(Topic ID: 236755)

Thinking about selling my entire collection - 15 Games


By WackyBrakke

63 days ago



Topic Stats

  • 254 posts
  • 138 Pinsiders participating
  • Latest reply 58 days ago by spfxted
  • Topic is favorited by 6 Pinsiders

You

Topic poll

“Should I sell my collection to pay off the house”

  • Yes! 162 votes
    62%
  • No! 51 votes
    19%
  • You're bananas 50 votes
    19%

(263 votes)

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There are 254 posts in this topic. You are on page 1 of 6.
17
#1 63 days ago

I can't decide, but if everything comes together this year there is a strong possibility I could pay off my house IF I also sell my entire collection of pinball machines, which conservatively I think I could sell them for $97,900.00

I'd have to slowly bring my collection back over the next few years........

12
#2 63 days ago

I have thought about the same thing from time to time. but when you get back in you have to pay the higher price than what you paid before.

12
#3 63 days ago

On the positive side it is a great feeling to officially payoff your house, and knowing it can’t be taken off you especially if you have a family.

#4 63 days ago

No, unless you're not getting any more joy from those machines. In the end it's only money. The only thing we take away from this world are memories.

#5 63 days ago

Yes. You can buy back the keepers after the crash. Perfect timing.

#6 63 days ago

I paid my house off at age 34. While the feeling is great, there is always another bill(s) to eat the funds it seems. If you enjoy playing, keep them and just pay extra chunks on the mortgage monthly/yearly.

32
#7 63 days ago

Too many variables to make an informed suggestion. How old are you, what other debt do you have, what's the interest rate on your mortgage, when would it be paid off, woiuld you have to borrow to rebuild. What if you made one extra payment a year instead and kept your collection -

Your home mortgage is likely one of the cheapest loans you'll ever get in your life, and paying off your house doesn't make sense financially. If you have an extra 2k a year you're better off investing it than paying down a 3.5% interest rate mortgage, because you'll never borrow money at that rate.

22
#8 63 days ago

Would you mortgage your paid off house to buy your pinball collection?

17
#9 63 days ago
Quoted from WackyBrakke:I can't decide, but if everything comes together this year (Large work bonus) there is a strong possibility I could pay off my house IF I also sell my entire collection of pinball machines, which conservatively I think I could sell them for $97,900.00
I'd have to slowly bring my collection back over the next few years........

The gamble is will they keep appreciating in price? Or has the price move of the last few years seen the top for awhile and you could indeed buy them back for the same money a little later? Or could prices crash as AC-DC alludes to.

I paid off my house in 1995. I know the financial types will talk about how you need to keep leveraged up and "HAVE THAT MONEY WORKING FOR YOU !!!!". But I have never been sorry that I paid off my house early. Being mortgage free let's you get some of the best sleep you will ever get.

Keep your 3 most favorite pins so you have something to do around the house and pay as much on our house as you can.

Quoted from YeOldPinPlayer:

Yes. You can buy back the keepers after the crash. Perfect timing.

#10 63 days ago

No.

If you’re not sure of something one way or the other sometimes it’s better to split the difference. You can sell 5-7 pins and pay off part.

10
#11 63 days ago
Quoted from cottonm4:

The gamble is will they keep appreciating in price? Or has the price move of the last few years seen the top for awhile and you could indeed buy them back for the same money a little later? Or could prices crash as AC-DC alludes to.
I paid off my house in 1995. I know the financial types will talk about how you need to keep leveraged up and "HAVE THAT MONEY WORKING FOR YOU !!!!". But I have never been sorry that I paid off my house early. Being mortgage free let's you get some of the best sleep you will ever get.
Keep your 3 most favorite pins so you have something to do around the house and pay as much on our house as you can.

Absolutely. Having no mortgage gives you leverage on insurance, other loans, and sleeping better. I just did it many years ago and never looked back.

#12 63 days ago
Quoted from WackyBrakke:

I can't decide, but if everything comes together this year (Large work bonus) there is a strong possibility I could pay off my house IF I also sell my entire collection of pinball machines, which conservatively I think I could sell them for $97,900.00
I'd have to slowly bring my collection back over the next few years........

Hey Mike Hi Five! I did this exact thing In 2017. Had 17 fully intended to sell all of them. At the last minute I kept Two and sold 15. They were gone in a week and generated $84,000. I paid off my primary and secondary mortgages (not with just the money from the machines) and now I am debt free. Don't think twice man just do it!

