10 comments

  • I just read an interesting article at FI Physician where carrying a mortgage into retirement can actually be a protector of SORR. Personally I paid off my mortgage and have been happy to do so (and would do it again) but it is nice to always see contrarian viewpoints to see what best applies in your particular situation.

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  • Lyne

    I too paid off my mortgage (in 14 yrs vs 30) and it was a great feeling. My farm was harder to refinance than a conventional home due to the acreage. I tried in 2012, but the lenders were not interested because they were still reeling from all the Great Recession foreclosures. Therefore it made sense to me to prepay the mortgage I had and save the 6.25% interest, especially once the interest paid dropped me below the point of being able to itemize deductions. I did always focus on maxing out tax advantaged retirement accounts.

  • S Hong

    If I’m interested in purchasing turnkey properties, is Coach Carson’s course still useful or is it more for people who want to more actively manage their properties?

    • Hi, I would say yes the course is still very relevant if you are purchasing turnkey properties. One of the dangers of the turnkey model is that you’re dependent on the research, recommendations, and advice of the turnkey operator – who happens to have a conflict of interest profiting from the property they are selling you. That doesn’t mean you can’t find good deals that way, but my advice is to build your own process of evaluating the market, the numbers, the property itself, and the management company in order to decide if the turnkey opportunity makes sense for you. All of that process is the essence of the course.

      If you had told me you want to buy crowdfunding real estate or limited partnership syndications, I would not have advised you to take the course. Those are related but a slightly different model. Direct property ownership – whether turnkey or not – is more my focus.

      Thanks for your interest and question.

  • Gino

    PoF,

    Do you have any first hand experience or recommendation, one way or another, on Fundrise?

    Thank you,
    Gino

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  • These are great reminders for anyone in the FI community and is a great starting place for anyone looking to get started. We plan to max my 401(k) for the first time ever this year and are going to try to max out IRAs as well. Next year my work place is adding an HSA options so I’m trying to learn all I can. If there’s any extra money left over we are stashing money to buy a rental property at some point (Chad Carson’s book is great)! Thanks again for the helpful tips.

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