Mortgages No More :)

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Submitted by flu on August 16, 2019 - 9:47am

I paid off my last mortgage today...And am free and clear on everything.

Free at last free at last... thank God I am free at last.

I figure my choices are letting cash sit off the side and earn 2% or pay off a 4.25%... And there's a lot of cash sitting on the sideline doing that 2% nothing...So while it might take some time for some decent property to become available, I'd figure I'd eliminate all major debts while the going is good. It also looks like I won't be forced to retire anytime e soon. Just found another gig that closer to home with a bigger role.

Submitted by carlsbadworker on August 16, 2019 - 9:57am.

congrats!

Submitted by rent4now on August 16, 2019 - 10:12am.

Thats awesome Flu!

Just out of curiosity, how long did it take to payoff your mortgage and roughly how old are you? For me personally, Its hard to even imagine being mortgage free. Thanks for giving us some hope!

Submitted by flu on August 16, 2019 - 10:22am.

Both digits of my are are even numbers :)

My primary home took about 10 years.
It started out with a 30 year loan, and I kept refinancing them as rates went down, keeping the same payments, and then refinanced into a 15 year. Some vested stock and bonus went into paying it off along the way (my way to taking money out of the markets)..
That was a few years ago.

This last rental was on 30 year 4.25% I think it took me about 8 years. The loan was small, and I was making double payments each month from the rental income I got on the other props... I paid the remaining balance with an unexpected bonus I just got right before I am leaving my current employer. Not sure why we got one, considering our company last month was having trouble with payroll.. But I'll take it, lol

Submitted by gzz on August 16, 2019 - 3:29pm.

The financial press is so gloomy. OMG inverted yield curve!

Yet in real life: raises, bonuses, and job advancement like Flu seems a whole lot more common than economic stress.

Personally, 2019 will be my best year ever in business, and my only “hardship” is I keep paying raises and have been having a very difficult time even getting resumes for my open position that in 2015 was very easy to fill.

Submitted by flu on August 16, 2019 - 4:20pm.

I might have been able to stay at my current place a little longer. But it was getting to the point getting paid a lot to do very little, while at the same time being late on payroll three times.. More funding was secured but one of my execs left and then put in a good word for me that led to meeting the division president and a few other execs... and bam... got a bigger position.... It took about 2 weeks to hammer out a comp package. Comp wise, it's a slight bump, not that much more. But title-wise, it's a bigger step up. And the funny part about San Diego is that a lot of companies seem to care a lot about titles, unlike the bay area. Just a quick change in title, I get a completely different set of recruiters contact me with much better jobs instead of those "I got a great entry software engineer position with a starting salary of $80k!!!!" lol

I'm going to milk this unusual demand for techies as long as I can , under my terms, while the going is good.

Submitted by spdrun on August 16, 2019 - 4:31pm.

So making up a fancy title on Linkedin is worth it in San Diego?

Submitted by flu on August 16, 2019 - 6:28pm.

spdrun wrote:
So making up a fancy title on Linkedin is worth it in San Diego?

Yup, pretty much. As a techie, it's a sad truth I didn't want to believe. But titles at a reputable company sometimes do matter. Probably not just at San Diego, maybe not so much in Silly Valley. Assuming one isnt technically incompetent, everyone is roughly the same in terms of technical ability up to a certain point..So the next step I guess is who can put together projects or clean up other people's messes. And it seems like these days, people call me to clean up messes others make, and pay well for doing it. And it's not the 60+ hours I was expecting.
I think I took off whenever I wanted to, went on vacation when I wanted, worked from home when I needed to...and as long as I was sort of flexible so were they.... Almost better than consulting since during the lull of no work, I was still being paid, lol. It might have something to do with why they almost missed payroll, but hey, that wasn't within my control....And it was a serious consideration. Should I stay and continue to do very little for a lot of benefits or leave and be more productive....Wasn't easy...

