Free and clear, out right ownership

Discussion in 'Financial Cents' started by oil pan 4, Jun 28, 2016.


?
  1. I own it, its mine, all mine muhahahahaaha!

  2. Mortgage or other arrangement where you pay to stay and will eventaually own it

  3. Rent

  4. other (base housing, live in your parents basement, company provided housing, friends couch)

  5. A van down by the river.

Results are only viewable after voting.
  1. oil pan 4

    oil pan 4 Monkey+++

    Works for me.
     
  2. RightHand

    RightHand Been There, Done That RIP 4/15/21 Moderator Moderator Emeritus Founding Member

    I'm envious of those of you who say your property taxes are $300-$400 a year. When you live in the taxation capital of the USA, as I do, my taxes are upward of $10K a year. A mortgage would be cheaper
     
  3. Motomom34

    Motomom34 Monkey+++

    Well that is confusing. I am going to spend time trying to figure out what that means.

    LOL! you sound just like @Brokor, he is always correcting me saying, "you do not own anything."
     
    Ganado and Brokor like this.
  4. BlueDuck

    BlueDuck Monkey+++

    Mines paid for. Has been for 20 years or more. Not overly impressive but its mine. $750/yr taxes, but I can live with that. Ya the government can try to take it if I ever slide on the taxes, but if we get to that point, I think they will have bigger fish to fry.
     
    Ganado likes this.
  5. oil pan 4

    oil pan 4 Monkey+++

    That's pretty good. A lot of people pay $750 a month or more just to have the bank keep most of it.
     
  6. Pineknot

    Pineknot Concrete Monkey

    Since we never truly own anything, if you are in an area that will receive the early brunt of any action, its never too late to get out of a bad deal. Sell the place for what you can get, move to a more positive location, finance as long as allowed. Use the time to put up a couple of years worth of payment then once you are comfortable and set up start making double payments. Make early arrangements with the banks on interest only if the need arises.
     
  7. Dunerunner

    Dunerunner Brewery Monkey Moderator

  8. DKR

    DKR Raconteur of the first stripe

    How fun. We became home owners in 2005. We bought the house in 1991. Taking a 30 yr note was to keep the initial cost low as I was leaving the military.

    We paid off the note in 14 years - we drove old cars, took local 'vacations' etc. I'm fortunate that my wife is as debt adverse as I am. While our poverty eeerr property taxes are 4K a year, we are on the grid in town. I like running water, electric that works and services on call. Nothing is free, tho.over-priced may apply here in Los Anchorage.

    I do see the lure of the so-called tiny home movement, but the prices I've seen are utterly ridiculous for what is, in reality, an over priced, home built, house trailer. I would think a pre-fab would offer a better price/size ratio.
     
  9. Brokor

    Brokor Live Free or Cry Moderator Site Supporter+++ Founding Member

    I know some folks don't want to hear it, but I do have an obligation to set the record straight, if not just for accurate record keeping purposes, but to make it known for all who visit this thread.

    I'm the kind of man who understands the situation for what it is. I know that Americans do not truly own property, and if I really wanted to assert my sovereign rights I would have to actually own property to exercise them, since rights can only be exercised through property ownership. For example, assuming we actually did own property like our ancestors once did, I couldn't walk over to your land and claim to have a right to cut your trees down or burn a portion of your land. It's your land, I have no right to it, nor does any agency or "authority". You can do what you want with your property --it's yours. I still couldn't do this today, but the difference is the property belongs to the State, not any one of us. In the republic we once had, all property owners were truly Kings and Queens unto themselves. Nobody had more right than you on your property, period. If you wanted to build a house, you could do so on your land, unhindered and without police, bureaucracies, laws or rules getting in the way. If you wanted to burn your home to the ground, it was yours to do with as you saw fit. Now, if your home burned and caught the neighbors land and home on fire, you had to answer for damaging their property. Such is the way with common law and the republic we once had.

    We do not have inalienable rights any longer, we have only privileges assigned by a "government", who have the public consent to govern us, regulate us, punish us, and control us as they see fit. The Constitution is a delegation of authority from the people to its servant government, but it has become only a document to be referenced by scholars and given lip service in an Admiralty Court which operates only to serve corporate policy under the emergency of war powers. We essentially have what appears to be a dictatorship with the Executive Branch in control by means of an extension through Congressional approval which is insoluble except by Executive Order. And we should all know that no POTUS is ever going to sign away absolute power. The corporations control who they install in office, and the entire nationalistic pride campaign and illusion of Democracy keeps the train rolling on schedule. Every Federal, State, and local government is a corporation, and they invest in other corporations. This makes them part owners of these corporations, as shareholders. Meanwhile, the corporate oligarchy continues to plunder and make perpetual war. The citizenry are taxed like slaves. The property you believe you own is only real estate which sits on land claimed by the State and you pay rent to live on it. Stop paying your tax, and it is taken from you by agents of the State. Resist, and you are shot and killed.

    But, who cares? We still have houses, we still have families and entertainment, right? We still have our GUNS, and believe we are free and many people still hold their heads high and feel proud when the national anthem is played and the President's maritime flag is raised up. At every baseball game, every football event, we get to be reminded how free we are. Every bombing campaign on foreign soil, with every genocidal event, we can claim we are making the world more free and safer from the evil terrorists who were certainly not trained, funded, and protected by alphabet agencies and our own secret government. Surely, we are still free and we can do no wrong, because Benjamin Franklin and Thomas Jefferson and George Washington and apple pie and red-white-blue and sports cars and Brad Pitt and corvettes and voting and space shuttles and 'MURICA!
     
