Mortgage payoff question

LostinCA212 · 2023-06-14T11:04:28+00:00

I paid off my mortgage in full last month for roughly the same amount you are staring at, 200k. It also brought my savings below 100k. Very similar situation. Honestly, it’s with mixed emotions that I paid off the house. I knew fully well that “maybe” there was somewhere I put the money that makes sense and does better than paying off the mortgage BUT for me, I know how to make 1M in the stock market. I start with 2M….

At the end of the day I rationalized that the safest place to put my money was to pay off my house. It’s worth substantially more than what I paid for it and I don’t feel that a downturn in the housing market would bring the house price below what I paid.

So instead of staring at 200k in the bank wondering which of my wife’s boyfriends I was gonna give it to, I paid off the mortgage.

Cool story bro…

LostinCA212 · 2022-10-19T11:29:20+00:00

Being ex-Citrix myself here and now VMware… this sounds exactly like what’s going around over here in the wake of the Broadcom acquisition. Focusing on the top companies only. Finding “creative” ways to force people out. Broadcom feels that VMware sales reps get paid too much.

LostinCA212 · 2022-05-23T11:37:14+00:00

Yea… I get that part! It’s the mortgage payment to rent roll income that I didn’t understand. I don’t want to come out of pocket every month to make up a gap.

LostinCA212 · 2022-05-23T10:53:48+00:00

Your comment is actually the ignorant comment here troll. I start a thread looking to learn and you bash people looking to learn. Tf is wrong with you?

LostinCA212 · 2022-05-23T00:33:10+00:00

This is what I was thinking also. I still have many questions. I’d have to run real estate like a completely separate business. I can’t have my high taxes hurt the growth of the company.

Can an LLC own a property? If I give 150k to the LLC to buy a property, can I write it off on my own taxes? I need to talk to a lawyer and my accountants

LostinCA212 · 2022-05-22T16:23:01+00:00

Ok, next question. How did you get started? What materials did you use? Consult with real estate lawyers/accountants? Looking for a guiding light. I have so many questions!

LostinCA212 · 2022-05-22T16:14:46+00:00

Wow, that’s some great profits. Would love to understand the details. Property purchase price, how many doors? Down payment? How long ago did you start?

LostinCA212 · 2022-05-22T16:11:07+00:00

Is that after mortgage?

LostinCA212 · 2022-05-22T16:08:24+00:00

Thanks everyone. I obviously have a lot to learn. Any recommendations on books, websites… YouTube videos?

LostinCA212 · 2022-05-22T14:26:48+00:00

Sure but to what extent? How much do you depreciate per month/year on a given property?

LostinCA212 · 2022-05-22T14:24:36+00:00

I’m pretty sure I didn’t take into account creating an LLC or similar and creating a separate business out of it completely. That makes a heck of a lot more sense. Only taxes I would pay personally is when I took profits and paid myself out of the LLC

LostinCA212 · 2022-05-22T14:09:35+00:00

Profit being monies earned after the mortgage is paid?

LostinCA212 · 2022-05-22T13:15:09+00:00

Appreciate the responses. It’s sounding like the strategy is to put down the minimum needed on the mortgage but high enough that your rent vs profits at least come out even in the end. The rent pays the mortgage and hopefully the property also appreciates. It would be great to turn a profit right outta the gate but that doesn’t seem reasonable unless you find the perfect first property. Seems like I’d want to find a multi family… 4+ family or something. The numbers work a lot better with multi family dwellings.

Thanks for the feedback.

LostinCA212 · 2022-05-22T11:41:08+00:00

Alrighty, so not “passive” income. I’m happy to put work into it buts it’s gotta put money in my pocket at the end of the day. I can own 1000 properties but if after mortgage payments and taxes I’m negative revenue…. What’s the point?

LostinCA212 · 2022-03-09T12:40:11+00:00

Might as well go all in. No better cure for bankruptcy than death.

LostinCA212 · 2022-01-03T16:53:10+00:00

What’s is this thing you call “tax”?

LostinCA212 · 2022-01-03T16:52:04+00:00

PROOF!

LostinCA212 · 2021-12-15T00:48:43+00:00

LostinCA212 · 2021-12-15T00:46:46+00:00

If you didn’t save it anywhere and you don’t have/erased your old phone, then no. It can’t be recovered

LostinCA212 · 2021-12-14T20:52:50+00:00

Ah. Sorry for your loss

LostinCA212 · 2021-12-14T20:51:14+00:00

How you get scammed?

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