Man pays off his mortgage in 3 years

[Anonymous No.18539434]

> In 2012 Cooper bought a house in Toronto for $425,000.
>worked full time and had 2 part time jobs
>working up to 100 hours a week
>biked to work, no vacations, no eating out
>lived in basement and rented out the top
> Cooper was driven by a deep desire to free himself from the stress and risks of carrying huge debt.
>"For a lot of people, their mortgage is like a life sentence," he says. "I just wanted to not have a mortgage hanging over my head for the next 30 years."

https://www.cbc.ca/amp/1.3402026

Is this guy a chad or a beta? I feel like he pushed it a bit. I like it’s a smart idea to rent the top and to work max 2 jobs. But 100 hours a week and fucking biking around Toronto is pushing it imo

[Anonymous No.18539450]

>bulge

[Anonymous No.18539530]

>>18539434
Chad to the max

[Anonymous No.18539561]

He's got the idea but took it too far, if you are in debt the #1 priority should be to pay off your debt.

The real sin here is being a Canadian and paying that much for a shit ass house

[Anonymous No.18539612]

He probably did amphetamines/meth

[Anonymous No.18539618]

>>18539434
took it way too far, you get cucked by taxes pushing the limit like that

he should have done in over 5, and enjoyed those 5 -rather than 100 hour weeks

[Anonymous No.18539659]

>>18539434
>Is this guy a chad or a beta?

Considering his strong determination and willingness to suffer personal discomfort in order to accomplish his goal this man is a chad.

He could probably conquer the world were he not canadian.

>Also, is coffee good for you?

[Anonymous No.18539663]

>>18539618
This. I'm paying my house off in five-seven years and I'm not fucking killing myself doing it (and paying obscene tax rates in the meantime)

[Anonymous No.18539665]

>>18539434
Nah not smart at all. There's no point in paying off the principle on low interest debt. If he's capable of grinding that hard he could have invested that money on a business.

[Anonymous No.18539671]

>>18539434

why the fuck does that thott think posting that pic online is worthwhile?

Seriously. lose some fucking weight if you want to be an attention whore and look the part. makes me sick that they actually get validated for this shit by thirsty incels

[Anonymous No.18539719]

>>18539434
thats a man
>>18539671
low T faggot and/or tranny in need of dilation

[Anonymous No.18539742]

>>18539671
obviously gay

[Anonymous No.18539743]

>>18539665

It'd make sense to keep his leverage no higher than the amount of his income for one year on a regular full time job. Any higher and you risk busting when you have a recession/depression because of a lack of income to cover you payments.

Some debt is fine, a mortgage over 6 figures becomes a weight to your ankle.

[Anonymous No.18539762]

>>18539719

Nah. this Low T meme is just some bullshit loser incels say to cope with the fact they have no chance with a attractive woman. It's called a buffer.

you cant get anything better so you turn it into a virtue. You know you are doing EXACTLY what women do right?

https://therationalmale.com/2011/08/26/buffers/

[Anonymous No.18539771]

>>18539434
Daily reminder that in the 60s, anyone with an average job could've paid off a house in 2-4 years. Just do the math.

A McMansion in the Oakland area cost 17k, an average construction worker made 138 a week which is over 7k a year salary.

To put this into perspective, this same Oakland McMansion is probably worth 1 million in today's money; to pay it off in the same amount of time, that same construction job should be paying about 417k per year salary.

[Anonymous No.18539792]

>>18539762
cringe

[Anonymous No.18539812]

>>18539434
>400K house in Toronto
so a tiny studio apartment?
>risks his health by overworking and risks his life by biking
>>18539618
Yep. dude is a moron.

[Anonymous No.18539818]

>>18539792

>"I don't even like ripped guys" - fat roastie
>" real high T men like fat women" - incel who cant attract anything better

It's the male version of it.

[Anonymous No.18539849]

>>18539434
you actually lose money in this strategy
$1 million now is worth more than $1 million 30 years from now

would of been more wise to invest in assets like stocks or a business now that can grow the money faster and just pay the debt off on the side

[Anonymous No.18539877]

>>18539743
It's high effort / low return to grind yourself to a nub in order to not have a low interest payment.

[Anonymous No.18539889]

>>18539434
>those hips
how do I invest in butt fat injections? I only see this industry expanding.

