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Paid off My Mortgage in 7 Years
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- Опубликовано: 10 фев 2019
- I paid off my mortgage, let me explain how and why. How did I earn the money? What about opportunity costs? Tax code changes for 2018 could also have an impact.
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Owning any property in the Bay area is an outstanding achievement Mr. Bush! Congratulations are in order. I've really been enjoying your videos and learning quite a lot. Thank you for the quality content. Wishing you all the best.
Ahhhh OMG, VORW man! I enjoy your vids too! High five!
This is Amazing! Two of my favorite RUclipsrs
Review Brah!
top 10 anime crossovers
Oh snap it’s reviewbrah
Currently working on putting 75% down for a house and getting paid off within 2 years. You're an inspiration.
Might as well pay CASH 💰
Pursuing simplicity and reducing stress levels and improving your overall mental state. You are speaking my language!
I think minimal stress can easily prolong your life. Is it not proven?
BeatTheBush I agree! Less stress = Better AND longer life
44 year old married engineer with two boys. My wife (pharmacist) and I paid off our mortgage a few years ago and without a doubt it's a great feeling to know that you own what is covering your head. We max out our retirement savings accounts and currently invest in rental properties in Las Vegas - our future home state. Somebody else pays our mortgage for us. At any point, we can pull the plug on the rental units and consolidate our assets knowing that we only owe property taxes and insurance. A nice feeling indeed.
smart play my friend! real state is where its at
Do you own rentals outright or mortgaged?
@@lol-ld3jh Currently our rental properties in Las Vegas have mortgages on them. With the current low mortgage rates available, we have been able to refinance all of them down to 15 years or less. While some may argue against the higher monthly mortgage payment associated with refinancing down to a 15 year loan, you have to look at the total interest paid at the end of the loan. It is a substantial savings in the long run. Given the higher monthly mortgage payment, that usually means that we are slightly underwater every month but we make up for it by paying down the principal much quicker. The benefit is if we decided to sell the rental property, we will have more equity in it than given the same timeframe with a 30 year loan.
Rental real estate isn't a short term game nor is it something you get into lightly if your cash flow situation isn't healthy. Invest in high quality properties that can both appreciate in value long term but is also desirable so rental rates continue to climb over the years. Good luck
The bottom line…money makes money.
@@mariceldb2990 Always has...always will. This is why the wealthy continue to get richer.
We also live in the bay area and paid off the mortgage 3 years ago. The feeling of freedom is amazing. Dave Ramsey said the grass feels different on a paid home. It’s true!! Never have to worry about company re-org or layoffs because our monthly obligations are minimal.
It really lowers the bar for you to even quit your work all together. That's what I did.
Reducing stress levels, you sir are a winner 🥇
ARH Vlogs ruclips.net/video/UDE1aWfFiPs/видео.html
Another positive is when your mortgage is paid off, you can live a very comfortable life on a very small amount of annual income. I know when I tell people what I live on, they assume I am living in extreme poverty. Yet I live a middle-class life.
It's surprising how that is. Rent/mortgage being such a big part of expenses for most.
Congratulations!! My house is paid for as well and its a damn good feeling.
Are you single?
😊👏👏👏👍👍👍
My house is paid off too and I am single with 1 child that is 14 years old. All of credit card and debt is paid off. I am making less money than when I use to have a high paying job. I make less now and save more.
@@cocobutterchin6768 my house will be paid off in next 6 months
Sabrina Hopson did you this method on this video.
Congratulations. That's my same goal but I'm going to accomplish it by 4/20/2024.
Marquis Patterson oo
That's my goal too! Same year 3/24 , I actually want to pay my home off by the time I'm 40 as a goal. I just finished baby step 5. All is left is my house.
ozzie 305
I’m 30 hope I pay mine off by 40 too. On the the way! Let’s get this Ozzie 10 years on a 30 year mortgage
The 2008 crisis is reason enough to pay off your debts. Even if another one happened and your home value took a hit, you’d still own your property with no debt and as long as you pay your property taxes, no bank can foreclose on you since you already paid them off. Great work as always. You could save more money and buy property in cash, then rent it out.
