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Old 12-02-2008, 08:08 PM
 
Location: Asheville, NC
12,626 posts, read 31,895,067 times
Reputation: 5419

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you could make a decent profit and purchase another house outright? If you could sell the house you're living in now and find one comparable to pay off with the equity and profit? Not that you don't like your exisitng home, but it would be nice to have $0 mortgage. I know ppl would say to invest the money in the stock market. I never do well with that.
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Old 12-02-2008, 08:12 PM
 
Location: Martinsville, NJ
6,175 posts, read 12,888,161 times
Reputation: 4019
We know this is fantasy, right? Knowing tha, I'll play. Sure. If I could find a comparable house that I could buy outright even after paying off the mortgage on my current house, of course I'd do it. What reason would I have to NOT do it? It matters not what I would do with the money. It's mine.
Now, if only I could find a house just like mine, in my neighborhood, that's selling for so much less than mine would.
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Old 12-02-2008, 08:25 PM
 
Location: Asheville, NC
12,626 posts, read 31,895,067 times
Reputation: 5419
I'm being serious. I'm not saying necessarily in the same neighborhood or even state. I know I'm going to hear about this, but even a foreclosure or short sale. I know they can be hit or miss. Some can be fine, others trashed. Short sales can take forever to be accepted and foreclosures can need alot of repairs. Like I said, though it can be a resale. My main goal is to have a paid off house. They say you should be able to do that on your third house, but it would be my fourth.
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Old 12-02-2008, 08:30 PM
 
Location: Martinsville, NJ
6,175 posts, read 12,888,161 times
Reputation: 4019
Quote:
Originally Posted by beckycat View Post
I'm being serious. I'm not saying necessarily in the same neighborhood or even state. I know I'm going to hear about this, but even a foreclosure or short sale. I know they can be hit or miss. Some can be fine, others trashed. Short sales can take forever to be accepted and foreclosures can need alot of repairs. Like I said, though it can be a resale. My main goal is to have a paid off house. They say you should be able to do that on your third house, but it would be my fourth.
Ahh. Sorry, you said in your first post, " you could find a comparable one." To me, comparable has to include neighborhood, not even just town or county. That changes things. I like the town in which I live. I wouldn't move someplace else JUST for the house, even if it were so cheap I wouldn't need to finance it. Part of that is because of my kids, schools, friends that sort of thing. If we were older, if the kids were out of the house, then I might think differently.
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Old 12-02-2008, 08:41 PM
 
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,579,380 times
Reputation: 677
All things being equal, yes, I would...

Quote:
They say you should be able to do that on your third house, but it would be my fourth.
I've never heard that before...LOL, I'm on my third and not even close....
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Old 12-02-2008, 09:13 PM
 
Location: Great State of Texas
86,052 posts, read 84,107,183 times
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Seems if you do it with the house/condo you plan to retire in then you're doing OK.
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Old 12-03-2008, 06:22 AM
 
28,455 posts, read 84,914,994 times
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Default Whose "they" that are saying you should be able to pay off fourth house????

Quote:
Originally Posted by PotterGeek View Post
All things being equal, yes, I would...

I've never heard that before...LOL, I'm on my third and not even close....
Never heard that either. I've been involved in real estate for almost 4 decades and have not heard that. In fact, though I have been fortunate to substantially increase my equity with each of the 4 or so houses that I have lived in, I don't know that I would ever deliberately pay all cash for a place and own it free & clear from day one.

I can imagine that if I had a whole pile of money and real estate seemed like an asset-class that would NEVER decline from where I bought in AND there were no other good alternatives AND I would still have substantial liquid reserves I might consider the "all cash" deal.

Right now I think there are still better alternatives.

In some ways the mindset that "the only good house is a paid off house" might lead people to discipline, but it could also lead to people stuck with an illiquid asset that is subject to decline...
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Old 12-03-2008, 08:49 AM
 
Location: Marion, IN
8,189 posts, read 31,144,497 times
Reputation: 7343
I sold my first house and bought my second one outright. I sold that house and bought this one outright. I will never consider having a mortgage again.
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Old 12-08-2008, 01:19 AM
 
3 posts, read 3,743 times
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nice info..........
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Old 12-08-2008, 11:41 AM
 
1,151 posts, read 2,983,976 times
Reputation: 252
Quote:
Originally Posted by beckycat View Post
you could make a decent profit and purchase another house outright? If you could sell the house you're living in now and find one comparable to pay off with the equity and profit? Not that you don't like your exisitng home, but it would be nice to have $0 mortgage. I know ppl would say to invest the money in the stock market. I never do well with that.
You really should be asking this question of financial advisors, not real estate professionals. IMO, it depends on your age and your assets. It is generally not a good idea for most people to have a very large percentage of their assets tied up in their home. Most financial advisors will tell you that diversity is important, but there are a lot of things to take into consideration. I would talk to someone not connected with real estate to give you an unbiased answer.
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