View Full Version : When did you buy your first house?
coldaudio
08-11-2013, 21:12
How old were you, and did you do it alone? I'm at a point in life where I'd really like to purchase my first house, but with prices continually rising, I feel like I'm back on the east coast and will never be able to afford one [Bang]
Great-Kazoo
08-11-2013, 21:21
early 20's wife with child, 1981 18.5% mortgage rate? we went VA and IIRC it was 19-20% Thank you J. carter House cost $28K on LI. 2 bd 1 bth full basement, atti,c quiet neighborhood. $5K down stroke. Sold it for $80K 3yrs later. The same house is now appraised for $385K No wonder east and west coast folks can afford mickey d mansions.
year : late 2008
location: 80602
I got tired of rent keep rising faster than a cost of a silver. It was one of the worst experience ever, because of the tighten credit at that time. Next house will be all cash. I am so sick and tired of financing a house.
If rent wasn't rising, I would rather rent a house.
Mick-Boy
08-11-2013, 21:30
2007. I was 24 years old and single. 6.5% interest rate at the time.
Madeinhb
08-11-2013, 21:30
early 20's wife with child, 1981 18.5% mortgage rate? we went VA and IIRC it was 19-20% Thank you J. carter House cost $28K on LI. 2 bd 1 bth full basement, atti,c quiet neighborhood. $5K down stroke. Sold it for $80K 3yrs later. The same house is now appraised for $385K No wonder east and west coast folks can afford mickey d mansions.
Not west coast anymore. Houses have skyrocketed but incomes haven't.
mtnrider
08-11-2013, 21:34
January 1991, 25 years old and did it on my own. Right in the middle of the purchase I had to give power of attorney to my Dad to close as I was on my way to the middle east. Never forget it.
1980, 18 percent, just married, 50k, 23 yrs old
newracer
08-11-2013, 21:38
Now is the time to buy, interest rates will never be lower.
Right before the bottom fell out. It sucked
Sent by a free-range electronic weasel, with no sense of personal space.
GilpinGuy
08-11-2013, 21:40
I was 23, so 1993. Got a 4 bed/2 bath at Sheridan and 76th in Westminster for just $92K. Amazing to think about now. With the FHA loan and all that, my payment was $690 a month. I forget what the interest rate was. I had a full bedroom dedicated to growing....oh, forget that. Two decades too early for that. [Flower]
I remember my real estate guy saying to me "We won't see any other homes like this under $100K." He was right. I sold it for $175K five years later and bolted to the mountains. Ahhh, the good old days.
23 years old in IL in 2005. No co signer other than my wife.
$200,000 price tag with property taxes of $4500 a year. I was considered the "ghetto" of Geneva, IL
GilpinGuy
08-11-2013, 22:01
23 years old in IL in 2005. No co signer other than my wife.
$200,000 price tag with property taxes of $4500 a year. I was considered the "ghetto" of Geneva, IL
[Puke]Holy crap...
2009 was the year of the obama first time buyers credit and I was 29. I took advantage of the snake oil and bought the house I live in now in Broomfield. Interest rates were about 4.7% on my 30 year loan.
I refinanced in February of this year at 2.5% on a 15 year loan. My principle and interest basically flip flopped, my payments only went up $200, and I shortened the term by like 12 years? I won't stay in this house that long, but at least I'm building equity instead of losing so much to the bank. Hopefully the market doesn't tank.........
[Puke]Holy crap...
Yeah.....I know!
My father in law has a nice house but nothing like a mansion. Maybe 3000 square feet. Might be worth around $500K He pays..... Wait for it.... $16,000 a year in property taxes!!!!
Complete and utter corruption and payoffs is to blame....
I told him he could get a nice house out here and pay $16K a year in mortgage payments.
newracer
08-11-2013, 22:26
Bought our first house in 2001, sold it earlier this year, close on our new house on the 27th.