[Anonymous No.18539893]

>>18539434
>spend 3 years living a horrible life and 27 years of slightly above average vs 30 years of average
sure old people will praise him for the bootstraps, but as someone who's done similar for 3-4 months its not worth it. thought about killing myself due to the stress

[Anonymous No.18539910]

wow so jealous..

[Anonymous No.18539913]

>>18539849
but he would pay much more than its price now in future. interest rates are probably high. that money 30 years from now won't be as valuable as today but the number will go up.

[Anonymous No.18539931]

> Cooper was driven by a deep desire to free himself

>buys a $425k turd in the middle of China
>still has to wage cuck for the rest of his life because he lives in an expensive hellhole

>Is this guy a chad or a beta?

He's retarded, 425k is allot of money, he could've bought a bigger house in a much much better place and still have more then half left to invest.
This is pure retardation.

[Anonymous No.18539978]

>>18539818
you think youre based and redpilled but actually youre just cringe, the high t meme is a joke on fit about guys who like huge asses and tits.
cringe

[Anonymous No.18540001]

>>18539434
The housing market is about to crash lmao get fucked landlords

[Anonymous No.18540003]

>>18539978

This is not fit faggot, take ur little dyel meme there

[Anonymous No.18540015]

>>18539434
Kek. Wasting years of his 20s to literally and unironically become a full time wageslave just to buy a fucking house. Do you have any doubts that this fella is a complete beta? Wouldn’t be surprised if he marries a soulless dead fish chinkoid. He really fits the stereotype.

You know who Chad is?

Chad started investing when he was 20, YOLO’d all his money, maxed all his credit cards, reached the absolute bottom but still managed to become a multimillionaire before he was 25. This guy is pathetic, lol. This is the ultimate beta and low test move, he might as well cut his balls off.

[Anonymous No.18540017]

>>18539434
a big advantage to buying a house is paying it off with cheaper dollars in the future.

[Anonymous No.18540019]

>>18540003
youre that guy trying to fit in with the cool kids but actually you read "the rational male" lmfao

[Anonymous No.18540057]

>>18539762
>>18539818
>>18540003
theyre fucking MEMES ya doofus

[Anonymous No.18540096]

>buying a house in Toronto
Why would you do this to yourself?

[Anonymous No.18540120]

>>18539910
looks comfy desu

[Anonymous No.18540522]

>>18539877

That still doesn't mean you should leverage the fuck out of yourself with a mortgage and little down payment.

$100k or less at 4% interest or less? Sure, wouldn't want to pay more than $4k in interest a year to cuck myself.

[Anonymous No.18540619]

What a machine

[Anonymous No.18540634]

>>18539561
Depends on the debt. If it's low interest, then just invest your money and pay the debt with the roi.

[Anonymous No.18540637]

He owns a half million house in one of the best cities in the world. All the hardship is behind him now
CHAD 101

[Anonymous No.18540756]

>>18539434
Cycling is good for you though. You build up massive cardio gains plus leg strength. Meanwhile cagies bodies just decay. And yeah 100 hour weeks kinda suck, but he probably doesn't need to do actual work ever again now. Would you rather work 100 weeks for 3 years and be free the rest of your life, or work 40 hour weeks for 40 years?

[Anonymous No.18540849]

>>18540756
Toronto roads are notorious for being dangerous for bikers tho. Biking is based though

[Anonymous No.18540874]

>>18539434
Depends on if he inflicted permanent damage on his health which I suspect he did. I respect his accomplishment from a determination and discipline standpoint, but there were probably configurations of his approach (cheaper house, better full time job, different allocation of assets, etc.) that would have resulted in less strain overall. There probably were also better projects this guy could have taken that sheer will and allocated it to. Of course that's not my place or any of our places to say because ultimately the guy had a goal that was right for him and achieved it, so good for him regardless.

[Anonymous No.18540941]

>>18539434
all images of women and "women" should be deleted from the Internet

[Anonymous No.18540949]

>>18539434
Imagine he could have sunk all his money into LINK instead, sold it at $4.50, and owned 5 houses.
Paying of your mortgage in a hurry isn't good strategy. Interest is low. You can easily beat it even investing safely.

[Anonymous No.18540961]

>>18540941
Have sex, incel faggot.

