Paid off my place!

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morgan in ar

Member

• Jul 9, 2019

• #1

I just paid off my home place today. It's just the house and two acres, the farm is all rented. I was able to sell a rent house and pay off my mortgage! About the only smart thing I have ever done with money was to get a 15 year loan, instead of the 30 year loan the lender was pushing. She said I could still pay off a 30 in 15, but I knew I would never do that. Maybe I can get a real farm and get out of this dirty old city someday, yet.

 

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Sean Feeney

Well-known Member

• Jul 9, 2019

• #1

congrats to you

 

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flying belgian

Well-known Member

• Jul 9, 2019

• #1

My Mother always said..once you get your depts paid, it really don't take much money to live.

 

OP

OP

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morgan in ar

Member

• Jul 9, 2019

• #1

I know what you mean. I am an electrician. Back in '08 until about '14 when the building market collapsed, we barely got by paying all the bills. Now, I could probably just farm and do odd jobs to get by if I had to.

 

Butch(OH)

Well-known Member

• Jul 9, 2019

• #1

Great feeling isn't it!? We paid off my first home and farm loans almost 30 years ago. Financial adviser said it was worst thing we could do with our money,,.,

 

WI Dan

Well-known Member

Location

Northern Wisconsin, Price County

• Jul 9, 2019

• #1

-Morgan in ar
Good for you!
Looking forward to the same day myself.

 

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tomtinker

Member

• Jul 9, 2019

• #1

He probably thought the best thing you could do was to give him your money for him to play with. LOL.

 

544hydro

Member

• Jul 9, 2019

• #1

congrats!! I know some so called financial experts say not to but I don t agree with them. What a good feeling.

 

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danofarming

Member

• Jul 9, 2019

• #1

Good for You! Breakfast tastes better in a paid off home!

 

wjytexas

Well-known Member

• Jul 9, 2019

• #1

well done!!!

 

Bruce from Can.

Well-known Member

Location

Woodville, Ontario, Canada

• Jul 9, 2019

• #1

Hey that?s great, good for you. I only had 18 more payments on my farm one time , and I would have been free and clear on it. So I sold it, and bought a farm twice as big. Out of the frying pan and into the fire. I also purchased a second farm a few years later , and very glad that I did as prices have taken off. So long as I don?t go crazy and build s new barn, I can be free and clear in 3-4 years on my farms and machinery, but I can?t stop thinking about building a new dairy barn. And if I do, that should keep me in debt the rest of my life. Of course my son farms with me so he will get to share the debt load. The new barn will make it possible for him to continue farming as I slow down

 

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55 50 Ron

Well-known Member

• Jul 9, 2019

• #1

There are lots of dirty old cities. Which one is yours?

 

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atlarge54

Member

• Jul 9, 2019

• #1

I also hate being in debt, been a long time since I've had any payments. Now is a good time to pre-pay and have your funeral in order. Really makes it nice for those left behind.

 

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OP

M

morgan in ar

Member

• Jul 9, 2019

• #1

I'm right next to Springdale, AR. When I was growing up, I was 5 miles from a town of 20,000. Now, I'm right next to a city of 80,000. And I haven't moved.

 

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hoghollow

Member

• Jul 9, 2019

• #1

Great feeling paid our place off 6 weeks ago. I smile every time i come down the driveway. Took 20 years.

 

Geo-TH,In

Well-known Member

• Jul 9, 2019

• #1

20 + years ago I paid off my house. 15 years ago, my youngest graduated college with no student debt because I paid for it, I paid off my last rental, I had zero debt and I decided to RETIRE.

That is definitely a good feeling having zero debt.

I've never lived in a city and never have plans to live in a city or a community with a HOA>

 

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tim s

Well-known Member

• Jul 9, 2019

• #1

It's a good feeling to Burn mortgage papers....

 

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bobfeather

Member

Location

Jarvis, Ontario, Canada

• Jul 9, 2019

• #1

last time i checked, the ones that owed money ended up in the same place as the ones that had money

 

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SVcummins

Well-known Member

• Jul 9, 2019

• #1

Congratulations 🍾 🎊 .

 

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Philip d

Well-known Member

• Jul 9, 2019

• #1

Congratulations!!! We paid off our place by selling off the cows and quota this spring. It?s a huge weight off ones shoulders.

 

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Paul from MI

Well-known Member

• Jul 9, 2019

• #1

Congrats. I did it twice, last time in 1979, best feeling ever.

 

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730virgil

Well-known Member

• Jul 9, 2019

• #1

party time ! hip hip hooray!

 

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NEKS

Well-known Member

• Jul 9, 2019

• #1

In 1980 the banker called me and said the 120 acres next to you is for sale and we want 250 a acre. I had to say no because interest was around 12 percent and I had just been laid off. Today I get to look across the fence and watch someone else farm it.

 

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hrRoss

Member

• Jul 9, 2019

• #1

good for you! we paid of everything nov 2008, right during recession. my idea was to take payments and put into retirement to build up more, BUT, we still had milk cows, university extention told all dairy farmers they were going to loose $1000 per cow that year. we skimmed by without bowering any money, sold cows 2yrs later, bought a couple rentals for cash flow

 

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huntingreen2day2

Member

• Jul 9, 2019

• #1

When I financed my home my lending agency told me if I would split my monthly payment up and pay half of it at the first of the month and the other half on the payment due date I could reduce my 15 year note to 12 years. That is exactly what I did.

 

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Ark68SS

Member

• Jul 9, 2019

• #1

Congratulations! Now start working on that retirement plan.
I know all about urban creep. When we bought our little 2 acres in 1976 we were 7 miles from the biggest city in the state. I'm still in the county, but the city limits and fancy neighborhoods are right across the highway.
BillL

 

Ultradog MN

Well-known Member

Location

Twin Cities

• Jul 10, 2019

• #1

Congratulations Morgan.
Was looking at the mtg statement just yesterday and noticed it's getting down there.
Have been Very faithful about paying quite a bit extra every month since the first payment - even when it hurt.
I'm guessing a little over a year to go.
Means I'll have paid off a 30 year in about 13 1/2.

 

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r.w.b.

Well-known Member

• Jul 10, 2019

• #1

I used to haul corn,wheat midds and soybean meal to tysons,georges and cargill in chickendale.just north of town was a nice big farm that grew real nice alfalfa.that was in 90 92 then growth ate that big farm.sad to say how huge it is now,cant hardly tell bentonville to fayetteville.
We quit going to the feed mills 10 years ago too easy to crassh too many illegals driving and that turn off 412 to tyson isnt truck friendly

 

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Frank 41

Member

• Jul 10, 2019

• #1

Now you will be working for yourself instead of the bank.

 

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W_B

Well-known Member

• Jul 11, 2019

• #1

(quoted from post at 18:24:21 07/09/19) Financial adviser said it was worst thing we could do with our money,,.,

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He is right if you take your savings/investments to pay it off. You might just need the cash, and real estate is not an especially liquid investment. We could pay ours off but we can still make the payments from retirement income. We might need those investments once inflation eats up that fixed income. Besides, if we live long enough it will get paid off naturally.