Great-Kazoo
08-12-2013, 00:28
Now is the time to buy, interest rates will never be lower.
Bought our first house in 2001, sold it earlier this year, close on our new house on the 27th.
Guess you'll won't be buying mine then
Word of advice for anyone, unless you are paying cash, don't buy a condo. There was a law passed a little while back that is causing all condos to plummet in price. Basically if a certain percentage of condos in a complex are not owner occupied, then any unit in that complex no longer qualifies for federal loans. Which means that it restricts the buyers for that unit. Which drives down prices and then makes the units more attractive to investors. Which makes it impossible to fix that situation. Buy a condo to rent it. But do not buy one and expect it to rise in value at all. Well that is until the rescind that law.
Great-Kazoo
08-12-2013, 00:44
Word of advice for anyone, unless you are paying cash, don't buy a condo. There was a law passed a little while back that is causing all condos to plummet in price. Basically if a certain percentage of condos in a complex are not owner occupied, then any unit in that complex no longer qualifies for federal loans. Which means that it restricts the buyers for that unit. Which drives down prices and then makes the units more attractive to investors. Which makes it impossible to fix that situation. Buy a condo to rent it. But do not buy one and expect it to rise in value at all. Well that is until the rescind that law.
In the 30 + years we've been home owners, yet to hear anyone say they made money on condos. Condos and townhouses have always been bad investments
This week and I was 30. Qualified on my own but bought with wife. This will be a rental as soon as possible. I feel like a chump compared to my parents generation. Buying in the 80's with high interest rates and being younger than I am and having at least one kid.
In the 30 + years we've been home owners, yet to hear anyone say they made money on condos. Condos and townhouses have always been bad investments
Right now if you are paying cash, condos are good for rentals. Buy a 3 bed 2 bath for 50K rent it for 1200. Yes that is possible right now.
I've been seeing signs for 3 bed 1 bath for $1,700 and another for $1,800! Unbelievable.
Point me to a 3 bed 2 bath condo and I'll see how quick we could snatch it up.
Hell at only $50,000 it'd be better to put a down payment on 5-10 of them then to buy just one outright.
Word of advice for anyone, unless you are paying cash, don't buy a condo. There was a law passed a little while back that is causing all condos to plummet in price. Basically if a certain percentage of condos in a complex are not owner occupied, then any unit in that complex no longer qualifies for federal loans. Which means that it restricts the buyers for that unit. Which drives down prices and then makes the units more attractive to investors. Which makes it impossible to fix that situation. Buy a condo to rent it. But do not buy one and expect it to rise in value at all. Well that is until the rescind that law.
My friend JUST went through this exact scenario. Had everything lined up, even paid for the inspection but his FHA loan fell through. He's a first time buyer and has been looking for months!
Broomfield, CO in 2009 to take advantage of the "first time home buyers credit". I was 25 years old, single, and got an FHA loan at 4.75%. Only had to put down 3.5%. The mortgage and HOA together were only $80 more per month than my rent was at the time. I'm still there, have solid equity now, and intend to make it a rental in the next few years.
I've been seeing signs for 3 bed 1 bath for $1,700 and another for $1,800! Unbelievable.
Point me to a 3 bed 2 bath condo and I'll see how quick we could snatch it up.
Hell at only $50,000 it'd be better to put a down payment on 5-10 of them then to buy just one outright.
You are missing my point. You can't put a down payment on them, you need cash or finance from a non gov loan. Which not many lenders do that. I know for a fact that there are 50K units out there. You need to get in good with a Realtor that does short sales, or be prepared to buy at auctions.
Bailey Guns
08-12-2013, 09:02
Bought my first house in AZ in 1983 after I got back from overseas. Brand new (we watched it being built) ranch-style, 3BR, 2BA, etc. $63K at a "bargain" VA loan rate of 13.75%. Only lived there for 1.5 years before the next PCS.
By the way...
