divorced and looking for a new place???

Flat track? TT course is a better option.

 

Especially here:

 

sheesh...There were 6 offers on the house. Ours was the lowest. It went for $21,000 over asking price. They can have that shit!

 

Damn bro. Sorry about that. If you have the time, I believe that it can't keep going like that.

I bought some land, and got to it just in time, the hounds were nipping at my heels. I believe the seller wished that he hadn't made the deal with me.

 

I've got nuthin' but time, and enjoy being debt free...

 

I looked for land in UT for over 2 years. It was difficult when I started and that changed to completely impossible. The number are stupid, even without water or power.

I have a buddy who lives in Denver who is trying to find a home in the Arkansas hills. He has had the same experience that you have.

 

If you've got the time to wait, this bubble doesn't have much time left. People have been buying on emotion instead of intelligent planning, and a friend at my bank says the number of defaults has skyrocketed in the last couple of months. They're also nearly all purchases within the last 6 months. My house is 'worth' nearly 50% more than what I paid in 2018. I don't think for a second that it's real, and if I sold it, it's not like I could buy something similar for less. That original property you posted seems like a deal. Around here, it would be easily double, particularly since that type of property has always been hot property in my area. That's why it took me 2 years to find something, as I was in competition with older guys who had the money to throw at something, just because it had outbuildings.

 

I've had several people in my neighborhood sell their homes and move to something smaller which was a great deal for them. They buyers just paid a ridiculous premium for homes that are going to drop 200K in perceived value in 6 months. I do feel a little bad for them as they'll be way upside down for while.

 

It's a great opportunity to take on tax write-off debt and pay it back over the next 30 years with far cheaper dollars. Provided, of course, that you don't overpay. As with any investment, profit {or loss) begins when you buy.

 

No matter how I try I can't get on board with this logic

 

It has to do with present and future value of your dollars. Basic concept is that you dollar will never be worth more than it is today. with the specter of significant inflation, your payments will be made with dollars that are worth less and you will receive a reduction in income taxes due to interest. It's an interesting theory.

 

Thats also assuming you have enough deductions that you can take the mortgage interest deduction too... with interest rates as low as they are, it might be difficult to itemize more than the standard deducton now.

 

Go buy a full basket of groceries tonight. Keep your receipt. Put it in a safe place along with last year's tax return to remind you how much you made last year.

Bookmark this thread, and set up a calendar reminder to read it again in ten, fifteen, and twenty years. Go out each year and buy that same basket of groceries. Compare the receipt each time to tonight's receipt. Compare also, your W2 from the previous year.

It'll all make sense then.

It'll be too late to take advantage of it, but it will make sense.

 

+ 2

 

Yeah...since they upped the standard deduction, it takes a lot more itemized deductions to make it worthwhile. Then again, I probably am also feeling the effects my daughter no longer legally being a dependent. (reality is a bit different)

 

Oh, I understand the theory... just not the practice of spending $300K to "make" money

 

My 2020 taxes were the first time I used the standard deduction since I was in my early 20s.

After my refi in Feb (2.25% 20yr) I was shocked that my first payment I paid more in principle than interest. I suspect my 2021 taxes will be the same as last year, standard deduction.

 

I haven't been able to take more than the std. for many years. And apparently I make $3.50 too much to write off my IRA contributions...so I'll effectively be taxed twice on that.

 

Have a cheap place in Brazil short term if your interested, or just looking to get away for 3 months.5 min walk too the beach

 

I don't like walking also the beach