Here is the fact, and there are no such thing called alternative facts...
Never pay off your 30 yr fixed rate mortage on your primary home (several keywords here, I am assuming they are all true for you, even if you live in Finland). Why? because it is a good debt. It is probably at an interest rate of 5% or less. Anything you do in the investing world will give you more than 5% return (not just crypto)
If you feel uncomfortable about holding a lot of crypto (and you should), you should sell a portion of it, and buy another house. Investment property. And put it for rent. Collect the income.
Soon you will have a portfolio of houses, the rental income from which will pay for the mortgage of your primary residence (the magic number is usually 4, here in the US, which offsets the mortgage payment of primary).
Once you have done that, you are golden. Live happily ever after.
Good ideas, but I think it is easy to underestimate the work involved in rental property (finding renters, collecting rent during bad times, and maintaining the properties).
I have a few friends that did this, some successfully, others not so successfully. The ones who liked it did a lot of the upkeep work and property improvements themselves (one started out as a roofer, the other was an HVAC guy).
OTOH, it can be a headache if you are a working professional. One of my friends who did this was a doctor, who kept his old house when he moved to a new one. I think he was inspired to do it by our mutual friend (the roofer). But he began to hate it after a while, because of all the extra offhours work associated with it. And then his renter developed terminal cancer and could no longer make payments, but he didn't have the heart to evict him...
You can pretty much find an agency for all that and i would recommend it. It is a pain in the ass otherwise. Ive had horrible experiences since i lived 300km from my property i was renting in another city. From torn out appliances, flooding etc.
Agencies are godgiven for this.
Yes, all good points. All true. It depends on the market too. I live in Houston, TX which is a flat steady market where this works easily. I work full time and I have a property manager. Yes, I have to evict one person. But it's my property mangers job not mine. It's critical to find a good one.
Hi - I was wondering if your funds became unfrozen after they were initially frozen. It looks like they were released based on the delegation of almost all of your funds, but just curious after all this time.
No, my Steem was never unfrozen. Locked up on Bittrex and subject of ongoing legal dispute.
Genius wise words! I agree wholeheartedly. No 2 though, I never thought of that, taking a portion of cash and buying another house.
Yes, first target is 4, then 10 (usually that is enough for retirement, and you will need to hire a property manager), and then if you really like it....and employ couple of other people, 50!
These are not my idea exclusively, sort of a standard template.
It's great, I was of the mind that paying the primary mortgage off was best too but the idea of getting a 2nd 3rd etc then using them to pay of the primary, Its awesome!
I need to learn more standard templates. :OD
https://www.biggerpockets.com/podcast
https://www.biggerpockets.com/podcast_episodes?page=32&series=BiggerPockets+Podcast
Great thinking in my opinion. Would love to have the crypto that allowed me to follow that path though :P
This is what I would prefer to do, especially considering we have a 10 year collar on the interest rate from here and we are well below 5. The other thing I like about this, is that we can get rental properties that earn"cheap", meaning potentially the first 2-2.5 for the value of our mortgage, especially if there is a housing price collapse.
To me, this makes a lot of sense - thanks! I will forward this to my wife.
This is a standard template here, and numerous people from all parts of the society are doing it to get out of 8-5 jobs. That's the main reason, US property market is this high even after 2 years of pandemic.
I think the prices have been somewhat held back here in houses, but the apartments are booming - I have read a lot from Australia on this however and it is getting insane there - it has to come down at some point.