Now titles from rinky companies probably are suspect..Im pretty sure VP at Flu Inc wouldn't get that far. There's a joke in China..Everyone is a Doctor.... Everyone is a Professor.... And everyone has an MBA....You worked at a hospital? You call yourself a Doctor....lol. You taught some grade school math? You call yourself a Professor...
If you work at a startup..5 of you will be VP, and the one guy doing the real work will be Principal Engineer... I use to be that idiot one guy! It was frsutrating. I was technically more competent than them, I could walk the talk, they could only talk....I know better now.. And surprisingly my QOL (quality of life) went up exponentially...It's like I'm living episodes of The Office. Absolutely the worst thing you could do to yourself is turn down management position and let someone less technically competent manage your work. It's almost better to be an incompetent manager that is strong technically, than to work for someone who only talks and technically incompetent..

Submitted by spdrun on August 16, 2019 - 6:30pm.

Spake Flu...

"And it seems like these days, people call me to clean up messes others make, and pay well for doing it."

Submitted by flu on August 16, 2019 - 8:59pm.

My motto..."Show me the money".

Submitted by flu on August 16, 2019 - 6:58pm.

And I am definitely not going to miss that I-5 commute across that 8 mile stretch of double fine 55mph construction zone for the next 2 years. That is the most painful thing these days, when it use to be a fun 70+ ..

Submitted by The-Shoveler on August 17, 2019 - 8:47am.

Congrats on your new position and paying off your mortgages.

Through it does Seems Mortgages rates are low enough that taking out a new one may not be a bad Idea if you can find a good use for the money.

But then again maybe that is why rates are so low (most not finding good places to put money to work).

Submitted by scaredyclassic on August 17, 2019 - 8:51am.

I told my wife if I had no mortgage I'd relax.

She did not believe this to be true.

She said I would find other reasons to be nervous

Submitted by flu on August 17, 2019 - 11:40am.

scaredyclassic wrote:
I told my wife if I had no mortgage I'd relax.

She did not believe this to be true.

She said I would find other reasons to be nervous

I am trying to find newer and more creative ways to consume my net worth on frivolous things. I think I am getting to the point where age is starting to hit me. And I am trying to do more things on my terms. And generally don't give a hoot as much anymore.

My e-bike conversion kit arrived..Can't wait to work on it.
.. I know. I should have just bought an ebike.

life is pretty good...

Submitted by plm on August 17, 2019 - 12:09pm.

Congrats flu! Just paid of my mortgage as well on Tuesday. Didn't make sense to keep the mortgage even if it was only 3% since I'm doing standard deduction now so can't write off the mortgage.

Feels good to be debt free.

Submitted by flu on August 17, 2019 - 12:14pm.

plm wrote:
Congrats flu! Just paid of my mortgage as well on Tuesday. Didn't make sense to keep the mortgage even if it was only 3% since I'm doing standard deduction now so can't write off the mortgage.

Feels good to be debt free.

Ditto.

Congrats to you too!

High Five!

Submitted by hmc on August 17, 2019 - 4:59pm.

It does make sense to pay off primary home mortgage under new tax system.

Submitted by scaredyclassic on August 17, 2019 - 5:03pm.

Unless mortgage rates get to zero. Which they might.

Submitted by flu on August 18, 2019 - 1:44am.

scaredyclassic wrote:
Unless mortgage rates get to zero. Which they might.

if that happens. I will be the first to do cash out refinance as much of all my real estate equity as I could and go on. real estate shopping spree. And I am sure just about every homeowner with or without a mortgage would refinance too

Submitted by flyer on August 18, 2019 - 8:24pm.

Definitely agree it's a great feeling to have all of the real estate paid off, flu. Congrats on that and the new job.

After we had the RE investments taken care of in our late 40's, we moved onto other more creative, yet more risky investments, like film, etc. You win some, you lose some, but the net has been great, and is far more interesting. Whatever you decide to do--investment wise--enjoy it, and do your due diligence.

Edit: Per the LTC discussion. Our thought has always been to plan well in all aspects of your life, but enjoy every day to the max, because no one really knows what the future will bring.

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