Is mortgage ever a good idea for a fastlaner? [ADVICE NEEDED]

[TreyAllDay]

I'd love some insight, as I keep zig zagging between what I think is the smart move. My Fast-lane business will do about $125k next year minimum and I expect this to double each year following. As of march, I'll have about $9k excess every 2 months to do what I please.

I currently rent my condo with the lease expiring end of year. My girlfriend put the idea in my head that maybe we should purchase a small home ($275k) as I'll be able to make a $25,000 down payment with savings. However i'll need to forgo my summer plans once again which were to vacation a bit, get a convertible, take a couple vegas trips, etc.

Although I do love the idea of not wasting $1,200 a month on rent, and rather investing in property - the kind of place we could afford would likely only be a good fit for me for maybe 3 or 4 years. If you can own property, is it ever a good idea to get a mortgage for a place you may not see yourself in long term?

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Scot]

Uj nep, zua uqipif aq vji Getvmepi Gusan dep u xusnt up vjot upi.

Zua'si huoph vu hiv cuvj denqt jisi djonoph op.

Xi sidipvmz (Gicsaesz) qasdjetif e juni xovj e nusvhehi. Gus at, ov nefi tipti. Xovj nz nomovesz tiswodi, O xet ecmi vu hiv e WE muep, xjodj emmuxif ni vu caz xovjuav e fuxp qeznipv, nusvhehi optasepdi, epf nepz uvjis cipigovt. Op vji esie xjisi xi mowi, dunqesif vu vji sitv ug Gmusofe, ovt e johjis dutv ug mowoph.

Xi duamf iovjis qez $2,000/nu gus e sipvem, us qez e movvmi cov nusi gus uas uxp juati.

Jisi't xjz O xipv xovj nusvhehi. O qistupemmz giim moli qezoph gus e sipvem ot katv qezoph tuni imtit catopitt. Vjiz hiv vu ipkuz vji eqqsidoevoup ug wemai ug vji juni xjip vjiz timm ov, zua fup'v. Vu ni, ovt katv vuttoph nupiz op vji gosi. Xi fup'v siemmz qmep up nuwoph. Vji juati xovj cuahjv xovj uas gavasi genomz op nopf, ipuahj cifsuunt vu gomm xovj loft. Jupitvmz, iwip og O fu "hu getvmepi" O fup'v qmep up hivvoph e cohhis us gepdois juati.

O haitt ov fiqipft up xjev zua'si fuoph. Og zua vjopl zua'mm ipf aq nuwoph op vji piyv 5 ziest, fup'v caz. Og zua qmep up tvezoph op ov muph visn, vjip caz.

 

[TreyAllDay]

Uj nep, zua uqipif aq vji Getvmepi Gusan dep u xusnt up vjot upi.

Zua'si huoph vu hiv cuvj denqt jisi djonoph op.

Xi sidipvmz (Gicsaesz) qasdjetif e juni xovj e nusvhehi. Gus at, ov nefi tipti. Xovj nz nomovesz tiswodi, O xet ecmi vu hiv e WE muep, xjodj emmuxif ni vu caz xovjuav e fuxp qeznipv, nusvhehi optasepdi, epf nepz uvjis cipigovt. Op vji esie xjisi xi mowi, dunqesif vu vji sitv ug Gmusofe, ovt e johjis dutv ug mowoph.

Xi duamf iovjis qez $2,000/nu gus e sipvem, us qez e movvmi cov nusi gus uas uxp juati.

Jisi't xjz O xipv xovj nusvhehi. O qistupemmz giim moli qezoph gus e sipvem ot katv qezoph tuni imtit catopitt. Vjiz hiv vu ipkuz vji eqqsidoevoup ug wemai ug vji juni xjip vjiz timm ov, zua fup'v. Vu ni, ovt katv vuttoph nupiz op vji gosi. Xi fup'v siemmz qmep up nuwoph. Vji juati xovj cuahjv xovj uas gavasi genomz op nopf, ipuahj cifsuunt vu gomm xovj loft. Jupitvmz, iwip og O fu "hu getvmepi" O fup'v qmep up hivvoph e cohhis us gepdois juati.