19
#13 63 days ago

I'm 46. No other debt. Interest rate is 4.55% monthly interest & principle payment is 3k plus another $600 in escrow items that wouldn't go away. 3k/month would buy back approx 5 games a year. With the tax law change my interest is barely tax deductible because of the $24k per couple standard deduction, which means all 4.55% is basically going down the drain. Paying off a house is one of the most financially stabilizing things a person can do, living basically rent free with the exception of property tax, insurance.

#14 63 days ago

It's a tough call. I would guess you're paying about $250/month interest on your mortgage, so that's the cost of pinball ownership. Sell half and now it's only $125. And of course the interest portion goes down a little each month as you pay it off. No reason to sell all the games.

Edit. I guessed too low on your interest rate, so you pay about $360 today. That is a bunch. Find your comfort zone of interest vs games.

#15 63 days ago
Quoted from WackyBrakke:

I'm 46. No other debt. Interest rate is 4.55% monthly interest & principle payment is 3k plus another $600 in escrow items that wouldn't go away. 3k/month would buy back approx 5 games a year. With the tax law change my interest is barely tax deductible because of the $24k per couple standard deduction, which means all 4.55% is basically going down the drain. Paying off a house is one of the most financially stabilizing things a person can do, living basically rent free with the exception of property tax, insurance

And in Denver Colorado too! It is expensive to live here now! I built back my collection already from two to six games and they are better than what I had.

#16 63 days ago

you have a largely new and LE collection. Those games are losing value (and quickly; sorry just the reality of a flooded top $ game market with lots of new out there).

I rarely do this, but I vote selling ALL but 3 games.

Which three do you keep??? the ones that dont sell.

Good luck and have fun paying off the house!

#17 63 days ago

Sell off maybe half of your collection if you are wanting to hasten paying off your house. Throw that at your mortgage. The closer you get to paying off the mortgage the less you are saving on interest anyway. Punch in all of your loan information in an amortization table and see where you feel you get the greatest benefit without having to sell all of your machines.

#18 63 days ago

Debt free, buy back the pins

#19 63 days ago

Peace of mind is priceless.
We all carry stress because we have to because of responsibility. But once it's gone, the relief is indescribable.
I highly recommend paying of the house if possible. It's a major accomplishment. Great job!
Go pick up an EM for 800 bucks, sell your collection and have a note burning party! You'll never look back.

#20 63 days ago

Do it - at least a substantial pay it down - there is financial freedom in owning your house outright. My parents and uncle did it and were able to retire early. Not having to work at a certain job b/c you need that higher income to pay a mortgage is a good feeling. This is my goal as well - congrats on getting that in sight!

If you are still on the fence cut it in half - sell half the machines and see how you feel. Can always do another round later.

11
#21 63 days ago

I will never forget the day I went into Wells Fargo and sat down with that banker and told him I wanted to pay off my mortgage. He said: you want to do what, make a payment? I said no I want to pay it off. He said lets take a look at your account. Then he said "Oh well we can do that" I said what's the matter man, don't people come in and pay off their mortgage often? He said "No this almost never happens here"

#22 63 days ago
Quoted from WackyBrakke:

I can't decide, but if everything comes together this year (Large work bonus) there is a strong possibility I could pay off my house IF I also sell my entire collection of pinball machines, which conservatively I think I could sell them for $97,900.00
I'd have to slowly bring my collection back over the next few years........

At least hold onto WOZ...

#23 63 days ago
Quoted from WackyBrakke:

I'm 46. No other debt. Interest rate is 4.55% monthly interest & principle payment is 3k plus another $600 in escrow items that wouldn't go away. 3k/month would buy back approx 5 games a year. With the tax law change my interest is barely tax deductible because of the $24k per couple standard deduction, which means all 4.55% is basically going down the drain. Paying off a house is one of the most financially stabilizing things a person can do, living basically rent free with the exception of property tax, insurance.

Keep MetLE as I think it will be the hardest to get back along with 2 others then sell if it gets you there. I paid off my house after seeing the new tax rules with standard deduction myself but really wanted to invest in a business instead.

#24 63 days ago

Depends on how long your willing to wait to sell and how many tire kickers you want to deal with. I think your estimate is close but might have to lower your expectations for a quicker full sale.

#25 63 days ago

The money you save over time will be more than sufficient to by back the pins you want. Get the monkey off you backif you can swing it. Nothing like saying “its all ours”

#26 63 days ago

Calculate what you will save by paying the mortgage off early- you will be surprised how much it will save. Payed mine off early and figured I saved $80,000.

