6 Reason why you should Pay off your House! (My story)
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- Опубліковано 23 сер 2024
- Here are my thoughts on whether a person should pay off their home. This is my opinion after doing it.
If you are looking to buy or sell Real Estate on the Gulf Coast of Florida or Alabama email me at jack.motley@adoorrealestate.com. I am Real Estate Agent.
I am not an Insurance agent, financial advisor or a lawyer. Please consult your own professional in your state! Ever state is different.
Please follow me on Instagram and Facebook at Yak Motley.
Thank for watching! If you are looking to buy or sell Real Estate on the Gulf Coast of Florida or Alabama email me at jack.motley@adoorrealestate.com. I am Real Estate Agent.
I got an invite to a Dave Ramsey seminar when I was 21. Did without till we paid our house off and it has absolutely changed our lives
Paying off my house was the greatest thing I ever did for myself.
45k to go!! I am so ready to have my home paid off.
Glad to hear someone talking about the option to self-insure with no mortgage. Option to give the finger to insurance co is POWERFUL!
It really was the biggest peace of mind to get the house paid off! Like you said, no matter what else happens, you have your house when it is paid for.
When the lights go out I fire up the genny, which I also own! LOL! When Klaus Schwab says you will own nothing and be happy, He's Lying!!! Own Everything and make it your empire! Not someone elses!!! Nice Job Jack! Tell it like it is!!!
Great Video! After paying your house off, there is a third major benefit with insurance that you didn't mention. You mentioned that a paid off home can choose to 1. self insure 2. temporarily suspend insurance if the company tries to spontaneously gouge you and not pay the difference and just re-shop. But the biggest benefit is that you have the option to shop around for cheaper DP1 or DP2 policies that will just cover your house if there is a complete loss. So you don't have to pay for the expensive H03 policies they cover everything that having a mortgage requires. This can save people with paid off homes up to 50% - 70% on premiums. Again, love the videos
When I wrote the check that paid off my mortgage,
I felt in my body a burdan came off my back...
You really do feel it physically, it's amazing the difference.
You are doing a GREAT svc to people! I'm 60+ yo, owned 4 houses in Fla (+ 5 in Ga/SC). It's mind-boggling how many people just can't conceive of these insights. Everyone is so programmed to 'the way it's done' and they just swim in circles their whole, exhausted life. On another note: ...
I'm tired, I need to scale WAY down. I've tried for 2 yrs to convince myself to concede to a condo/villa, but no matter HOW many times I try rationalize the HOA's, etc., the loss of independent choice and control over where the budget goes and by/to whom ... I just CAN'T do it! I'd rather live in my own, tiny shitshack fully under my control than go that route.
I appreciate you bringing this to light. I never really thought about having a bulletproof fortress if the world goes to hell in a hand basket. My mortgages are much larger than 50k, and it'll take me a long while, but I've been considering buying land and building my own house. I don't believe these homes are as expensive as they say they are. 1725 sqft home shouldn't be 425k. Thanks again, I'm looking forward to the next one.
My cousin was telling me this stuff back in the eighties, about paying off.That's exactly what the bible says, oh, no man except to love him, I've got social security, I'm 70 years old, healthier than a 40-year-old, at least most of until 2 years ago I was leg, pressing over 630 pounds.
. 12 years ago I bought a 2003 3 Ford Ranger, new paint, new headliner, new glass, new lights all the way around new upholstery. It looks almost like a brand new 2003 Ford Ranger and my son and others say, well, you could get up real nice brand new truck. But I'm not that stupid. I can get whatever insurance I want and you're right. Insurance in Florida has went through the roof and I've got a perfect driving record and still got to pay almost double. What I did 5 years ago 5 years ago, it's unbelievable what politicians can due to the People in Florida, thank you for your video. Thank you, thank you. Thank you. You're awesome.I hope you're a christian
I am debt free, home, lake property, and 3 vehicles. It's nice
Jack, yes touch on elder care and investing as well.
i love this message because it’s super real. A paid home 🏠 is Golden 💯
Amen..thank you, well said👏
This makes the most sense... I kept hearing don't pay off your mortgage, but for me paying interest make Zero sense. Thanks for your personal testimony. Also, you touched on Homesteads briefly, can you elaborate on this in a future video, & what states have them and any other pertinent info? Thank you.
That is such great advice. Love your videos and of course Samantha and little Jack 😊
Glad you like them!