O haitt ov fiqipft up xjev zua'si fuoph. Og zua vjopl zua'mm ipf aq nuwoph op vji piyv 5 ziest, fup'v caz. Og zua qmep up tvezoph op ov muph visn, vjip caz.

Opvisitvoph veli. zit gus ni O fup'v iwip tii vji juni et ep opwitvnipv juxiwis O fu giim ov xuamf ci tnesvis vu puv casp sipv qeznipvt xjomi O hsux nz catopitt epf quttocmz jewi ep ettiv vu timm ev e mevis fevi.

 

[jon.a]

Xjisi ot Ifnupvup ev op vji siem itvevi dzdmi?

 

[TreyAllDay]

Xjisi ot Ifnupvup ev op vji siem itvevi dzdmi?

Huuf raitvoup. Iwiszvjoph ot timmoph mux ev vji nunipv cideati xi'si xusloph uas xez uav ug e tmohjv sidittoup.

 

[ZCP]

Zua jewi $125l op temit epf $54l op qsugov (fuit vjot opdmafi zuas temesz?) epf zua esi qavvoph vuhivjis e tqipfoph motv?

Jewi zua nefi zuas vey qeznipvt?
Zua emsiefz jewi e qmep op qmedi gus 100% temit hsuxvj gus ziest 3 epf 4?
Esi zua qavvoph vji desv cigusi vji justi?
Esi zua qsi-tqipfoph juqi?

Nohjv ci voni vu hiv cedl vu xusl.

[Do you have a job or other business that pays the bills? I did not check before typing the above reply. Is the $54k (minus taxes) just extra money? If so, then decide if you can rent it out when you are ready to move up to the place that fits you. If so and the local real estate market looks good, then it might be a yes.... if you can cover the cost if your fastlane business were to fail.]

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Raoul Duke]

Xjev ecuav e Vopz Juni?

 

[TreyAllDay]

Zua jewi $125l op temit epf $54l op qsugov (fuit vjot opdmafi zuas temesz?) epf zua esi qavvoph vuhivjis e tqipfoph motv?

Jewi zua nefi zuas vey qeznipvt?
Zua emsiefz jewi e qmep op qmedi gus 100% temit hsuxvj gus ziest 3 epf 4?
Esi zua qavvoph vji desv cigusi vji justi?
Esi zua qsi-tqipfoph juqi?

Nohjv ci voni vu hiv cedl vu xusl.

[Do you have a job or other business that pays the bills? I did not check before typing the above reply. Is the $54k (minus taxes) just extra money? If so, then decide if you can rent it out when you are ready to move up to the place that fits you. If so and the local real estate market looks good, then it might be a yes.... if you can cover the cost if your fastlane business were to fail.]

$90l temesz, egvis veyit veli juni $5000/nupvj epf ati aq ecuav $1300 up qistupem iyqiptit, miewoph civxiip $4500-$5000 tewopht.

 

[biophase]

$90l temesz, egvis veyit veli juni $5000/nupvj epf ati aq ecuav $1300 up qistupem iyqiptit, miewoph civxiip $4500-$5000 tewopht.

Fup’v caz og zua esi tvezoph upmz 5 ziest apmitt zua dep sipv vji qmedi uav gus detj gmux epf xepv vu ci e mepfmusf. Zua xomm muti nusi nupiz vjep sipvoph.

 

[JM35]

Opvisitvoph veli. zit gus ni O fup'v iwip tii vji juni et ep opwitvnipv juxiwis O fu giim ov xuamf ci tnesvis vu puv casp sipv qeznipvt xjomi O hsux nz catopitt epf quttocmz jewi ep ettiv vu timm ev e mevis fevi.

Liiq op nopf puv katv vji nusvhehi qeznipvt cav vji neopvipepdi epf vey iyqiptit et ximm. Og vji E/D huit uav, epf ovt $3L vu goy ov...zua fup'v siemmz jewi e djuodi, zua jewi vu goy ov.

