House Mortgage -- Countdown

[Randomsaver]

Hi Guys - made piping up with another update. Made a mortgage should owe $277,000 when this payment hits.

Go for it!

[james.hendrickson]

Hi Guys - made piping up with another update. Made a mortgage should owe $277,000 when this payment hits.

[Randomsaver]

Dec 2025: $69,999

No changes from the prior few years updates.
*Paying off $10K per year
*Mostly ignoring while we have 2 kids in college
*Expect to just pay off somewhere south of $50K

It's down to a manageable level.....that is key here. Two kids in college is tough. I avoided it by having more than 5 year gap in kids. So, only 1 in college for me for now. Other still in middle school.

[Randomsaver]

Update: paid off 2 of 3 homes. 2 of the 3 are rented, and happy to report only owe $44k in total debt!

It's been super fun catching up on everyone's progress and sharing their struggles/solutions.

Terrific!

[Randomsaver]

Bought my fourth property.

Sold this this week. Freed up cash for my next purchase - land.

[james.hendrickson]

Update: paid off 2 of 3 homes. 2 of the 3 are rented, and happy to report only owe $44k in total debt!

It's been super fun catching up on everyone's progress and sharing their struggles/solutions.

This is amazing and great progress.

[amarowsky]

Update: paid off 2 of 3 homes. 2 of the 3 are rented, and happy to report only owe $44k in total debt!

It's been super fun catching up on everyone's progress and sharing their struggles/solutions.

[MonkeyMama]

Dec 2024: $79,999

Dec 2025: $69,999

No changes from the prior few years updates.
*Paying off $10K per year
*Mostly ignoring while we have 2 kids in college
*Expect to just pay off somewhere south of $50K

[james.hendrickson]

Go for it James...once the debt is done, you would find the next purchase is easier. It's like savings... the first $100K is the hardest.

Random saver, thanks for the encouragement, I really, really appreciate it.

[Randomsaver]

Go for it James...once the debt is done, you would find the next purchase is easier. It's like savings... the first $100K is the hardest.

[james.hendrickson]

All - posting another update here. I made another payment on my mortgage on Tuesday of this week, bringing the total down to $284,905.33.

[Randomsaver]

Bought my fourth property.



This has been appropriated separate from my retirement $ in the Countup thread. I bought this almost cash with minimal debt that I can pay fully by end of year.

My 2 other properties.

[Randomsaver]

The hedge against inflation cannot be understated. But here is another --- hedge against today's market downturn. I agree though at some point, it's time to cash it up and enjoy the moolah! And guess what, not only had you lived rent-free but you earned more, sometimes more than what the market gave you (if the location is right).

[LivingAlmostLarge]

What I learned in life is avoid rent for more than a year, 2 at the most. For me rent is paying other people's mortgage or retirement. Believe me, I know that because I am a landlord of 2 properties now. When I comment out on youtube, I put on my landlord cap and post stuff why rent is good than owning. But on this site, I put on my advisor cap and I would like folks to get out of rent instead.

The best way to do this is by starting small, get something you can buy right away. These would be mostly townhouses or condos, not because they are cheap.... some of these are more expensive per sqft...but because of their smaller sizes, like 1 BR or 2 BR, they become more affordable.

Then as you get bigger pay and save more...sell and move to the one you like. Me, I've kept all as I find it easier to rent smaller units out. The rents are small also but the capital gains are nice. That's the other thing about smaller units of properties, one can get great locations.

Renting and owning have a time and purpose like Disneysteve said. His mom has rented for 18 years. I can definitely see the appeal in the end stages of life of renting. Call landlord when anything breaks.

But i think homeownership is the cornerstore of financial freedom in some ways. Hedge against inflation, appreication, leverage.

[disneysteve]

I don't agree with a lot of this. In my opinion there are one heck of a lot of people out there that would be much better off as renters than home owners.
It's almost always cheaper to rent than own when you start considering things like upkeep costs, taxes, snow removal, lawn care, etc., etc. Not to mention the tools and equipment you'll need to own to maintain the place.

A home owner either needs to have deep enough pockets to pay and have everything done, or needs to be physically able and somewhat handy to do all the upkeep, maintenance, minor repairs, lawn care, etc. Many home owners do not fall into either category and it's not hard to spot their homes as they are usually in disrepair. Some of those folks are losing equity rather than gaining.

I agree. Saying that owning is always better simply isn’t true. There are many situations where renting makes way more sense. My mom has been renting for the past 18 years and I’m very glad she no longer owns her own place.