[Anonymous No.18540967]

>>18539434
>spending half a million to live in a shitty Canadian city
based and wageslave pilled, glad he contributed the taxes I can collect on disability

[Anonymous No.18540987]

>>18539434
sounds like you are a pussy. this man was based. "pushing it" lmao you lazy loser

[Anonymous No.18541059]

>>18540961
>Have sex, incel faggot.
My kweeens

[Anonymous No.18541067]

>>18539434
sauce please

[Anonymous No.18541070]

>>18540961
no

[Anonymous No.18541076]

>>18540637
>one of the best cities in the world
lmao, nobody says that about Toronto.

t. lives in Toronto

[Anonymous No.18541081]

>>18539434
is there moar OP?

[Anonymous No.18541090]

>>18539434
>Sacrificing fun, comfort, and happiness so some jew gets his money as fast as possible.

[Anonymous No.18541129]

>>18540949
Or better yet Imperial and staked to earm x20

[Anonymous No.18541221]

>>18539910
better than the shit houses i get in europe where i live

[Anonymous No.18541255]

>>18539434
>Not wanting to face a lifetime of debt, Cooper sacrificed three years of his life to pay down a $255,000 mortgage on a $425,000 Toronto home he bought in 2012.
>Readers also invented details about Cooper's life such as claiming he got his $170,000 down payment from his parents. Cooper said he saved the cash himself by, yes, living frugally.

depending on how high his interest payment was his money could have worked for him better in the stock market, I'd rather have that much cash invested than owning a house in Canada of all places, how much are taxes on that >>18539910 also lol even in Canadian dollars, that's a half million house, it doesn't even have two stories!

https://www.youtube.com/watch?time_continue=122&v=YMXD86We5Jg&feature=emb_title

he sounds like a bugman desu, not Chad

>>18540949
this

[Anonymous No.18541275]

depends what his life goals are. he probably would have been better off finding a better job.

[Anonymous No.18541294]

>>18541090
its cringe

[Anonymous No.18541345]

>>18541129
Imagine if he slowly bought AAPL instead. Nothing else, nothing risky. Did the same deadass routine. Lets be even more conservative and say he paid his mortgage the whole time, so that's like $50,000 over 3 years off the price.
So $400k extra, buying AAPL for 3 years, he'd have close to a million dollars AND still have some equity in the house.
Instead he has a house that he doesn't even completely live in cause tenants.
Total beta.

[Anonymous No.18541388]

>>18540756
He still needs to work though, he's paid off his mortgage, but he needs an actual wage still - and even with mortgage paid, do they really want to live in >>18539910 now they have proved they can earn $255,000 for three years of hard work?

[Anonymous No.18541416]

>>18539910
Holy shit.

This dude is compensating for something or mentally ill.

[Anonymous No.18541708]

>1 full time job and 2 part time jobs
>for 365 days for 3 years straight
good goy

[Anonymous No.18541824]

>>18539434
That money, even now in April would've been trippled or more if he invested in the stock market.

[Anonymous No.18541865]

>>18539743
thank jesus my mortgage is only 99k!

[Anonymous No.18541914]

Anybody who bought real estate in Canada the past 5-10 years is now completely and utterly REKT

[Anonymous No.18541967]

>>18539771
This is, unfortunately, something one can truly blame on the boomers. I'm Gen X and I really feel for you kids that are under 30. There's going to be a revolution soon (may be underway as we speak) and its not going to end well. Over the past 50 years we've evolved into a service economy, pushing more 3rd world slaves, women and 'diversity' into the workforce and we wonder why we're in the mess we're in today. Worse still, there's no answer and its only going to get worse. Much worse.

[Anonymous No.18541994]

>>18539434

>Someone else tried much harder to do something than I did because he cares about it more than I do and he was successful at it because of it

[Anonymous No.18541996]

>>18539434
absolutely fucking disgusting roast beef whore. look at her pussy and how huge those meat curtains are. makes me want to throw the fuck up

[Anonymous No.18542000]

>>18539434
He probably lost 10 years of his life working that hard just to pay off his house quicker.
Not worth it
t. Been there done that, gave me gray hairs and aged me 10 years in 3

[Anonymous No.18542029]

>>18539434
She is so sexy.
Her tits are so nice

[Anonymous No.18542119]

>>18539434

Since you can get a 3% interest mortgage with current rates and with deductions it becomes more like a 2-2.5% mortgage in effect, it’s kinda dumb to work your ass off to pay it ASAP. Mortgages are the cheapest loans you will ever see in your life. Just pay it off slow and invest the difference in stocks. Also your money will be all tied up in the house and far less liquid than if it were invested in equities.