Any of you potential home-buyers looking for a nice place with some acreage and a 1200 sq ft shop/garage? Mine will be going on the market soon at a "bargain" pre-listing price of $465K. 16 acres and you can shoot in your front (or back) yard!
[Beer]
I was 27 or 28 years old. My wife and I built it, and did much of the work ourselves to save money. I learned my current trade building it, so it was quite a formative experience. We're still in it, as a matter of fact, 19 years later.
ThunderSquirrel
08-12-2013, 09:14
I was 23 and bought it when I was single. 0 down, and after a refi, i have a 1.25% rate. Not the biggest house out there, but can't beat a $406 mortgage.
Moved into my first house last May on my own at the age of 31. Something I could never have accomplished if I was still stuck in California.
kawiracer14
08-12-2013, 09:32
I rent and when shit breaks I don't worry about it! :-)
TheWeeze
08-12-2013, 09:46
Just bought my first one in June in Broomfield. I was 29, the wife was 26
I was 23 and bought it when I was single. 0 down, and after a refi, i have a 1.25% rate. Not the biggest house out there, but can't beat a $406 mortgage.
How in the world? I want a 1.25% loan and $406 mortgage.
Bailey Guns
08-12-2013, 09:52
How in the world? I want a 1.25% loan and $406 mortgage.
No shit! That's awesome. I hope to be mortgage free by this time next year. If not, I'm hoping it's a loan that's more like a car loan term than a 30 year mortgage.
You are missing my point. You can't put a down payment on them, you need cash or finance from a non gov loan. Which not many lenders do that. I know for a fact that there are 50K units out there. You need to get in good with a Realtor that does short sales, or be prepared to buy at auctions.
I see what you are saying now. Even without a standard loan they should be easy enough to pick up.
How old were you, and did you do it alone? I'm at a point in life where I'd really like to purchase my first house, but with prices continually rising, I feel like I'm back on the east coast and will never be able to afford one [Bang]
I was 18.
Did it on my own. It hurt and was very painful. But I made every payment until I sold it a couple of years later for a decent profit.
Best thing I ever did and set me up for much better things in the future. I should have my current house paid off by the time I am 40 (42 at a stretch).
Any of you potential home-buyers looking for a nice place with some acreage and a 1200 sq ft shop/garage? Mine will be going on the market soon at a "bargain" pre-listing price of $465K. 16 acres and you can shoot in your front (or back) yard!
I'm currently in the market for something with some acreage. But I was hoping to stay in Douglas county.
19 years old here. It was a good/bad thing. It's working out pretty good now but putting a 19 year old in a house with friends with no supervision=lots of memories. However, I basically ended up redoing my entire house because of all the partying. But I learned a lot of carpentry skills. :D
Inconel710
08-12-2013, 10:55
Eh, it was 2004, we were 31 and we used the VA loan program. I forget the interest rate, but we paying about $1100 for a 30yr mortgage on a $122K house in Georgia. Luckily, we sold it in 2007 for $156K then watched the bottom drop out. Most of that gain was used to pay off the equity loan for siding and other improvements to the house.
Best advice I ever took was to buy LESS house than you want, get a 15 yr mortgage on it, and put 20% down on it. You get the best rates that way and giving the bank much less money in the long haul. Oh, and NEVER buy a house in an HOA. I've let my yard go to crap this year thanks to the water restrictions, while friends in HOAs are spending hundreds of dollars on water to avoid the HOA fines. A few tons of rock is starting to look like a good deal in comparison.
BigNick73
08-12-2013, 11:00
29, married, but got the loan on my credit only FHA 5% down. Was early 2010 in Louisiana. Got word that I was being transferred to CO exactly 1 year later. Sold the house, and broke even, thank you realtor fees (Kind of hard to sell it yourself when you live 1200 miles away). Didn't owe but didn't get anything back including some $15K worth of improvements. Basically spent between $30-$40K to live in a house for a year. I'm renting until I can pay cash for something. I figure it'll be a huge hit all at once to savings but how much money do you really have to make a year if your house is paid for and in a low property tax area?
strm_trpr
08-12-2013, 11:48
Bought my house in 2009 about a month before my wife and I married. The house was a foreclosure and a HUD home. Got it for a steal!