    Idahoser, Minuteman, chimo and 2 others like this.
  10. Ganado

    Ganado Monkey+++

    [clp][bestpost][applaud][applaud][applaud][applaud]

    yeh but..... people still think politics matter.... pay no attention to the man behind the curtain!
    Nice post @Brokor
     
    Brokor likes this.
  11. Legion489

    Legion489 Rev. 2:19 Banned

    Well I'm not sure who said it, but some where I remember some one saying:

    " It's mine, all mine, but so are the taxes. Let's not let this thread deteriorate into that question of what ownership means vs. who pays rent to whom. That argument is stale and misplaced in this thread, no matter true or not."

    I liked that "true or not". It is true, but you better not tell the truth!
     
  12. Kingfish

    Kingfish Self Reliant

    We pay 920.00 a month. Our Mortgage is actually 886.00 . W e also pay BI Weekly and hit the principle twice every month this way. we have 6 years to go and the note is paid. Ill be 64.
     
    3cyl likes this.
  13. oil pan 4

    oil pan 4 Monkey+++

    Well the alternative to ownership is a lifetime of debt, the rat race, keeping up with the neighbors which all makes the banks rich and amounts to economic slavery where your pay check was never yours it belongs to someone before you even earn it. And a lot of people are perfectly fine with this.
     
  14. Kingfish

    Kingfish Self Reliant

    I agree however with Broker. We don't really own it even when its paid for. I would like to see where every dollar of my property taxes go. What agency gets what? Supposed to be for local schools but how much actually goes to the local school?? I can stop paying some taxes by not buying certain things and by not selling fishing lures in the United States. The fact that the county can take my land for failure to pay two years in taxes is so very wrong. W e gave them this right and that is one of the many wrong turns we made.
     
  15. chimo

    chimo the few, the proud, the jarhead monkey crowd

    The fact that I don't own it, even if mortgage free, is why we pulled the trigger and sold the old, almost paid for, house in the exburbs and bought this place a little further out in farm/Amish country, increasing the balance of said mortgage. We figured that if we can't own it outright, we might as well "not own" a place we like better, in a location we like better. The term molon labe is applicable to more than just the guns I don't own. ;)
     
    oldbee1966, Brokor, Yard Dart and 2 others like this.
  16. oil pan 4

    oil pan 4 Monkey+++

    The problem with really not owning it is now the banks owns a good portion of your pack check too.
    My rent from the city/state here is about 1/3 of 1 paycheck from me or my wife one time a year. Taxes here are really cheap.
    Where renting or renting from the bank takes up to 1/2 of all a persons take home pay.
    I know which boat I would rather be in.
    If the state steals my land say to make the road wider I will just go find another place out in the country, pay cash for it with alittle of the money we saved from not making the banks rich.
     
    Gator 45/70 likes this.
  17. Mountain mama

    Mountain mama Monkey++

    We had to take out a mortgage to pay Hubby's brothers their portion of his old home place. Will own in 10 years though... No 30 yr mortgage for us!
     
    Gator 45/70 likes this.
  18. oil pan 4

    oil pan 4 Monkey+++

    I applied for a 10 year once, and the bank wold only give me a 30 year.
    Guess they really want those lifetime economic slaves.
    Now I pay the banks nothing.
    People like me are their worst nightmare.
    I think the name for my class is the "free proletariats".
     
    Gator 45/70 likes this.
  19. TnAndy

    TnAndy Senior Member Founding Member

    IF I was going to get a mortgage, it would be a 30 year for sure. That commits you to the smallest payment. Should you 'step in a hole' (lose income source, health problem, etc), you might still be able to make the payment until you got out of the hole. If you want it to be a 10 year mortgage, simply add enough to the payment to make it pay off in 10 years, or whatever time period you want. Heck, you can make a 30 year a one year if you can stand those 12 payments.

    The BEST way to avoid providing bankers with a steady income stream is build your own home.....ideally for cash, but at least just for the materials and whatever labor you absolutely must subcontract. The only 2 homes we've both owned and lived in, wife and I built both. First was a small starter house in 1976: 2brdrm, 1 bath, attached single garage, 1000sqft of living space. Spent 10k of our savings (bought lot + shell materials), borrowed 10k to finish it off. Paid off in 6 years, sold it in 1984 for 50k.

    Owner financed the then raw land property we live on now for 20 years (75k), we put the 50k + some savings in building current house. Paid the land off in 8 years. Been mortgage free since 1990. 10 years later, starting building single family houses for rental, built three from savings and rolling rent back into the next and next, and never borrowed a dime on them either.

    Your own labor is a HUGE resource.....it's worth what you would pay someone else + your tax rate on the money you have to earn to pay someone else + often the interest you'd pay to borrow the money on something like a home to be paid back with those after tax dollars.
    Our first house
    [​IMG]

    Rental 1
    [​IMG]

    Rental 2
    [​IMG]

    Rental 3
    [​IMG]
     
    Yard Dart and Gator 45/70 like this.
  20. oil pan 4

    oil pan 4 Monkey+++

    You're such a slum lord lol.

    Depending on the interest rates the sad thing is the payment on a 20 year mortgage is usually 10 to 20% more than the 30 year. Over 20 years you are still paying a cap ton of interest.

    15 year seems to be the sweet spot payments can be as low as equaling that of a 30 year to slightly more. There is less risk on a 15 year and you pay in less interest.

    Things get really interesting on a 10 year, payments are 30 to 50% more, but you pay hardly any interest compared to a 30 year.

    On a 30 year, depending on the rate you pay double the purchase price of your house. Once for the price of the house and at least once again for the interest. So that $100,000 house actually costs you around $250,000 by the time it's paid off.

    A 10 year usually has a total cost of 130,00 to 150,000 total.

    Most people just want the lowest possible payment so they can also pick up a new vehicle payment too.
     
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