Mr.Mark wrote: GDlow, Sully is not an Account. An interest deduction is nice if you can take it. That is not an option for us.
MM.
Correct..I AM NOT an "accountant" but ..
"There is a certain income level that a person can reach where interest is not deductible so interest charges are totally wasted money."...I'd sure like to know what total amount of INCOME one has to attain so they CANT deduct the interest on the mortgage of a SECOND HOME!
2000 Country Coach Allure; Cummins ISC 330 HP; 71/2 - 8 MPG regardless
2002 Jeep Liberty
Tenn Stud wrote: WELL; I have read the entire thread, From the knowledge that I have gained here I will apply this Monday for a Wall Street Hedge Fund Managers job!!!. Most of what I read is used for fertilizer. Some had facts some had none. I like Mark's theory about paying cash if it can be done. But I will not criticize those who cannot, If you want a MH buy it! I pay cash for everything and finance nothing. I would like to explain that there is more than interest saved. With cash you can bargain. Example I bought my 05 HR 43'Imp with most all options that Monaco offered. for 245 thou. It listed for 373 thou Plus 32 thou options or 62.5% off list price. I doubt if I could have archived that if I had to finance. 3 Dealers told me it could not be done Including Buddy Gregg himself.
I would like to have the name of those Banks that are paying 10%. I use Eagle asset management, They are not returning those rates.
A MH is NOT an investment and in my opinion will never be! It should never consider as such. UPSIDEDOWN I think everyone that owns a MH is upside down. They are like going to Disney World it costs but you are having fun. As to the future Don't give up and sell now or in the near future. When the MH industry comes back they will be higher is cost and cheaper in materials. Inflation and the weakening dollar might get you a gain after this down turn subsides.
Paying "cash" had NOTHING to do with the "deal" you recieved! The MoHo dealer doesnt recieve his $$ "monthly" as you make payments. He recieves his $$ in one lump sum ( typically electronic transfer from the lending institution).
What a person DOESNT want to do is have the DEALER pick the finance company because he gets a kickback from them.
A person can find their own financing ( either straight cash; borrow from Old Uncle harry...or beg their local Credit Union) and get exactly the same "deal"
Mr mark.........the dealer lost money because you didnt finance.....mr Gregg is also a salesman and sometimes they dont tell the whole truth..................Jim k
Mr.Mark wrote: GDlow, Sully is not an Account. An interest deduction is nice if you can take it. That is not an option for us.
MM.
Correct..I AM NOT an "accountant" but ..
"There is a certain income level that a person can reach where interest is not deductible so interest charges are totally wasted money."...I'd sure like to know what total amount of INCOME one has to attain so they CANT deduct the interest on the mortgage of a SECOND HOME!
Hey Sully! I see I've awakened the sleeping giant!!
I don't want to get into income things but I see that some people were not aware that interest deductions were not an option for some people. And, it doesn't matter even if it's a first home, second home, third, etc.... no interest deductions.
Leaving for Canada tomorrow! YEAH!! The Motorhome is all packed and all we have to do tomorrow is connect the Honda and off we go!
MM.
* This post was
edited 06/23/08 04:19pm by Mr.Mark *
Mr.Mark
2008 Monaco Dynasty, 42ft., 4 slides, 425 hp clean-air Cummins diesel
2007 Honda CR-V EXL, AWD, w/Nav and the M&G braking system
cody wrote: Mr Mark, I can appreciate your thoughts and the reality of the situation is that factory units arn't built to the specs of commercial units and just don't have the longevity of the commercial units. I've had the factory units and felt that they didn't measure up. A bus conversion certainly isn't for everyone, the initial conversion is a daunting project if it's to be done right, mine was a Caldwel Brothers conversion originally and I gutted the bus completely, caldwell is known for doing the same quality work that Marathon and Liberty do, new caldwell conversion start at 1.7 million or more but ours was dated and I wanted to do the conversion to suit our ideas and needs. The key to being right side up is to buy right and buy once, I've found that factory units are very unstable pricewise and need replacement or updating on a fairly regular basis, that wasn't cost effective to us. I wanted to buy once and do it exactly the way I wanted it done and keep it for the long term, I found the solution to our needs in a bus conversion, to keep it simple and shorten this post, I paid 16K for my shell, it had a new drive train and was solid, I put 18K into redoing the interior with the best material I could find, I did all the work myself and took my time, so my investment in the project is roughly 34K, thats less than a used factory coach and I've found that the annual upkeep and maintance on my coach is much less than the factory units I know of and had. I know that I can easily get more than I have invested in my bus and thats what being right side up is all about in the long run, I paid cash for my bus and cash for the improvements and I feel the bus will give us good service for the next 20 to 30 years at least or as long as I'm around. This will be supported by the others on the forum that own bus conversion, it's not the right choice for many but for some it is the only choice.
Cody, I totally admire your ability to build things as I have ZERO capability in that area. You are definitely NOT upside down!
Hey Sully! I see I've awakened the sleeping giant!!
I don't want to get into income things but I see that some people were not aware that interest deductions were not an option for some people. And, it doesn't matter even if it's a first home, second home, third, etc.... no interest deductions.
Leaving for Canada tomorrow! YEAH!! The Motorhome is all packed and all we have to do tomorrow is connect the Honda and off we go!
MM.
I just asked one basic question is all. How much INCOME does one have to have so that they CANT declare the interest they pay on a mortage for a second home.
I bet there is a 'Shoe Forum' somewhere, and they are arguing whether the $ 600 they spent on Magli shoes is a good investment.. you know, the Sex and the City Forum ???
Back to RVs -
The flaw in the 'enjoy it - life is short' line of reasoning is that your circumstances may change drastically - lose health insurance, severe illness, house in jeapordy.. then your fun-fun-fun logic will not look too wise. And you know these days, **** does have a habit of happening. You may need to cash out everything to survive, and being negative in those circumstances can be disastrous.
Also.. what if gas lines return ? Thought about that ? Truck drivers will not take kindly to Class A's filling up at truck stops.
Do you realize how close we are to gas shortages ? High prices - thats nothing !! What if you cant get i t?
Then it would be best to not buy an RV at all wouldn't it? Logiacally speaking, or not have kids or a lot of other things. What you say is true, just how far do you take it..the something bad can always happen to you idea. How about starting a business instead of working for a well established outfit...like Ford? Everything in life has its risks, it is just best to recognize them and make a decision accordingly.
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08 Holiday Rambler Vacationer 38PLT Workhorse UFO GAS Pusher Chassis
06 Saturn Vue toad, SMI Breaking sys,Blue Ox tow bar. Myspace site and blog
Gramps and family Drive a UFO.com
Some prefer to pay then play. Some prefer to play then pay. Times like these can be defining moments as to which group we are in. One can only be upside down if he chose to play then pay. In 2017 I will be able to sign up for SS and Medcare so threads like these can hit home hard and be a way to learn from the experiences of others.
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