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#11
10-13-2007, 02:24 PM
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Re: Is there any disadvantage to buying a house outright?
[ QUOTE ]
The complicating factor is that interest on mortgage payments is tax deductible from your income. This little quirk dramatically shapes our housing market. [/ QUOTE ] One thing to keep in mind is that your total itemized deductions (including mortgage interest) must exceed your standard deduction to get any benefit from it. 
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#12
10-13-2007, 04:00 PM
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Re: Is there any disadvantage to buying a house outright?
sweet, thanks for all the info in this thread i've learned a ton already.
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#13
10-13-2007, 04:50 PM
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Re: Is there any disadvantage to buying a house outright?
hmmm something that I havent really figured out is a situation where i would be forced to sell due to being cash poor. Something like poor health, future children... anything else thats blatently obvious that im missing?
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#14
10-13-2007, 06:40 PM
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Re: Is there any disadvantage to buying a house outright?
what you are missing is that lots/ most, gamblers end up blowing off their winnings at some point. so if your house is paid for you still have something and get to have low expenses while trying to pump up again. if you blow it all when liquid you got nothing. this may not pertain to you but it sure does to most.
i think a gambler should carry no debt if he can. then he can play his best while under little pressure.
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#15
10-13-2007, 07:37 PM
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Re: Is there any disadvantage to buying a house outright?
[ QUOTE ]
what you are missing is that lots/ most, gamblers end up blowing off their winnings at some point. so if your house is paid for you still have something and get to have low expenses while trying to pump up again. if you blow it all when liquid you got nothing. this may not pertain to you but it sure does to most. i think a gambler should carry no debt if he can. then he can play his best while under little pressure. [/ QUOTE ]
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#16
10-13-2007, 09:01 PM
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Re: Is there any disadvantage to buying a house outright?
[ QUOTE ]
what you are missing is that lots/ most, gamblers end up blowing off their winnings at some point. so if your house is paid for you still have something and get to have low expenses while trying to pump up again. if you blow it all when liquid you got nothing. this may not pertain to you but it sure does to most. i think a gambler should carry no debt if he can. then he can play his best while under little pressure. [/ QUOTE ] The problem is ...most BROKE/SICK GAMBLERS will then sell there house for whatever price by whatever means I guess its a double edged sword then? If you want to find ANY success in poker,.......-EV gambling(sports betting,pit games,stupid prop bets,etc)must be eliminated to be successful! SF
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#17
10-13-2007, 09:11 PM
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Re: Is there any disadvantage to buying a house outright?
[ QUOTE ]
[ QUOTE ] what you are missing is that lots/ most, gamblers end up blowing off their winnings at some point. so if your house is paid for you still have something and get to have low expenses while trying to pump up again. if you blow it all when liquid you got nothing. this may not pertain to you but it sure does to most. i think a gambler should carry no debt if he can. then he can play his best while under little pressure. [/ QUOTE ] The problem is ...most BROKE/SICK GAMBLERS will then sell there house for whatever price by whatever means I guess its a double edged sword then? [/ QUOTE ] Actually, they'd get loans or lines of credit against the equity in their home. The end result would depend on whether or not the gambler could avoid a second bust and earn enough to cover the interest. J
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#18
10-14-2007, 12:03 AM
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Re: Is there any disadvantage to buying a house outright?
The only possible disadvantage would be the unknown variable of whether you could have made a higher after tax return with the money used to pay off the house. Owning a house free and clear has tremendous psychological advantages, especially for a poker player. Anyone with highly varibale income is best to have the least amount of fixed monthly expenses possible. Eliminating a mortgage payment would go along way towards that goal.
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#19
10-14-2007, 01:52 PM
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Re: Is there any disadvantage to buying a house outright?
[ QUOTE ]
[ QUOTE ] [ QUOTE ] what you are missing is that lots/ most, gamblers end up blowing off their winnings at some point. so if your house is paid for you still have something and get to have low expenses while trying to pump up again. if you blow it all when liquid you got nothing. this may not pertain to you but it sure does to most. i think a gambler should carry no debt if he can. then he can play his best while under little pressure. [/ QUOTE ] The problem is ...most BROKE/SICK GAMBLERS will then sell there house for whatever price by whatever means I guess its a double edged sword then? [/ QUOTE ] Actually, they'd get loans or lines of credit against the equity in their home. The end result would depend on whether or not the gambler could avoid a second bust and earn enough to cover the interest. J [/ QUOTE ] Any lawyers out there? Could you buy the house in a Trust which holds title to the house with you as the lifetime beneficiary, and also name your heirs for distribution of the Trust assets (the house)on your demise. Appoint a Trustee who would never countenance your degeneracy. Of course there downsides to this, tax issues, ect., but you would never be homeless. (assuming you could pay property tax) Probably not a good idea to tie ALL of your cash up in this Trust obviously.
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