My racing program is getting a financial boost

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pittsburghracer

pittsburghracer

FABO Gold Member
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Freeport, PA.
Tomorrow is my last payment on my home equity loan. I’ve rebought my house several times since 1984 when I purchased it. Refinanced during my divorce in 1999 to buy her out. Pretty sure I refinanced in 1991 when I built my 36-28 shop. Refinanced for a motorhome or two. And refinanced to buy my heads up car. I rounded up and paid 800.00 per month but at 2.74% interest I wasn’t in a real big hurry. Maybe next winter I can do something stupid like buy a set of Edelbrock Victor small block heads and build something fast before I quit this game. Im Looking forward to May and a few extra green things in my hands. It’s nice knowing the house is now worth more than the 74,000 I paid for it.
 
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My house has been the best investment I ever made.

I lived without things to be able to get it and man it has paid.

but I have to say.....I miss that Big Block 65 lemans with a richmond race and a 12 bolt.

Congrats on the BOOST!!
 
Rule #1 don't use your house as a bank.
Have fun with the extra cash, get that heads up car going if you want to go fast, fast.
 
Well that's all good news/ You'll never quit the game. You'll have a fast wheelchair and a walker with flames on it. lol
 
pittsburghracer said:
Tomorrow is my last payment on my home equity loan. I’ve rebought my house several times since 1984 when I purchased it. Refinanced during my divorce in 1999 to buy her out. Pretty sure I refinanced in 1991 when I built my 36-28 shop. Refinanced for a motorhome or two. And refinanced to buy my heads up car. I rounded up and paid 800.00 per month but at 2.74% interest I wasn’t in a real big hurry. Maybe next winter I can do something stupid like buy a set of Edelbrock Victor small block heads and build something fast before I quit this game. Im Looking forward to May and a few extra green things in my hands. It’s nice knowing the house is now worth more than the 74,000.000 I paid for it.
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Just in time to do a reverse mortgage.
LOL
 
Yep know heaps of guys keep putting cars etc on the house loan and never pay it off.
fishmens67 said:
Rule #1 don't use your house as a bank.
Have fun with the extra cash, get that heads up car going if you want to go fast, fast.
Click to expand...
 
Actually if you’re going to take out a loan for something why not use the collateral that gets you the lowest interest available ? And for many years allowed you to reduce your tax burden ?

Congrats ! Looking forward to hearing about the Victor powered car .
 
fishmens67 said:
Rule #1 don't use your house as a bank.
Have fun with the extra cash, get that heads up car going if you want to go fast, fast.
Click to expand...

Whoops my finger got stuck on the zero button. Lol A couple times I was forced to such as building my garage. I’m 2000 after my divorce I had my house and shop up for sale to buy out my house, 401K, and pension. My realtor and banker talked me into redoing my Loan and I have zero regrets about doing that. As far as using my house as a bank I had a couple different reasons for doing that, many for tax reasons. Retiring at 53 I was living off my pension and 401K till I hit 62 and could collect Social Security. Another reason was I started day trading around 2015 to supplement my retirement and paid cash for my car trailer in 2017. So for tax and business reasons it paid me to do what I did. No reverse mortgage for me as this goes to my two sons to sell off and use the funds. Buying my 401K and pension out were big big good decisions as she would have been getting a cut every month for the last 14 years. When my lender saw my 2.74% interest she about fainted as she had just bought a house. Lol
 
Congratulations i payed my house off last September , It's a great feeling .
 
At 65 the federal tax standard deduction being single jumps to something like 15,700 so it’s about impossible to come up with deductions to come anywhere near that figure so you have to play the game a little different.
 
mopar head said:
I was expecting you got a sponsor. :p
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This is something I never searched for. When I was 20 a local speed shop offered a sponsorship which I took because I got 10% over jobber prices and if we hurt anything we were given priority to shop time to get out racing again. At 23 my hometown bar asked if I would put his business on my car with I did so he paid for car lettering. I do get somewhat jealous of seeing friends get free slicks, free fuel, free engine parts, etc but if you set your racing up as a business you think a little differently.
 
Congrats. It gotta feel good to get that burden off your back.
 
That is awesome :) My last house was paid off then i moved :( mistake.. glad to be out of that area though.. my current house should be paid off in the next 14-16 months.. (42k left) Can't wait to have that bill gone although it's not much..
 
pittsburghracer said:
Tomorrow is my last payment on my home equity loan. I’ve rebought my house several times since 1984 when I purchased it. Refinanced during my divorce in 1999 to buy her out. Pretty sure I refinanced in 1991 when I built my 36-28 shop. Refinanced for a motorhome or two. And refinanced to buy my heads up car. I rounded up and paid 800.00 per month but at 2.74% interest I wasn’t in a real big hurry. Maybe next winter I can do something stupid like buy a set of Edelbrock Victor small block heads and build something fast before I quit this game. Im Looking forward to May and a few extra green things in my hands. It’s nice knowing the house is now worth more than the 74,000 I paid for it.
Click to expand...
Good for you!
 
69conv said:
Nice step in the right direction but its all a game. The trick is knowing the right rules!
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My parents had five rental properties and they totally played the game wrong till I introduced them to my tax consultant. At 20 years old I taught them a lesson that benefited them till the day they died.
 
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