Quote:
Originally Posted by dparm
Nashville is in the "ice belt"...gonna be a big change if you live in SoCal.
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i might be a little nuts, but i want seasonal snow when i retire. like a foot on the ground thats gone in a couple of weeks.
Quote:
Originally Posted by DRLane
My 36 yr old 2 cents... Pay off the existing mortgages. Let them generate cash for a couple years and provide down payment(s) for additional properties. At 33, you have plenty of time to accumulate more properties vs being over leveraged and potentially losing your shirt in the next inevitable downturn.
Consider upstate Michigan as a possible alternative. It's affordable, has a booming tourism in the summer months, and a solid haven should temps continue to rise or water become scarce.
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thats what i'm leaning towards. we almost have everything paid off except the houses. we just have the jeep that we've been knocking out.
the market just isn't the same as it was back in 2012 and 2015 when i bought the rentals. putting 25% down on a property and renting it rarely makes a profit or even breaks even anymore.
running a calculator, it would take us about two years to pay off one of the rentals if we were intentional and also threw our tax returns at it. it would be slightly less time to pay off the second. and if we used the profit from the rentals to pay extra on our primary, we would have that paid off in about ten years. that would give us a few years before we hit 50 to really beef up some mutual funds. after 50, i'll probably still work if i want to, but its going to be doing something i like.
where abouts in michigan would be a cool place to live or have a second home?
also, i've considered selling the rentals and paying down my primary, but it just doesn't make sense. capital gains are a huge bummer, and my rentals have made a decent profit since day one. i'm just not ready to let them go yet, since i don't mind being a landlord, and they continue to appreciate well while the tenant more than pays for the mortgage. i'm sure some day i won't want to do it anymore, but its not a bother right now.