[Anonymous No.18542274]

>>18541996
kek fat squap

[Anonymous No.18542287]

>>18539434
That's a gay man.

[Anonymous No.18543491]

>>18539434
This guy is the biggest beta simp. After he paid off the house, he created a website and campaign to get himself a girlfriend based on the fact that he had his own house. It was in the local newspapers.

t. Toronto anon

[Anonymous No.18543542]

>>18539434
Long as he doesnt wife up some slut who takes it from him hes doing fan fucking tastic. Guy can easy mode the rest of his life without that debt hanging over his head. Doubt he will though, he sounds like extreme workaholic autist.

And multiply 800-1000 every month times 20 yrs. or more being bled for rent.

[Anonymous No.18543718]

The reason why a mortgage/house is a good investment is because you're using leverage to buy an expensive asset that appreciates at roughly 3% per year with 20% investment, which outperforms higher return investments without using leverage.

Or put another way, after 25 years a 50k investment in a higher return asset is (1.07**25) x $50,000 = $271,371.63. Whereas the home is $523,444.48.

[Anonymous No.18543997]

>>18543491
Lmao fuck please post source

I cant believe that level of autism

[Anonymous No.18544170]

>>18539743
Where do you live that a mortgage under 6 figures is anything but a condemned structure? I live in the middle of nowhere Kansas and there was not a single house I would have lived in that was under 120k.

[Anonymous No.18544182]

>>18539561
that house is well north of a million today

[Anonymous No.18544204]

>>18540849
because inner city cyclists are faggots with a death wish that think they can play chicken with a car and win.

[Anonymous No.18544213]

>>18541914
Toronto/Vancouver real estate over the last 10-15 years has been one of the best markets to be in, globally. You couldn't be more wrong

[Anonymous No.18544266]

>>18539434
The mortgage blackpill is that in our current fiat dominated system, your money inevitably becomes more and more worthless every year. So basically, when you adjust for an average of 2% inflation every year, you're paying less and less for that house every year. So while you think that house you bought costs 300k, it really only costs about 150-200k when you're done with a 30 year mortgage.

[Anonymous No.18544513]

>>18539771

why don't more people know about the inflatable jew?

[Anonymous No.18544822]

>>18539434
He should have done 3 more years so he could have half a million in investments he could live off. That's ascended neetdom. Then using his investment income he could find a woman who wants a sugar daddy that calls her mommy.

[Anonymous No.18544990]

>>18540015
nailed it.

[Anonymous No.18545576]

>>18542119
You are a fucking retard. A 3% interest rate on 400,000 $ for 30 years is $207,109.

[Anonymous No.18545594]

>>18539561
>not leveraging debt
Where'd you get your investing advice, Dave Ramsey? Good luck with that in 2020

[Anonymous No.18545636]

>>18539434

>Work ass off and run a tremendous opportunity cost to pay off a mortgage that was basically financed at a near 0% interest rate.

This guy was financially illiterate.

He could have made minimum payments on the loan and invested the rest into the markets and made 5x the capital now.

[Anonymous No.18545643]

>>18539771

[Anonymous No.18545766]

>>18545636
Jesus how stupid are you people? No one but the ultra wealthy jews gets a 0% interest rates. In 2012 Mortgage rate was probably 5-6% for a 30 year loan for this idiot.
30 year at 5-6% means he pays $ 373,000 in interest rates for a $ 400,000 mortgage. When you get a loan you pay INTEREST FIRST. The retard realized he was paying 90% of interest payments each month and decided to go all in and stop paying interest rates.
Lets not forget he has to pay property taxes and maintenance.
Do the math now, $ 400,000 in interest + $ 20k property taxes a year + $5k in maintenance a year. He realized what a bad investment it was.

[Anonymous No.18546188]

>>18540637
>best cities in the world.

Haha, fuck no.

t. Torontonian.

