Is paying off your home early a bad idea? - Page 2 - Mercedes-Benz Forum

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post #11 of 11 (permalink) Old 06-22-2005, 09:26 AM
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Date registered: Apr 2005
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RE: Is paying off your home early a bad idea?

Yes.You would definitely be exempt if you were to buy up, but not if you were to sell a 12 bedroom Spanish Colonial in Malibu and spend the spoils on a trailer in Oklahoma and a fleet of Testarossa's. As I understand the law at present, you could buy down one time and be exempt from capitol gains. This law was reserved for senior citizens, but now covers all homeowners, but again this only pertains to your principal residence. In addition, be aware of the Homesteader Deduction, a state program that allows you to deduct a portion of your property taxes. Kind of off the subject, but many people are not aware of this.

I need to brag about my most successful flip. We bought a piece of crap 3 bed. no basement ramshackled ranch in the country club area near where we live for 312k. We considered developing but could not afford the nut to do so. It sat between $4 million+ homes. I bought two for sale by owner signs and sold in 14 hours for a tidy sum. The developer turned out to be an old friend. The monster he built had $18,000 cherrywood and cut glass doors. Wish we could have built ourselves but it didn't seem right to put a so-so house in that area.

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