WWYD?? LAND OR PAYOFF last of debt???

Callieslamb · #21 04/25/11, 04:03 PM

I'd sell then house FIRST...then make more plans. There's a lot of "If's" in the devil's plan. It might work - it might not. What happens if all doesn't go as planned? It's not a good time to have it NOT work out as planned.

Smallhomestead · #22 04/25/11, 05:00 PM

I would get the land after having every debt written down and how to pay for the new house. If you could find a cheap trailer to live in you could sell the old place and live on the new land while you build. It would be very crowded but it would give you some peace of mind to know you only have one place to worry about if Murphy gets in the way.

myheaven · #23 04/25/11, 05:30 PM

As I was talking to a friend today who has just started dave ramsey FPU class I told her a quote Dave said my husband and I love and live by and Made my mind concreet about what to do and speak to my husband on where I feel we should go. The quote is "Employing debt it attempting to get blessing the Lord never intended you to have". So if we have to employ debt to get this land and keep debt that could easly get paid off Then this is not a blessing the LORD intended for us to have.
So I think we should just pay off the debt and keep on keeping on!
Thanks all for letting me ramble. In due time if it is HIS will it will become a blessing.

myheaven · #24 04/25/11, 05:51 PM

Just talked with dh. Told him the quote I remembered and he said "ah yes very wise" We are about to hit the finish line this Friday. I never thought in a million years we would finally be debt free (besides house) I never wanted to be in debt Was never in debt till I got married and now my sweet husband is wittnessing and experiancing(sp) a life he has never know, never knew existed or knew you could realy live life that way. Thank You GOD for giving me the patients(sp) of a SAINT to deal with this man and helping showing him a new way of life. LIFE IS SOOOO GOOD.

salmonslayer91 · #25 04/25/11, 08:33 PM

good choice

IMHO now you can invest in a pond water feature or a few trees a few raised beds some rhodis and etc you can change the whole look of the place and "almost" make it new even a kitchen remodel could be somthing to think about

myheaven · #26 04/25/11, 09:04 PM

Quote:

Originally Posted by salmonslayer91

good choice

IMHO now you can invest in a pond water feature or a few trees a few raised beds some rhodis and etc you can change the whole look of the place and "almost" make it new even a kitchen remodel could be somthing to think about

we already have all that lol. just not the water feature. Insurance will not allow it. We have gutted and redone EVERYTHING!!! Well ,septic, foundation, floorplan, eletric, plumbing, insulation, framing, windows. Oh and even the doors lol

myheaven · #27 04/25/11, 09:08 PM

We stripped some of the floors to the floor joist to correct previous owners mistakes. Most doors and cabints are oak special order.Oh we have even redone the whole heating system.

AgrarianDr · #28 04/25/11, 09:28 PM

Quote:

Originally Posted by Randy Rooster

Now is the time to buy land just about everywhere because prices are defalted- if you wait they will probably go up. If you can sell your current place now at a good profit I'd go for it.

Not sure where you live, but it's certainly not here. I've read at least 4-5 articles lately talking about how farm land was entering a bubble. There were all kinds of charts and graphs were farmland in the midwest - from Minnesota through Missouri, had quadrupled since 2002.

One point that struck me was that farm land had out performed Gold and Silver That article was written in March of 2009, but from everything that I have seen land prices have not fallen anything like residential land - especially with commodities going through the roof.

AgrarianDr · #29 04/25/11, 09:35 PM

myheaven,

Not sure if this would even apply to you, but thought it was a great move on the part of our friend.

She was in a kinda-sorta-similar situation. She owned a home free and clear in a subdivision, but she wanted to buy and (sooner rather than later) move to a small homestead. Her thinking was that if SHTF that she did not want a loan on the farm, so she took a loan against her existing home and paid cash for the farm.

Smart. And I told her so many times.

myheaven · #30 04/25/11, 09:47 PM

When we purchased the house and land here.The land was only 500 per acre now its worth 4,000 to 4,700. The land I have my eye on is 2,000 per acre. So land has realy gone up around here.

**clovis** · #31 04/25/11, 10:23 PM

As a huge Dave Ramsey fan, this one is a no-brainer for me.

Pay off that debt ASAP. You'll be saving a ton of money in interest.

Dave always says "When you pay with cash, instead of debt, you make better decisions."

**clovis** · #32 04/25/11, 10:24 PM

Oh, BTW, don't foget about capital gains taxes on your investment, should it apply to you.

seedspreader · #33 04/25/11, 10:24 PM

Get debt free, this ride we are on isn't near over and if you can sock away 600.00 a month and you invest it you'll have your 30000 back in no time AND have most everything paid off.

It will get you the most return on your money (for the interest you're currently paying).

myheaven · #34 04/25/11, 10:35 PM

the tractor loan is 2.9% intrest the rest are 0%

We will be debt free on friday. Im going to get on dh about getting my green house built. Put allhis tools to use.

MNBobcat · #35 04/25/11, 10:41 PM

Some things to factor into your decision. First, the economy is going to get much worse than what we've seen in the last 3 years. The government artificially propped up the economy but nothing has been fixed. That propping up of the economy has a price and the piper has yet to be paid.

In addition to the economy in general getting worse, the cost of fuel and food will be getting much worse yet. Then will come the inflation....

Being debt free in that situation has a lot of advantages.

agmantoo · #36 04/25/11, 10:59 PM

I would make an offer on the land but to close later contingent on selling the current home. You can make do somehow while building the new home. Never would I have the debt for your current place and the new-to-be acquired property simultaneously.

time · #37 04/25/11, 11:27 PM

I am working to be debt free. This includes the house.

The economic future scares me and I don't want to owe anyone anything.

ChristieAcres · #38 04/25/11, 11:40 PM

Quote:

Originally Posted by agmantoo

I would make an offer on the land but to close later contingent on selling the current home. You can make do somehow while building the new home. Never would I have the debt for your current place and the new-to-be acquired property simultaneously.

This

This is what I would do in your situation, but I won't beat a dead horse by going into all the reasons.

sticky_burr · #39 04/26/11, 01:54 AM

wel theoretically ... general property value is low atm. low ball the 'new' place and IF the place your on atm will sell quick raise the price and advertise it to death get the max possible while building a efficient house that is big enough fr now/ small enough for the future

we;ll basically look at the credit rate and value. like if you had gold now sell it quick and dump it in something that is down. anyne that buys gold atm as n investment is a fool. anyone that buys property in a land rush/unsustainable boom also ... yea you may know where i am going.. if new land is good and is at ~1/3 of boom price its a good investment etc etc

**clovis** · #40 04/26/11, 02:34 AM

Quote:

Originally Posted by myheaven

the tractor loan is 2.9% intrest the rest are 0%

We will be debt free on friday.

Good for you!!!! You are going to start sleeping better when you are debt free!!!! Just wait and see!!!!