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Rain Man 01-14-2013 12:04 AM

Free at last, free at last, thank god almighty, I ...
 
... no longer have a mortgage, as of yesterday.

Yes, that's right, R8ers. I'm just like you but without the big rig skills. I'm debt free in the big One Three. I owe nothing to no man, and the flag planted in my soil is now my own, and my little empire is no longer claimed by foreign banking powers. From now on, I have a roof over my head as long as I keep current on my taxes and the government doesn't decide that they can make a profit by seizing it via the absolutely insane Supreme Court decision in Kelo v. City of New London

Yessirree, I'm part of the landed gentry now.

Please pardon me if any of this sounds boastful, but hey, I'm the landed gentry. If this was 1790 I could actually vote in an election, so I hope you'll patiently let me revel in it for a few moments.

As a little back story, I was always a responsible sort, and when I got out of college I had a plan to buy a home as quickly as possible and pay it off as quickly as possible so I could retire as quickly as possible. At the time, you could only get a 30-year mortgage, so I thought I'd buy a humble home and pay it off as quickly as possible, and live humbly to help afford the Delorean that I planned to buy as my splurge. So my goal was to pay the house off at 53 and have 12 good earning years until retirement.

For various reasons, that never worked out. I didn't buy my first property (a condo) until I was 31, and I was almost 33 when we bought this house. It was a fixer-upper, and over 12 years the rehab cost more than 1.5 times what the original house purchase cost. But we paid extra here and there, refinanced a few times as interest rates went down, and either paid cash for the rehab work or hammered the home equity loan payments to keep that debt under control. We got the home equity loan paid off eventually, and this year we hammered the payments pretty hard with extra payments.

So at the end of the day, despite a ten-year life detour, I sit here a month before my 50th birthday with a paid-for home and no debt at all, three years ahead of my original schedule. I am happy. I am smug. I carry within me an air of self-satisfaction that few men can match on this particular day unless they're Atlanta Falcons.

Anyone got a lead on a nice Delorean?

Jewish Rabbi 01-14-2013 12:05 AM

Almost 50? Damn you're old.

Sorter 01-14-2013 12:06 AM

Congrats!


Maybe in like 30+ years I can say this. :)

Rain Man 01-14-2013 12:06 AM

Quote:

Originally Posted by Jewish Rabbi (Post 9316496)
Almost 50? Damn you're old.

Au contraire. I have just begun to live.

wazu 01-14-2013 12:08 AM

Congrats, Rainman. That's awesome! A huge accomplishment that I am working my butt off to achieve myself. This thread is just more motivation to finish!

Bugeater 01-14-2013 12:18 AM

I'll have mine paid off just as soon as my lottery numbers come in.

go bo 01-14-2013 12:20 AM

does this mean you're giving up the apricot bmw?

are you going to sell it or donate it to modern art museum?

Rain Man 01-14-2013 12:29 AM

Quote:

Originally Posted by go bowe (Post 9316508)
does this mean you're giving up the apricot bmw?

are you going to sell it or donate it to modern art museum?

Well, it'll probably take me a decade to talk my wife into buying a Delorean, so I think I'll have the apricot BMW for the foreseeable future. And it's back from the repair shop after its little accident, apparently as good as new. (I haven't seen it yet.)

Chief Roundup 01-14-2013 12:31 AM

congrats man.

Rain Man 01-14-2013 12:40 AM

As an aside, I hate it when I can't imbed a video. Anyway, here goes:

http://www.youtube.com/watch?v=IPsI3HI-IPA

The cool thing is that our attached apartment produces rent that will now cover our taxes, insurance, and utilities. I am officially golden.

Phobia 01-14-2013 12:46 AM

Are those gigantic boulders still in the back yard?

go bo 01-14-2013 01:09 AM

Quote:

Originally Posted by Rain Man (Post 9316513)
Well, it'll probably take me a decade to talk my wife into buying a Delorean, so I think I'll have the apricot BMW for the foreseeable future. And it's back from the repair shop after its little accident, apparently as good as new. (I haven't seen it yet.)


it took me a lot longer to get my wife to buy a toyota...

CrazyPhuD 01-14-2013 01:11 AM

The city of Denver declaring eminent domain on Rain Man's house in 3...2.....

TIED5573 01-14-2013 01:20 AM

Wow. Rainman, we hardly knew ya....




Now go get yer shine box.

Munson 01-14-2013 01:28 AM

Congrats!

Now go buy yourself some hookers and cocaine to celebrate. PBJ

Phobia 01-14-2013 01:41 AM

Are those boulders visible on Google Earth?

65TPT 01-14-2013 01:50 AM

Now you can get a reverse mortgage and screw your kids over.

MoreLemonPledge 01-14-2013 02:11 AM

If you're going to quote Martin Luther King, Jr, you're a week too early. Otherwise, congrats!

Marco Polo 01-14-2013 08:32 AM

Congrats! I'm 32 now but hope to have my mortgage paid off when I'm 45.

