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Old 07-29-2019, 07:55 PM
 
Location: The sleepy part of New York City
2,018 posts, read 1,231,363 times
Reputation: 4449

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Quote:
Originally Posted by marino760 View Post
Still waiting for other things to happen first. I don't want to spend the money flying there to see the house until I know more about it. I wanted to get the loan approval out of the way.
I did find out it's on the National Register of Historic Places which is kind of cool. I found pictures of the house from 1974 when it was registered.
Nice! I'm so happy for you. I hope your friend gets back to you with a good report on it after he see's it.

You may eligible for some tax benefits, or even grants since it's registered, and best of all, you can get yourself a cool little plaque to put on the front of it!
I think you have to buy that yourself though.
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Old Yesterday, 01:47 AM
 
15 posts, read 5,634 times
Reputation: 39
I did precisely what youíre speaking of. I was planning on buying a home in a 55+ community when I sold my current place and retired. I had an opportunity to buy a home in a good location within the community that was close to my sister & BIL who also live there for the price point I was looking to spend. At first I was hesitant because I had a couple of years to retirement and didnít feel comfortable just letting it sit unoccupied. Renting it out was suggested and Iíd heard lots of landlord horror stories. Since itís in a 55+ community, it was noted that retired 55+ folks are more responsible and there would be people wanting to buy a home there who would want to try living in the community to see if they like it.

I went ahead and bought it. I hired a management company to take care of it for 10% of the rent payment. Including that expense, I have to shell out $35 a month, plus $244 for HOA dues. I can make the payment but letting it pay for itself seemed like a no-brainer to me. Plus, since itís a rental property, there are many things one can written off as business expenses (mortgage interest, property taxes, HOA dues, landlord insurance, etc...). So I get a house I really like and have one less thing to think about retirement.

There was another thread regarding either paying the mortgage off after I sell my current place or carrying a mortgage. I initially thought to pay the mortgage off but am now thinking about carrying a mortgage. Iím still on the fence for that one.
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Old Yesterday, 10:23 AM
 
Location: The sleepy part of New York City
2,018 posts, read 1,231,363 times
Reputation: 4449
Quote:
There was another thread regarding either paying the mortgage off after I sell my current place or carrying a mortgage. I initially thought to pay the mortgage off but am now thinking about carrying a mortgage. Iím still on the fence for that one.
For those that didn't read the thread, I'll sum it up for you.

A: As long as your mtg interest rate is decent..you'll make more money by investing it.

B: Pay off the mtg and get some peace of mind.

We're still on the fence too Dude.

The obviously solution to our dilemma is that we just have to win the lottery.
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Old Yesterday, 08:15 PM
 
Location: Washington State
18,833 posts, read 9,703,314 times
Reputation: 16028
Quote:
Originally Posted by elliedeee View Post
For those that didn't read the thread, I'll sum it up for you.

A: As long as your mtg interest rate is decent..you'll make more money by investing it.

B: Pay off the mtg and get some peace of mind.

We're still on the fence too Dude.

The obviously solution to our dilemma is that we just have to win the lottery.
AKA red neck retirement.
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Old Today, 06:03 AM
 
Location: NC Piedmont
3,961 posts, read 2,902,156 times
Reputation: 6353
Quote:
Originally Posted by Tall Traveler View Post
AKA red neck retirement.
The lottery is a tax on people who can't do math. I have to admit that when one of the jackpots goes into the stratosphere I sometimes buy a ticket, but only a couple a year. If I bought them regularly, I would consider that gambling with really bad odds. I consider what I do just occasionally paying a dollar or two for a good daydream.
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Old Today, 06:37 AM
 
Location: Washington State
18,833 posts, read 9,703,314 times
Reputation: 16028
Quote:
Originally Posted by ReachTheBeach View Post
The lottery is a tax on people who can't do math. I have to admit that when one of the jackpots goes into the stratosphere I sometimes buy a ticket, but only a couple a year. If I bought them regularly, I would consider that gambling with really bad odds. I consider what I do just occasionally paying a dollar or two for a good daydream.
I do the same but it's probably been a year since I last 'invested' $ in the lottery.
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Old Today, 06:46 AM
 
Location: NC Piedmont
3,961 posts, read 2,902,156 times
Reputation: 6353
Quote:
Originally Posted by Tall Traveler View Post
I do the same but it's probably been a year since I last 'invested' $ in the lottery.
I have kind of dropped off on frequency also since it started getting into ridiculous jackpots so often.
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