ChunkyMonkey
08-12-2013, 11:56
Word of advice for anyone, unless you are paying cash, don't buy a condo. There was a law passed a little while back that is causing all condos to plummet in price. Basically if a certain percentage of condos in a complex are not owner occupied, then any unit in that complex no longer qualifies for federal loans. Which means that it restricts the buyers for that unit. Which drives down prices and then makes the units more attractive to investors. Which makes it impossible to fix that situation. Buy a condo to rent it. But do not buy one and expect it to rise in value at all. Well that is until the rescind that law.
It's been like that for long time. But there is a way around it ;)
ChunkyMonkey
08-12-2013, 11:58
I see what you are saying now. Even without a standard loan they should be easy enough to pick up.
Yep, do a portfolio or blanket loan on 5-10 units if you cannot pay cash. As long as the cash flow on rental support strong ROI, investor will do it.
ThunderSquirrel
08-12-2013, 12:00
How in the world? I want a 1.25% loan and $406 mortgage.
At the time I bought the house, I was making 10/hr and really could barely afford it. This was right about the time they passed the "Making Home Affordable Act." I applied for the refi through Chase under the program. It took 9 months, and I HAD to miss 90days of payments. That was the bummer, hosing my credit on purpose.
When all was said and done, they wiped my late fees, and refi'd me at a 30yr Fixed at 1.25. Shortly after that, I found permanent employment at a substantial pay increase.
There are a bunch of rules about buying secondary property, renting this one, etc, but I don't plan on moving for a while, so it's all good.
At the time I bought the house, I was making 10/hr and really could barely afford it. This was right about the time they passed the "Making Home Affordable Act." I applied for the refi through Chase under the program. It took 9 months, and I HAD to miss 90days of payments. That was the bummer, hosing my credit on purpose.
When all was said and done, they wiped my late fees, and refi'd me at a 30yr Fixed at 1.25. Shortly after that, I found permanent employment at a substantial pay increase.
There are a bunch of rules about buying secondary property, renting this one, etc, but I don't plan on moving for a while, so it's all good.
Well it's good to hear that someone other than a libtard took advantage of the system for once! No shame here man, that's a pretty fantastic chess move if you ask me, and I thought the $8000 tax credit for the first time home buyer program was good.
Madeinhb
08-12-2013, 12:46
I rent and when shit breaks I don't worry about it! :-)
But the amount you over pay in rent makes up for that. Mortgages are usually cheaper than rent.
But the amount you over pay in rent makes up for that. Mortgages are usually cheaper than rent.
It really depends. My mortgage will go up about $200 a month to buy the house I'm renting; but I am in a unique situation.
I used to not understand why some people rented, but in certain situations it makes a lot more sense than it used to. If I was someone who loved the city and didn't worry about economic collapse, I'd probably only buy rental properties and and rent a townhome for myself.
akumadiavolo
08-12-2013, 13:24
Just under three years ago now with my wife. I was 25. Interest rate is 3.187%
In the 30 + years we've been home owners, yet to hear anyone say they made money on condos. Condos and townhouses have always been bad investments
In November of 2008 I bought a 2 bedroom condo for $30K. The condo was in very bad shape and I could not get any bank to give me a loan on it. I asked my father in law if there was any way he could lend me $30K to buy a place and his words were "How big of a place are you buying that you need $30K for a down payment?" It took him a bit to come to terms with the fact that the $30K covered the place outright.
