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I currently have some family living there rent free, they take care of it and fix/replace anything that pops up. It's just a singlewide trailer on a half acre with a detached 3 car garage. I plan on selling the trailer and renting the lot/garage for 300-400/mo. It's been paid off for 10 years or so.
Second home was 170K, it's paid off and I use the shop/land for my hoarding of equipment, old vehicles and trailers. It has a 5 car shop and 5 acres in the mountains. Very private but close to town. The parents helped me pay off the last 50K and are going to retire in it. I can keep my stuff there and work on my projects!
My third home I still owe 250K on, it's my current residence. I put 20%down and I pay an extras 500 dollars each month.
My girlfriend is looking at purchasing her first home, I may rent the third house out since it's in a desireable location in Denver, I'm sure I could get 2400/mo out of it easily. I'm not sure if I want to rent it out to grad students or a family yet.
Probably will not be for quite awhile, the market in Denver is stupid right now, everytime my girlfriend looks at a house there's already 10-15 offers on it the first day!
We've refinanced our current home four times now I think(lived here nine years). We're now two years into a 10-year mortgage at 2.375%.
Our son starts college in four years and my dream was to pay it off by then. But my husband's company just started offering a 401K so it makes more sense to try to max that out. I already max out mine and we were maxing his IRA and the amount we can deduct for state taxes on our son's 529.
I can't wait until the mortgage is paid off. And I'm in finance and should know better, especially as our interest rate is so low. But I still can't wait.
I'd rather sell and move to a smaller place once our son goes to college, but that will be an uphill battle with the husband. I absolutely love our home and neighborhood, but it's more space than we need.
Yes! I know that shoveling more money into other investments would probably yield a greater return... but I love the idea of having no mortgage.
We pay 2x on principal and make bimonthly payments on our 30 year - will save 170k or so if we stick to it :-)
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