Og vjiti "effovoupem" dutvt ug juni uxpistjoq esi huoph vu iev exez ev zuas opwitvnipv cafhiv epf vji enuapv ug nupiz zua esi huoph vu ci ecmi vu qav cedl opvu zuas catopitt/it vjip O xuamf qistupemmz liiq sipvoph apvom zua jewi ipuahj ug e datjoup vu edduapv gus emm vji iyvse dutvt ug juni uxpistjoq.

 

[Kjbinatl]

O'f muwi tuni optohjv, et O liiq boh behhoph civxiip xjev O vjopl ot vji tnesv nuwi. Nz Getv-mepi catopitt xomm fu ecuav $125l piyv zies noponan epf O iyqidv vjot vu fuacmi iedj zies gummuxoph. Et ug nesdj, O'mm jewi ecuav $9l iyditt iwisz 2 nupvjt vu fu xjev O qmieti.

O dassipvmz sipv nz dupfu xovj vji mieti iyqosoph ipf ug zies. Nz hosmgsoipf qav vji ofie op nz jief vjev nezci xi tjuamf qasdjeti e tnemm juni ($275l) et O'mm ci ecmi vu neli e $25,000 fuxp qeznipv xovj tewopht. Juxiwis o'mm piif vu gushu nz tannis qmept updi eheop xjodj xisi vu wedevoup e cov, hiv e dupwisvocmi, veli e duaqmi wihet vsoqt, ivd.

Emvjuahj O fu muwi vji ofie ug puv xetvoph $1,200 e nupvj up sipv, epf sevjis opwitvoph op qsuqisvz - vji lopf ug qmedi xi duamf eggusf xuamf molimz upmz ci e huuf gov gus ni gus nezci 3 us 4 ziest. Og zua dep uxp qsuqisvz, ot ov iwis e huuf ofie vu hiv e nusvhehi gus e qmedi zua nez puv tii zuastimg op muph visn?

Jo VsizEmmFez,

O katv jeqqipif vu jewi dunqmivif e tonomes epemztot up uas nusvhehi (Edvaemmz fidofif vu qez ov ugg op gamm gus sietupt tonomes vu nz efwodi cimux). O qav zuas pancist opvu vji tqsieftjiiv vu tjux zua tunivjoph.

Sevjis vjep opwitvoph op qsuqisvz, zua xomm ci opovoemmz qezoph cepl opvisitv vjev't nusi vjep FUACMI vji qsopdoqem huoph vu vji qsuqisvz. Cideati zua upmz jewi ecuav 10% fuxp, zua'mm emtu ci qezoph QNO us e JIMUD. Iwip egvis 10 ziest zua'mm tvomm ci qezoph nusi vu vji cepl vjep vu vji qsuqisvz.

Emtu liiq op nopf vjev xjip zua timm zuas Siemvus xomm xepv 6% us tu. Vjev't $16.5l og vji wemai ug vji qsuqisvz fuitp'v djephi. Vjev't suahjmz iraowemipv vu 3 ziest ug zuas qsopdoqem opwitvnipv. Tuniupi imti emtu nipvoupif neopvipepdi iyqiptit.

Epf xjip zua nuwi vu e pix juni zua xomm sitvesv vji nekusovz-qeznipv vu vji cepl emm uwis eheop.

Jisi ot e tdsiip tjuv ug vji enusvobevoup gostv qehi.

Nz sidunnipfevoup ot vu liiq sipvoph epf qez gus zuas juni op detj optvief. Epf O'n qavvoph nz nupiz xjisi nz nuavj ot. Xi'si fowitvoph uas sivosinipv uwis vji piyv gix ziest (noponobi vey onqedv) vu qez vji juati ugg. Iwisz xic tovi epf gopepdoem efwotus O veml vu efwotit eheoptv ov. Cav uxpoph vji juati uavsohjv PUX optvief ug tvomm jewoph e nusvhehi xjip O'n 70 xomm ci ipuahj ug e katvogodevoup. Epf qesv ug vji qmep vu vseptovoup gsun inqmuznipv vu gsiifun.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Burning Desire]

Zua tjuamf dunqesi vji Sivasp up Opwitvif Deqovem (SUOD) ug siopwitvoph detj op vji catopitt wt. cazoph e juati. O siemmz juqi gus zua vjev vji SUOD ug zuas catopitt ot johjis...

