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mortgage free

paul wheaton
Trailboss

Joined: Dec 14, 1998
Posts: 20490
    ∞

I have read a book that talks about living humbly for a few years, saving up your money and then buying some bare land outright with some money left over. Then build some tiny shack on that land and live there. Humbly. Continue to work .... rather than paying a mortgage, save up your funds and then add on to your shack (or build something new - larger, but not big). Repeat this every few years.

The book makes a powerful case of how you can end up with the same house and no mortgage much faster because you don't give hundreds of thousands of dollars to the bank in mortgage interest.

As a guy that longs to live in the country, this sort of idea really appeals to me.


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Mark Spritzler
ranger
Sheriff

Joined: Feb 05, 2001
Posts: 17249
    
    6

Yes, it works great, but not in Southern California,

The way it works here is you pay lots of money and you still get that small tiny shack.

Mark


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Stan James
(instanceof Sidekick)
Ranch Hand

Joined: Jan 29, 2003
Posts: 8791
I don't know if this is a midwest thing, but I remember seeing several basements with a temporary roof and a staircase up to ground level when I was young. The theory was to save up and build the rest one day. One guy I knew scrounged for deals and built up his inventory over many years. "Hey, I got this great doorknob for nearly nothing!" I have no idea how often this worked out because you can't really spot the finished ones.


A good question is never answered. It is not a bolt to be tightened into place but a seed to be planted and to bear more seed toward the hope of greening the landscape of the idea. John Ciardi
Ulf Dittmer
Marshal

Joined: Mar 22, 2005
Posts: 41083
    
  43
Originally posted by Stan James:
I don't know if this is a midwest thing, but I remember seeing several basements with a temporary roof and a staircase up to ground level when I was young.

Oh, that's for real then? I read about this in Tom Wolfes "I Am Charlotte Simmons", which is partly set in western North Carolina, and chalked it up to poetic license. There the reason for doing it was described as a lack of funds and credit.


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