With the loan of $30K from my father in law, $7500 of my own savings and some hard work and late nights on my part I had a 2 bedroom 1 bath condo that was completely remodeled. I've since taken a 10 year portfolio loan on the condo and my payment is a little more than $200 a month. My condo is currently rented out for $875 a month and a unit exactly like mine without the updates and upgrades I put into mine just sold for $85K. I'm pretty happy with my investment. I got 3.85% interest on a 10 year note with the portfolio loan which was a great rate at the time.
You can still get financing on condos but you need to have at least 10% down if they are less than 60% owner occupied. My condo complex was around 25% owner occupied when we first bought but is now something like 50% owner occupied and that number is expected to continue to grow.
cfortune
08-12-2013, 14:24
I bought my house when I was 23 (4 years ago next month) and single. I think my initial interest rate was around 5.6%. I'm at about 4% right now though. It ran me 175k and unfortunately hasn't increased in value much, even with about 15 grand worth of work (it was a foreclosure, therefore trashed).
I bought my house when I was 23 (4 years ago next month) and single. I think my initial interest rate was around 5.6%. I'm at about 4% right now though. It ran me 175k and unfortunately hasn't increased in value much, even with about 15 grand worth of work (it was a foreclosure, therefore trashed).
Where is it at and what are you using to check the values?
If you bought 4 years ago you should be seeing a pretty nice bump in equity. It's almost impossible to find anything that doesn't have bars on the windows under 200K in Denver metro now.
cfortune
08-12-2013, 15:40
Where is it at and what are you using to check the values?
If you bought 4 years ago you should be seeing a pretty nice bump in equity. It's almost impossible to find anything that doesn't have bars on the windows under 200K in Denver metro now.
120th and Colorado area.
Sites like Zillow show a nice estimated value. When I had it appraised for my refinance, it was only appraised at a bit over 178k, that was back in March.
I bought my first one 2008 for 185k in Roxborough all by myself 3% down FHA loan. Sold it this March and made 13k, the wife and I bought a new house in Frederick roughly the same payment, for twice as much yard and twice as much house and the taxes are a lot cheaper than Douglas county.
Aloha_Shooter
08-12-2013, 16:05
1990 at the age of 24. Went partners with a friend on a house we could afford -- I nearly qualified for the entire mortgage myself as he only qualified for about $10K even on a VA loan. Housing was somewhat depressed in Colo Spgs then so we were able to get into an older but convenient and comfortable area of town and with our pooled housing allowances were able to meet the payments and still have lots of beer and pizza money left over.
In the years since then, the only serious money I've ever made on investments has been on real estate. All my investments in the stock market or mutual funds have more or less kept their value over the last 25 years. Yes, the balances have risen but mainly because I put more into the accounts. Having said that, I don't believe we ever started a real recovery and am worried that we're due for another dump. I just can't see any rationale for the Dow to be above 10,000 much less 15,000. If you buy a house, think real hard about how you'll deal with it as we hit 20% real unemployment (as opposed to the fantasy numbers the White House is releasing).
RonMexico
08-12-2013, 16:07
20 years old,5% fixed 30. I have had the house for 7 1/2 yeast now and I can finally sell it for a 20k profit but I think I will keep it until the market dives again.
Yep, do a portfolio or blanket loan on 5-10 units if you cannot pay cash. As long as the cash flow on rental support strong ROI, investor will do it.
I'm very intrigued by this now, as getting 50k down for five, 50k town houses wouldn't be a big deal. My main concern is the exit strategy. If you wanted out for any reason (emergency, upgrade, got bored, etc), I have to wonder if you'd be able to sell quickly without losing your ass. Even doing a 5 year, interest only balloon seems risky since you might not be able to just refinance into a commercial loan.
Purchased last July. I was 23 back then. Went in on it wifey. 240k house. We were sick of dumping rent money into something that wasn't ours.
ChunkyMonkey
08-12-2013, 17:03
I'm very intrigued by this now, as getting 50k down for five, 50k town houses wouldn't be a big deal. My main concern is the exit strategy. If you wanted out for any reason (emergency, upgrade, got bored, etc), I have to wonder if you'd be able to sell quickly without losing your ass. Even doing a 5 year, interest only balloon seems risky since you might not be able to just refinance into a commercial loan.
