Sell My Land To Get Debt Free?

[adnoh]

Borrow as much as you can on the land at the lowest possible interest rate and longest term. Use the equity in the property to pay off the higher interest debts. I don't know what your interest rate is on your home but if fairly low don't pay it off. Invest the extra money. Pay extra per month on your home if you want, When your investment account and loan on the house are the same then consider paying off your house. I own almost all the houses and property that I ever purchased still and wish I had not sold the others.

Capital gains hurts the equations IMO

[GarrettH]

Not saying your right or wrong because everyones situations are different, but what are you building savings for?? What is the endgame or the milestone your trying to achieve? Instead of owning an asset your paying someone else asset for them with rental over a mortgage. There is some financial gurus taht say don't buy a home rent. The only people that is actually better for are people that are constantly on the move. What is your freedom you feel? If your going to stay in a house and pay rent for the next 5-10yrs anyway, where is the relief of debt coming from? Your still out that money every month only its completely gone.

Again not saying what you did was wrong but would be curious how you came to that decision.

The debt was crushing, we were negative each month. We are saving for a large amount down on our next home, the reason that we didn't buy right away was credit being a little damaged would've led to a pretty significant interest rate. Especially now. We are only planning on renting for a year and hope rates go back down to decent with the credit improvement. We are looking at being able to stock back 60-70, I have multiple sources of income, the 2k a month is just from our day jobs. The freedom feeling is as simple as going to the gas pump and filling all the way up without worrying what the number comes out to, it's being in control of what comes in and goes out each month, it's the feeling of seeing savings hit the next 10k mark. It's hard to describe but it feels pretty dang good!

[KactusKiller]

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[KactusKiller]

Also to anyone contemplating same issues of debt as OP and not directed at anyone in particular as this is a broad stroke of the brush.
The real "debt" that I think plagues most people isn't really debt its the money wasted day to day and month to month. Instead of selling homes, land and other assets sell you daily life style. Don't worry about long term debt, get rid of netflix, starbucks, new Iphones, Playstations, ATV/boats, vacations and eating out 5 times a week. You'd be amazed at what you can afford when you trim out the non essential daily expenditures. Long term fixed debt is not bad. Wasteful daily spending is the real culprit keeping Americans living paycheck to paycheck. Trim these things out and save/invest that money and it will get you out of debt quicker and in better shape than liquidating assets. I battled same thing as most do in yrs past.

[bowhuntertex]

That area is getting ready to be as expensive as the Dripping Springs area with Tesla moving out that way. 23 Acres of raw land around there will easily bring a million in the next 2-5 years. I would sit on it until that price at least doubles. That would be my selling point and then take that money become debt free and invest the rest in land out west (Sonora/Junction area).

[TKRanch]

We have tried to stay out of debt as much as possible. Have purchased used vehicles for cash for 20 years and have really only had our home as debt. Had to move out of state for a while and purchased another home there but kept our Texas home because we knew we would be back at some point. Our thought was to manage a small amount of debt now while we are youngish with a good income and have things paid off by the time we retire. We could make a TON on our home if we sold but where would we go. We could pay it off completely now rather than wait the 3 or 4 years, but at the interest rate we have on it we have decided to wait and let it ride until it is paid off which will be at least 10 years before we retire which leaves time to put some more $ in the bank... That is the plan anyway.... we all know how plans go, so we shall see!! Good luck.

[bowhntrmatt]

I would only say sell if you think you have the dream of land ownership out of your system, because it would be very expensive to replace.

Alternatively, keep them both now, and when you are ready to build, sell your house for a tidy profit and live out there debt-free.

[KingsX]

I just seen today 640 acres in my area for 2.4mil. Prime hunting ground!

[KingsX]

I just seen today 640 acres in my area for 2.4mil. Prime hunting ground!

Sorry 560 acres. https://www.land.com/property/560-ac...exas/15202389/

[HogHunter34]

Also to anyone contemplating same issues of debt as OP and not directed at anyone in particular as this is a broad stroke of the brush.
The real "debt" that I think plagues most people isn't really debt its the money wasted day to day and month to month. Instead of selling homes, land and other assets sell you daily life style. Don't worry about long term debt, get rid of netflix, starbucks, new Iphones, Playstations, ATV/boats, vacations and eating out 5 times a week. You'd be amazed at what you can afford when you trim out the non essential daily expenditures. Long term fixed debt is not bad. Wasteful daily spending is the real culprit keeping Americans living paycheck to paycheck. Trim these things out and save/invest that money and it will get you out of debt quicker and in better shape than liquidating assets. I battled same thing as most do in yrs past.

Don’t forget to add overpriced deer leases, year around protein feed bill

Alot if the real debt that plaques America is CC debt hitting 15-25% rate normally purchasing depreciated assets
Appreciated assets with low interest rates really shouldn’t be factored

[wingnut]

OP, keep the land it will be the best thing you have ever done! I’d be trying to payoff whatever is the highest interest rate loan you have.

[KactusKiller]

Don’t forget to add overpriced deer leases, year around protein feed bill

Alot if the real debt that plaques America is CC debt hitting 15-25% rate normally purchasing depreciated assets
Appreciated assets with low interest rates really shouldn’t be factored

Absolutely correct