ArcticCrusher Posted March 20, 2020 Share Posted March 20, 2020 3 minutes ago, spin_dry said: Having one’s house paid off is highly overrated. Sure, but what are you doing instead. Quote Link to comment Share on other sites More sharing options...
racer254 Posted March 20, 2020 Share Posted March 20, 2020 17 minutes ago, spin_dry said: Having one’s house paid off is highly overrated. LOL. This is classic. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted March 20, 2020 Share Posted March 20, 2020 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. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted March 20, 2020 Share Posted March 20, 2020 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. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted March 22, 2020 Share Posted March 22, 2020 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. Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted March 22, 2020 Share Posted March 22, 2020 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. 1 Quote Link to comment Share on other sites More sharing options...
spin_dry Posted March 22, 2020 Share Posted March 22, 2020 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. Quote Link to comment Share on other sites More sharing options...
s pump Posted March 22, 2020 Share Posted March 22, 2020 How many and what type of units Spin? Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted March 22, 2020 Share Posted March 22, 2020 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. Quote Link to comment Share on other sites More sharing options...
revkevsdi Posted March 22, 2020 Share Posted March 22, 2020 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. Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted March 22, 2020 Share Posted March 22, 2020 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 Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted March 22, 2020 Share Posted March 22, 2020 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. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted March 22, 2020 Share Posted March 22, 2020 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. Quote Link to comment Share on other sites More sharing options...
Original Lummox Posted March 22, 2020 Share Posted March 22, 2020 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 Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted March 22, 2020 Share Posted March 22, 2020 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. Quote Link to comment Share on other sites More sharing options...
Snake Posted March 22, 2020 Share Posted March 22, 2020 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. Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted March 22, 2020 Share Posted March 22, 2020 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. 1 Quote Link to comment Share on other sites More sharing options...
Anler Posted March 22, 2020 Share Posted March 22, 2020 If you are well into a mortgage and you are at 4%ish I wouldn't waste my time refinancing unless you are going to cut the term down from where you are now. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted March 22, 2020 Share Posted March 22, 2020 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. 1 Quote Link to comment Share on other sites More sharing options...
spin_dry Posted March 22, 2020 Share Posted March 22, 2020 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. Quote Link to comment Share on other sites More sharing options...
revkevsdi Posted March 22, 2020 Share Posted March 22, 2020 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. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted March 22, 2020 Share Posted March 22, 2020 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. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted March 22, 2020 Share Posted March 22, 2020 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. Quote Link to comment Share on other sites More sharing options...
Anler Posted March 22, 2020 Share Posted March 22, 2020 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. Quote Link to comment Share on other sites More sharing options...
Anler Posted March 22, 2020 Share Posted March 22, 2020 1 minute ago, ArcticCrusher said: I've seen those guys/gals in those old age homes. Death could not come soon enough. Yeah fuck that. Quote Link to comment Share on other sites More sharing options...
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