Community Forums

max49 · 02-25-2011, 05:32 PM

Somebody needs to report this thread and have it removed. It discriminates against poor people

. Not one single post from a happy camper and the benefits of having a $100,000 mortgage, look at the tax deductions you guys are missing out on!

Dr4Film · 02-25-2011, 05:41 PM

Bought my coach/HOME over 7 years ago, took out a 20 year RV Loan at 5.62% interest and now have less than 13 years before it's paid off if I live that long otherwise it will be my kids problem to take care of with whatever is left. I use it as a mortgage tax deduction along with many other deductible items I do for Workamping. I couldn't afford to pay cash so a loan it was.

If I didn't have all of the deductions then Uncle Sam would be getting richer when tax time comes along.

Dr4Film ----- Richard.

Gary - K7GLD · 02-25-2011, 05:52 PM

Quote:

Originally Posted by Dr4Film

Bought my coach/HOME over 7 years ago, took out a 20 year RV Loan at 5.62% interest and now have less than 13 years before it's paid off if I live that long otherwise it will be my kids problem to take care of with whatever is left. I use it as a mortgage tax deduction along with many other deductible items I do for Workamping. I couldn't afford to pay cash so a loan it was.

If I didn't have all of the deductions then Uncle Sam would be getting richer when tax time comes along.

Dr4Film ----- Richard.

I think that with things the way they are now, and headed in this country, the only ones really able to use and justify the larger and more expensive rigs, are the quite well off, and the full-timers.

Values on RV's drop like a rock as soon as it's driven off the lot, and folks with HUGE CC and mortgage debt are what got us into the present crunch - with payments every month on a pair of expensive cars, a boat, a home AND hi-end RV - just one of the wage earners losing income is quite serious - BOTH losing income for even 60 days creates a debt hole extremely difficult to climb out of.

GOLDWINGER2 · 02-25-2011, 06:00 PM

Quote:

Originally Posted by Dr4Film

Bought my coach/HOME over 7 years ago, took out a 20 year RV Loan at 5.62% interest and now have less than 13 years before it's paid off if I live that long otherwise it will be my kids problem to take care of with whatever is left. I use it as a mortgage tax deduction along with many other deductible items I do for Workamping. I couldn't afford to pay cash so a loan it was.

If I didn't have all of the deductions then Uncle Sam would be getting richer when tax time comes along.

Dr4Film ----- Richard.

Sounds like fun starting out...but still paying 800.00 per month when it gets 15 yrs old, maybe not much fun. But since you fulltime time I guess it's the same as a stick house, but with depreciation.
J

lonestarace · 02-25-2011, 06:12 PM

Cash is king!

We are Dave Ramsey & Suzie Orman followers.

We currently own a 98 Monaco 42' Signature.

Bug512 · 02-25-2011, 06:27 PM

Financed here...

Our old trailer was payed off, we then traded it along with cash for our current Adventurer. At 40 I just do not see taking the $40,000 we borrowed at less then 6% from savings. Over the next ten years (the life of the loan) I will do better then 6% in investments. Not to mention the reduction in taxable income form the interest on the loan.

I am sure as we get older finances will change. Three more years left on the house mortgage !! We did a 15 year for that.

I admire what ever works for you.. as long as no one asks me for money !!

ArTravler · 02-25-2011, 06:40 PM

It’s not new but it is paid for!

bullheaded · 02-25-2011, 06:48 PM

Quote:

Originally Posted by max49

Somebody needs to report this thread and have it removed. It discriminates against poor people

. Not one single post from a happy camper and the benefits of having a $100,000 mortgage, look at the tax deductions you guys are missing out on!

Income.....(small).......deductions....(large).... ....taxes....(?????????????)

Tom-NC · 02-25-2011, 06:50 PM

Hi,

My RV,house, boat and car are all paid for as I don't like to have payments hanging over my head.

While living on SS that is the way it must be as the cost of living goes up but not SS. We haven't had a cost of living increase in 2 years and with no pension you have to watch your nickels and dimes.

There are a lot of people out there that owe more on their motorhomes or trailer than they are worth which is not good.

Just remember one thing though and that is the guy who dies with the most toys wins !

ImagineIF · 02-25-2011, 06:50 PM

All I can say is, "I'm jealous!" BTW, I can be adopted

akadeadeye · 02-25-2011, 06:54 PM

Quote:

Originally Posted by Automobilist

CASH...
We only owe on our home, and have paid half of the loan off in the past few years. Only $400k to go!
I'm proud to report that due to working hard, spending reasonably and coming up with a couple pretty good ideas, we own all our cars, sportfishing boat, diesel pusher coach, and motorcycles. NO LOANS!

2010 Mercedes Benz E550 Coupe
2005 Cadillac SRX
2006 Chevy 2500HD LT 4X4
2002 Winnebago Journey DL (just bought on eBay for under $50k)
1979 Cadillac Seville
1971 Triumph GT6 race car
1952 MG TD

Shamrock 246 sportfishing boat

Harley Davidson Deuce
Kawasaki KDX220
Kawasaki KLX250
KTM 450EXC
Honda CRF150
Suzuki RM125

1976 Ibach 7' concert grand piano...

Bragging? Sure, but who cares... We worked for it all.

Automobilist,

It is quite OK to brag.

You deserve it. BUT, you own way too many spark plugs.

Don

offthewall · 02-25-2011, 07:11 PM

Quote:

Originally Posted by fkloster

I am curious. I am relatively new to this motorhoming thing but I love it and love my coach. Just sent the bank final payment. Was not fond of borrowing money to pay for her but my wife was in love and so was I... I'm 44 years old now and my coach is an antique but well worth the cost to us. Does anyone else here prefer title in hand or do most just roll over payments on to new units? Oh well, I am so happy I can't even see straight! I hate paying banks.

<img src="http://www.irv2.com/forums/attachment.php?attachmentid=8517"/>

Will always be financed here. I always buy things that depreciate with other peoples money rather than mine. If you have an A+ credit rating, you will always be ahead by financing rather than using your own money as long as you have the income coming in to make the payments.

Assuming you have the cash, if you take it out of your interest bearing investment to buy a depreciating asset, you loose. That compound interest will never reach that critical mass you had. I want to have as little as possible invested in an asset that is loosing value.

Now if I was retired and living on a fixed income, I may rethink some of this. But while still working and saving, I don't want my money in a depreciating asset.

JimM68 · 02-25-2011, 08:03 PM

I own the Pace Arrow, but will be taking out a six figure mortgage on a new to us motorhome very soon

**NLOVNIT** · 02-25-2011, 08:09 PM

I can say, the only thing good about the loan we had (well, other than the low rate from my CU) was deducting the interest on our taxes. It made making out the checks less painful, not much but some at least.

Lori-