I bought my first property in northern California in 1972. Interest for the new loan was 2.2%, and I was able to assume an earlier loan (about half the total) at 1.7%. The rental incom from the tiny shack outback covered the entire mortgage on the big house and store building. Those were the days... wish I'd never sold that place. I'm told by some who now know the area it would probably fetch close to seven figures. My price to buy was about $12K. Would have been the est retirement plan ever.
Of course, to have kept it I would almost certainly have continued to live in that forsaken corrupt insane state. No price or profit could induce me to go back. The Gabbling Nuisance is only a small part of why.
Bought a car with a loan. Actually made money on it. But trying to find a job was really hard. Miserable but amazing time. It led to President Reagan the 1980’s, victory in the Cold War. Let’s hope we can do it again.
Yes our interest rate when we bought out house in 1990 was 11 3/4%, interest rates were high for a LONG time.
Ours was close to 14% in 1986 and only that, lower than fixed rate, because we picked a 5 year ARM.
I bought my first property in northern California in 1972. Interest for the new loan was 2.2%, and I was able to assume an earlier loan (about half the total) at 1.7%. The rental incom from the tiny shack outback covered the entire mortgage on the big house and store building. Those were the days... wish I'd never sold that place. I'm told by some who now know the area it would probably fetch close to seven figures. My price to buy was about $12K. Would have been the est retirement plan ever.
Of course, to have kept it I would almost certainly have continued to live in that forsaken corrupt insane state. No price or profit could induce me to go back. The Gabbling Nuisance is only a small part of why.
SELLER-FINANCED loans back in 80' or pay high teens for for interests.
Miserable times, but we found our way around it by bypassing the system.
I had a 13% mortgage interest rate.
…BUT I purchased a CD that paid 15% interest. Best I can get me is 5%
Bought a car with a loan. Actually made money on it. But trying to find a job was really hard. Miserable but amazing time. It led to President Reagan the 1980’s, victory in the Cold War. Let’s hope we can do it again.
Not going to happen