After 28 years of my life I have finally bought a house

After 28 years of my life I have finally bought a house.

-Ama.

Step two: Buy another house (pay cash, not mortgage)

Congratulations op I'm 30 and just payed off mine!.

Why?

I guess let me rephrase. I just closed on my first house. 30 more years till we pay it off. 16 if we pay one extra payment a month.

What's the end advantage to this? Isn't a mortgage considered "good" debt?

Because me and my wife are living with my mother at the moment, and have been for quite some time. I love her because she's my mother but she is legit fucking crazy.

Not sure what good debt is, but it has to look good on our credit right?

If you get a mortgage on it then you can't go to a bank and borrow against the full value of it since you don't own it.
If you pay cash and own it, you can get a loan from a bank using it as collateral to buy the next one in cash, starting a nice waterfall effect.

If you paid cash then it doesn't go on your credit. Nobody's doing the legwork to find out where your "missing" money all went.

Who the fuck has that much cash on them?

Umm...me?

The key is to buy foreclosures and flip them.

I did exactly that too, $500k - but I genuinely asked what advantage? because in the end I really don't see one.

Who did you have to blow to get that much scrap?

Saved stock for over a decade, used it to establish a line of credit

If you don't see the advantage to chain buying houses back to back, then you're an idiot, plain and simple.

This can potentially work, unless banks in your area outbid you, which they usually do.
The ones you don't outbid require a shitton of work to get ready to sell. Like $30k or more usually from what I've seen.

This was a foreclosure. Still only had $3,000 in our accounts so mortgage it is.

This is kind of a flip. It's costing use $27,000 through a construction loan to remodel the piece of shit.

good debt? your banker told you that? your debt is your banker's asset so naturally he will encourage you to go as deep into debt as you can manage

My plan was never to chain buy houses back to back, I don't need the money - fuck I need to get rid of it that's why I did it. I suppose I answered my own question.

my grandmother had to go to a nursing home this summer, i'm probably gonna move home and take it over, free house, but i'd prefer my nona not have dementia

This.

$3000?

Have you considered not being a doublenigger and making more money?

Money's harder to come by than you suggest. Where are you getting it all from?