# Just one more payment...



## PalmRoyale (Jul 1, 2018)

And the mortgage on our house and the land it sits on is fully paid off. It will be our property and no one can touch us. I never thought the day would came that we will be the sole owners of our property. It feels so good to see all our hard work has led to this glorious moment.


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## Gjackson98 (Jul 1, 2018)

Congrats！


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## Wdestate (Jul 1, 2018)

Congrats! That day will be nice..in a few decades ..


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## PalmRoyale (Jul 1, 2018)

We did have 1 very lucky break. When bitcoin was launched we bought 16 and we cashed them in earlier this year. We paid off a large part of the mortgage with it.


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## Badgertooth (Jul 1, 2018)

Congrats, nice to hear stories like that.


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## WildBoar (Jul 1, 2018)

Congratulations!


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## bahamaroot (Jul 1, 2018)

Paid mine off 3 years ago. Funnest check I ever wrote!


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## labor of love (Jul 1, 2018)

PalmRoyale said:


> We did have 1 very lucky break. When bitcoin was launched we bought 16 and we cashed them in earlier this year. We paid off a large part of the mortgage with it.


Do you have any investment advice for me?


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## Badgertooth (Jul 1, 2018)

labor of love said:


> Do you have any investment advice for me?



Buy a time machine.


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## labor of love (Jul 1, 2018)

Badgertooth said:


> Buy a time machine.


How many bitcoins does one cost?


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## mc2442 (Jul 2, 2018)

Congratulations, that is awesome! And congrats on the bitcoin hit.


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## PalmRoyale (Jul 2, 2018)

We actually forgot we had 16 bitcoins


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## S-Line (Jul 2, 2018)

Congrats on paying it off! Must be a lot of hard work and sweat.

And you're so lucky with the bitcoin purchase. I was so skeptical back then about it and thought it was the dumbest thing ever but had so many chances to mine it. First knew about it around 2011~. Had many chances to use my workstations to mine bitcoins, back then I could mine 1 bitcoin in approx 25-30 hours. But I choose to participate in [email protected] to help Stanford find a cure for cancer. 

Only if I mine back then, I would have at least several hundred bitcoins today. So therefore I'm still making payments on my house. xD

Still not mad about it though, my mom has cancer and it just felt like the right thing to do back then. That right thing probably cost me 50 million dollars.


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## PalmRoyale (Jul 2, 2018)

It was one of those silly drunken purchases. We bought them in August 2011 if I remember correctly for something like $10 per bitcoin. We thought if it goes up in value, great. If it doesn't we only lost a small amount of money. Somehow we completely forgot about them until I was doing a big PC clean up a few months ago. When we realised how much they were worth at that time we sold all of them. This was in March and we banked $174,000. We didn't even have to think about what we wanted to do with it. Paying off our mortgage would've taken many more years without them.


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## S-Line (Jul 2, 2018)

Haha, likewise. I would have done the same. Thats a very healthy amount to go towards the mortgage.


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## Keith Sinclair (Oct 25, 2018)

Paying off your house and being a shipwright. See that you outfit new craft and restoration work on older boats. Was wondering if you have gotten a good deal on a fixer upper for yourself. You have to have salt water in your veins and plenty water around you


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## Chef Doom (Oct 25, 2018)

PalmRoyale said:


> And the mortgage on our house and the land it sits on is fully paid off. It will be our property and no one can touch us. I never thought the day would came that we will be the sole owners of our property. It feels so good to see all our hard work has led to this glorious moment.


Until the year comes where you forget to pay property taxes. Or the state decides that a new shopping complex would be way better for tax revenue purposes.


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## jacko9 (Oct 25, 2018)

Our house is paid for as well and we do pay very close attention to our tax bills. We have seen property sold off at the court house steps for back taxes all too often.


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## PalmRoyale (Oct 25, 2018)

We don't live in the US.


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## Keith Sinclair (Oct 25, 2018)

No kidding in Hawaii if you don't pay property taxes for three years not only will you have a hefty interest and penalty payments added, your property will be sold off. 

My friend follows these when the come up. Most are paid off last minute even days before auction. If you do win you must pay in full. I went to one just to observe see how much remaining properties went for. 

We even went out to look at places on the list. Some were in pretty bad shape. 

I got into all of this because he was looking at a property of people we knew. The old couple had died off. The daughter, husband & kids moved in and took care of the older mother until she passed away. After she died the taxes were not paid at all. The daughter just threw them in the trash. 

I went over there asked if they knew that they would lose the house in the following week. With the notices the daughter knew but the kids who were in the work force were shocked to find this out. They had been supporting the parents and their own kids kids on two pay checks. I told them to get a loan but credit was bad. The brother had just got out of the Navy had a job as a cook at Bubba Gumps so a third paycheck was added. I tried to get a bank loan as a co -signer still no go. 
I figured with the extra paycheck they could pay me off so they agreed to pay in full within two years. They signed agreement & had it notarized. Janice & I split the cost & paid it off two days before auction. Some people said we were nuts, would never get paid back.

They are a little behind but we have 75% of the payment paid back so far. I am sure they will pay in full. I just could not see three generations on the street, losing a property worth around 700,000 at time for a little over 14,000 in back taxes. Expected by the city & county to get at least 400,000 paid in full at auction.


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## jacko9 (Oct 25, 2018)

@ Keith Sinclair

You and Janice are good people helping neighbors instead of looking for quick profits from other peoples mistakes. My wife worked as an auditor for the county and it was hard to see all of the vultures around looking to benefit from others misfortune. Some older folks were going into mental decline and weren't aware of their tax problems but the vultures were waiting to move in.


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## Keith Sinclair (Oct 25, 2018)

Life is a feed zone always people ready to take advantage of other's misfortune.

Palm I know you don't live in US. I figured with your skills a smaller fix up craft you could enjoy & resell at a profit. I'm a little partial to sailboats.


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## mfishsauce (Oct 29, 2018)

Congrats! Love hearing a good success story! Cheers


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## sudsy9977 (Oct 29, 2018)

Just out of curiosity did you ever think about investing that money instead of paying off your loan? I’ve read if you have a low interest rate that you’re better off investing because you’d make more than the 4 percent or whatever your loan rate is. Ryan


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## agp (Nov 21, 2018)

sudsy9977 said:


> Just out of curiosity did you ever think about investing that money instead of paying off your loan? I’ve read if you have a low interest rate that you’re better off investing because you’d make more than the 4 percent or whatever your loan rate is. Ryan



Most of time this is true. Refi your mortgage when interest rates are low and invest the money in equity. Cash out equity before it peaks and move money elsewhere. The difficult part is knowing when to move out of equity.


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