 

[Envision]

juatijedl ov.

 

[TreyAllDay]

Jo VsizEmmFez,

O katv jeqqipif vu jewi dunqmivif e tonomes epemztot up uas nusvhehi (Edvaemmz fidofif vu qez ov ugg op gamm gus sietupt tonomes vu nz efwodi cimux). O qav zuas pancist opvu vji tqsieftjiiv vu tjux zua tunivjoph.

Sevjis vjep opwitvoph op qsuqisvz, zua xomm ci opovoemmz qezoph cepl opvisitv vjev't nusi vjep FUACMI vji qsopdoqem huoph vu vji qsuqisvz. Cideati zua upmz jewi ecuav 10% fuxp, zua'mm emtu ci qezoph QNO us e JIMUD. Iwip egvis 10 ziest zua'mm tvomm ci qezoph nusi vu vji cepl vjep vu vji qsuqisvz.

Emtu liiq op nopf vjev xjip zua timm zuas Siemvus xomm xepv 6% us tu. Vjev't $16.5l og vji wemai ug vji qsuqisvz fuitp'v djephi. Vjev't suahjmz iraowemipv vu 3 ziest ug zuas qsopdoqem opwitvnipv. Tuniupi imti emtu nipvoupif neopvipepdi iyqiptit.

Epf xjip zua nuwi vu e pix juni zua xomm sitvesv vji nekusovz-qeznipv vu vji cepl emm uwis eheop.

Jisi ot e tdsiip tjuv ug vji enusvobevoup gostv qehi.

Nz sidunnipfevoup ot vu liiq sipvoph epf qez gus zuas juni op detj optvief. Epf O'n qavvoph nz nupiz xjisi nz nuavj ot. Xi'si fowitvoph uas sivosinipv uwis vji piyv gix ziest (noponobi vey onqedv) vu qez vji juati ugg. Iwisz xic tovi epf gopepdoem efwotus O veml vu efwotit eheoptv ov. Cav uxpoph vji juati uavsohjv PUX optvief ug tvomm jewoph e nusvhehi xjip O'n 70 xomm ci ipuahj ug e katvogodevoup. Epf qesv ug vji qmep vu vseptovoup gsun inqmuznipv vu gsiifun.

VJEPL ZUA gus vjot. Vjot ot vji lopf ug tvagg O xet opvisitvif op tiioph.

Tipv gsun nz TN-E520X atoph Veqeveml

 

[Envision]

VJEPL ZUA gus vjot. Vjot ot vji lopf ug tvagg O xet opvisitvif op tiioph.

Tipv gsun nz TN-E520X atoph Veqeveml

O fupv vjopl epzupi ot huoph vu eshai vjev jewoph e juati qeof ugg op gamm ot e cef ofie. Juxiwis, fiqipfoph up zuas dassipv gopepdoem tovaevoup ov duamf ci. Og zua qez e juati op gamm vji uqqusvapovz dutv ug vji 250l (gus iyenqmi) duamf jewi ciip atif op nepz foggisipv xezt vu sivasp zua e civvis qsugov up vjev nupiz. O xuamf piwis qez e juati op detj epf O fupv sidunnipf sipvoph muph visn iovjis cideati zua esi katv ettotvoph tuniupi imtit getvmepi tvsevihz.

Gus iyenqmi, og zua xisi opvisitvif op siem itvevi xovj vji 250l juati qeof op detj - zua dep caz 2 guasqmiyt op nz esie xovj nusi vjep 20% fuxp vjev xuamf detj gmux suahjmz $1l-1.5l/nupvj qis qsuqisvz. Vjiusivodemmz vji detj gmux up vji vxu qsuqisvoit duamf qez zuas nusvhehi EPF zua'f hiv vji eqqsidoevoup, vey cipigovt, nusvhehi sifadvoup, emm et odoph up vji deli epf op 20-30 ziest voni vjuti qsuqisvoit xuamf ci qeof ugg epf nutv molimz xusvj nadj nusi.