Winner, winner
And it seems they usually take a fairly it long time before they take your home off you don't pay taxes
Right, my brother took that advantage. He bought 3 properties cash in 2010 each property were under 150k now it's worth $400k each.
Pov Yi What areas did he buy it in? City, state? Were they homes, apartment buildings, or commercial property? Did it take a lot of renovation work? Does he own the land as well?
@@ND001X Seattle. House with yards
Paid off my mortgage at age 38, 8 years ago. I don't regret it - piece of mind and simplicity of life make it worth it!
How did you celebrate when you finished?
Do you work full time still ?
Nothing is feels as good as being completely debt free. I paid my house off as well despite all the advice not too -- and would do it over an over again. The peace of mind and freedom it gives you is worth the opportunity cost.
I think of it as a foundation to work on. You could do without it but it's not as secure.
Agree!
Going back and watching all your older videos. This is so appealing for the stress reduction you talked about. I enjoy simplicity and the lack of stress over high cash flow which makes me want to pay off our mortgage. Great video!
I am enjoying right now, it's still the way I want it to be.
Boss. You've officially beat the bush.
=D
You are a rock star! Thanks for sharing!!!
real wonderful you paid it off, I paid off two homes, one is a rental. What a great feeling!
Keep it going. I'd like to buy a property within 24 months
I wanna buy a rental property, not sure where to start
Good job I did mine in 11 years. Put all my overtime into the extra payment. Been mortgage free for 6 years. Saved most of the payments and invested it my brokerage account
Aren't you a hotshot
Nice one! Why say negative things to this when you can learn from it.
Nice!
@@BeatTheBush because jojo is what we call a hater
I've owned my home free and clear since 2015 and not having to cough up a monthly house payment is a big stress reliever.
Congratulations!!!……Great News.
You helped me bring my credit score to 820.
Nice! That's a pretty comfy level to be at, congrats!
Congrats dude. While most people keep acquiring stuff that keeps them in the rat race, you figure out ways to reduce your expenses and stress and got out.
Thank you. The ultimate stick your finger in I don't know who.
ever read the book who moved my cheese?
Congrats BTB!! This is great news! Definitely happy to see your growth and popularity increase on RUclips!
Thank you! I am blessed to have this.
Congrats on paying off the mortgage. I'm also in the Bay Area and paid mine off about 12 yrs. ago and wish I had done so earlier. My technique was to match the annual balance reduction in an extra payment, that's knocked a year off the back end. It's a great stress relief as you note, especially when self-employed in a home based business.
=D Just really make a dent in it with lots of payments. =D
I love your sense of calm. It’s not worth the stress!!
Thank for talking about stress with relation to mortgages. Most RUclipsrs who talk about mortgages don't talk about the stress part of it and its good to see someone addressing it.
I love that reducing stress is ur priority.
Agree! I grew up with parents that were rental property owners. My memories? They worked almost every weekend repairing, evicting, arguing with tenants etc....My Dad's stress was off the dial. he died at 79. I told myself years ago I would NEVER own rental property and I don't and do not regret it one bit!
So happy for you! Thanks for graph.
=D
BTB I paid mine in 8 years too. I was lucky with a good job too and now I’m
as free as anything. Well done you!
Man, I’m so glad I finally found someone like BTB to look up to. You’ve taught me so much about finance and just life in general. I’m truly thankful.
Brings such a big smile to my face to hear that.
So, so, so happy for you! I get what you said and I think you made a great decision! :) So pleased for you!
Good job paying off your mortgage! The peace of mind is priceless.
Paying off all debts is the best stress reliever. What good is money if you are not there to enjoy it.
those are my favorite kind of videos..
personal experience, beautiful analysis with great advice.
thanks Francis keep it up.
Thanks for watching! =D
Another way of looking at this. Without a mortgage, you do not need to earn X amount minus taxes to pay said mortgage. Say your mortgage were $2000/mo and you pay 25% in income taxes, that means you need to make $2000*12/0.75 = $32000/yr . You can wake up everyday now knowing you are basically making $32000/yr doing NOTHING !
You’re inspiring me to follow a similar path. Keep climbing Francis.
