Just paid off a mortgage!

[Kevin Slater]

Woohoo! I just paid off my final mortgage. All three apartments are free and clear now.

 

Kevin Slater

[+ José Soplanucas]

Woohoo! I just paid off my final mortgage. All three apartments are free and clear now.

 

Kevin Slater

 

Would you marry me?

[+ Cash4Trash]

Celebrate by giving that dick a day off.

[jjkrkwood]

Now you can retire, be a landlord and just collect Rent ? (unless you Live in all 3?)

Celebrate by giving that dick a day off.

 

With 3 apartments, he can retire and just collect Rent .

[TruthBTold]

That's great. I am inching toward paying off my mortgage (I just have one, your lord). But once I do my life will be immeasurably better.

[+ sync]

I wish I had been born with the entrepreneurial gene.

[Eggman]

Mazel Tov. When I paid off my mortgage in DC, I had to start paying my property taxes directly to the DC government rather than having them included in the mortgage payment. Writing those semi-annual checks is painful as the property taxes in DC are exorbitant. And the Trump $10,000 deduction cap on state and property taxes hits really hard, especially for those of us in "blue" jurisdictions.

[TruthBTold]

Mazel Tov. When I paid off my mortgage in DC, I had to start paying my property taxes directly to the DC government rather than having them included in the mortgage payment. Writing those semi-annual checks is painful as the property taxes in DC are exorbitant. And the Trump $10,000 deduction cap on state and property taxes hits really hard, especially for those of us in "blue" jurisdictions.

 

Just another little gift from the Trump administration.

[+ Charlie]

Congratulations! I am curious though: what was the length of the mortgages? Fifteen years, thirty years? It takes discipline to pay off a mortgage early. I have never lived anywhere long enough to pay off my mortgage during the standard time frame.

[mike carey]

Congratulations! I am curious though: what was the length of the mortgages? Fifteen years, thirty years? It takes discipline to pay off a mortgage early. I have never lived anywhere long enough to pay off my mortgage during the standard time frame.

I have always paid them off before the end-date, but I still have a mortgage to enable a line of credit with my bank. (Not sure I need that now.) I am only disappointed that there were no graphs to explain the payment process. (That was a joke.)

[Kevin Slater]

Congratulations! I am curious though: what was the length of the mortgages? Fifteen years, thirty years? It takes discipline to pay off a mortgage early. I have never lived anywhere long enough to pay off my mortgage during the standard time frame.

 

They have all been thirty year fixed (with no prepayment penalty). Even if I pay it off in five, it's easier to qualify based on a thirty year amortization.

 

Kevin Slater

[Guest]

Mazel Tov. When I paid off my mortgage in DC, I had to start paying my property taxes directly to the DC government rather than having them included in the mortgage payment. Writing those semi-annual checks is painful as the property taxes in DC are exorbitant. And the Trump $10,000 deduction cap on state and property taxes hits really hard, especially for those of us in "blue" jurisdictions.

 

Yeah the Trump tax plan screwed me hard, and not in a good way. Didn't help the county raised my property tax 50% at the same time.

[mike carey]

I have always paid them off before the end-date, but I still have a mortgage to enable a line of credit with my bank. (Not sure I need that now.) I am only disappointed that there were no graphs to explain the payment process. (That was a joke.)

I should add that here, mortgages are variable, not fixed rate and full recourse, so we can't walk away from a property.

[+ Charlie]

They have all been thirty year fixed (with no prepayment penalty). Even if I pay it off in five, it's easier to qualify based on a thirty year amortization.

 

Kevin Slater

I see you are capable of disciplining yourself as well as clients:D.

[+ Just966]

Woohoo! I just paid off my final mortgage. All three apartments are free and clear now.

 

Kevin Slater

Always a good feeling to reach the end of that mortgage! Congrats!

[+ OliverSaks]

Here I was excited to have my land down payment all settled today... another league lol

Congrats :-)

[RealAvalon]

I wish I had been born with the entrepreneurial gene.

Or in another country that actually has social mobility.

[buckguy]

Mazel Tov. When I paid off my mortgage in DC, I had to start paying my property taxes directly to the DC government rather than having them included in the mortgage payment. Writing those semi-annual checks is painful as the property taxes in DC are exorbitant. And the Trump $10,000 deduction cap on state and property taxes hits really hard, especially for those of us in "blue" jurisdictions.

 

DC's property tax rate is not that bad---half what paid in Atlanta, a fraction of what people pay in Baltimore.

[Eggman]

Not that bad? Hmm .... All I know is that I am shelling out $9,100/year. Ouch.

[BSR]

Not that bad? Hmm .... All I know is that I am shelling out $9,100/year. Ouch.

 

But since the SALT cap is $10K, isn't all $9100 deductible off your federal tax return?

[Eggman]

But since the SALT cap is $10K, isn't all $9100 deductible off your federal tax return?

 

They would be if DC did not have a "state" tax. My combined DC and property tax are significantly in excess of the cap. :-(

My financial advisor tells me to move to a cheaper locale.

[BSR]

Or in another country that actually has social mobility.

According to the largest survey of millionaires ever conducted:

 

"The overwhelming majority (79%) of millionaires in the U.S. did not receive any inheritance at all from their parents or other family members. While one in five millionaires (21%) received some inheritance, only 3% received an inheritance of $1 million or more."

 

"In fact, the majority of millionaires didn’t even grow up around a lot of money. According to the survey, eight out of 10 millionaires come from families at or below middle-income level. Only 2% of millionaires surveyed said they came from an upper-income family."

 

As much as I don't want this thread thrown into P&R, I couldn't let RealAvalon's assertion go unchallenged.

 

Back on topic, congratulations @Kevin Slater! If you do get any marriage proposals, two words of advice:

"Pre" and "Nup"

[+ GregM]

March will be three months in on paying my mortgage. I hope time goes by fast lol

 

Hugs,

Greg

[+ Topseed]

I’ve lived mortgage-free for many years. It’s liberating. Downsized 3 times over the past 5 years. Less time managing space and stuff means more time for me.

[Kevin Slater]

Not that bad? Hmm .... All I know is that I am shelling out $9,100/year. Ouch.

But since the SALT cap is $10K, isn't all $9100 deductible off your federal tax return?

 

Presumably his state (or in this case, DC) income tax is greater than $900, so he's no longer able to deduct all his property and income taxes.

 

Kevin Slater