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Location: Formerly Pleasanton Ca, now in Marietta Ga
10,391 posts, read 8,629,726 times
Reputation: 16752
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Quote:
Originally Posted by Capitalprophets
Um no thats just wishful thinking. Stock market is unpredictable. You're talking best case scenario here but just paying off the mortgage is guaranteed saving money by paying less interest.
But you can invest in something else besides the stock market. If you choose to pay off the mortgage early and the house is going down in value, are you truly saving money?
And honestly, how can something even be a status symbol unless other people know you have it?
A BMW they can see.
A paid off mortgage? Who goes around saying they've paid off their mortgage?
"Status" isn't necessarily about what other people perceive. It's a personal satisfaction of what others rightfully ought to perceive. So, if I were a slovenly and obese man, but were able to bench-press 400 pounds, I could personally enjoy the status of being strong... even if nobody sees me at the gym, or even those who see me, don't care. Instead, I can condescendingly scoff at the slender people jogging on the sidewalk past me: "Behold, their BMI is in the low 20s, and their 10K time is under 45 minutes. Yeah, but how much can they bench-press? 100 pounds? 150 pounds? Yeah? Who's the bigger man now, huh? Huh? Yeah, you tell me, private-self - you tell me, who's the bigger man? See! Thought so."
Indeed, a major reason to pursue material wealth, is to feel privately smug and superior, even if one dresses shabbily, drives jalopies, is missing front-teeth, and lives in a corrugated-tin shack in Mogadishu.
Quote:
Originally Posted by Submariner
If you had the same $600k in a Four-plex, you would have four tenants paying you rent each month, regardless of what the appreciation does.
That $2,000 a month becomes $8,000 a month, $96,000 a year.
If you can find a Four-plex for $600K that nets $96,000 a year, I will (1) buy it for $700K, and (2) write you a check for $100K as finder's fee.
The whole notion of needing (or caring about) a status symbol, which is really the title of this thread, is ridiculous in the first place.
Insecure people care about labels and symbols because they lack much of a self-identity and self-worth. That's not the same, btw, as caring about the quality of things one purchases.
Really, who cares what other people choose to do when they buy a home or rent a place or finance it or pay cash for it? Why is this some rando's business?
AGAIN - People, the thread title is just a play on some words by a famous finance guy. Or "infamous" according to some people.
The thread title is a play on Dave Ramsey's radio show opening intro, guess a lot here don't listen to it, but I tune in from time to time when I get tired of the Top 40 songs.
The last Four-plex I had included a mortgage that consumed half of the rental income.
I have looked at many Four-plexes in my area on the market asking ~$200k. How much you Net from each is variable.
Out of curiosity, what market is this? All of our real estate is in pretty pricey markets (those are the markets we lived in and know) that rarely cash flow the first few years (but have appreciated very nicely).
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,391 posts, read 8,629,726 times
Reputation: 16752
Quote:
Originally Posted by Mr. Zero
Out of curiosity, what market is this? All of our real estate is in pretty pricey markets (those are the markets we lived in and know) that rarely cash flow the first few years (but have appreciated very nicely).
Check out the midwest and the south. My properties have matched and surpassed in some cases those of Ca.
AGAIN - People, the thread title is just a play on some words by a famous finance guy. Or "infamous" according to some people.
The thread title is a play on Dave Ramsey's radio show opening intro, guess a lot here don't listen to it, but I tune in from time to time when I get tired of the Top 40 songs.
Calm down, housebuilder. I know who Dave Ramsey is, I listened to his show eons ago. For the record, I wouldn't purchase a BMW either because the cost of maintenance is high and that's a P.I.A. I get the point that was being made, btw about what represents 'status' now vs years ago.
My statement was a very general one, as people are busy arguing en masse over paying off or not paying off a mortgage vs buying with cash vs renting vs general fear and paranoia about the stock market.
Out of curiosity, what market is this? All of our real estate is in pretty pricey markets (those are the markets we lived in and know) that rarely cash flow the first few years (but have appreciated very nicely).
The Four-plex we had was in Bremerton Washington. The Four-plexes we have been looking at recently were in Orono and Bangor Maine.
Here in Maine, I currently have a mixed-use commercial/residential property [two 2000 sq ft store-front spaces, one 2000 sq ft office space, one studio-loft residence, and ten single-occupancy efficiencies] purchasing and remodeling will come in at just under $400k.
We have done other Multi-Family-Residential properties in Southern California, in Scotland, and Connecticut.
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