All Forum Posts by: Account Closed

 
nah. just the reimbursement for the part. maybe i'm overthinking a bit. but i was thinking if i do give them something on top, maybe a couple of other things start "breaking" in the house and they offer to fix it haha
paranoid? or possibility?

Hi everyone. I have some new tenants that i moved in this month. They called me and said there was an issue with the toilet. however, theres a handyman in the house and they said they can fix it no problem. they replaced a piece and put it in without any issue. i will reimburse them for the piece they had to buy to fix it. 
In this case, would you give them anything on top of the reimbursement since you didn't have to go in and fix it yourself? the piece was around 20 bucks. how much would you give.
any feedback would be greatly appreciated. thank you

Hi everyone! I just brought a new condo yesterday. I need some electrical work done. Does anyone have any recommendations i can check out?
the property is in richmond hill, queens
thank you!

YEah I figured my friend was hopelessly misinformed about that. but the point is, that is largely how misinformed the general public is about debt.

For me, i figured, even if i were to get 100% of the interest i paid back on my tax return, what is the point? I had to pay that interest to the bank anyway so it really is just a waste of time for the money to transfer like that. better to pay it off quick and not accrue the interest at all. however, after all the responses here, i see that leaving the debt as is would be valuable for accrueing wealth to make more purchases in the future

on the student loan topic. i'm kind of split on the issue. I know that I would not have been able to have the earning power I do now without my degree or at least it would have been very difficult. however, i know plenty of people that i graduated with that weren't as lucky. I know this one girl that graduated in 2013 and still has not been able to find a job. The market for my profession has become hopelessly saturated because of promises of guaranteed big bucks after graduation. my student loans was 100,000 but that is because 1. I had a scholarship that paid nearly half of my tuition. 2. i paid it off immediately before interest could kill me. Other people that weren't as fortunate will pay up to 300,000 with no job in site.


I do however definitely think that most people who apply for student loans have absolutely zero concept of how difficult the debt would be to pay back. How can you expect a 17 year old coming out of high school to have a clue about it? I know when i was applying for the loans, i didn't think twice about how ridiculous it was that they are giving me this much money with no credit history or employment.

 
Well, i'm making around 11,000 a month at the moment. I suppose that would be a good number. I can't imagine owning 50 properties. not saying it is impossible but i would be pretty impressed with myself. What I'm really looking for is to supplement my income. Although i make the 11,000, i am currently working nearly 60 hours a week to get it. I wanna maybe cut it down to 15-20 hours per week as a per diem gig and live off my real estate investments. 

 Hmm, the other points are definitely plain and simple. but this one is a bit confusing. does it mean that because you put in more money, the returns percentage wise are technically less? wouldn't that even out after you finish paying the mortgage in 30 years?

 
I suppose it's from a lot of misinformed people that are clueless about debt. For example, I have a friend that insists that it makes sense to only pay the minimum on her credit card because she will get the interest back on her taxes(not sure if thats true or not). Me, i prefer paying the full quantity every single month and starting fresh from 0 debt.
I know that real estate provides benefits for tax situations. but i'm just not sure how much. I make about 135,000 per year after taxes  so i have the option to pay it off in 2 years or less if i really tried. But i want to make sure i have all the correct information before i make a decision

Wow. Thank you for all the responses! I think the general answer here is to pay it off aggressively unless I plan to get more properties and debt in the future correct? in that case, I should save up collateral to pool into growing my portfolio. I am sort of dipping my toes in the pool to test the waters with this one. How aggressively i want to pursue my real estate portfolio in the future depends on how much i enjoy doing this. I was under the impression that you were able to get a much higher return on your taxes for the interest payments so this information was definitely useful. how about other deductibles such as depreciation or itemized deductibles? are they affected by early mortgage payments as well or will i still get the benefits if i pay aggressively?

Hello everyone! My name is Jesse and I am a new investor. I am about to close on my first property on march 22nd (tuesday!). It is a $250000 2 bedroom condo in the NY metro area. I will be renting this apartment out after I purchase it. However, I am trying to weigh the pros and cons of aggressively paying off my mortgage.

I graduated school with 100,000 dollars worth of student loan debt in 2013. I started to pay the minimum at first. I asked around about the benefits and found out that I would get the interest back on my tax returns. So I sat around and thought about it. BAsically, I pay the interest to the government for my loan, and then they give it back to me. Sounded like a very silly game to me. So I decided to aggressively pay back my student loans. I finished paying it in 10 months.

Now I know when you buy a property, you get other tax benefits besides just the interest on your tax returns. My question is, is it a better approach to aggressively pay it off like i did with my student loans, or are there other tax benefits to slowly paying off the mortgage?