Mortgages seem like great loans at low interest rates- but it is for 30 years!

And if you are paying mortgage insurance, you can kiss that crazyness good-bye too. People are always surprised that the are paying $100+ a month just to protect the bank...

#27 63 days ago
Quoted from WackyBrakke:

I'm 46. No other debt. Interest rate is 4.55% monthly interest & principle payment is 3k plus another $600 in escrow items that wouldn't go away. 3k/month would buy back approx 5 games a year. With the tax law change my interest is barely tax deductible because of the $24k per couple standard deduction, which means all 4.55% is basically going down the drain. Paying off a house is one of the most financially stabilizing things a person can do, living basically rent free with the exception of property tax, insurance.

I think you definitely thought about it and have the answer in front of you

For myself in 2013 there was a downturn here in my region for project managers and then the flow on effect and was paid out of a job, took 7 months to get another and in the mean time had to sell a few pins and used most of the payout money just on insurances, food etc for a family of 4 and mortgage with still a reasonable debt over our head, got another job and cruised along and was layed off due to restructure and then 2 days later had a surfing accident suffering badly broke collar bone coupled with poor doctor management could not work for 6 months and then got a real good job and made it our mission to payoff everything, which took 2 years and now they are predicting interest rate rise and housing value crash in Aus where many people will lose there houses and have a debt afterwards due to negative value.

The thing is unpredictable things can happen, so for us the best thing was to pay the house off, and yes reno's then come along, as do new cars etc but now that mortgage money to go to those and build up the collection again, no regrets living within our means and could lose our jobs tomorrow and only suffer minor stress.

#28 63 days ago
Quoted from ryan1234:

Mortgages seem like great loans at low interest rates- but it is for 30 years!
And if you are paying mortgage insurance, you can kiss that crazyness good-bye too. People are always surprised that the are paying $100+ a month just to protect the bank...

Agreed we paid our house down to get out of pmi. Took some saving and being good with money but we did it. Also paid off our vehicles. I’m in no position to pay off my mortgage right now but hoping to in the next 10 years or so.

#29 63 days ago

Take your large bonus and apply it to the principal.

It'll suck not having all those pins. Plus its a bitch to get back into the hobby when no equity.

#30 63 days ago

Take that bonus and buy more pins. It's the only logical thing to do.

#31 63 days ago

Sell them if it allows you to be debt free! You can build back your collection to any level you want over time. Stop paying interest.

#32 63 days ago

I just sold my collection (7 pins) to pay off our tri-toon that I bought new last spring. To heck with paying a boat payment in the winter!!

#33 63 days ago

That’s really your decision. I could but haven’t
One reason is my rate is less than 3% and that’s in a ten year fixed rate which I have maybe 4 years left. Inflation rate makes the money almost interest free:
Second reason money would come out retirement investments and I have to pay taxes no penalty because of my age.
Thrid reason I’m going to keep in working.

Good luck

#34 63 days ago

I'm 39 and will have my mortgage paid off this December. I can not wait. Over the 10 years I've been in the hobby and I've bought and sold (for a profit) about 40-50 arcade and pinball machines. Most of the time put the cash on the principal on my mortgage. It's paid off...literally.

#35 63 days ago

If you want to sell, then sell the collection. Having no house payment and no debt would be an amazing feeling. You can always keep a few favorites and slowly rebuild your collection.

#36 63 days ago

Sell... it’s the financially prudent thing to do.

#37 63 days ago

In ancient times usurers were chased out of the cities, sometimes fed to the lions and bears beneath the colosseum...I think they had it right.

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#38 63 days ago
Quoted from WackyBrakke:

I'm 46. No other debt. Interest rate is 4.55% monthly interest & principle payment is 3k plus another $600 in escrow items that wouldn't go away. 3k/month would buy back approx 5 games a year. With the tax law change my interest is barely tax deductible because of the $24k per couple standard deduction, which means all 4.55% is basically going down the drain. Paying off a house is one of the most financially stabilizing things a person can do, living basically rent free with the exception of property tax, insurance.

You can have it all with decent planning and patience. Control yourself and stop adding games to your collection, sell a game before you buy another game. Put all your bonuses directly to your loan principal and develop a retirement strategy (if you do not already have one). Pinball machines are not an investment or retirement strategy, they are expensive toys. If you really want to cash out of pinball, I feel that now is the time. Sell most of them and sit back and watch an economic slow down happen. Plenty of games for sale after that.