[Anonymous No.18546291]

>>18539665
This anon understands. Mortgages can actually be quite powerful if utilized properly.

[Anonymous No.18546359]

>>18545766
You pay penalties if you bail out early, so he was very fucked either way, but he would not have been on %5, unless he was in no state to get that mortgage in the first place.
What the fuck was his second job? Drugdealing prostitute on wall street? He must have been earning 150k+

[Anonymous No.18546386]

>>18539665
What the actual fuck am I reading
>>18545576
This is an undercover thread, next they'll start shouting about inflation.

[Anonymous No.18546493]

>>18546359
The penalty is peanuts compared to the full interest payments. He definetly got 5% or more in 2012 for a 30 year loan. He does not sound like a smart person, specially after pulling that off for a 425k house.
Someone can easily make 100-150k with a full time job plus a bar tending/waitress job. Some idiot I met some time ago at my old job used to do that, full time engineer with a restaurant serving lunch and working nights bartending/waitress at a local restaurant. He pulled 100 hour weeks and made around 70-80k a year in a small town. Spend it all on a big truck and a shitty house.

[Anonymous No.18547100]

>>18546359
Penalties is probably 5-7k compared to paying $ 300-400k in interests. Goyim is very gullible. In 30 years he probably would've gotten a horde of low information voters next door payed by the government making his house value less than a million dollars over 30 years. In 30 years he would've payed 1.5 million for that shit.
Buying a house is not an investment, especially with leverage. Very few people make money from their housing investment. No one talks about the money they plowed in Property Taxes, Maintenance, Insurance and Capital Gains taxes when selling it.

[Anonymous No.18547126]

>>18539434
good for him. I paid off my 40k of debt in 2 years working a FT and PT job. It was really fucked up and i slept 4-5 hours a week 5/7 days but im glad i did it. I see so many millenial faggots complaining about 20-60k of debt like its the end of the world. That's fucking chump change. If you can't pay off a 20k debt you should kys.

[Anonymous No.18547131]

>>18539434
Beta

[Anonymous No.18547213]

>>18545576
If you invest the difference you will have much more than that by the end of the loan you idiot

[Anonymous No.18547314]

Why is everyone here retarded with a crab in a bucket mentality. Of course he did the right thing, he's now free of rent/mortgage slavery. Yes if he had a crystal ball he could have invested in apple or some shit coin and been a billionaire but he didn't. No he's not a Chad, he's the kind of extreme autist that everyone reading this should be aspiring to be

[Anonymous No.18547372]

>>18547314
I’m still new to biz but couldn’t he have done something smarter with his 100 weeks? His part time jobs were freelance writer and grocery butcher.

[Anonymous No.18547389]

>>18539434
This guy sounds like a fricking anime protagonist.
Also, coffee is very good for you in moderation.

[Anonymous No.18547414]

>>18539671
You're literally gay lmao
go tell your dad

[Anonymous No.18547459]

>"I'm just trying to hammer home the point that debt does have a cost," says Cooper. "If you pay it off a lot quicker, you can save thousands of dollars, tens of thousands of dollars, in interest and be financially free years sooner."

Does he have a point /biz/?

[Anonymous No.18547473]

>>18539434
>basement
chad

[Anonymous No.18547562]

Rather than making my own thread
>Grandma married dude who's deceased wife was a hoarder
>he has a house in a really really good area but it's full of shit
>grandma wants to add my name to the house and fix it up
>her idea is I'll get the house
Now my credit is pretty bad (562) and I'm working on fixing that over the next two years. Also the home is refinanced so I doubt they have much equity themselves. Could she just give me some equity without the permission of her husband or lender? Doesn't seem possible

[Anonymous No.18547625]

>>18539561

>>18545594
this
I own 300k in real estate on which I've been gathering 20k per year in rent. The rents cover both mortgages. If I were to put money aside until I bought this real estate without borrowing, I would have needed 15 to 20years, putting aside while still paying rent. In that time frame, I'll have gathered 200-300k in rent while spending 50k on interest

At current rates you'd be retarded not to borrw. 100k on 20 years cost you less than 5 k in interest.
If you can't make 100k generate more than 5 k over 20 years, you have no business investing.

Wether the house is worth the price or not is another debate, but as far as investment go, any loan with a rate lower than an ROI you can achieve is free money waiting to be leveraged.

