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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: writergirl on May 30, 2014, 06:47:48 PM

Title: Advice on getting rid of mortgage payments?
Post by: writergirl on May 30, 2014, 06:47:48 PM
I'm seeking advice on ways to significantly reduce our expenses so we can spend more time together as a family. I want to change the fact that we work just to pay our bills. My thinking is: the less expenses we have, the less we need to work, and the more time we have together as a family.

The mortgage is our biggest money sucker. What can we do to have no monthly mortgage payments but still have a roof over our heads?
Title: Re: Advice on getting rid of mortgage payments?
Post by: bikebum on May 30, 2014, 07:16:40 PM
I think housing is the biggest expense for most of us; it is for me by far. You could:

- downsize to a cheaper place.
- sell it and rent a place if that is a better option where you live; there are some rent vs. buy calculators online you can search for.
-rent out your house and then rent a cheaper place for your family.

Some people like to work hard and pay off the mortgage faster. I have a low interest rate, got a good deal, and don't want to downsize, so I'm staying in my home and making the minimum payments.
Title: Re: Advice on getting rid of mortgage payments?
Post by: Kira on May 30, 2014, 08:35:31 PM
Move into a duplex, fix it up, rent out other side. Should cover a good bit of the mortgage, perhaps all of it if you got a great deal.
Title: Re: Advice on getting rid of mortgage payments?
Post by: arebelspy on June 06, 2014, 10:43:20 PM
What can we do to have no monthly mortgage payments but still have a roof over our heads?

Pay off your mortgage?
Title: Re: Advice on getting rid of mortgage payments?
Post by: Emg03063 on June 07, 2014, 10:16:14 PM
Build your own house, buy a tinyhouse for cash, or live in an RV.
Title: Re: Advice on getting rid of mortgage payments?
Post by: Mississippi Mudstache on June 07, 2014, 11:30:45 PM
I have friends who live for free on a small organic farm. They do chores around the farm in lieu of rent. I was offered a small home where I could live for free last year in exchange for keeping an eye on the place and maintaining the home. The landowner lives elsewhere and wanted someone to stay there to discourage breakins (it's not a dangerous area by any means, just very, very rural and in a county where the local population has sticky fingers) . Unfortunately, it was too far from work to make sense for me.

Anyway, perhaps you could find a situation like that if you're lucky and have the right connections.
Title: Re: Advice on getting rid of mortgage payments?
Post by: Rural on June 08, 2014, 05:05:22 AM
If you're urban, building up a house/pet sitting business can make sense.