_az
    Facebook: SI Instructor Greg Nichols

    #thinkinginviolence
    #tactisexual

    Always entertaining, mildly offensive
    IANative: Indeed, when you grab Brent (or he grabs you), it feels like liquid unobtanium wrapped in rawhide... whereas Greg is just solid muscle wrapped in hate, seasoned w/ snuff and a little lead.

    http://www.warriortalk.com/showthrea...he-Obscenities

  5. #15
    Join Date
    Nov 2008
    Posts
    492
    Quote Originally Posted by H60DoorGunner View Post
    Pay off the debt, and use the cash to buy a house where you're mortgage free (or very nearly so).

    You'll have significantly more disposable income if you have no mortgage and all the other associated expenses... mortgage insurance, etc. Having a mortgage is completely stupid if you can avoid it.
    I agree 100% with this. People are so accustomed to being shackled up to a mortgage (either their own or someone else's) that they don't even consider the potential to own outright. Which is an option I can recommend from first-hand experience. It's not just the financial freedom, it's the satisfaction of standing clear of debt.

    Also, consider going for a 15-year loan vice a 30-year note. You can usually get a significantly lower interest rate, and you have a fighting chance of paying it off completely.

  6. #16
    Join Date
    Dec 2012
    Location
    Highland IL
    Posts
    1,217
    Quote Originally Posted by H60DoorGunner View Post
    Only 20% down?

    F*ck that. Pay off the debt, and use the cash to buy a house where you're mortgage free (or very nearly so).

    You'll have significantly more disposable income if you have no mortgage and all the other associated expenses... mortgage insurance, etc. Having a mortgage is completely stupid if you can avoid it.
    It depends. I'm financed at 3%. I could drop the hammer on paying it off, but I'm making much more investing that money than I'd be saving by throwing it at my mortgage.

    I build homes, and I've looked into rentals but never got into it (I'd rather just build more homes). The whole point of rentals is to get somebody else to pay for it. So when it's paid for you have either an asset you can sell, or an income stream if you keep renting it. Sounds great, but then you have to deal with renters. Everyone I know who does it says it's not worth it until you get so many that you outsource the maintenance and don't get all the phone calls.
    "Charles, I shan't trust you aboard my ship, unless I carry you a prisoner; for I shall have you plotting with my men, knock me on the head and run away with my ship a-pirating."

  7. #17
    Join Date
    Nov 2011
    Location
    Somewhere in the Appalachians.
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    3,589
    Quote Originally Posted by Greg Nichols View Post
    if you roll the cash into a more expensive property you can avoid capital gains taxes on the sale. I'd buy a multi-family dwelling (like a quad condo) and live in one of them until I could buy something else.
    Everyone's situation is different, but generally speaking, if a married couple (for example) sells their home and buys another within the alotted time period, they won't pay any capital gains tax at all. Unless they've made no improvements on the home, and spent no money in the improvements and sales, and they made an insane profit... and can't justify the move for "health, work, or some other unforeseen event"

    We sold our house in Austin not long ago for a very handsome profit, and moved back to the Appalachian region. We were able to buy a similarly sized house on nearly 60 acres, pay off what little credit card debt we had, and still had some cash left over. Now, with the exception of income taxes, nearly all our annual income is disposable. Which effectively has amounted to a significant pay raise. So even if we had had to pay a capital gains tax, the increase in disposable income would have more than made up for it.


    And very soon, we'll be starting two businesses, both of which will almost certainly "operate at a loss" for the next five years ()... another big tax break. I might even start "farming" so I can take all the federal agricultural subsidies and tax deductions they'll give me

    There are a lot of loop holes people never take advantage of
    Last edited by H60DoorGunner; 08-20-2019 at 01:32 PM.
    Isaiah 54:17

    Deus dea traballo, dixo o enterrador.

  8. #18
    Join Date
    Oct 2010
    Location
    Phoenix, Arizona
    Posts
    9,411
    Quote Originally Posted by H60DoorGunner View Post
    Everyone's situation is different, but generally speaking, if a married couple (for example) sells their home and buys another within the alotted time period, they won't pay any capital gains tax at all. Unless they've made no improvements on the home, and spent no money in the improvements and sales, and they made an insane profit... and can't justify the move for "health, work, or some other unforeseen event"

    We sold our house in Austin not long ago for a very handsome profit, and moved back to the Appalachian region. We were able to buy a similarly sized house on nearly 60 acres, pay off what little credit card debt we had, and still had some cash left over. Now, with the exception of income taxes, nearly all our annual income is disposable. Which effectively has amounted to a significant pay raise. So even if we had had to pay a capital gains tax, the increase in disposable income would have more than made up for it.


    And very soon, we'll be starting two businesses, both of which will almost certainly "operate at a loss" for the next five years ()... another big tax break. I might even start "farming" so I can take all the federal agricultural subsidies and tax deductions they'll give me

    There are a lot of loop holes people never take advantage of
    3 years is better, 5-7 usually gets you audited.
    Greg "Hyena" Nichols
    Instagram: tacfit_az
    Facebook: SI Instructor Greg Nichols

    #thinkinginviolence
    #tactisexual

    Always entertaining, mildly offensive
    IANative: Indeed, when you grab Brent (or he grabs you), it feels like liquid unobtanium wrapped in rawhide... whereas Greg is just solid muscle wrapped in hate, seasoned w/ snuff and a little lead.

    http://www.warriortalk.com/showthrea...he-Obscenities

  9. #19
    Join Date
    Dec 2012
    Location
    Highland IL
    Posts
    1,217
    Quote Originally Posted by H60DoorGunner View Post


    And very soon, we'll be starting two businesses, both of which will almost certainly "operate at a loss" for the next five years ()... another big tax break. I might even start "farming" so I can take all the federal agricultural subsidies and tax deductions they'll give me

    There are a lot of loop holes people never take advantage of
    My brother bought 60+ acres of hunting ground. You could consider it an investment, but he really just bought it because he wanted it to hunt on. He's on some Forestry program which basically pays him to do nothing to his property, and it covers the property taxes on his house (the one he actually lives at).
    "Charles, I shan't trust you aboard my ship, unless I carry you a prisoner; for I shall have you plotting with my men, knock me on the head and run away with my ship a-pirating."

  10. #20
    Join Date
    Nov 2011
    Location
    Somewhere in the Appalachians.
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    3,589
    Quote Originally Posted by Greg Nichols View Post
    3 years is better, 5-7 usually gets you audited.
    Good call. Thanks for the advice!

    Quote Originally Posted by ZeroTA View Post
    My brother bought 60+ acres of hunting ground. You could consider it an investment, but he really just bought it because he wanted it to hunt on. He's on some Forestry program which basically pays him to do nothing to his property, and it covers the property taxes on his house (the one he actually lives at).
    I had considered buying some land that was managed with a similar forestry program, but I'll make more money if I can "farm" my land. My property taxes aren't very high here.
    Isaiah 54:17

    Deus dea traballo, dixo o enterrador.

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