Author Topic: Mortgage Free!!!  (Read 1288 times)

groove251

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Mortgage Free!!!
« on: June 05, 2018, 04:59:06 PM »
Hi everyone, I just wanted to share some things that have been AWESOME for us! I have been slowly trying to become debt free over the past 12 years and just BOUGHT A HOUSE WITH CASH! So me and my family are totally debt free. AND the new house has a separate apartment to rent! I'm so stoked! So I went from paying almost $2100 a month to paying NOTHING! Or better yet, if I rent out the apt. I'm actually making money now instead of spending it! Yay!

I did this by renovating 3 houses (not at the same time) in Portland OR. The real estate went crazy here and I picked good properties. We bought this last one for $438k (putting $150k down) in 2013 and spent around $85k (and a ton of sweat) in the remodel. We sold it in 8 hours for $875k! full asking price! We closed on it yesterday.

After paying off the mortgage, etc. I netted a clean $560k. I just put in an offer for a house in Nashville TN (where I'm from) and it was accepted. Nashville is cheaper than portland so I was able to buy it for less than the $560k. I can rent out the apt. in my new house for around $1000 a month if I want to make some extra money.

Packing up the van next week and seeing the country side for a few weeks before moving into our sweet new home. Life is good! : )
« Last Edit: June 05, 2018, 08:44:36 PM by groove251 »

FireHiker

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Re: Debt Free Baby!!!
« Reply #1 on: June 05, 2018, 06:05:37 PM »
Congratulations!!

Norioch

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Re: Debt Free Baby!!!
« Reply #2 on: June 05, 2018, 06:31:55 PM »
Congratulations! That's huge! I saw the thread title and I came in here thinking this would be about paying off student loans, which would still be praiseworthy, but this is much bigger than that. You own a home outright which means no rent or mortgage payment.  You'll be able to massively accelerate your savings with those two regular expenses gone.

groove251

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Re: Debt Free Baby!!!
« Reply #3 on: June 05, 2018, 07:37:04 PM »
Thanks so much! yea, i can hardly believe it. We got this crazy idea to not have a mortgage a long time ago and then I began tinkering with all sorts of ways to do it. Once I saw that the sale price in portland had gotten high enough to buy a house outright in nashville, we pulled the trigger. The funny thing is how most people just assume that paying rent or a mortgage is just a part of life, but I always hated it. When i mentioned my plans to people around here, they said "oh you should wait and you will get EVEN MORE money in a year" or they would try to talk me into staying in the house despite how expensive it was because portland "is so cool".

But, we decided we had enough and didn't want to try to be greedy and time the market exactly right. I'm comfortable with the decision and I cant wait to see the bank accounts grow now that the dumb mortgage isn't a part of our lives! : )
« Last Edit: June 05, 2018, 07:44:17 PM by groove251 »

soccerluvof4

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Re: Mortgage Free!!!
« Reply #4 on: June 07, 2018, 02:58:53 AM »
That is so awesome congrats! I have been mortgage free for years but looked now for years to find something to buy and rent out and or flip and just cant find it in my area.

bcbaseballman

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Re: Mortgage Free!!!
« Reply #5 on: June 07, 2018, 07:22:16 AM »
Congratulations!! Someday I will be there as well. Hopefully sooner than later

KBecks

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Re: Mortgage Free!!!
« Reply #6 on: June 07, 2018, 07:26:11 AM »
Congratulations!

shinn497

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WELL DONE!
« Reply #7 on: June 07, 2018, 11:23:55 PM »
Hell yeah! This is insanely awesome! I also want to try and buy a house in cash so this is a great inspiration!