=D
Congratulations 🎉
Let's all go cash and put the banks out of business 💪
I'll use this platform to encourage everyone. My wife and I hold very average jobs (customer service rep and restaurant server) we paid our house off in 2 years to the day. This was a goal we made together, the stress is gone and the accomplishment together was amazing. I can die tomorrow knowing my family will not loose the roof over their heads.
Just be cool with the looks that come from being frugal..... 🙃 You can accomplish anything you set your mind to. Be good.
Don't let banks make money off you then you get to keep it instead. Go figure. But marketing and social pressures is too great that causes people to over spend.
Well done and congratulations. It's wonderful to finally own your place. Peace of mind and security. :-)
Paid off my mortgage last year too. Its the best feeling in the world.
I'm so with you, I take the stress thing very seriously. I am very frugal but when it comes down to it sometimes, I just go for something that will eliminate that possible stress but maybe might not be the least expensive option if I took more time and energy to sift thru all of the dynamics and such. Stress will kill and it can sneak up on you so that is real wealth imo..to be at peace. Thanks for sharing!
Wow!! Congratulations 🎉🎊!!! I think there is nothing like having peace of mind when you put your head on your pillow at night! At the end of the year I will be completely debt free too and want to start saving up for my first home too. Yeah!🥰🎉
Great financial move, though I would recommend anyone with a mortgage to pay-it off early if they can it will relieve so much stress as you stated. I always advise people to try to pay your mortgage off in 10 years, and always try to tell people that that's the way to see what house they can afford to get. For instance if you can afford to pay $2K on the mortgage (excluding tax etc.) then you should be a 200K house and pay it off in 10 years and not a 430K house that will take you 30 years to pay off, that will save you $490K which if invested correctly your savings could be worth over $2M. I'm a frugal man but not cheap I spend a lot on vacations and little luxuries but I still like to save on utilities, overall maintenance cost, and my wife will get on me for saving change and picking up change (pennies) which I deposit at the end of the year which amounts to roughly $150 (that's like a netflix or amazon subscription). I always enjoy learning from you're ideas .
Many would just upgrade and get another mortgage. Or maybe not pay it off and invest it in the stock market. Some people are okay with the added risk.
Congratulations! Thanks for sharing, really appreciate your videos!
TY!
You're like my father - smart! He worked a regular job his whole life, bought the worst house in the best neighborhood, and then my parents did all the upgrade work and renovations themselves. He worked his ass off (12 hours / 6 days a week) to pay that mortgage down in 8 years, while my mother cleaned and cooked every day to keep our costs down. They grew their own fruit and vegetables in the garden, cleaned their own car, mowed their own lawn and did everything themselves.
And you know what? They got mortgage free, stress free and went on to live a good life.
On the flip side - I've met fool after fool, who bought property after property, trying to rent them out or sell them for capital gains, and they have all gone broke. They mistook debt for wealth, like so many people do. And they failed to understand the reality of "easy come, easy go". If you don't have to work hard for your money, it will disappear in a flash. Now they have no money, no home and a very uncertain future.
People - the key to life is to work hard, save harder - until house prices go down or you find somewhere cheap to buy - then get it paid off as fast as you can. Once you own your own home, mortgage free, you ARE free.
I suppose those who do not know the value of a dollar will tend to squander it more easily. If it didn't take much work to get it, you feel as if you could just get more of it with the same little effort.
I agree 100% with BTB on his choice of paying off his mortgage instead of buying rental properties. i made exactly the same choice for the same reason. i like a simple stress free life. While having rental properties provides income, it also has the stress of maintaining the properties and dealing with renters. I have more income than I need, why would I need more income? My peace of mind is worth more than a lot of money. Since my property taxes are very low, when i do my taxes, the standard deduction is a lot more than any itemized deductions would be
Double fist pump!
Congratulations........
You are massive inspiration
=D
Could you do a video on why paying a house is better than investing the difference? I see it going back and forth a lot in the fire community
I would advise paying the house off first, simply because we aren't guaranteed a certain % increase every year. Then after the house is paid off, put the extra money into investing. You'll catch up quickly.
By numbers it should be worse to pay off a house early. It should be fairly trivial to get >3.5% return on investments. But, as BtB mentioned, the piece of mind is worthwhile. I see paying a house early as the ultimate luxory expense.
