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Forum » How much debt do you guys have?
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Thread: How much debt do you guys have?

post 1665680633 08-07-2022, 12:55 AM
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  1. beebell12
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How much debt do you guys have?

I have roughly $600,000 in mortgage on a few rental properties, am scared of pushing above $1m
post 1665685793 08-07-2022, 06:29 AM
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  1. Destor
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$330k mortgage + $900k mortgage + $85k car loan

No other debt
post 1665685943 08-07-2022, 06:37 AM
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imagine having to worry bout yoou tenants paying tha bills. brb they dont pay and u go bankrupt.
post 1665686003 08-07-2022, 06:39 AM
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  1. IPoopStandingUp
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220k mortgage
post 1665686013 08-07-2022, 06:39 AM
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Bout 350
I loe e.
post 1665686103 08-07-2022, 06:41 AM
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  1. tripod29
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$0. Srs ,vry srs.


I only buy things I can afford (residential home, multiple rentals, multiple vehicles, ATVs, etc). Just LOL @ any type of debt. I mean, just imagine LOL!!!
post 1665686153 08-07-2022, 06:44 AM
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  1. yeshli2nuts
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About $320k on my mortgage plus another $120k on a home equity loan. I have about $250k in cash sitting in a savings account that I'll be using for a 550 square foot home addition that I'm just waiting on the permit to be approved for. After the addition is done I anticipate my house will be worth about $1.2 million.

Also have another 10k left on a car loan. That's all my debt.
Never neg first but always neg back crew
post 1665686243 08-07-2022, 06:45 AM
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  1. Destor
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Originally Posted By tripod29⏩
$0. Srs ,vry srs.


I only buy things I can afford (residential home, multiple rentals, multiple vehicles, ATVs, etc). Just LOL @ any type of debt. I mean, just imagine LOL!!!
Why are you paying cash for things that you could finance at lower rates than what you’d be able to make by putting that cash to work doing something else?

I have a chunk of money in dividend stocks that are paying over double my mortgage rates.

Took out a $30k investment loan in 2020 when the stock market crashed, turned that into $120k (srs)
post 1665686273 08-07-2022, 06:46 AM
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Originally Posted By destor⏩
why are you paying cash for things that you could finance at lower rates than what you’d be able to make by putting that cash to work doing something else?

I have a chunk of money in dividend stocks that are paying over double my mortgage rates.

Took out a $30k investment loan in 2020 when the stock market crashed, turned that into $120k (srs)
lol
post 1665686293 08-07-2022, 06:47 AM
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  1. 78novacaine
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About $350k. Ded ass srs. ~$280k on mortgage (6 figure equity ATM), and ~$70k in vehicle loans.

Fiddinta be a lot more though. Looking to buy first rental property in a few months, and another soon after that.
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post 1665686323 08-07-2022, 06:47 AM
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  1. Jasonw1178
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Originally Posted By Numba1Misker⏩
imagine having to worry bout yoou tenants paying tha bills. brb they dont pay and u go bankrupt.
Read about these get rich schemes where you use equity from Property A to get Property B, and even involves cashing out equity so you can buy more properties. You have a lot of money going out, but even more coming in. As long as nothing happens to that incoming money you'll be okay but anything goes wrong it can get ugly quick.
post 1665686503 08-07-2022, 06:54 AM
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#12
  1. Destor
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Originally Posted By Jasonw1178⏩
Read about these get rich schemes where you use equity from Property A to get Property B, and even involves cashing out equity so you can buy more properties. You have a lot of money going out, but even more coming in. As long as nothing happens to that incoming money you'll be okay but anything goes wrong it can get ugly quick.
You don’t even need to take out equity unless you need it for a down payment

My second mortgage was approved partially based on rental income from the first house. There’s some risk mitigation in there, you get a market rental assessment done (estimates how much you’d make renting the place) and then in Canada they assume only 50% occupancy, but otherwise the rental income is worked into your next mortgage approval.

