2million's Personal Finance Blog

My Journey to Financial Freedom

December 21, 2005

Brainstorm - Buying Real Estate in Your Hometown

I have been kicking this half-baked idea around for awhile. As I suspect is the case with many you, I no longer live in my hometown. I live a few hours away and go visit my family and friends in...
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May 22, 2006

House Under Contract!

I have finally started my next big step in reaching my $2 million net worth goal. I have reached an agreement with a seller to buy a small 3 bedroom home!I am very excited at the prospect of finally purchasing...
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October 24, 2006

How Much House Does a Typical Multi-Millionaire Own?

According to Michael Masterson in Automatic Wealth the average person with a net worth of $6.8 million owns a primary residence worth $545,000. Wow! That’s a lot lower than I would have guessed. He argues that owning an inexpensive home...
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October 25, 2006

College Town Real Estate

Here is an interesting article from Yahoo!Finance on the appeal of real estate in college towns. It just so happens both of the houses I own are in very close proximity to local major universities (within 1 mile). I think...
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July 18, 2007

Interim Savings Goal of $80,000 for Home Down Payment

Now that I have converted my current home to a rental property, it's time to start thinking about my next property. My fiancee and I believe that in 12-15 months we will be in position to start looking for a...
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August 29, 2007

Previous Owner Wants My House Back

I got a short email from the previous owner of the FSBO purchase I made last year. It turns out he is now looking for a new place to live and wanted to see if I was interested in selling...
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November 22, 2007

Payoff Mortgage for Better Rate of Return?

There are pros and cons to paying off mortgages (or at least accelerating payments) and a lot of people feel pretty strongly about the subject. I personally avoid accelerating payments on the 2 properties I have owned up until now...
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December 12, 2007

Payoff Mortgage to Avoid Private Mortgage Insurance

I recently wrote up an analysis on the PMI insurance my wife is paying on her mortgage. I calculated we would get an initial after-tax 6.77% rate of return by paying down her mortgage $19k; just enough to cancel the...
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February 29, 2008

How Much House On A Six Figure Income?

As you know my wife and I have been talking about how much is a wise amount for us to spend on our new home given our financial goals. I found this very interesting discussion on people struggling on six-figure...
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March 14, 2008

Taking Our Savings And Paying Down Our Mortgage

I have previously analysized the mortgage on House #3 and determined we could earn a 6.77% after tax return by paying down the mortgage to get rid of the private mortgage insurance. I have been on the fence this as...
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April 9, 2008

Paying Down Our Mortgage is Very Addictive

Last month my wife and I made a $10,000 payment against the mortgage on our primary house in an effort to paydown the balance so we could cancel PMI after I realized we would earn a 6.7% after tax return...
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