land ownership
- Thread starter huntall
- Start date
kskid
5 year old buck +
I couldn't get a conventional loan either. I went through the federal Farm Credit system. Here locally it's Frontier Farm Credit - it may be different in your area. Still had to have 20% down though. Good luck!
kskid
5 year old buck +
In my younger days a bonfire & party would be in order! Nowadays I enjoy marking personal or family occasions by planting a single tree of a unique species on the property in that year. The unique species part helps the nieces and nephews (births, graduations, etc) remember which one is "theirs". Kind of lame, but it adds a little meaning for me & gives the kids a connection to the land.
Congratulations SD - it must be a great feeling!
SD51555
5 year old buck +
Just got word today that they are bumping up the payouts to July 1st. I cannot wait. This will be the first time in my life that I will be debt free (other than my share of the federal debt that is). I cannot wait. It's all a done deal already, just need to go through the motions. I want to see the receipts. I like the bonfire and unique tree idea. Very cool.
At 32, I'm getting to be an older millenial. But being debt free is something that is very rare for kids my age.
M
MoBuckChaser
Guest
My buddy has some 28 year old boys that are debt free. The reason is, they have never left home, own nothing, not even a car, and they have no jobs. But the are debt free!
If it was my house..........:mad:
I hope you have a pile of Assets to go along with being Debt Free! Congrats!
sandbur
5 year old buck +
foggy
5 year old buck +
I'm debt free today.....but sure wish I was in my twenties. Man.....interest rates at 2.5% ? :eek::confused: Wow!! I believe I'd be buying the biggest, best home I could afford. The trick with debt is to buy "things of lasting value". Real estate is worth being in debt. Toys?.....not so much.
Still.....you gotta have income to service the debt.
Still.....you gotta have income to service the debt.
West Branch
5 year old buck +
Congrats! At around 35 we should only have a house mortgage with over 50% equity (on the conservative side). I wouldn't mind to much if we ended up with additional land debt though. But who knows what could happen in 10 years.
Back to your question about what others would do with the payment, I like low cost index funds. We don't own any individual stocks currently even though we will in the future. I like to think of the gambling part of the portfolio as being less than 10% of the total.
We also did not have the need for whole/permanent life insurance. To get the amount of insurance we felt was necessary the monthly payment was larger than we liked and preferred that money would go towards land payments or other savings.
West Branch
5 year old buck +
I keep looking at houses with 2-10 acres in the area we live about 50 miles west of Minneapolis. We have had our house in town for just under 2 years but some of these places out in the county are pretty tempting. They range from 100k to over 350k. 100k places have 100 year old houses that would be risky but any with <20 year old houses are more than we want to spend. It would be hard to believe that those places would be cheaper 2 years from now but who knows what could happen.
M
MoBuckChaser
Guest
At these interest rates you could be in debt and making piles of cash right now. When I started borrowing in the late 70's and early 80's, we paid as much as 16-20% interest, and made it work. With todays rates, If I had to borrow and I saw a $200,000 property that was selling for $100,000 right now, I would be at that bank so fast it would make your head swim. I would take out a interest only loan for a year, buy that place, and put it right back on the market at $175,000. After it sold, pay the loan back and pocket the profit.
Don't ever be afraid to have debt. Sitting on your hands being debt free, would be a waste of a valuable debt to asset ratio when there is so much money to be made!
But as someone already said, don't go into debt buying Items that depreciate in value. Buy things that appreciate in value! MBC 2014!
Don't ever be afraid to have debt. Sitting on your hands being debt free, would be a waste of a valuable debt to asset ratio when there is so much money to be made!
But as someone already said, don't go into debt buying Items that depreciate in value. Buy things that appreciate in value! MBC 2014!
SD51555
5 year old buck +
I'm sitting pretty good today. I've busted my butt and stuck to the plan and principles since I graduated. It's been a lonely road though. Nobody in my family or social circle shared my enthusiasm for fiscal sanity. Lots of "what if u die tomorrow?" Stuff. My response was, "what if u don't?"
I'm not sorry for kicking butt. It was a ton of sacrifice, frugality, and self control. I've earned my spot at the table, hit my numbers, and now I can't share my victory with anyone cause they think I'm just a rich jerk that got lucky.
chummer
5 year old buck +
That will pass with time. I am 38 and my group of friends don't care who has what or makes what. Most of us have young kids now and life has lead us down many different paths. When we get together we could care less who has more or makes more. If they are jealous of your success they are not worth having around. In regards to dying tomorrow, there is a happy middle ground. My wife and I are comfortable with how much we put away every month so if we want something we buy it. Enjoy your money now, you still have your prime earning years ahead of you.
chummer
5 year old buck +
Perfectly said.
kskid
5 year old buck +
Outstanding SD. I got rid of the credit card debt long ago (back in those 18 - 25% interest days), but still have the farm and truck to go. Without any surprises I'll be 6 years behind you (but about 20 years ahead in age :( ). Congratulations! I hope I can join the debt free club soon!
SD51555
5 year old buck +
I couldn't agree more. I spent 8 months in a relationship recently trying to find that middle ground. Many hours were spent talking with her to try to find a common ground between her need to have fancy stuff now and the real possibility that we could both lose our jobs at any time. We both work for a company that has a tendancy to "re-org" every year or two. In the end it didn't work out. I chickened out cause I felt we'd never meet eye to eye. There was more to it than that, but I'm certain I'm a tad more compulsive than what most would call healthy.
But I'm working on it...
M
MoBuckChaser
Guest
Credit cards are not a bad thing......unless you are stupid and don't pay them off at the end of each month!
Natty Bumppo
5 year old buck +
Just posted this thread: http://habitat-talk.com/index.php?threads/finally-a-land-owner-just-posted-my-land.1548/
The ink isn't even dry yet on the paperwork filed at the registrar of deeds.
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