Is this possible? Working and buying a house without mortgage?
Is this possible? Working and buying a house? I have a plan in the next 20 years for myself... My Plan: My plan is to buy a house without a mortgage. This plan is to save as much money humanly possible such as getting a room for 450 per month here in my cheap to live town, and live really really small. I have no wife or kids or gf. I plan on working 2 jobs while investing in either a fourplex or a duplex and saving for the next 10 years and putting my money in a bank with interest compounded in a GIC. In ten years after saving up around 22,000 dollars per year, I plan to buy a piece of land as big as affordable and putting down either a mobile home or a small house. I want this place to have Geothermal Heat, a micro hydro electric system, a well, and I want to grow my own food while I get income from my fourplex or duplex.. Living very small.. Game Plan: I live in a small town where realestate is cheap. I calculated in 6.5 years I can buy the fourplex or duplex whichever I can get, then spend another 10 years working with the fourplex or duplex and live as small as possible and get a I calculated the interest in that time. in 6.5 years I would have the Fourplex, I would save 140 thousand, and in the next 10 years after I would save 350 thousand dollars. BTW these are just approximations. I JUST WANT TO KNOW IF THIS IS POSSIBLE... Thanks for taking the time to read..:) I hate mortgages and the way I see it is that if I was to get a mortgage on even a 100,000 dollar house, it would cost twice as much and by the time I owned the house, I could almost retire.. Why do people get Mortgages I find it stupid!! I know also that life is full of unexpected stuff .. sure I know.. The way I see is that at least I still have money in my pocket.. If I need it in the future, such as to live.. I dont need to use welfare or anything have money when I need it badly. Lots of money... Acts as a security Net also to make sure I don't become homeless..
Asked By: David S - 11/8/2011
Best Answer - Chosen by Asker
You have a great idea, your idea would work and you would be successful with your plan... More
Answered By: loanmasterone - 11/9/2011
Additional Answers (2)
your idea is good and it is possible. every thing is possible . you have to believe it. do not go for mortgage and don't pay interest.
Answered By: abdulkhadermillion - 11/9/2011
"Why do people get Mortgages I find it stupid!!" - b/c most people DO have kids, and DON'T have the ability to live like you describe and save every penny. That's why.
Answered By: the kid - 11/9/2011
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