If things go south, you can always dump the rental(s) and keep your primary residence
post 1665686553 08-07-2022, 06:56 AM
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Originally Posted By Destor⏩
If things go south, you can always dump the rental(s) and keep your primary residence
how you gonna pay two mortgages?
post 1665686643 08-07-2022, 06:59 AM
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$400k on mortgage. That's it.
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post 1665686653 08-07-2022, 07:01 AM
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Originally Posted By Numba1Misker⏩
how you gonna pay two mortgages?
Renters would be paying for one, or at least 50% of one at a minimum (that’s the bank’s basis)

If renting doesn’t go well, can still just sell the first house
post 1665686753 08-07-2022, 07:04 AM
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i keep a running 4k balance on both of my 20k credit cards. Utilization helps boost your credit score. I have enough cash in savings where I could pay them off if i wanted
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post 1665686843 08-07-2022, 07:07 AM
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Post deleted by user
post 1665686993 08-07-2022, 07:13 AM
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  1. Jasonw1178
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Originally Posted By Destor⏩
If things go south, you can always dump the rental(s) and keep your primary residence
Right because unless you got stupid your primary residence isn't attached to those other mortgages. However if things go south and the banks can't recover the loan amount from the foreclosures of the other properties they could come after you for the remaining amount and if you go bankrupt it all depends on what happens there. Depends on where you are and the circumstances. I've seen people who seemed to have it all in order end up losing everything.
post 1665687063 08-07-2022, 07:14 AM
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Originally Posted By Techriding101⏩
i keep a running 4k balance on both of my 20k credit cards. Utilization helps boost your credit score. I have enough cash in savings where I could pay them off if i wanted
You’re not paying interest on it though right

Assuming you’re waiting until after the bill comes out, then you pay within the 21-day grace period so it registers as utilizing the card but you still don’t actually pay interest on the balance
post 1665687073 08-07-2022, 07:15 AM
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  1. IPoopStandingUp
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Originally Posted By ymer⏩
lmao this is what "lol @ rentcels" looks like
I have a lot of kids so I need a big place, I think renting would be crazy expensive for me. Isn't it like 2000-3000 a month these days to rent?
post 1665687283 08-07-2022, 07:21 AM
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Zero

Ready to buy a house in the next 12-18 months.
post 1665687523 08-07-2022, 07:25 AM
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Originally Posted By IPoopStandingUp⏩
I have a lot of kids so I need a big place, I think renting would be crazy expensive for me. Isn't it like 2000-3000 a month these days to rent?
Me and my gf pay $2450. But its brand new and in an absolute prime location. Median sold home price in our town is $995k. And NFL assistant coach lives across the parking lot and I'm pretty sure an NHL player lives a couple units away.
post 1665687733 08-07-2022, 07:31 AM
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I have zero debt. Feeldsgoodmane
post 1665687753 08-07-2022, 07:32 AM
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Originally Posted By Destor⏩
$330k mortgage + $900k mortgage + $85k car loan

No other debt
Should rename user name to debtor
----------------------
☆ QUEBEC CREW ☆
je me souviens
post 1665687783 08-07-2022, 07:33 AM
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Originally Posted By Jasonw1178⏩
Read about these get rich schemes where you use equity from Property A to get Property B, and even involves cashing out equity so you can buy more properties. You have a lot of money going out, but even more coming in. As long as nothing happens to that incoming money you'll be okay but anything goes wrong it can get ugly quick.
yeah but how you gon get that withou boomer co sighner?

i have 3 friends with houses cuz their parents co signed... 2 of em treat their house like ****. wear shoes inside, have dogs, make pizza pop for breakfast, get drunk all the time.... blows my mind. they dont even care or worry bout payments. whatever their parents will pay.....

make me want to b a criminal
post 1665687803 08-07-2022, 07:33 AM
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Just what I owe you mom for last Friday's session.
post 1665687953 08-07-2022, 07:36 AM
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Post deleted by user
post 1665688303 08-07-2022, 07:45 AM
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5k.
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post 1665688463 08-07-2022, 07:48 AM
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None, however I don't own a home.
post 1665688703 08-07-2022, 07:54 AM
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  1. Jasonw1178
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Originally Posted By Numba1Misker⏩
yeah but how you gon get that withou boomer co sighner?

i have 3 friends with houses cuz their parents co signed... 2 of em treat their house like ****. wear shoes inside, have dogs, make pizza pop for breakfast, get drunk all the time.... blows my mind. they dont even care or worry bout payments. whatever their parents will pay.....

make me want to b a criminal
Yeah you're right there are some people who have it like that and for them, sure, great, good for them but they often won't disclose that and act like it's all self earned.
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