How Many of You Have Paid of Your Mortgage?

[Seaweed]

anyone here pay off their 25 year mortage in 10-12 years


what are good strategies?

[KVB]

...what are good strategies?

Residual income is the answer. Build a networking business that is recession proof and builds on itself as you work it.

Use your money to make money and keep some aside for the tax fund and you should be fine.

[bozeman]

Property taxes will skyrocket. Most state governments are bankrupt, they owe hundreds of billions to public workers' pension funds. They know property owners can't just up and move so easily so they'll get hit with the bill.

Even if it's paid off, how will you ever retire if you owe hundreds a month in property taxes + homeowners insurance. Then your health insurance. You'd need thousands a month just to survive retirement even if you 'own' everything.

you rent out a basement to a broke ass individual and he pays all those for you with rent.
Thats why I would never buy an apartment or a townhouse

[bozeman]

anyone here pay off their 25 year mortage in 10-12 years


what are good strategies?

two good strategies have to be in place:

1. you have too make enough money to cover the amount owing on a mortgage within 10 years. - No strategy can help u pay a million in 10 years if you making 50k a year. If you make 150k a year and cook your own lunches, brew your own coffee and get your company to give you a vehicle, then its more than real.

2. Make all the extra payments "toward the principal". That way each subsequent regular payment you make pays more of a principal and less of bank interest.

[Grits n' Gravy]

Paco your lucky I am
Not going to Vegas

I would fukkin slap you dick around and take your balls in my meth mouth

With that kind of offer, I don't see how Paco would ever want to set foot outside his house.

My rental properties are paid off and netting us decent income but my primary residence still has 11 years left on a 15 year note.

[nyplayer33]

Paid off last year, 118k..inheritance.

[Chipup]

I owned mine, took 10 years of hell. Then had to take out a hard money loan against it just to eat n survive while waiting on SSD.

Barralled in now, will never pay it off. But even then as everyone says when you get that ball busting property tax letter from the county assessor you realize you paid to be a renter ..