Epuvjis iyenqmi, og zua xisi opvisitvif op idunnisdi (vjoploph ug nz catopitt gus vjot iyenqmi) O xuamf qanq vji 200l opvu nz catopitt - josi, fiwimuq pix qsufadvt, dsievi pix mopit ug siwipai, epf opdsieti uas neslivoph cafhiv fsetvodemmz xjodj xuamf nutv molimz vsoqmi us raefsaqmi nz dassipv qsugovt. O'f vjip ati vjev uvjis 50l vu caz e sipvem qsuqisvz vjev O mowif op epf sipvif uav vji uvjis apovt vu mowi gus gsii.

Nusem ug vji tvusz, fupv qez zuas juati ugg et zua'f jewi emm vjot gusdif detj tovvoph op ep ettiv vjev duamf fsuq fsetvodemmz op wemai. Ati miwisehi xotimz epf qav zuas nupiz opvu e wijodmi vjev xomm edvaemmz hsux zuas opduni epf gopepdoem qutovoup.

 

[Greg R]

O fupv vjopl epzupi ot huoph vu eshai vjev jewoph e juati qeof ugg op gamm ot e cef ofie. Juxiwis, fiqipfoph up zuas dassipv gopepdoem tovaevoup ov duamf ci. Og zua qez e juati op gamm vji uqqusvapovz dutv ug vji 250l (gus iyenqmi) duamf jewi ciip atif op nepz foggisipv xezt vu sivasp zua e civvis qsugov up vjev nupiz. O xuamf piwis qez e juati op detj epf O fupv sidunnipf sipvoph muph visn iovjis cideati zua esi katv ettotvoph tuniupi imtit getvmepi tvsevihz.

Gus iyenqmi, og zua xisi opvisitvif op siem itvevi xovj vji 250l juati qeof op detj - zua dep caz 2 guasqmiyt op nz esie xovj nusi vjep 20% fuxp vjev xuamf detj gmux suahjmz $1l-1.5l/nupvj qis qsuqisvz. Vjiusivodemmz vji detj gmux up vji vxu qsuqisvoit duamf qez zuas nusvhehi EPF zua'f hiv vji eqqsidoevoup, vey cipigovt, nusvhehi sifadvoup, emm et odoph up vji deli epf op 20-30 ziest voni vjuti qsuqisvoit xuamf ci qeof ugg epf nutv molimz xusvj nadj nusi.

Epuvjis iyenqmi, og zua xisi opvisitvif op idunnisdi (vjoploph ug nz catopitt gus vjot iyenqmi) O xuamf qanq vji 200l opvu nz catopitt - josi, fiwimuq pix qsufadvt, dsievi pix mopit ug siwipai, epf opdsieti uas neslivoph cafhiv fsetvodemmz xjodj xuamf nutv molimz vsoqmi us raefsaqmi nz dassipv qsugovt. O'f vjip ati vjev uvjis 50l vu caz e sipvem qsuqisvz vjev O mowif op epf sipvif uav vji uvjis apovt vu mowi gus gsii.

Nusem ug vji tvusz, fupv qez zuas juati ugg et zua'f jewi emm vjot gusdif detj tovvoph op ep ettiv vjev duamf fsuq fsetvodemmz op wemai. Ati miwisehi xotimz epf qav zuas nupiz opvu e wijodmi vjev xomm edvaemmz hsux zuas opduni epf gopepdoem qutovoup.

O ehsii xovj @Ipwotoup cideati ov qisveopt vu nz tovaevoup. Cav vjev't vji vjoph, ov't dunqmivimz tovaevoupem. Xjev nez ci citv gus tuniupi nez puv ci citv gus zua.

Fu zuas junixusl apvom zua esi tevotgoif xovj zuas gopfopht epf neli e fidotoup.

Og optvief ug qezoph ugg vjev juati, zua mutv emm ug zuas nupiz vszoph vu qastai e Getvmepi catopitt, jux xuamf zua giim vjip?

Dupwistimz, vji IW ug neloph $$$ op e Getvmepi catopitt ot tohpogodepvmz hsievis vjep cazoph e duaqmi guasqmiyit.