If your income is fairly secure, you have a well funded emergency fund, aren't underwater on the house, and you have well over what you owe your house in invested assets, I feel the risk is low to invest the difference because it gives your money more time in the market. Once you've given the money to the bank, it's committed to the bank. If you don't give it to the bank, over the long term, it's likely you'll make money on the cash you would have given to the bank. I think using the idea of not getting a tax deduction to not be a very good reason to throw away liquidity of cash. If you have most of the house paid off and you are paying a solid chunk of principal and not much interest, you aren't saving much by giving that cash to the bank when it could do better for you in a different type of investment. Sure there are risks to this but I think people's desire to pay off a mortgage is more emotional versus logical to me, especially with mortgages between 2-5% interest that have been common over the past decade. If you never invested and waited to pay off a house, historically you'd be behind in most scenarios over a 5 year period, but most people aren't able to pay off their house that fast so you invest sooner.
I don't think you'll hear anyone regretting paid off their houses early. It's all depends on each person financial situations. It's was a hard decision when I got a lum sum from selling my business I decided to paid off my house before I brought a rental I could save that money and buy two rental but I want a peace of minds specially my parent about to retired. It's the best decision I never look back.
Congratulations on your achievements! New sub here, wishing you all the best.
Smart move. I'm working towards that myself. Peace of mind is priceless.
=D
Rental property causes more headaches if the tenants are shady. Banks are the big winners. Better to pay off your own mortgage then decide on what to do with all these extra income :)
Its how leveraged you want to be really. Do you want to make the floor your stand on variable or solid like a rock?
I totally agree about tenants. You couldn’t pay me to be a landlord. I just don’t have the personality to deal with it...
10 -20% raises at the same job as a non executive employee is NOT typical by any means..
Nope, thats why you switch jobs often for that 10-20% OR you bring enough value to your current company to warrent such a raise, if they dont, just leave for someone who will.
no kidding... I live in the rural midwest and the economy here tanked hard in 2004 and again in 2008. I had to work hard just to survive company downsizing and layoffs. every other year of my career since 2002 alternated between a 3% cost of living adjustment to no raise at all. I'd change jobs, but the only other choices around here are places that will send you on the road staying in a hotel every night. I kinda like coming home to my wife every night. and relocating is a last resort for me because I love where I live and I'm 1 year away from having my house paid off and being completely debt free.
Many employers will not willingly give you 10-20% so you have to force the hand by switching.
@@BeatTheBush please do a video about it how you got the increases. Any tricks or recommandations?
Yes, probably next vid. =D
Right ON! I'm doing the same thing next month. My mortgage will be paid off. Big peace of mind and a blessing from God.
HIGH FIVE!
You truly did beat the bush. Respect.
Now that I think about it, it does sound strange.
Very awesome man congrats
=D
I paid a 30 year mortgage off in 3 years I bought the house cleaned it up and sold it and made $80 thousand
keith mckenzie I want to learn how to flip too.
@@zedmak dont ever pay anybody for information.. learn your.aelf. buy houses. Clean them up amd sell. Sometimes you can owner finance. Or if somebody is being foreclosed you can stop the process. You can make a deal with the people you can pay of there charges and resume there loan . And give then some money so they can live in and apartment first last amd security.. because if they lose there house they will be homeless. You get the picture. ..
keith mckenzie thanks, I am a realtor, but I have been recovering...
@@zedmak Amen.
Paying off the mortgage should be the number 1 priority for everyone that owns a house, once you own your home free and clear the world is your oyster.
Yes! When i was renting my rooms i had lots of cash flow but after 7 years i was soo stressed. I no longer renting my rooms. And im focusing on being extra frugal.
Good for you! Keep going....you will get it done.
That is great. Congratulations. Thank you for your videos
Thank you for watching!
Congratulations! I’ve lived in The Bay and this is such a fabulous accomplishment! 🕺🏻🍾🎉
=D Thank you!
Congratulations 🍾🎉🎈 very smart decision making. It is very interested.
Super informative and interesting. Thanks for posting 👍
Ty!
Congrats man! Must feel great!
Yes!