We paid our home off a few years ago, we only had a few games while we were in debt and we did exactly what I have suggested you do. All my bonuses went towards paying our home off. Sound financial planning and patience is the key.

Good luck with whatever you decide!

#39 63 days ago

I sold my collection off to pay my house off. Its the best thing financially I have done. I don't miss any of the games because there are always new games coming out.

#40 63 days ago

Sell the pins pay off the house and get a zero interest credit card for 18 months and buy one pin back at a time then rinse repeat. The only thing you may loose is the cost to ship the replacement pins unless you can find them locally so that cost will be way less than a mortgage interest on the loan.

#41 63 days ago
Quoted from WackyBrakke:

I can't decide, but if everything comes together this year (Large work bonus) there is a strong possibility I could pay off my house IF I also sell my entire collection of pinball machines, which conservatively I think I could sell them for $97,900.00
I'd have to slowly bring my collection back over the next few years........

I think you might be leaving some money on the table at that price if they are all HUO or restored....

#42 63 days ago

Uff that's a tuffy but I say yes.

#43 63 days ago

I vote to get to pare your collection down to 2-3 games. Seems more reasonable than going to 0, honestly I think you'd get about 90% of the fun of having pinball machines in your home with 3 games you like. I do get, though, that sometimes it's easier to just give something up than to moderate it and pinball might fall into this category for a lot of people as the hunt for the new machine can be just as appealing as playing the games regularly.

Also you'll get the benefit of looking 10% less crazy to guests (only 10% because I think it's having the second machine that really gets people wondering what's going on).

#44 63 days ago
Quoted from WackyBrakke:

I'm 46. No other debt. Interest rate is 4.55% monthly interest & principle payment is 3k plus another $600 in escrow items that wouldn't go away. 3k/month would buy back approx 5 games a year. With the tax law change my interest is barely tax deductible because of the $24k per couple standard deduction, which means all 4.55% is basically going down the drain. Paying off a house is one of the most financially stabilizing things a person can do, living basically rent free with the exception of property tax, insurance.

Your current $3000 P+ I payment seems really high? You must adding a lot more money from your savings over the $97K you may get from the pins? What is your total balance?

Also you are likely better off maxing out your 401k or other retirement accounts or HSA before paying off your home with the tax deductions and shelters involved. Don’t know if you currently do that or not?

#45 63 days ago
Quoted from pinnyheadhead:

Your current $3000 P+ I payment seems really high?

3K @ 4.55% = 6ook loan?

#46 63 days ago
Quoted from TheLaw:

3K @ 4.55% = 6ook loan?

Yeah doesn’t add up??

#47 63 days ago

As another Denverite I would add that you live in one of the best cities in US for on-location pinball. I know it's not the same as playing in your game room, but you can play any of your titles in and around Denver. Head to 1Up Colfax and have a couple beers.

#48 63 days ago

Keep the Funhouse.

11
#49 63 days ago
Quoted from WackyBrakke:

I'm 46. No other debt. Interest rate is 4.55% monthly interest & principle payment is 3k plus another $600 in escrow items that wouldn't go away. 3k/month would buy back approx 5 games a year. With the tax law change my interest is barely tax deductible because of the $24k per couple standard deduction, which means all 4.55% is basically going down the drain. Paying off a house is one of the most financially stabilizing things a person can do, living basically rent free with the exception of property tax, insurance.

That's crazy Wacky!

First of all the mortgage interest is still 100% deductible up to a $750k mortgage. Property taxes are limited to $10k

Keep a few pins, sell the rest and pay off the house.

Contrary to what some people might think, most people's taxes will be LOWER when you go to file your return for 2018. It's called a "tax cut". Many more $$$ in the 22% and 24% brackets that were previously in the 25% bracket last year which doesn't exist anymore.

Yes 4.55% is too high. Never finance a 30 yr mtg. 10-15 yr max . If people can't afford it on those terms, don't buy it.

15
#50 63 days ago

Paid off my place a few months ago and its a nice feeling (granted its nothing special like many pinsiders homes I've been to ) but its mine and nice not to have a payment. Now we are looking for our perfect home(may build) and will probably rent mine out or possibly sell depending on new house cost. I almost sold my pins to purchase a rental but decided it wasn't worth it as i love playing pinball and the prices to purchase them again wld probably be double what i have in them. Good luck on whatever you choose as there is no right or wrong answer imo. It is nice being 39 with no debt tho... lol

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