Simple real estate question

[basstracker89]

this is exactly what happened for this year's taxes....2025.

Wells Fargo is the pits.....

 

[The Old Jaybird]

well, I ain't younger.....turn 78 in August.

 

[basstracker89]

well, I ain't younger.....turn 78 in August.

At your age, your home should be paid for. Just sayin. That's what a financial advisor would tell you. It's a peace of mind thing

 

[Spas-12 Owner]

At your age, your home should be paid for. Just sayin. That's what a financial advisor would tell you. It's a peace of mind thing

Actually, a good advisor would have you put the money into low interest, fixed rates like CD or annuities that bring in 4.5% or higher and keep your mortgage.

You can write off the interest in your mortgage and make more money then it is costing you to own the house.

It's what everyone SHOULD have done with their low interest adjustable rate mortgages but didn't.

Now, a 6.5 -7% mortgage, you should pay off unless you're making 1 or more % over it but that's risky.

 

[basstracker89]

Actually, a good advisor would have you out the money into low interest, fixed rates like CD or annuities that bring in 4.5% or higher and jeep your mortgage.

You can wrote off the interest in your mortgage and make more money then it is costing you to own the house.

It's what everyone SHOULD have done with their low interest adjustable rate mortgages but didn't.

Now, a 6.5 -7% mortgage, you should pay off unless you're making 1 or % over it but that's risky.

That's another way. All I've ever heard from a celebrity advisor is get out of debt.

 

[The Old Jaybird]

my mortgage is just under 4% and my investments are making just over 6%.

I will NEVER own ANY kind of annuity. I regulated the business for over 40 years.

 

[basstracker89]

my mortgage is just under 4% and my investments are making just over 6%.

I will NEVER own ANY kind of annuity. I regulated the business for over 40 years.

There are people that say they'd never pay off their house. Thing is, you're never in control till you pay it off. It's all a gamble

 

[The Old Jaybird]

At your age, your home should be paid for. Just sayin. That's what a financial advisor would tell you. It's a peace of mind thing

I paid off my first house over 25 years ago. This is my second house I am talking about. These 2 cost me $165k total for both, they are now worth about $600K total; pretty decent ROI for a poor boy from Illinois.

 

[basstracker89]

I paid off my first house over 25 years ago. This is my second house I am talking about. These 2 cost me $165k total for both, they are now worth about $600K total; pretty decent ROI for a poor boy from Illinois.

Absolutely!! I made out well when I sold my first home. I've found real estate to be a great investment

 

[GeauxLSU]

I paid off my first house over 25 years ago. This is my second house I am talking about. These 2 cost me $165k total for both, they are now worth about $600K total; pretty decent ROI for a poor boy from Illinois.

So you're worried about the lost earnings on $600? Just assume the $36 you would have made is part of the investment cost in your real estate holdings. You've done pretty well on it.