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Mortgage Refinance?


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19 minutes ago, ArcticCrusher said:

Sure, but what are you doing instead.

Passive income from a rental property. I purchased it 2 years before buying my home. It just made much better sense long term. It put me in a very nice position. 

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1 minute ago, spin_dry said:

Passive income from a rental property. I purchased it 2 years before buying my home. It just made much better sense long term. It put me in a very nice position. 

Cool,

Pretty stable in this environment.

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On 3/20/2020 at 8:15 AM, racer254 said:

LOL.  This is classic.

is true as long as the money was invested not just blown which doesn't seem to be his MO.  I'll be on a reverse when i retire and that will be my fun money.  IDGAF if i leave a dime to my kids.  

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On 3/20/2020 at 8:00 AM, ArcticCrusher said:

Sure, but what are you doing instead.

I'm developing a reliable diversified cash flow and asset base, that can fund a variety of retirement endeavors.

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On 3/20/2020 at 7:30 AM, ArcticCrusher said:

Cool,

Pretty stable in this environment.

It was a good decision that has worked out well. Making a decision to buy a home on credit at my age and retirement status definitely goes against the grain with traditional ideas. Yet sitting down and looking at the advantages of shifting capital into an investment that makes it work for you rather than sit idly by is a no brainer. Should the market come completely unhinged and home values drop, I’m still way ahead.

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10 hours ago, spin_dry said:

It was a good decision that has worked out well. Making a decision to buy a home on credit at my age and retirement status definitely goes against the grain with traditional ideas. Yet sitting down and looking at the advantages of shifting capital into an investment that makes it work for you rather than sit idly by is a no brainer. Should the market come completely unhinged and home values drop, I’m still way ahead.

You don't need to explain the benefits, I totally get it and support it and with borrowi this low it only makes more sense.

 

Are you doing the management and repairs as well.  I couldn't be bothered with that anymore.

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11 hours ago, Angry ginger said:

is true as long as the money was invested not just blown which doesn't seem to be his MO.  I'll be on a reverse when i retire and that will be my fun money.  IDGAF if i leave a dime to my kids.  

That's a hard thing to time.  I'm sure some kids are paying to keep a parent or two in long term care facilities because the parents outlived their money.

 

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On 3/20/2020 at 6:52 AM, Snake said:

You're 'retired' and you don't have your house paid off?

it is crazy how many retired people don't.  or worse have it paid off then refinance and use the money for stupid shit like a new kitchen 

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58 minutes ago, revkevsdi said:

That's a hard thing to time.  I'm sure some kids are paying to keep a parent or two in long term care facilities because the parents outlived their money.

 

My experience is those parents never helped their kids out through life and now need it for themselves.

 

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2 hours ago, ArcticCrusher said:

You don't need to explain the benefits, I totally get it and support it and with borrowi this low it only makes more sense.

 

Are you doing the management and repairs as well.  I couldn't be bothered with that anymore.

I’m into it three years. I had a co-worker’s father go through it before purchasing the property. He’s known locally as a good inspector. Anything and everything that was close or ready for replacement was documented. Stuff that was close got replaced. I tried to get any of the big items serviced. So far I’ve been doing everything myself. It’s just a short distance from my home and I’ve got the time. I’m amazed at the shit people can fuck up. I have one mcgiver in the building that I’ve had to warn several times to leave his fingers off of stuff. Overall though,  I have good tenants. 

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Buddy bought a house 3 weeks ago , was not planning but it fell into his lap. Problem he is now fucked, no one is coming to see his current place and his wife lost her business, their savings took a beating like everyone elses . Good times ahead for him.... He is not in a good place the past few days

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3 hours ago, revkevsdi said:

That's a hard thing to time.  I'm sure some kids are paying to keep a parent or two in long term care facilities because the parents outlived their money.

 

thats when you let the state takeover.  paid off house is just going to be sold for the same thing.  

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5 minutes ago, Angry ginger said:

thats when you let the state takeover.  paid off house is just going to be sold for the same thing.  

My father's house is in my name. Has been since day 1.

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44 minutes ago, Original Lummox said:

Buddy bought a house 3 weeks ago , was not planning but it fell into his lap. Problem he is now fucked, no one is coming to see his current place and his wife lost her business, their savings took a beating like everyone elses . Good times ahead for him.... He is not in a good place the past few days

That sucks.  My advice is to stay in touch with his lenders, ask for whatever options they might have, and to try and ride this thing out.  Maybe put the place he just got for sale, maybe someone with cash will come along and take it off his hands.  These are the times that test mens souls, and that expression "whatever doesn't kill you makes you stronger" applies here.  He's gotta maintain a positive attitude.  I've been there, and it sucked.  I could go bankrupt tomorrow and it honestly wouldn't phase me all that much, given I almost did almost 20 years ago through no fault of my own, and it kicked my ass mentally.  Got through it, went to work for someone else for the first time in my career,  and then got  laid off from a 6 fig job at the height of the recession.  The second time it was like oh well, lets get through this, and we did.  

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4 hours ago, s pump said:

How many and what type of units Spin?


6 units. 4 two bedroom, 1 three bedroom, and 1 one bedroom. The 4 two bedroom units are situated in a 4 plex. The three bedroom is a separate house with a converted walk out basement as the one bedroom. It’s situated on a double lot so when the time comes I can sell as one or break it up. The main home was built in the late “70’s and the 4 plex went up in “85. New roof on the 4 plex. 

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4 hours ago, Ez ryder said:

it is crazy how many retired people don't.  or worse have it paid off then refinance and use the money for stupid shit like a new kitchen 

Paying off a house is the quest of simple people. I’m not saying it’s wrong, but there’s far better ways to put that money to work. 

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1 hour ago, Angry ginger said:

thats when you let the state takeover.  paid off house is just going to be sold for the same thing.  

You want to end your days in a state facility leaching off the system? 

Much like Tyson's quote.     Everyone thinks that will be fine until their money runs out and their kids dump them in a state home.  

I'm willing to bet you'd think they were ungrateful as all hell if they do that. 

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2 hours ago, spin_dry said:

I’m into it three years. I had a co-worker’s father go through it before purchasing the property. He’s known locally as a good inspector. Anything and everything that was close or ready for replacement was documented. Stuff that was close got replaced. I tried to get any of the big items serviced. So far I’ve been doing everything myself. It’s just a short distance from my home and I’ve got the time. I’m amazed at the shit people can fuck up. I have one mcgiver in the building that I’ve had to warn several times to leave his fingers off of stuff. Overall though,  I have good tenants. 

Good stuff.  

It's why im liking the private real estate more and more these days.  Monthly cash flow and monthly liquidation if necessary, but the best is the investments are solid with assets to back them instead of being priced by keyboard betas bailing out.:lol:

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3 minutes ago, revkevsdi said:

You want to end your days in a state facility leaching off the system? 

Much like Tyson's quote.     Everyone thinks that will be fine until their money runs out and their kids dump them in a state home.  

I'm willing to bet you'd think they were ungrateful as all hell if they do that. 

I've seen those guys/gals in those old age homes.  Death could not come soon enough.

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16 hours ago, Angry ginger said:

is true as long as the money was invested not just blown which doesn't seem to be his MO.  I'll be on a reverse when i retire and that will be my fun money.  IDGAF if i leave a dime to my kids.  

When the wife and I sell this house I don't think I will own another one. I will be retired or semi retired at that point. 

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