This "muh loan bad" is pure /biz/ "level 1 baby redpil"l, like anons who discovered property tax last year, and think only home owners pay it (I own two appartments, I litteraly split the property tax in 12 and add it to my mortgage payments, with utilities, etc...and guess what? My rents are bang on the average in my city, every renter I knoww does the same. )

Better than being 100% NPC normie, but very implistic and counterproductive.

>>18545766
>30 year at 5-6%
rates are at 1-2% right now, lower than inflation

>When you get a loan you pay INTEREST FIRST
not necessarily, depending on the way you go about it , interest payment are tax deductible, principal never is. Spreading interest over the whole length of the loan can lower your income tax over 30 years, It actually makes more sense to keep interest payment for later, where lowering your income becomes critical (as you get older your income increases, so does your tax bracket), payin a few hundreds a month for 30years, including your younger years at min wage makes less sense than keeping money available, then using lump payments to drive down your tax rate.

[Anonymous No.18547640]

>>18547459
He has a point, but so do the 99% of other people who reasonably conclude that working 100 hour weeks and living like a hermit for 3 years isn't actually worth the $300k he saved in interest payments.

[Anonymous No.18547679]

>>18547562
root through the shit and find his collection of rare baseball cards

[Anonymous No.18547708]

>>18547562
>Could she just give me some equity without the permission of her husband or lender? Doesn't seem possible

what's her marriage situation? If they are regular "shared-ownership" (don't know how it's called in the US) she can put you in her will. Another way is to consider you bought part of her (or of her +husband if he's on board) and paid for your share "in nature" (the work you did). That woud allow them and you to agree on an amount, "retro-engineer" the proper rates and hours of work so it's coherent, rather tha lock a 1/3-1/3-1/3 if you're aiming for something else.

Also I'm guessing you have a good relationwith them, so not having to bring a will in the conversation might make it easier

[Anonymous No.18547745]

>>18547625
Thanks for proving my point goyim. You are a model slave, paying the optimum amount of income and interest.
Mortgages interest payments are not even tax deductible in Canada and even in the US where they are, you still fall into a debt trap of 4-5% interest rate for a 30 year mortgage.
RATES ARE NOT 1-2% for 30 YEAR MORTGAGES RETARD.
It makes 0 sense to lever up just to keep your income tax rate below a certain bracket. You are thinking like a nigger, "I'd rather not work just to keep getting gubernment gibs".

[Anonymous No.18547760]

>>18539434
Thats a man

[Anonymous No.18547822]

>>18544182
And will be back down to 500k soon

[Anonymous No.18547893]

>>18547745
You are mixing politics and business, and making a mess of both.

>paying the optimum amount of income and interest.
while you save to buy a house you are paying the exact same to your landlord, and saving whats left. After 10 years, you'd have 10 yearsworth of savings for a house and no debt, and will have spend 10years worth of rent, which mount to zero as far equity on your new house. If borrowing right away, everything youhave been spending on rent would have gone to repaying the loan, interest included, and you would have the exact same savings available, so 10 years after contracting the loan, your situation would be miles better than a guy with the same pay who's been saving like a good boy for 10 years.


>RATES ARE NOT 1-2% for 30 YEAR MORTGAGES RETARD.
not on the bank leaflets for plebs to see for sure. You rarely do one credit for a purchase. You combine different loans at different rates and get an overall rate. On the 2 appartments, my final rates are 1.39 and 1.08, the first one for twice as much as the second so 1.15 per year. I borrowed on 20 instead of 30 to gain a few more %, which the bank agreed to based on rental income.

>It makes 0 sense to lever up just to keep your income tax rate below a certain bracket. You are thinking like a nigger,
lowering tax rate=gibs. kek, who's the nigger?
Thank you for illustrating how to spot money wannabees. Poor people talk about how to make money and never opened a tax code. Rich people talk about making their money as much as about how to keep it, beacuse they know the bank/tax side of things is half the battle

[Anonymous No.18548407]

>>18539434
Retarded. Debt meme. If you have a rate below 5% you should just invest your capital passively.

[Anonymous No.18548428]

perfect example of someone working hard and not smart

[Anonymous No.18548463]

>>18545643
House prices aren’t included in the rate of inflation genius.