Our goal is 2021!!! 💕❤️
I hope you get there💪
Black Vito thank you!! 💕❤️
=D
Congratulations! Mortgage free is one of the pilars of FIRE!
One of the big reasons I can just quit my job also. With that huge payment hanging over you, you have a ticking time bomb if you quit your job without a huge savings.
I like this vid.. great way of reducing your stress levels... Well-done
=D
I enjoy simplicity too! Freedom and lack of stress are everything...
I agree.
It’s beautiful to pay off a car and I can imagine paying off a house. Congratulations Mr. BTB. Stay humbled. I’m so happy for you!💙💚💛🧡❤️💜🖤
But in reality none of these things are truly payed off due to taxes and maintenance. You just end up spending substantially less for them.
brad long how is that a loss? Your body is free but you still have to maintain it. It’s a win win in the regard of paying off something.
Not saying it is a loss, just saying you are always paying. I'm still using my paid off 2000 Xterra, but it has had some pretty expensive service visits and gas isn't free. Having said that, I commuted to work on my bicycle most of last year and will be back on the bicycle after my son gets out of pre-K. Oh, and re-roofing my house was a big hit. Still paying that off.
Pay off a car? You should never get a car loan in the first place. Get wealthy first, buy a nice car second.
LegendMeadow good point.
This is even more easily achievable in a lower cost city and a smaller home. You can get a 200k home pay it off in 5-10 years without good income and room mates.
This is not for everyone but only the people that understand the freedom you get after will do it
I paid off my mortgage early, built my own retirement plan, quit my boss, collecting pension and bank dividends at 48 years old.
At what age did you get your mortgage?
12
-8
i have the same mindset as you. I bought a home at 2015 but paid off my mortgage 2016. I saved 90k and have the freedom to save money buy stocks and etc. Good call to pay off your mortagage asap.
If you need the most intelligent and professional to help you look into your bad credit score or poor credit report. Don't go to long get him via [Jon@creditpatchup.com] I do contact him via his mail too and he came out with an Effective And Positive Results! He's also capable of paying all debt or Home Equity and If you need A Business or Personal Loan.
I agree with you re having investment properties and tenants etc. I have the opportunity to move away from the city and rent out my city house - just the thought of being a landlord and all the potential tenant problems just stresses me out. I'd rather sell the city house and make a clean break! It's a serious achievement to have a paid for house, from which no bank or landlord can evict you. It's really worth striving for people. Good video.
Thanks! I suppose I would get a management company and just let them eat some of the profits.
So looking back did you get a fixed 30 year mortgage? I got a 7 year ARM because I plan to pay it off within 7 years. How did you approach this?
It was a fixed 30 year. I tend to be lazy so once I have something, I don't do much. I opted strongly to not get an ARM since I had no idea I was going to be able to pay it off in 7. I just got lucky... again.
Sometimes it's just about future cashflow.knowing you have One less bill just feels good
How much is that worth to you right?
Congratulations, that's impressive given what I know about Bay Area real estate prices. We're on track to pay off our 30-year mortgage in 7.5 years, around April 2021. I have passive income from a few pensions, so at that point, we could live without working at all, although I plan to work a few days a month purely for discretionary income on an indefinite basis. I agree the peace of mind is the greatest gift to being debt-free.
Amen. Price for peace of mind is everything. My house and cars are all paid for. As a Realtor everyone ask why don't I get into rental properties? The last thing I want to do is chase people for rent, make repairs and if we have a recession or gov't shut down then freak out because the renter might not be able to pay. I'll pass. Great job.
It must be so strange to most. Yay for more that understands my logic.
Good for you man. Inspiration
always appreciate tips like this, thanks!
Thank you so much for this video. Really informative. I know that peace of mind would be my choice also.
Awesome achievement - especially in CA! The high standard deduction eliminates the mortgage deduction for many. Factor in rising housing costs and this might be the best time ever to pay off a mortgage.
Thanks! The new taxes makes a lot of people no take itemized deduction anymore.
Congrats! Thx for the motivation !
:D
Right On Point 👍
=D
You rock! I agree a paid for home is a HUGE thing! My late congratulations! "It's paid for" is a extra peace of mind.