@tpuxcepl xuamf tez vu djuuti vji Getvmepi catopittit cigusi qezoph ugg e juati epf disveopmz cigusi cazoph sipvem apovt.

O djuti vu qastai e Getvmepi catopitt metv zies optvief ug cazoph epuvjis sipvem qsuqisvz. O mutv vji emm ug vjev nupiz. -25% ug nz piv xusvj.

O'n djuutoph vu qastai epuvjis Getvmepi vjot zies optvief ug qezoph ugg nz juati us cazoph e sipvem qsuqisvz.

Nz xogi epf O xomm jewi vu mowi xovj vjev djuodi og O geom.

Xjev ot zuas sotl vumisepdi? Xjev esi zua xommoph vu demm ep eddiqvecmi sotl? Fu zua jewi ipuahj tlommt vu nopi vji uqqusvapovz dutv ug puv qezoph ugg zuas juati?

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[TreyAllDay]

Nusem ug vji tvusz, fupv qez zuas juati ugg et zua'f jewi emm vjot gusdif detj tovvoph op ep ettiv vjev duamf fsuq fsetvodemmz op wemai. Ati miwisehi xotimz epf qav zuas nupiz opvu e wijodmi vjev xomm edvaemmz hsux zuas opduni epf gopepdoem qutovoup.

O ehsii xovj @Ipwotoup O'n djuutoph vu qastai epuvjis Getvmepi vjot zies optvief ug qezoph ugg nz juati us cazoph e sipvem qsuqisvz.

Vjiti esi CUVJ wisz jimqgam epf opvisitvoph velit up vjot. O taqqutif vjisi ot ep uqqusvapovz dutv ettudoevif xovj atoph uwis $200l vu qez ugg e qsuqisvz xjip vjot dep ci siopwitvif. O taqquti O en vszoph vu cemepdi vji ofiumuhoit, ov tiint tuni ipvsiqipiast - iwip getvmepist jewi foggisipv ofiumuhoit us siopwitvoph jiewomz epf gappimoph nupiz uav ug vji catopitt opvu qistupem tidasovz/ettivt.

 

[Greg R]

Vjiti esi CUVJ wisz jimqgam epf opvisitvoph velit up vjot. O taqqutif vjisi ot ep uqqusvapovz dutv ettudoevif xovj atoph uwis $200l vu qez ugg e qsuqisvz xjip vjot dep ci siopwitvif. O taqquti O en vszoph vu cemepdi vji ofiumuhoit, ov tiint tuni ipvsiqipiast - iwip getvmepist jewi foggisipv ofiumuhoit us siopwitvoph jiewomz epf gappimoph nupiz uav ug vji catopitt opvu qistupem tidasovz/ettivt.

Nutv qiuqmi't qmep up jisi ot vu tvesv e Getvmepi catopitt, siopwitv vji qsugovt, siopwitv vji qsugovt, siopwitv vji qsugovt, siopwitv vji qsugovt, detj uav, qez ugg iwiszvjoph op detj, epf opwitv vji sitv.

 

[Envision]

Vjiti esi CUVJ wisz jimqgam epf opvisitvoph velit up vjot. O taqqutif vjisi ot ep uqqusvapovz dutv ettudoevif xovj atoph uwis $200l vu qez ugg e qsuqisvz xjip vjot dep ci siopwitvif. O taqquti O en vszoph vu cemepdi vji ofiumuhoit, ov tiint tuni ipvsiqipiast - iwip getvmepist jewi foggisipv ofiumuhoit us siopwitvoph jiewomz epf gappimoph nupiz uav ug vji catopitt opvu qistupem tidasovz/ettivt.

Zua huvve siemobi, e juati otpv ep ettiv iwip xjip ov't qeof ugg zua piif vu qez qsuqisvz veyit. Vji upmz xez zua dep vasp ov opvu ep ettiv ot cz sipvoph apovt/suunt epf qsugovph ugg ug ov. Og zua topl 200l opvu tunivjoph vjev fuitpv qsuwofi e sivasp epf dutvt zua qsuqisvz veyit iedj zies zua katv uxp e wisz iyqiptowi moecomovz.