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Old 04-10-2016, 11:24 AM
 
Location: Tennessee
23,649 posts, read 17,623,979 times
Reputation: 27733

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Quote:
Originally Posted by mathjak107 View Post
that is a big plus for many high cost of living areas like the tristate area . even small amounts of appreciation on such expensive homes usually leave folks in better shape then most locals when they relocate to cheaper areas .

aside from the fact that higher pay leads to higher social security payments for decades .

most transplants i have known did far better with their homes then the meager savings they managed to invest . not that markets couldn't have done better for them . it is just most folks are terrible investors as well as savers .
Agreed - in many of these places, someone's home equity could easily be more than all their other savings.
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Old 04-10-2016, 11:29 AM
 
Location: Scottsdale, AZ
7,733 posts, read 4,750,544 times
Reputation: 28340
Quote:
Originally Posted by Ultrarunner View Post
When you sell rental the tax implications can be huge... recapture, capital gains, etc.
Of course. Our CPA crunched the numbers. If I can get $850k for it, we emerge with just over $600k cash.
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Old 04-10-2016, 11:34 AM
 
Location: Tennessee
23,649 posts, read 17,623,979 times
Reputation: 27733
One of my old workout buddies from high school ended up getting a job at Dollar General corporate in the Nashville area eight years or so ago. He bought a house in east Nashville that has seen well into six figure appreciation since then. He then moved back to Knoxville and bought a nice home that Zillowed in the $200k range. He may very well be mortgage free - if not, his mortgage is probably nominal.

A former coworker and friend of mine here in Indy bought a house in a fairly trendy neighborhood for about $110k a few years ago - it's now valued in the $170k-$180k range. He's thinking of buying a property in a nearby small town where his fiance is from - for around $100k. With their income ($150k or so), the fact that she can work from home, and the low property prices, I wouldn't be surprised if they ended up mortgage free by 35.

Far from retired, but it sure helps the cash flow.
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Old 04-10-2016, 11:36 AM
 
26,591 posts, read 52,361,982 times
Reputation: 20438
Quote:
Originally Posted by fluffythewondercat View Post
Ex-Californians are the reason why Incline Village, NV is so expensive.

Still, I'd live there...at least part of the year.
Bingo... lives in Incline Village.
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Old 04-10-2016, 11:45 AM
 
26,591 posts, read 52,361,982 times
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I actually started out mortgage free at 22.

Had been working and paying into Social Security since age 12... so with 10 years of savings I set out to buy a home and got nowhere... lenders all told me to come back in a couple of years with a full time job history instead of part time jobs like weekend manager for a auto parts house.

I had the down payment money so that was not the problem.

Becoming really discouraged, I started looking at what I could find without a mortgage... started concentrating on the least expensive single family listings and checked out all of them.

Found a 1927 home of 600 square feet on a 25 x 100 lot that was scheduled for a condemnation hearing... it still had working utilities!

Due to a shrewd Broker I made an offer of 1/3 of the list price... originally, I said it was way too rough... she kept me talking asking what I thought it was worth and wrote it up... and I left her with a $100 check for a deposit... the next day she called and said congratulations I had just bought myself a single family home in the SF Bay Area... and I still own it today.

This home is definite part of my retirement plan.
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Old 04-10-2016, 12:21 PM
 
8,870 posts, read 5,149,988 times
Reputation: 10159
Quote:
Originally Posted by Ultrarunner View Post
I actually started out mortgage free at 22.

Had been working and paying into Social Security since age 12... so with 10 years of savings I set out to buy a home and got nowhere... lenders all told me to come back in a couple of years with a full time job history instead of part time jobs like weekend manager for a auto parts house.

I had the down payment money so that was not the problem.

Becoming really discouraged, I started looking at what I could find without a mortgage... started concentrating on the least expensive single family listings and checked out all of them.

Found a 1927 home of 600 square feet on a 25 x 100 lot that was scheduled for a condemnation hearing... it still had working utilities!

Due to a shrewd Broker I made an offer of 1/3 of the list price... originally, I said it was way too rough... she kept me talking asking what I thought it was worth and wrote it up... and I left her with a $100 check for a deposit... the next day she called and said congratulations I had just bought myself a single family home in the SF Bay Area... and I still own it today.

This home is definite part of my retirement plan.
What a cool story...and a smart move.
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Old 04-10-2016, 12:41 PM
 
26,591 posts, read 52,361,982 times
Reputation: 20438
Part of it is from my upbringing... owning is everything when you come from a farm family...

I was determined to own and kept lowering my standard until I could make it happen.

The rest of the story is almost everyone thought I had just flushed my lifesavings.
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