Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Though not a lot and build we bought a house for that in cash. We could have done double that if we sold stock but that would have meant a house that was much too big. Just average people who never bought anything they couldn’t pay cash for. We also did not have kids so I will admit that helped a lot. Sure my husband came home with how so and so bought a brand new BMW for his kid but cars were never my idea of wealth. I was happy driving my 10 year old car. Today at 67 and 68 we have no financial worries, can’t say as much for the BMW guy.
Yeah, my favorite car is paid for too. Most BMW's are leased.
I will say the closer I get to the finish line the more motivated I am, and I'm taking pride with the results. Regardless the payment is going to be hell though
To the average real estate investor I would say congrats! You took $250k and turned it into roughly $400K of equity. I get that cash flow is tight but it does make sense to live in it a few years from a tax and personal perspective. I would recommend getting a line of credit against that equity in case of an emergency. Did you ever consider maybe renting a room, or maybe renting out some of your land to campers? You could create some affordable glamping sites on that 3.1 acres and be the local property manager. It will keep your mind busy and the conversation flowing with your guests. You just need to reverse engineer the numbers to fit your comfort. If a 3k mortgage is more your speed then find ways to make an extra 1K a month to offset that 4K number that's giving you stress. Wishing you the best!
We originally discussed doing mini cabins for extra income as that Torch Lake is a big draw. The local township has an ordinance against short term rentals though, and in the end I really didnt want a bunch of people sharing our beach so it was just as well I suppose.
Even though our payment is horrible, I do know that we have nearly doubled what we came into this with, and in tracking house sales it seems as though northern Michigan lake houses havent taken as big of a hit (so far anyway)
Quote:
Originally Posted by midlifeman
To the average real estate investor I would say congrats! You took $250k and turned it into roughly $400K of equity. I get that cash flow is tight but it does make sense to live in it a few years from a tax and personal perspective. I would recommend getting a line of credit against that equity in case of an emergency. Did you ever consider maybe renting a room, or maybe renting out some of your land to campers? You could create some affordable glamping sites on that 3.1 acres and be the local property manager. It will keep your mind busy and the conversation flowing with your guests. You just need to reverse engineer the numbers to fit your comfort. If a 3k mortgage is more your speed then find ways to make an extra 1K a month to offset that 4K number that's giving you stress. Wishing you the best!
We originally discussed doing mini cabins for extra income as that Torch Lake is a big draw. The local township has an ordinance against short term rentals though, and in the end I really didnt want a bunch of people sharing our beach so it was just as well I suppose.
Even though our payment is horrible, I do know that we have nearly doubled what we came into this with, and in tracking house sales it seems as though northern Michigan lake houses havent taken as big of a hit (so far anyway)
Could you post a photo or two of your beach? I know it may be covered with snow right now.
The other photos you have posted in this thread have been interesting.
It has slowed us a bit (the snow), we got dumped on pretty good, much of it melted but now its about to be in the 20's again. I did put the steel roof on the porch the other day, and today was siding trim in the rain.
I'd love to post more pics, didnt want to bore you guys with them.
And
Quote:
Originally Posted by matisse12
Could you post a photo or two of your beach? I know it may be covered with snow right now.
The other photos you have posted in this thread have been interesting.
From the listing and when I first put the flooring on
Last edited by lpranger467; 11-29-2022 at 06:14 PM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
creating income