Brock 01-14-2013 08:33 AM

You still owe the government rent. But congrats anyway.

Amnorix 01-14-2013 08:35 AM

Quote:

Originally Posted by Rain Man (Post 9316522)
As an aside, I hate it when I can't imbed a video. Anyway, here goes:

http://www.youtube.com/watch?v=IPsI3HI-IPA

The cool thing is that our attached apartment produces rent that will now cover our taxes, insurance, and utilities. I am officially golden.


First, congrats.

Second, on Youtube, under the video there is a tab called "Embed". When you select that a box comes up with some funky stuff, starting with "iframe"

Copy and paste that into your message, and it will embed the video.

<iframe width="420" height="315" src="http://www.youtube.com/embed/IPsI3HI-IPA" frameborder="0" allowfullscreen></iframe>

Stewie 01-14-2013 08:38 AM

Congrats Rain Man.

I'm getting close to paying off my mortgage. It's getting to the point where there's not enough interest being paid to help with taxes very much. I haven't figured the tipping point exactly, but when it's no longer beneficial I'll pay it off in one lump sum.

KILLER_CLOWN 01-14-2013 08:41 AM

If ya feel guilty for not making a payment you could always help pay my mortgage, just sayin'

mikeyis4dcats. 01-14-2013 09:04 AM

We are on track currently to have our home paid off when I turn 50 due to a refi last year. Hopefully in the intervening years we will be able to speed that up.

ptlyon 01-14-2013 09:06 AM

Congrats Rain Man!

How would I like to have my mortgage go straight into the savings account!

$860 x 12 - $1800 (for taxes) = $8520 free & clear!!!

kepp 01-14-2013 09:07 AM

Nice job. That has to feel good.

Predarat 01-14-2013 09:58 AM

That is just plain awesome, well done!

notorious 01-14-2013 10:00 AM

Congrats. It must be a great feeling.


I am 35, and we are very close. My goal is to pay it off within 2 years (if I stop buying rifles), but 3 years is more realistic.

Rain Man 01-14-2013 10:35 AM

Quote:

Originally Posted by ptlyon (Post 9316782)
Congrats Rain Man!

How would I like to have my mortgage go straight into the savings account!

$860 x 12 - $1800 (for taxes) = $8520 free & clear!!!


The key for us now is to put that extra money into savings, and not say, "Hey, we have extra money." I'll admit that a splurge is tempting.

Graystoke 01-14-2013 11:10 AM

I was within two years of paying off my mortgage when I was 42.
Then my wife gave me the suprise of my life.
She wanted a divorce.
That set me back at least 15 years or more.
Congrats.

Iowanian 01-14-2013 11:37 AM

Congratulations.

I could be in this position in 4-5 years but no....no....can't have that. We're going to build instead and set myself back another 20 years.

mesmith31 01-14-2013 11:40 AM

Quote:

Originally Posted by Rain Man (Post 9316960)
The key for us now is to put that extra money into savings, and not say, "Hey, we have extra money." I'll admit that a splurge is tempting.

Looks like you will have the Dolorean paid off in about 3 years...

http://cgi.ebay.com/ebaymotors/1981-...item19d80cced7

threebag02 01-14-2013 11:53 AM

Bravo Casa De Rainman

REDHOTGTO 01-14-2013 12:29 PM

i have 6 years left my self, i will be 55 when im done unless i pay a little more in the next few years, cant wait, congrats

Rain Man 01-14-2013 12:55 PM

Quote:

Originally Posted by mesmith31 (Post 9317149)
Looks like you will have the Dolorean paid off in about 3 years...

http://cgi.ebay.com/ebaymotors/1981-...item19d80cced7

You could put gull wing doors on a Yugo and I'd want it. Love those gull wing doors.

My wife gets to pick the next car and she's interested in an SUV. The new Tesla SUV that will be released next year has gull wing doors, so I may be doing a sell job on it. It's good for the environment, you know.

CanadianChief 01-14-2013 02:09 PM

Shit...work till your 65???? I'm outta here when I'm 55!!!

Probably be dead when I'm 56 but that's not the point.

CanadianChief 01-14-2013 02:10 PM

and Congrats by the way!!!

If things work out the way I plan I should have my home paid off when I'm 42.

Rain Man 01-14-2013 02:21 PM

Quote:

Originally Posted by CanadianChief (Post 9317576)
Shit...work till your 65???? I'm outta here when I'm 55!!!

Probably be dead when I'm 56 but that's not the point.


It's not by choice. I could be quite happy right now puttering around the house and telling kids to stay off my lawn, but I can only last about 100 days without food.

Hog's Gone Fishin 01-14-2013 02:29 PM

Congrats Rain Man. I've got 2 years left on my residence and 3-5 years left on about 10 more mortgages. 5 already paid off.

crossbow 01-14-2013 03:02 PM

<Claping>
Well done Sir,

You have broken the bonds of financial slavery. You did it early too. You must have followed a good plan. Enjoy your retirement.


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