How many here own their class 'a' vs. bank owned?

[Dr4Film]

I agree with Diplomat Don.

Every RV owner who has posted in this thread will surely have different circumstances and different situations regarding finances, age, working or retired, etc. that dictates what financial path they take.

The ones I feel sorry for are the ones that have purchased RV's and have them in storage not being used, (just look at the number of them in these storage centers around the country) or were talked into a RV purchase and cannot afford the payment.

When I purchased mine, I have used it full-time 24/7 everyday and treat it like my home. Therefore I have a mortgage payment.

To each his own, whatever makes people happy and comfortable financially is what's important.

Dr4Film ----- Richard.

[bucks2]

Quoted "This survey is usually flawed. First question should be how old are you? Many people are retired and bought their motor home with a house sale, refinance, inheritance or retirement payout. If you believe everyone in this post, it would appear that 95% or better of the nation owns there motor home. I doubt it."

I'm 53, my wife is 57. We are both fully retired. We own our 2200 Sq Ft home in the PNW, we own our 2007 43' Beaver motorhome, we own our 40' diesel trawler which is kept in the fully enclosed boathouse on Puget Sound which we also own. We paid cash for all except the home. We've owned this boat for 5 years, the previous 36' boat for 16 years, the 27' boat before that for 12 years. We've spent vacations and weekends using the boats as our rv's all along.

Now that we are retired and can go south for the winters, we have a land based rv leaving the rainy cold PNW winter behind. We will leave for the summer on the boat in early June, coming home in Sept. to get ready for the winter trip. This is the way we planned our retirement and the way we are living it.

If someone else feels they would miss something by not buying a new car every two years and not going to the fanciest resort to camp every year, or they feel that paying interest so they can deduct it on their income taxes is a financially sound policy, then more power to them. That's the joy of freedom to do what you want. If it turns out good for you then congratulations. If it turns out bad for you, and you have a layoff or a repo, or some other problem then remember that it was your choice to live like that, and it's not my obligation to bail you out. But then that's not a popular stand these days. It's seldom the victims fault they bought more house than they could afford.

[RickO]

Originally Posted by thelastplace

But here's another angle...If you were buying a house in this current economy, I believe you would be advised to NOT pay cash. Owning a home, any home, is not a good investment. Not that investing is either, but if done properly, you will lose less money in a bank than you will owning a motor home, even if you are full time and this is your only 'home'. Making payments make it easier to recover if you change your mind before the unit is 'past it's prime', or you just change your mind. Think about it!


But the true travelers are they who leave for leaving’s sake
Saying continuously, without knowing why: ‘Let us go on’.
Paraphrased from Baudelaire’s ‘The Journey’

I know what you mean about keeping options open these days by making payments. We just bought a home in Az last month and paid cash because we were able to get a great price by offering cash and a 7 day close but we're in the process of "refinancing" already to get as much cash out as possible.

Rick

[Jimmyzw22]

Paid cash for ours and all of our cars are paid for too.

[Moshe5368]

I am a 54yo disabled vet. Had a small business for the last 10 years. Sold one of our 2 big trucks and bought a 1992 30' Fleetwood Flair. She isn't the prettiest girl at the ball, but everything works and we paid cash. The wife and I traveled all over the country in a big truck now we get to travel on our own schedule and see the places we could never go in the truck. Sure would like to have one of those 200k+ rigs we see every day but we are content with our home. With the economy as it is, glad to be payment free. A fixed income has a way of changing one's priorities.

[tomv]

bought a new one my bank gave me a 4.6% loan could have taken the money from a muni bond ladder but I get to deduct the interest on the motor home am making about 5% on the bonds which are tax free bonds are producing more income than the loan so I making money

[Wanabee FTer]

Originally Posted by bucks2

If it turns out bad for you, and you have a layoff or a repo, or some other problem then remember that it was your choice to live like that, and it's not my obligation to bail you out. But then that's not a popular stand these days. It's seldom the victims fault they bought more house than they could afford.

Actually it is your obligation to bail him out via the banking industry, by courtesy of our hard earned tax dollars. After all, they are "too big to fail"

Originally Posted by Moshe5368

I am a 54yo disabled vet. Had a small business for the last 10 years. Sold one of our 2 big trucks and bought a 1992 30' Fleetwood Flair. She isn't the prettiest girl at the ball, but everything works and we paid cash. The wife and I traveled all over the country in a big truck now we get to travel on our own schedule and see the places we could never go in the truck. Sure would like to have one of those 200k+ rigs we see every day but we are content with our home. With the economy as it is, glad to be payment free. A fixed income has a way of changing one's priorities.

Welcome Moshe5368 to the irv2 forum.
I too like the looks of the big shiny diesel rigs, but I feel much better knowing that the bank can't take mine away from me.

[stepside454]

It still amazes me how so many assume that everyone who lost there homes, had homes they couldn't afford.
If you make 40k & have a very modest 700.00 / month payment when you bought the house, than a few years later loose the job, can't find a job( even @ 7.50/hr), you burn up your savings making ends meet, guess what... You have a house you can't afford. So using alot of peoples barrow minded logic, if you don't gave money saved to pay the house off, it's your fault.

[Wanabee FTer]

Originally Posted by stepside454

It still amazes me how so many assume that everyone who lost there homes, had homes they couldn't afford.
If you make 40k & have a very modest 700.00 / month payment when you bought the house, than a few years later loose the job, can't find a job( even @ 7.50/hr), you burn up your savings making ends meet, guess what... You have a house you can't afford. So using alot of peoples barrow minded logic, if you don't gave money saved to pay the house off, it's your fault.

I agree with stepside, this is a serious problem in this day and age. Loosing jobs, taking pay decreases to keep your job, etc. has a huge impact on the overall economy.
Same thing for people that worked hard all their lives, then become disabled or unable to work. What was once an easy to make payment, now becomes impossible to make without depleting savings. Low interest rates prevent being able to live on the interest. Upside down property value equals trapped in unwanted house/anchor. Waiting for the real estate market to turn around will bankrupt many people.

Sorry if I went off topic, I will stop ranting now.

[B Bob]

Inflation is a debtors friend. If you think inflation will be going up soon with all this crazy spending by the government, then paying off your mortgage is not smart. On the other hand if you believe that we are headed for the "Japanese model" and our economy like theirs will stagnate for years you do not want to borrow money. IMHO no one knows what is going to happen. So hedging your bets will likely pay off the best unless you have a working crystal ball.

You hedge your bets by buying some stocks, real estate, muni bonds, having some debt. That way no matter what happens something you have goes up. I personally think inflation is headed up.

[townsendr]

Cash is King. Debt free, and hope to stay that way. We still have about 12-13 years to work, but are loving our Gulfstream Friendship G7. FKloster reminded me, I need to get the liquor cabinet stocked up before we go to the lake for Easter weekend.