Just paid off a mortgage!

[Walker1]

Rental property has its issues.

I had two rental properties , but am in a horrible state with little appreciation and horrendous property taxes. The money goes to pensions rather than improvements. I was making a decent amount over property taxes/mortgage+property management. But realized if this is the peak and my properties were barely above what I bought them for , then if properties crashed-really didn't know what rents I would get or if I even be able to sell them.

 

So sold them . Paid down a big chunk of the primary mortgage and hoarding some cash right now. Did not make any capital gains-after expenses actually made a loss. But rented out for a while, so nice deductions. I guess if you bought in places like CA, AZ or NY a while back, you also made massive capital gains? One of my colleagues moved to Ca and bought a house for 400k in 2010 and says it is worth over a million now. Maybe if housing crashes again, will look to buy something and manage through mgmt. company in a nice location with lower taxes.

[BSR]

Do you have any curiosity? A quick Google search provides numerous studies from both business and social policy sources. Good to try though @TruthBTold

//www.businessinsider.com/social-mobility-is-on-the-decline-and-with-it-american-dream-2017-7

 

You should ask yourself the same question. If you have any curiosity, try reading from sources other than leftist pom-pom girls. For example: The American Dream Abides

 

Those who argue that social mobility in America is declining often base their findings on faulty premises. For example, a blanket comparison between generations ignores some relevant factors, such as the much higher divorce rate, the explosion of single motherhood, smaller average family size.

 

Yes, our nation faces barriers to social mobility. One of the most troublesome is the exorbitant cost of college and the consequent burden of student debt. Of course, we need to address such issues. But statements like "Or in another country that actually has social mobility" are really an absurd exaggeration.

[Kevin Slater]

How are you planning on celebrating? A mortgage burning bbq ...

 

I realluy wanted to do that with the first one, but I think they didn't send anything that would be appropriate to burn. I think I wasn't inclined to destroy the original documentation. I guess this is where the term in effigy comes in.

 

Kevin Slater

[gallahadesquire]

The team did so badly, Iowa State burned the coach in Effigy ...

which is a small town outside of Iowa City.

[handiacefailure]

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.

 

That cap really hurt me. I prepaid my 2018 property taxes at the end of December 2017 (our county has the amounts posted so I was able to prepay them and get the deduction for 2017) to maximize the deduction and there was literally a line out the door with people at the county treasurer's office waiting to prepay their taxes for the same reason.

[handiacefailure]

I realluy wanted to do that with the first one, but I think they didn't send anything that would be appropriate to burn. I think I wasn't inclined to destroy the original documentation. I guess this is where the term in effigy comes in.

 

Kevin Slater

 

They should have sent you the release that is filed with the county as well as the original mortgage. As long as the release is filed that is all you need to worry about (I worked in title insurance for many years).

[RealAvalon]

I realluy wanted to do that with the first one, but I think they didn't send anything that would be appropriate to burn. I think I wasn't inclined to destroy the original documentation. I guess this is where the term in effigy comes in.

 

Kevin Slater

I wouldn't burn it either. I have banking records going back 15 years. All very organized, but a complete waste of space.

[+ bigjoey]

Individuals who pursue professions can become millionaires. As a result there are a lot of doctor and lawyer and dentist millionaires out there who started out without an monetary inheritance but a lot fewer multimillionaires who have done so. I would like to see your figures for those with 10 million or 25 million. I grant you there are sports stars and entertainment individuals who started out with little and who have gained great wealth. But as someone who started with a very blue collar way of life, mother a seamstress father a barber, becomeing a physician, even one with little desire to chase the dollar, it was hard to avoid becoming a millionaire. However, I may not have inherited wealth, but I did start out with a stable home, food on the table and an opportunity to go to school with minimal expense through the state system. my guess is most millionaires were similarly blessed.

So I think I inherited a lot to become a millionaire, but I would have needed to add monetary support to make it to the realm of the multimillionaires.