Paying interest is a burden, I agree with you!
Yup, paying off our house gave us peace of mind knowing we’d always have a roof over our heads.
Excellent.
A home is a roof over your head. You should never use it as a piggy bank. Pay it off as quickly as possible, especially if you live in Florida and can homestead it. Make it a priority. Nobody can take it away from you except the weather warfare controllers or a tax certificate.
Great video Jack! I will be contacting you when I return to the Pensacola area to spend the rest of my days!
Sounds good! Let me know !
I'm about to turn 62 and have been retired about 4 years, now it was sort of forced retirement so had not really planned for it that soon. One of the main reasons I decided I could retire was I was debt free. I have my main home paid for and also a lake home we plan to move to soon. The decision I will need to make when we move to our lake home is sell or rent our current home. Had always plan to rent for about 5 years before I sold, would create about $2,200 a month in income but with home prices and interest rates this high could make almost the same selling house and putting it all in CD's.
Remember Cd are temporary unless you take it to a longer one.
Great advice.
I’ve been on the fence about paying of my house I’m a little older lol and no one has ever really brought up the homestead part which is really got me thinking now if I do pay it off I will be cash poor and my job is very questionable at this time everything is going automated
Excellent video, Sir. Excellent. Carry on
Thank you, I will
I wish u wood talk about elder Care
Ill see what I can do.
I like that the "Lord's land" instead of the landlord How peaceful that would be..We have 3.5 years before we get there 😊😊
Overpaying my principal ever since our first payment was due in June 21 . A paid off home: Priceless. Alot don't even include property tax and home owner's insurance in their escrow. They pay separately. We have the double homestead exemption.
18 months and the mortgage and insurance are gone.
Isn’t all this crazy insurance stuff just local to FL people. My house is at 2.75% and I’ll pay it off in about 10 years from now.
Yak I love your philosophy very smart man thank you for all these awesome videos. Im in Miami Beach FL im a flipper/i estor like you and I totally agree with you my man 💯
I appreciate that!
I also have paid of rentals but the other side of the coin to consider is there is added risk. If a tenant wants to sue you and hires an attorny, they will be licking their lips when they see all the equity they can go after. Hopefully you have liability/umbrella insurance to protect it. Also if we had been leveraged the last few years the appreciation gains would have been much more. A lot of real estate here has almost doubled in value in the last 4 years. If I had a do over I would Refi' some at a record low ~3% and put that cheap money to work. Being debt free is hard to beat though, especially for the upcoming rocky road.
Yeah I debate on getting a second house far away and renting my current house. I'm thinking no just be happy with one and do airbnb if I want to go somewhere
Ya. I feel like I was that 1 person you were trying to reach. Pay off the house and get out from under the insurance hike nightmare coming into play.
Cost SEGRAGATION depreciation schedule taxes on rental incomes
After dealing with the insurance company with roof issues, I'm believing I should probably get a roof inspection or home inspection annually. You think that would be a good investment? Also, especially after a hurricane or hail storm
When are you going to catch a king mackerel or a Red snapper.
YAK ATTACK!!!
Haha! I was sued by my tenants and then a tree fell on my roof!
I don't agree with this new contract; Realtors need more freedom
You call it a fortress.. as black people we call it our plantation!!!
Is that homestead exemption also apply to HOA fines and fees?
Sorry *Does that
How would it? You signed a contract with the HOA.
@@dustyflair I don't live in an HOA so I am wondering if this is a loophole to that contract.
Yank, you are living proof that common sense is not dead. Just common sense is not very common. No more, but you're thinking for yourself instead of let. 9.
The greed of the world influence you into more and more risk
So your saying you deem it safe to run a rental property without insurance?
If you owe the bank you can't, however let's say your free and clear and have a renter that was smoking a jay or a cigar and fell asleep in your place goes up in flames yr sol! I have a rental property free and clear almost 20 years and I don't have insurance. Yes I know I'm taking a big risk but my tenant is an older lady that has been living there for 11 years and always pay the rent one week before it's due, and has never been to check on me. She's a great tenant and I don't dare raise the rent unless I really have to due to expenses like increase in HOA, special assessments, taxes, etc. It's like everything in life has its pros and cons.
@@bballah9969 That's a huge risk, It's great that its worked for you but you have to consider what if you were to lose the entire investment.
Debt free - Profit free. If you can't do the math on this basic financial problem and do a little bit of research. You don't deserve the profits of this small capital investment.