Skip to main content

Mortgage free smart?

I know everyone’s situation is a little different so I’ll explain a little and have you guys jump into my shoes for a sec.

I bought a fixer upper in Hawaii 2 years ago, a year after being stationed here on behave of the Airforce’s needs. I fixed it up and rented it out to some of my military buddies during the time. I met my future fiancé here in Hawaii as well and we are doing the exact same thing with her townhouse. We live in her place now and we fixed it up nice too. So now we have two properties in which together, we hope to take home about 150k once sold from what our real estates agents have said and by checking out the near by comps.

Fast forward to today, I’m getting medically discharged by the military because of my bad back condition and my girlfriend is voluntarily getting out too in hopes of pursuing her IT career. We love to save money so we have some nice cash stored away and other than buying our town homes, we don’t invest because we don’t feel educated enough to do so.

Well now we are looking at Tennessee because well it’s cheap, nice for us to live at and yeah... cheap. With the money we have saved up and the money we hope to get from our townhouses, we kinda want to cash in on a place in Tennessee and live mortgage free. We believe that would be true freedom. We could pick up some part time jobs and just pay bills and have more time to enjoy ourselves at home with no stress at all at a very young age. But... something tells me we could do much better in this world, be able to afford getter things and experience more. Idk... what do you investors think? I’d love some outside opinions from investors and those in pursue of passive incomes and such. I know we like nice cars and big houses like everyone else, i mean who doesn’t want to have them but freedom seems to be knocking at our door and that makes us think long and hard about our possibilities.

submitted by /u/dark_features
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/e36p4x/mortgage_free_smart/

Comments

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...