Mortgage killing future hunting adventures?

[pacoalcracker]

Everything has a buyer and a price, but it's not always what the seller would like. Unlike homes in great locations, land rarely gets heated/higher bidding scenarios. If the land is that desirable, more often than not some moneybag just comes in with a cash offer the seller won't refuse...no bidding wars.

 

[Hnthrdr]

Yeah let me know! Is it flagstaff or Sedona? Have some vacant lots to the north of me for 4.5 million for 9 acres haha

Crazy thing….it will sell. At that price? Who knows. But the market here is just stupid! If you want, I’ll update you when it sells. haha

 

[AZ8]

Yeah let me know! Is it flagstaff or Sedona? Have some vacant lots to the north of me for 4.5 million for 9 acres haha

Flagstaff. Full utilities at the lot line. Private drive...paved even! lol

 

[180ls1]

Can you invest that $200 into growing your income in some form or fashion instead? Business, Side hustle, credentials, training, degree....?

 

[Coltaur87]

If you're on the edge of town now, just wait 10 years and you'll be in town. Towns generally don't get smaller

I hear what you're saying, but no one can build next to me. I only have one neighbor and they are great, and then I own the next vacant lot that dips into a pretty steep ravine where the pond is. That ravine traces around the property line up to the next guys house probably 200 yards away. No one can build in that ravine as it sees a lot of storm drainage and natural runoff.

 

[Coltaur87]

You always have to have somewhere to live. If you can afford the payment and not be house poor, I would stay there. Why pay rent and not own something? Where I live rent is damn near what it is to own your home, depending on what you rent. It just doesnt make sense to me to pay someone elses mortgage. When my wife and I started dating, I owned my home and she rented, when we decided to get married we bought a house together. I sold my home after 2 years and pocketed 60k, she had been renting for 5 years and walked away with nothing from that.
If you have kids, you will want to raise them in the country, if you are living in town you'll eventually want to be out of town and at that point may be priced out of getting a place you'd want.

Renting is not an option for me either as I agree with you. I would just buy a smaller, more affordable home. Paying tons of interest is the same as paying someone rent or paying to stay in a hotel. I paid about $70 per night in interest in 2024. I get that I'm investing in a home, but not really until the bank gets their nut, which they are entitled to.

 

[Coltaur87]

I strongly suggest for the young up and comes to find a side gig, if your current job doesn't offer nearly unlimited OT. Starting out I had 3 part-time business going, that how we got ahead.

When I'm working on my home I have little time to do much else. Plus, I saw my dad do what you're saying growing up and he is now 63 with a stint after a few minor heart attacks. His buddy also worked like a dog and he is also in poor health. I don't want to retire and then tip over right away. Thanks for the comment.

 

[StuckInTheEast]

You've got some good input here, I'll add my mildly informed $.02...
The price point on your home isn't terrible at about $425k. But that interest rate is a killer in my opinion. On your loan, the difference in interest paid between 7.25% and say 3.5% over 30 years is $307,000 if you just ride it out and don't pay extra principal.
How many years of your life would it currently take to pay that extra $307k ?
You bought in at a time of high prices and high rates, so your ROI on that home in the long run is questionable. You could ride it out and invest any extra cash vs paying down your principal, but unless you have a good investment advisor or are pretty savvy and actively involved in investing yourself, topping an average 8% return could be questionable over 30 years. Especially given the current economic bubble and everything investment wise being sky high right now and in my humble and uniformed opinion ripe for a large correction at any time in next couple years.

Long of it short, if your happy there, by all means stay....but Id pay that loan off ASAP and refi everytime rates drop 1% or more if that happens.
Id find every alternate income source i could to pay down a 7.25% note as fast as possible on that amount of money with current economic/political conditions...But Im far on the pessimistic side of the spectrum and not a finacial advisor so take all that with a grain of salt. Everyone's situation is different, in the end you have to do whatever you determine best for you and your family.

 

[satchamo]

I mean what are you trying to do hunting wise? If you’re going DIY on western hunts, it’s not really that expensive. Granted I don’t keep a budget sheet of my hunts but tags, food, gas and maybe a few hotel stops. And most of these costs are spread out.

Sure gear adds to the list but that really is up to how much you want to spend. And once you’re setup, you’re good for a while.

I don’t mean to make light of it and act like it’s not a significant expense because it is, but it’s not sheep hunting… unless of course it is sheep hunting you’re referring to