By the way, many rich folks tend to downplay the role of the factors that got them there. In addition, inheritances are usually given with the death of a parent, less so other relatives, so do your figure include, gifts, trusts, and assorted other monetary gifts such as tuition and connections. Start including all the advantages that rich people have to accumulate more wealth and your figures would likely turn into the ether up which they were written,

Back to Kevin, three apartments free and clear except for everything else you need to keep them going, congrats to you. Did you have a mortgage burning party? My parents had one when they finally paid off the mortgage on their $14000 home after the usual 25 to 30 year trek.

 

Today, many young people have become millionaires by working in high tech. The richest people in Kansas City where I live are not the old line families but the younger ones working for Cerner and Garmin.

 

The reason home prices are rising fast in places like San Francisco and Seattle and Austin are all these newly created millionaires in high tech creating a fast growing demand for housing.

 

Yes, you started out with a stable home; that is one if the keys to success in life. Family and education are two keys to ending poverty. No secret there. Those are two themes I have been posting about for years only to be attacked. Those are two areas where people need to take personal responsibility rather than blaming society for their failures.

 

Yes, social factors come into play as well. But often government hinders people rising from poverty. Think bad large city school systems that fail to reform themselves generation after generation. Think licensing requirements aimed to keep people out of professions and not to compete with those already in the field.

 

Success is a combination of luck, society’s factors and personal factors. Today, it seems fashionable for some presidential candidates to attack success due to hard work and intelligence. Love to see a debate between Oprah the billionaire and Sanders who thinks her wealth was not earned and deserved.

[mike carey]

'Social mobility' is complex, but it is something that is measured on a society wide basis in most countries. On those rankings, as I recall, the US scores are relatively low. It does not refer just to people becoming millionaires, and to a large extent using that as a metric is a distraction. Those sorts of stories are more in the nature of anecdotes rather than data. Overall measures of social mobility include measuring how common is it for people to move up even one quintile.

[RealAvalon]

You should ask yourself the same question. If you have any curiosity, try reading from sources other than leftist pom-pom girls. For example: The American Dream Abides

 

Those who argue that social mobility in America is declining often base their findings on faulty premises. For example, a blanket comparison between generations ignores some relevant factors, such as the much higher divorce rate, the explosion of single motherhood, smaller average family size.

 

Yes, our nation faces barriers to social mobility. One of the most troublesome is the exorbitant cost of college and the consequent burden of student debt. Of course, we need to address such issues. But statements like "Or in another country that actually has social mobility" are really an absurd exaggeration.

The link I sent you was from Business Insider. Again, you're lack of curiosity is demonstrated.

[BSR]

The link I sent you was from Business Insider. Again, you're lack of curiosity is demonstrated.

 

So what if the article was from Business Insider? Did you bother to read the Natkonal Review piece? Or did you lack curiosity?

[+ Tygerscent]

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

 

Kevin Slater

Congrats~!

[Powlash]

Mortgages are granted differently depending on your social status: employee/unemployed/student, depending on monthly, annual income, or expected family income.

[SimonClark]

Wow, I sincerely congratulate you! Now you are a happy owner of your own real estate. I am sure that you have passed this path with dignity. Well done! Next month I will also make the last mortgage payment on my house. It's just an indescribable feeling. But I would hardly have been able to close the mortgage so quickly and efficiently if I hadn't listened to the financial adviser I hired with Mortgage Advisor York. It was he who tracked all payments and gave advice with which it became possible.

Edited March 3, 2022 by SimonClark

[jeezifonly]

Sex work = work.

Great sex work + discipline = security.

Well done, Slater!!! 👏🏼👏🏼👏🏼👏🏼
 

[Rudynate]

I just had a horrible experience with my lender.  There is something buggy in their web payment portal, and my bank started declining transactions originating from the web portal, saying that the account couldn't be located.  Telephone transactions went right through without a problem.  They began stuffing my mailbox with threatening letters and all kinds of unpleasantness..  I finally got it fixed but I had to spend a lot of time one the phone reaming everyone who I talked to.

[+ friendofsheila]

On 2/24/2020 at 1:31 AM, Kevin Slater said:

 All three apartments are free and clear now.

One apartment to live in.

Second to work in.

Third to..... wrap gifts? 

[+ friendofsheila]

Congratulations, Kevin.