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Thread: It's Mine!

  1. #31

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    Quote Originally Posted by cubical View Post
    Exactly, almost no one owns anything.

    just reminding the serfs, they are still serfs.
    and people should be upset about the fact they pour as this wealth into "owning" a home they never really own.
    Samuel 8
    10 Samuel told all the words of the Lord to the people who were asking him for a king.11 He said, “This is what the king who will reign over you will claim as his rights: He will take your sons and make them serve with his chariots and horses, and they will run in front of his chariots.12 Some he will assign to be commanders of thousands and commanders of fifties, and others to plow his ground and reap his harvest, and still others to make weapons of war and equipment for his chariots.13 He will take your daughters to be perfumers and cooks and bakers.14 He will take the best of your fields and vineyards and olive groves and give them to his attendants.15 He will take a tenth of your grain and of your vintage and give it to his officials and attendants.16 Your male and female servants and the best of your cattle[c] and donkeys he will take for his own use.17 He will take a tenth of your flocks, and you yourselves will become his slaves.18 When that day comes, you will cry out for relief from the king you have chosen, but the Lord will not answer you in that day.”



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  3. #32
    Member Zippyjuan's Avatar
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    Quote Originally Posted by Schifference View Post
    With interest rates at record lows, I would refinance it and by physical with the cash. You can get a 30 year fixed at 3% and the loan is even assumable by an approved buyer. After calculating true inflation the 3% loan is negligible. Just keep your balance at 78% Loan To Value to avoid PMI. If you ever get hard pressed to make a payment just sell some of the physical. The last thing in the world I would do is pay off a 3% home mortgage. Cheap money. Your loan balance will never increase but the value of your dollar is sure to decline. You will pay that loan back with devalued dollars.
    Borrowing to invest in anything is a bad idea. Can you guarantee me at least a four percent a year or more return after taxes on metals for the next 15 or however many years you refinace for? Nope. Do that with money you won't necessarily need - not with your home.

    If I was renting a comparable unit I would be paying about $1200 a month. Since I have purchased it, my costs drop to about $300 for homeowners fees and $150 property taxes or $450 a month- a savings of $750 every month or $9000 a year. I am sure lots of people would not mind having an extra $9000 a year. That is a huge increase in my after-tax income.

    So basically invested in an asset for $110,000 plus interest over 13 years, am now getting $9000 a year in return on it every year into the future (money which would be paid in rent instead) and still own the asset which is still valued at over $150,000 or about 50% higher than what I bought it at (the current selling price of comparable units). I think I did pretty well and don't think there are many other investment opportunities which can offer this.

    Compare those to what I would have gotten for renting instead of buying. $1200 a month is $14,400 a year. Over the time I spent paying off the loan (13 and a half years) , I would have paid out $194,400 anyways and had nothing left.
    Last edited by Zippyjuan; 11-20-2012 at 12:40 PM.
    I am Zippy and I approve of this message. But you don't have to.

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