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KMBZ>Audio & Video on Demand>>Life As You Own It 5.14.14 Segment 3

Life As You Own It 5.14.14 Segment 3

May 14, 2014|

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    home loan found at 2:45

    paradigm shift here. Obviously for the past 34 decades if you're tracking interest rates on mortgages you'd notice that in general taking -- as at five every contain year. Average window of time decade over decade mortgage rates have typically. Trended lower lower lower so when moving up and home or. Refinancing your whatever has come along -- been -- the benefit at a lower interest rates usually it's is an additional motivate her for people that are looking at moving like -- you know we're. Seven and a quarter and my first home loan for example was eight and a quarter. And when I bought my is my next home I think I got seven or something so it was a huge. Different generate over just a couple of years period of time was when rates dipped down I was able to buy another home. For not a whole lot more money. Even those more expensive house because my interest was so much -- well. That's typically what we've seen. As a trend and people of enjoyed that now that might be changing so if you look at the Adam average rate of the past few years. Interest rates dip down to a record level on the low threes on a thirty year mortgage November 2012. And it took till about
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    buy houses found at 13:26

    prices rise slightly but we're just seeing in that the people wanna buy houses are continually saying you know what I can't find a house so. In my world if there's not a lot of inventory
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    vending machine found at 1:55

    but to others survey that shows. Virtually everyone who lives above the poverty line has the ability to -- twenty bucks a week saving. Is a habit. And it's something that if you develop at a young age. That it can become a part if you were financial DNA so you do you have the ability to save regardless how much money you make and that's when he dollars. On if you're -- just above the poverty line is a big chunk of money that will make a difference for you if and when you needed. I'm not people that play the lottery -- chances went in the water. Sitting him lynching so -- it's getting hit by lightning. Vending machine -- the Wall Street Journal analysis 95% of gamblers Li use in the end. You gotta know when to hold them and pull them. And what went on -- -- on -- -- of -- -- said they -- well I just -- that -- half truths to -- kind of -- and the dogs vet her for buying on credit folks don't get in the habit don't use this credit cards if you pay cash in your cognizant of and you're only spending what you have and I am not as much as
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    dogs chase found at 6:08

    he wanted to circle that block a few times. -- and rabid dogs chase you down so. I drew that -- -- you -- -- all love don't fall for love at first sight drew says
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Automatically Generated Transcript (may not be 100% accurate)

Okay. All right friends we are back final segment of life did you own it. -- hung in there this long you better hang in for the rest because we get some good stuff for you as we close it out and of course you know now if your first time listener. You better be back here again -- this next week so the you don't miss out on the fun stuff. We're gonna -- -- 877 number once again. And why if you need to call it if you got a question if you wanna get on the should used issued just scenarios if you need advice that you don't get hammered on some goofy deal he had no business doing. This is a number to call 87731536. You can say hey wanna talk to Craig Miller wanna -- some stuff by combining house and refinance and house on doing some else -- should or shouldn't be doing and won a narrow. I'll tell you I'm just somehow coming out -- to do anything to say you know. And it's 24 hours seven days that we can you give me some goofy stuff and others talking about it so yeah I mean let's not go too far though I mean I don't yeah because I won't opine on -- unless he keep it classy folks aren't so -- cash cash. Get a touch on some of the stuff yes there -- tons of cash -- nearly all I'll touch on some cash yet so the thing about it is is this. Paying -- -- home might be sensible strategy but rarely is it the is that the very best strategy. Oftentimes your pass on the major arbitrage opportunity there where you could invest your money elsewhere get a bigger -- returned them what the tax effective rate would be deficient. Tax efficient effective rate on that mortgage would be. -- what she did talk the financial planner talked to an advisor. Who understands this talked to a certified mortgage player who understands this before you make the final decision now if you do you find yourself in a situation. You're in a bidding war you've got the wherewithal to pay cash rent an auction requires cash anything of the sort in your bind at home for cash which you won a mortgage on. And you'd rather have a loan for your money back in the -- invested guess what you got folks you've got to narrow window of time to make that happen or you lose. The tax deduction. On that acquisition indebtedness that is part of the IRS code. If you -- -- your mortgage interest deduction here's how you lose it pay cash for home and don't take out a mortgage until after ninety days of acquiring I don't. So how do you collect that tax deduction or make you get to partake. If you do you pay cash. Make sure within ninety days of closing the clothes on a loan that allows you to pull cash out of that home and put it back wherever teams from. So that you can deduct that mortgages acquisition and -- and a three month window of their folks pay attention other than that he'd be limited to media. Cash withdrawal of a 100000 dollars to what may not if it's a small that may not but that's. Awesome. Thing to point out there Craig because a lot of people are missed the boat on that. Or what they're actually doing is they're going ahead now. To they're deducting that and what they don't know is that technically when deductible deaths are much. That's logic folks okay we're a re visible a little bit of a story that we covered may be 34 weeks ago as an opportunity to purchase our real state proper -- pursue investment property in the Detroit purchase may be your primary residence and we just picked Detroit because they -- got a thousand dollars of folks you know their foreclosure and auction opportunities all over the nation realty Trac dot com as one we recommend. You check out to find the -- close Iraq foreclosure activity in your market. Great information there and then auction dot com you can go to walls of the different different source but. Realty Trac dot com if you want to be real estate investor you can get this info too but in Detroit they -- they started auction thousand -- was opening bid. And doubt we thought that sounds good by a bunch of properties for a thousand bucks each when. -- didn't quite work out that way the first one sold for just over 34000. Dollars. On the so. You know -- started -- 2000 box the winning bid hit 34000 dollars to three bedroom 14100 square foot home that needs new furnace water heater. Otherwise is in good condition. While -- that's probably pretty good deal looks like can overcome in the pictured it does all brick -- -- -- as Marie how looks Saddam -- so so folks we just wanted to come back on the story and say. There are opportunities for real estate investors to have a strategic plan. That mean you have to give Detroit. Go any other place there might be writing your own backyard. You may have the opportunity if you got some somewhere with all -- names weren't on some and some carpentry skills. Now still can be a good time but it is a business and it is a more serious business. Then what we consider buying your primary residence which we encourage you to look at just like a business he's not a business worth it and it is and is is an -- All right folks who was been another installment of life that you own it we appreciate you joining as. We hope you come back remember check us out where frank we're gonna check it out FaceBook and YouTube Twitter I heart radio I tinged tune in radio in all the of the stations in your area with Anderson. All right and remember to -- the community.

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