Using Equity to Purchase New Home

It's a 1960's house, what did you expect? Pure middle class back in the day.

 

Ha I meant the updates, gold chandeliers and gaudy everything.

 

Buddy Holly museum!

 

Paid for is paid for brother. Good for you. That's a nice pad.

We still budget like we are working 2 jobs each to get into our first one. My "allowance" is a little easier to come by these days however.

 

This was the first one. - 7625 Leeward Sound, Cumming, GA 30041 | Zillow built for a whopping $146k. We sold it for $235k.

The second - 7690 Scenic Dr, Cumming, GA 30041 | Zillow - Bought for $450k.

And the current - 90 Timberwood Cv, Cleveland, GA 30528 | Zillow

 

That was a direct result of NE influenced "kick the can as long as you can" policy and Condo Commando incompetence.
People died and the State has its duty to protect them from themselves.
Its a windfall if you are a licensed structural engineer that knows what they are doing. If not just carry suitable liability coverage.

 

there is a difference between an "economy collapsing" , and inflation from printing way too much money and tossing it around for awhile, causing a slow down ...

 

this was a prime reason the supply of homes is low, and in part, led to higher home prices.. when rates went up due to inflation, many that would have been in market for another home, decided "it ain't worth it to sell".

anyone lookin to move to tampa.. buy my place
https://www.zillow.com/homes/4317-Honey-Vista-Cir-Tampa,-FL-33624_rb/44887659_zpid/

 

See, you keep on going bigger and bigger. We're DEFINITELY downsizing. 3000sf on 5 acres is more than I want to take care of when I get old.

 

Ill give you tree fiddy for it.

 

How long on the market?

Do you include any sweet two stroke bikes that I can take on cool jumps?

 

I agree...somewhat. I think my final plan will be smallish house...big shops and 20+ acres. The land is so no one bothers me. Because that has never happened right?

https://en.wikipedia.org/wiki/Ruby_Ridge_standoff

 

Just make sure nothing looks like it's a half-inch short.

 

Yeah, putting up with neighbors so close to me I can smell what they're cooking for dinner is going to take some getting used to.

And as much as I love dawgs, someone else's barkin' ass mutt is about the most annoying thing ever.

 

What are the tax advantages on the 3 :

-HELOC

-Cash out Refi

-Loan against 401k

Will be paying myself rent for shop, and house in front of it has a renter that will also be paying rent.

 

Damn I thought Tampa was cheap, not a bad house but $650?? Hope you make some money on it though.

 

My neighbors deserve their own thread, they’re so bad I want to move. Long story short, a company in Texas bought a 400k house in a nice suburb and made it section 8. 3 years of crackheads and just waiting for them to sell it but it’s not happening.

 

The new house is smaller than the previous house. Just more land. We did part with a bunch of stuff rather than move it, so we did downsize a bit. The yard is bigger but no grass to cut and most of it I let nature handle the day to day operations. Trimming bushes, blowing leaves and playing pick up sticks is the bulk of the workload for the yard.

 

I did the cash out re-fi on a rental property I own in Cincinnati to buy another rental property in FL and it worked great. That was with low interest rates though and i went from 3.5% down to 2.85% or so on the existing one and got about 3% on the new one. With rates where they are right now, it would greatly depend on what your original interest rate is and if it's worth losing that rate (which it's probably not). They will typically only lend on 75% of the equity you have in the place so keep that in mind too. I don't think i'd go the 401k route but teh HELOC could be a good option if you have a good rate right now and don't wanna lose that.

 

I'm at the end of a dead end gravel road 20 miles from town. I've got 90 acres and back up to a state wildlife area, my nearest neighbor is 300 yards away and the next about 1/2 a mile. Don't really care what it's worth, cause it won't be sold while I'm still breathing. The only thing I'm trying to figure out is replacing my 36x48 shop with a 50x80, then I'll be set.