Hi Buck shot!!No, that is how you understand it though. You put all you understand into some of the verses. Look at all of them. Let's do it again:
Rom8:5 For they that are after the flesh do mind the things of the flesh; but they that are after the Spirit the things of the Spirit.
We are after the things of the Spirit now
6For to be carnally minded is death; but to be spiritually minded is life and peace.
7Because the carnal mind is enmity against God: for it is not subject to the law of God, neither indeed can be.
8So then they that are in the flesh cannot please God.
9But ye are not in the flesh, but in the Spirit, if so be that the Spirit of God dwell in you. Now if any man have not the Spirit of Christ, he is none of his.
10And if Christ be in you, the body is dead because of sin; but the Spirit is life because of righteousness.
We have died to sin and now live
11But if the Spirit of him that raised up Jesus from the dead dwell in you, he that raised up Christ from the dead shall also quicken your mortal bodies by his Spirit that dwelleth in you.
The Spirit is already in us
12Therefore, brethren, we are debtors, not to the flesh, to live after the flesh.
We would not be deptors if it has not happened yet
13For if ye live after the flesh, ye shall die: but if ye through the Spirit do mortify the deeds of the body, ye shall live.
You are actually living when you die to sin
14For as many as are led by the Spirit of God, they are the sons of God.
When you are lead by God you are His son
15For ye have not received the spirit of bondage again to fear; but ye have received the Spirit of adoption, whereby we cry, Abba, Father.
Remeber v9, we are supposed to be living in the spirit now
16The Spirit itself beareth witness with our spirit, that we are the children of God:
His Spirit is our spirit's witness
17And if children, then heirs; heirs of God, and joint-heirs with Christ; if so be that we suffer with him, that we may be also glorified together.
18For I reckon that the sufferings of this present time are not worthy to be compared with the glory which shall be revealed in us.
19For the earnest expectation of the creature waiteth for the manifestation of the sons of God.
We cannot wait to see God's plan for us completed.
20For the creature was made subject to vanity, not willingly, but by reason of him who hath subjected the same in hope,
We once lived for self but now have hope because of what He has done
21Because the creature itself also shall be delivered from the bondage of corruption into the glorious liberty of the children of God.
We can be delivered from the bondage of sin to the glorious liberty of God
22For we know that the whole creation groaneth and travaileth in pain together until now.
We do not have to carry the burden of sin any longer. 23And not only they, but ourselves also, which have the firstfruits of the Spirit, even we ourselves groan within ourselves, waiting for the adoption, to wit, the redemption of our body.
(they) Speaking of the ones that have not realized yet.
We have the firstfruits of the Spirit now in actuality, we only need to wait for the completion of the adoption process.
24For we are saved by hope: but hope that is seen is not hope: for what a man seeth, why doth he yet hope for?
A sure hope that it is going to happen 25But if we hope for that we see not, then do we with patience wait for it.
We actually know that it is coming so we wait patiently for the fulfillment
"We actually know that [what we have] is coming"