=D
Income/expense is key to saving. Willpower and goal as well. Seek out low stress/ high pay job. Do not buy big expensive home. Buy reasonable cost home that you enjoy living in. Cut out impulsive and lazy spending. Save all you can up to $10 first. Then start paying off that mortgage.
I actually bought an expensive home only because there is little else to buy in California. It has appreciated handsomely so it is a great wealth building if you get in the right time. Right now, might be a bit more sketchy.
Good 4 you! Congratulations 🎉
=D
Congrats! I'm trying to save enough to pay at least half of my next house. Takes a lot of discipline. Great job!
Thank you!
You are such an inspiration to me. I've learned a lot from your video.
Thank you!
I think that people don't know the value of money. Why on earth would I be interested in paying off a mortgage on an interest rate from 3 to 6% annual interest? Why???? That's the cheaper money on earth!!! In other countries people are paying mortgages double or triple of that!! People .... learn how to invest!!! invest your money and make yourself 15 to 20% a year!! You can pay your mortgage and then have some extra money. Be an entrepreneur! Pay your credit cards first! Get your money working for you, find a way!!
So, what happens if you miss a property tax payment after buying your house? Do you suddenly become a delinquent in the eyes of the law? Do they give you a certain amount of time to pay it off before a tax collector sells your house?
Depending on your county they’ll get someone to put a lien on your home for the unpaid taxes with interest. If you still don’t pay the back taxes then they’ll auction off your home.
You own the home, but not the land. They don’t teach you this of course !!!!
3 yrs then they sell it where I am
They will sell it for sure i seen people get their payed off home and land repowed
if you can pay off your mortgage or buy your house outright property taxes shouldn't be a problem to pay. my monthly mortgage including property taxes right now is $616 a month. my property taxes alone broken down monthly is $188.
@@drunclecookie216 how much is your house worth? Less than 100k?
3:37 Wet fart activate :P I love your videos by the way, keep up the great work mate!
LOL!
Wow! Congratulations!!! Great job! Yes, the new tax laws negates the statement "that having a mortgage is a tax deduction".
I would say... it negates it partially. It makes not itemizing more attractive.
Thank you very much! My immediate plan is to talk with my wife about our new goal. Owning our home outright by 2026. Ownership Goals! Woo hoo!
Congrats bro !!! 7 years !! truly an inspiration
=D Thank you!
Putting money into your mortgage doesn't necessarily mean you can't access the money. Get a home equity loan and then you can still access the money you put in to the mortgage. In Canada you can get a "readvanceable" mortgage which is a mortgage with a built in home equity line of credit to let you take the money back out again anytime.
If you need the most intelligent and professional to help you look into your bad credit score or poor credit report. Don't go to long get him via [Jon@creditpatchup.com] I do contact him via his mail too and he came out with an Effective And Positive Results! He's also capable of paying all debt or Home Equity and If you need A Business or Personal Loan.
Congrats BTB! I'm in So Cal & the market crash of 2008 made real estate a great buy out here! I bought in 2009 & 7 of the 14 homes on my street alone were either foreclosures or vacant. Wish I had thought about buying a rental at the same time, but alas I did not. I think I'll set a goal of 9 years to pay off the mortgage. I don't like the PMI I give the bank every month! I don't make an engineers salary, but I can put a dent in this debt! Tfs
PMI is like burning money. Heck.. interest is sort of like burning money offset by if the housing prices goes up.
I agree ...I BTB principally, his view point...hard to duplicate his results with a family and working class income ...takes more time...partner must be on the same page financially.
A partner can alter your finances by -50% to +50%. So choose wisely. =D
Congratulations 🎉🎉
=D
Congrats! Got to feel good to own your home.
Thanks! =D
Beat the Bush, you look way too young to have a paid off home!! Great work! Hopefully, we'll get there soon.
=D I'm an odd one. =D
Congrats bro!
TY!
Congrats on paying off your house bro! Keep up the good work!
Thank you!
Good for you buddy! You have come a long way!
It has indeed been a long journey.
If you have rentals it’s expensive people don’t realize anything that needs fixing has to be done or paid for by you & in California it has to be fixed to the states rules
Cost of renting out. Hopefully the net effect is earnings though.
Its part of doing business. There is cost of doing business.. Just deduce it when tax times come...