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RayVega

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#1

OK, let's say you can put cash in the bank or ...

08-31-2006, 01:55 PM

I'm selling my house and moving from new York to another state where the real estate is much less expensive. Now, I have a nice chunk of change coming since I have a built some equity in the current home. More than enough to buy a nice home in Minnesota without holding a mortgage at all.

now:

Financial Consultant#1 says don't buy a house outright or put a big down payment down, but borrow just under 80% and keep the cash in your possession where you can make it work for you either by investing in more real-estate or in an interest bearing account. Cash in hand beats all, use other people's money, not your own!

Financial Consultant says, put it all in the new home, lower or no monthly payments means less stress and more security.

So just for kicks, what would you do?...

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Chris

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#2

08-31-2006, 01:57 PM

that is all up to you really
do you want the money to grow or do you just want out of morgage payments???

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mattz

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#3

08-31-2006, 01:57 PM

I would put it in for the house...their is always a chance of loosing money with an investment...but thats just me.
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#4

08-31-2006, 01:57 PM

Just for kicks, I'd put it in g-strings.

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Daruma

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#5

08-31-2006, 01:59 PM

pay off new house
you can always get a loan against the house if needed

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#6

08-31-2006, 02:00 PM

its safer to just drop it into your own home cause really you cant loose it ever. However you can be risker and invest it but you have a higher chance of loosing it all...

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#7

08-31-2006, 02:04 PM

OPM
Invest the cash

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Elli

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#8

08-31-2006, 02:07 PM

Buying all-in into a house when the market is already stupidly high... hmmm might be better to get the mortgage, play with the extra money, and watch the market. If it comes down, then you haven't lost that much.

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avolongold

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#9

08-31-2006, 02:07 PM

pay your house off, if things ever go bad down the road at least you won't have to worry about mortgage payments which is usually a person's biggest expense.

Plus the major chunk of money you make now can go into your pocket or towards other things

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#10

08-31-2006, 02:07 PM

http://www.clarkhoward.com

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#11

08-31-2006, 02:11 PM

I'd pay off the house assuming it's in a semi-strong or a growing market. It's easy for a consultant to tell you to invest, as he'll almost get a % off the top. Investments often have a chance of getting wiped out. Stck with the sure thing, and if there is ever a nice op that comes up to invest in, you can borrow money against the house.
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#12

08-31-2006, 02:14 PM

Since you said more than enough to pay off the house, I would:

Pay for the house. Invest the remainder in something long term and safe as hell.

Then with the money you'd be paying to a mortgage you can split into percentages - so much to live off, so much for tame investments, so much for crazy, risky stuff and so much to stuff into the mattress for when the markets and planet go to poop.

All the best to you
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RayVega

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#13

08-31-2006, 02:46 PM

Interesting mix of opinions...good point about the market being at it's height and interest positioned to go up from here though...interesting decision.

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RayVega

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#14

08-31-2006, 02:47 PM

aw screw it...i'm gonna blow it on hookers and booze! and live in a box under a railway station...

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#15

08-31-2006, 02:50 PM

Originally posted by Chris

that is all up to you really
do you want the money to grow or do you just want out of morgage payments???

Getting out of mortgage payments rules.

Instead of paying interest you can put your money into savings, invest it or just party a lot.

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#16

08-31-2006, 04:27 PM

I would (and have) purchased my home in cash. I don't like debt and I believe there are hard times ahead. Better to have the necessities secured than put yourself at risk trying to squeeze out some extra luxury. I suppose I'm simple-minded that way. That said, I also believe that rapid inflation will lighten any personal debt load, so maybe you want to take advantage and gamble. That's not my nature.

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#17

08-31-2006, 04:32 PM

Pretty simple decision really. Find out what percentage you'll get getting a mortgage. If you think you can make a higher percentage by investing the money, then get the mortgage. Otherwise, buy the house outright.

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#18

08-31-2006, 04:35 PM

Originally posted by RayVega

aw screw it...i'm gonna blow it on hookers and booze! and live in a box under a railway station...

You beat me to my suggestion

But if you decide not too, invest it!

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selena

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#19

08-31-2006, 04:37 PM

I'd pay the house off, because I like the security of knowing shelter is assured.

Then I'd taken any extra, plus 10% of my earnings, and invest.

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DWB

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#20

08-31-2006, 04:38 PM

OWN the house.

That is not the best financial advice and many will say that is downright dumb, but do not live in dept. Don't do it.

If you live in dept, you live in chains. And to be honest, if you can afford to drop the cash on a house, you probably don't need to worry much about making that money work for you somewhere else.
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#21

08-31-2006, 04:38 PM

pay cash for the mortgage.

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RayVega

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#22

08-31-2006, 05:04 PM

Seems like the majority has the money in the real estate...

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Chris Corn

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#23

08-31-2006, 06:59 PM

Borrow for the house 75% and use the rest for a very large investment property. The investment property, large plex unit will pay for your mortgage with lots left over. So you get two things instead of one, a house plus and investment and all the original money stays intact since they are very unlikely to depreciate historically in value. Your investement grows in value, your tenants pay down whatever dept you have and they also pay for your residence. You also get to write off a whole tone of shit, travel, computer, office, portion of your house, etc.

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