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Old 02-15-2014, 10:38 AM
 
Location: Austin, TX
15,237 posts, read 35,431,654 times
Reputation: 8572

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Quote:
Not having a mortgage
I think we are somewhere between 3 and 4 years left on ours...I can almost taste it . It is about the length of a car payment now....
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Old 02-15-2014, 11:08 AM
 
Location: The People's Republic of Austin
5,184 posts, read 7,240,558 times
Reputation: 2575
Quote:
Originally Posted by Trainwreck20 View Post
I think we are somewhere between 3 and 4 years left on ours...I can almost taste it . It is about the length of a car payment now....
But, but, but ... You won't have a tax deduction!!!!

The unfathomable logic of people that think giving the bank $1 is OK if Uncle Sam gives you back 35¢.

Congrats. Dave Ramsey is smiling right now.
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Old 02-15-2014, 11:15 AM
 
Location: Avery Ranch, Austin, TX
8,977 posts, read 17,449,279 times
Reputation: 4000
Quote:
Originally Posted by scm53 View Post

Not having a mortgage is such an unusual occurrence in the US, it seems strange to even mention it.
We are about six months into such an occurrence...sure feels good!
Yeah, the new place is 40% smaller, lost a garage bay and larger yard...no free lunch, as they say. But, we're in the same neighborhood, same amenities, etc. Kids would have made all the difference in terms of 'needs' and 'comfort' provided by a larger house. No kids means we don't have to factor that in. While we don't subscribe to a minimalist lifestyle by any means, the financial freedom that occurs by not being on the hook for a huge mortgage, utility bill, tax burden, etc. is pretty darned refreshing.
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Old 02-15-2014, 11:24 AM
 
Location: Avery Ranch, Austin, TX
8,977 posts, read 17,449,279 times
Reputation: 4000
steve and some others might be able to chime in here(as long as we've derailed this thread a bit)...
Do 'we' think we will see any sort of shift in the homeowner landscape with the proliferation of 15 year mortgages made more popular in the past half decade or so? In other words, the lower interest rates made it more popular to take out a 15 year note when many, many of us assumed a 30-year mortgage would be inevitable. Even if we hadn't downsized and paid cash for the smaller place, we were halfway through our mortgage on the new house(with approx 8 years to go). Many others went the same route, financing with a 15-year note, so folks could be paid off in ~5-10 years from now. Might that factor in toward some sort of change in the RE market when some number of folks will be 'paid off' within the next decade?

Who has that crystal ball?
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Old 02-15-2014, 11:49 AM
 
Location: Austin, TX
15,237 posts, read 35,431,654 times
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I hear that the end of Fannie Mae and Freddy Mac portend the end of the wide-spread 30 year mortgage, anyway. Not sure if it is true or not, but would be interesting.
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Old 02-15-2014, 12:03 PM
 
Location: Austin, TX
16,787 posts, read 48,839,394 times
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Quote:
Originally Posted by austin-steve View Post
Agreed. And investors can't just up and sell an income property. The lease ties their hands unless it's a MTM lease. Rental homes are much less liquid than owed occupied homes, where a seller can decide to sell at any time. Investors can only do so at the end of the lease unless they discount it enough to sell to another investor.
It is easy enough to let a lease roll over into a month to month rental, giving you more flexibility in selling if you should need to, while still being able to raise the rent occasionally.
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Old 02-15-2014, 12:08 PM
 
Location: Austin, TX
16,787 posts, read 48,839,394 times
Reputation: 9477
Quote:
Originally Posted by austin-steve View Post
I think that's an understatement. It's a problem few are even aware of, but it's a game changer and we're already almost too late in addressing it. I don't know enough to comment about the viability of desalination, but I think green manicured lawns will disappear as water conservation becomes more of a priority and laws come into place requiring behavioral changes.
I expect we will finally see the end of St. Augustine lawns.

Desalination is already being used in numerous locations in the US and around the world. Desalination - Wikipedia, the free encyclopedia Some of the costs I read were 2.1 times the ordinary groundwater production, and costs will probably go down as technology improves, much in the way the costs have gone down for solar and battery powered automobiles.

In addition, San Antonio already pumps most of its water out of the Aquifer, Austin could begin doing some of that.

To get back on topic, there are solutions available to address the environmental issues of living in Austin, TX, so I think it is a good bet that the Metroplex will continue to grow and property will remain a good investment here.
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Old 02-15-2014, 12:42 PM
 
Location: The People's Republic of Austin
5,184 posts, read 7,240,558 times
Reputation: 2575
Quote:
Originally Posted by 10scoachrick View Post
We are about six months into such an occurrence...sure feels good!
Yeah, the new place is 40% smaller, lost a garage bay and larger yard...no free lunch, as they say. But, we're in the same neighborhood, same amenities, etc. Kids would have made all the difference in terms of 'needs' and 'comfort' provided by a larger house. No kids means we don't have to factor that in. While we don't subscribe to a minimalist lifestyle by any means, the financial freedom that occurs by not being on the hook for a huge mortgage, utility bill, tax burden, etc. is pretty darned refreshing.
Definitely our post retirement plan. Easier to make those dollars go w/ no mortgage and no retirement account contributions.

The question is, stay in Austin, stay in the area, or even stay in Texas? I love this place with every fiber of my being, but there is the reality of property taxes.

Congrats to you, too!
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Old 02-15-2014, 01:19 PM
hts
 
762 posts, read 2,152,896 times
Reputation: 407
Exactly. I'd be hard pressed to justifying continuing to live in Texas upon retirement simply due to the economics of tax code.
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Old 02-15-2014, 01:39 PM
 
Location: Austin, TX
182 posts, read 692,356 times
Reputation: 95
Property Taxes after retirement explained State-by-State Guide to Taxes on Retirees - Texas -Kiplinger
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