I was on a couple hour bike ride Saturday. Of the 25+ kids riding bike we saw, 2 were actually pedaling.
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POLL Boomer Facebook slop? Or straight FACTS?
- Thread starter Mavsker
- Start date
My wife and I call them the scooter gang. Group of kids with electric scooters and bikes flying around the neighborhood.
The local towns offered a $200 rebate for E-Bikes for the last few years so we also have roving gangs in our neighborhood too ended at the beginning of this year though.My wife and I call them the scooter gang. Group of kids with electric scooters and bikes flying around the neighborhood.
I usually walk at the local park in the mornings, you need to have your head on a swivel for the kids and adults that have them.
Seems like option 1 gives you better optionality. You could over pay your monthly payment and end up in basically the same spot, but not locked into the higher monthly payment if your circumstances change.
Personally I’d rather just invest the 30%…
This sounds like most of Reddit
(and I'm not attacking you, I'm on Reddit for the porn, I somehow got on a liberal algorithm and all it is young people complaining about billionaires)
The real benefit is being able to sell it depending on the market when I’m 60-65, or rent it and ideally up grade. Maybe retire down south. IDK yet…
Anyways, I have enough cash that going from a 20% down payment on a 650k house (130k) to a 50% down payment on 350k house (175k) doesn’t mean all that much. Yeah, it’s 40k, but that seems like a small price to pay to insure I actually own my house some day. (At or around retirement ideally) Or I could put 40% down on a 350k home and that’s only 10k more than the 20% down on a 650k home.
What part of that doesn’t make sense? Yeah, most people want to keep as much cash as possible on hand. But most people are dealing about 100-200k in savings or less. I’d do the same if that was my situation.
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Yes, I get that most people want to keep as much cash on hand as possible. But as I said above, that’s not my situation. It’s only a difference 10k if I put 40% down. 10k seems like a pretty small price to drastically increase the odds you actually pay off your home at or around retirement.
Maybe I’m crazy, but have my house paid of by the time I’m 65 sounds a lot better 🤷🏼♂️
thought we banned reddit nerds?
Also… I never once claimed I was in finance or some sort of expert. Just trying to buy a house and make the best long term decision(s). So I appreciate the advice. Even if I don’t take it 🤣
Edit: Also, for those interested, the monthly minimum payment for my mortgage will only be about $2000 a month the way I have my plan figured out. That puts my DTI right at 26% and I have a healthy stack of cash. None of includes my IRAs or 401k. I think it’s a good plan, I hope 🤞🏼 I feel like convincing my self not to get a 700k home has put way ahead from go.
Edit: Also, for those interested, the monthly minimum payment for my mortgage will only be about $2000 a month the way I have my plan figured out. That puts my DTI right at 26% and I have a healthy stack of cash. None of includes my IRAs or 401k. I think it’s a good plan, I hope 🤞🏼 I feel like convincing my self not to get a 700k home has put way ahead from go.
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you're getting a ~4% risk free real rate of return that also frees up cash flow in the future (which can then be invested)
it's true that the market historically returns better than this, but you'd have to be disciplined enough to actually invest all the extra. And in your case a big set of balls to dump $200k at once and not panic sell when it drops $50k.
most people who take the advice of "put the minimum down and invest the rest", just do the first part and don't do the second part. Don't let them tell you your idea is dumb
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Thanks, my plan is to have this house paid off by retirement 10-15 years. And still be able to save money over the next 10–15 years.
It is for pornographic purposes. Does that count?
Also I know a lot of people my age (49) think they’ll take a 10% down 30 year fixed mortgage and buy the most expensive house they can possibly afford. Then try to time that reverse mortgage perfectly.
Ok, that can be an attractive plan. Pros…
1. Big bad ass house until you die.
2. You maximize cash on hand for a big fancy house.
3. You get your reverse mortgage payments during retirement and have plenty of cash for travel or whatever.
Cons… (especially when compared to what I’m trying to do)
1. You are pretty much stuck in that house for life.
2. You can’t leave your property to anyone but the bank. They own you.
3. If I own my property by 65 I can upgrade, possibly move south somewhere and rent out my current house and still have monthly income coming in just like a reverse mortgage. Accept I own the property for life and I can leave it to whomever I want when I die.
I like plan B all day and twice on Sunday. If you can stomach a smaller more modest home, plan B looks a lot more attractive to me. And you can still potentially have that upgrade home at retirement. (Plan B being what I intend to do)
And that’s the other piece - you’re keeping your monthly payment low and free to invest heavy amounts each month to PonyBoy’s baseball NIL fund
How are you getting a risk free 4% real return?
I think I’ll just give the money directly to the university.
Interest rate 6.5% - Inflation 2.5% = Net 4%
You're not paying a 4% real premium annually on every extra dollar you put down and a penny saved is a penny earned