I have been extremely busy lately... But one of these days, we gotta sit down again. Basic math: buy 5 rental at 20% off market price at roughly same value will give you 1 free and clear unit (5x80%=4x100% LTV plus 1 at 0%). You then can either take 50-70% LTV first position heloc for other 'emergency fund/ down payment/operating cost on the last unit.. Or simply sell the first 4 to get rid of debt and own one free and clear. It doesn't always work out exactly that way, but it works great as a guideline. That's how I got a few free and clear units. But the most important key is still rental cash flow.
On mls search for "portfolio" sale.. You'll see listing of 5-10 houses in a bundle package. Those investors are doing exactly the above.
Aardvark
08-12-2013, 17:05
2007. I was 38, single at 5.5% interest. 2yrs out of the Navy and could finally 'settle' in one place.
I have been extremely busy lately... But one of these days, we gotta sit down again. Basic math: buy 5 rental at 20% off market price at roughly same value will give you 1 free and clear unit (5x80%=4x100% LTV plus 1 at 0%). You then can either take 50-70% LTV first position heloc for other 'emergency fund/ down payment/operating cost on the last unit.. Or simply sell the first 4 to get rid of debt and own one free and clear. It doesn't always work out exactly that way, but it works great as a guideline. That's how I got a few free and clear units. But the most important key is still rental cash flow.
On mls search for "portfolio" sale.. You'll see listing of 5-10 houses in a bundle package. Those investors are doing exactly the above.
Let's do it.
gnihcraes
08-12-2013, 19:57
1993, 24 yo, 70k house, still in it now.
Wife lost her job the day we placed an offer on the house! SH*T. Continued on with the process and wife found another job rather quickly.
Would like to re-fi now, but market screwed us. Upside down for the value of house/loan. Market starting to come back, crappy house next door is listed for 230k!!!! Ugh.
COLDAUDIO, come be my neighbor! :)
1989 Baltimore city row house for $48k at 13% I was 25 and newly married. I didn't know anyone that had any money to lend me to help me buy a house. A lot of sweat equity went into that house before my first PCS move to NJ. I had to cut a check to the lender to leave NJ. Some PCS moves do not coincide with the movement of the real estate market.
This house is our fifth and we bought it about 10 years ago. I'm not sure I have another PCS move left in me. [facepalm]
coldaudio
08-13-2013, 18:54
1993, 24 yo, 70k house, still in it now.
Wife lost her job the day we placed an offer on the house! SH*T. Continued on with the process and wife found another job rather quickly.
Would like to re-fi now, but market screwed us. Upside down for the value of house/loan. Market starting to come back, crappy house next door is listed for 230k!!!! Ugh.
COLDAUDIO, come be my neighbor! :)
Haha, I would if I could! I'm surprised so many people were able to buy houses in their mid-20's. I'm in my late 20's and don't have nearly enough for a down payment on something that is 250k-ish.
This thread was prompted by my frustration with my increase in rent which was already high. I look around south of Denver and it looks like at a lot of places a 1 BR is going for 1k+.... I really need to stop buying toys and going out and having fun :)
ChunkyMonkey
08-13-2013, 19:51
Haha, I would if I could! I'm surprised so many people were able to buy houses in their mid-20's. I'm in my late 20's and don't have nearly enough for a down payment on something that is 250k-ish.
This thread was prompted by my frustration with my increase in rent which was already high. I look around south of Denver and it looks like at a lot of places a 1 BR is going for 1k+.... I really need to stop buying toys and going out and having fun :)
[LOL]
I have been extremely busy lately... But one of these days, we gotta sit down again. Basic math: buy 5 rental at 20% off market price at roughly same value will give you 1 free and clear unit (5x80%=4x100% LTV plus 1 at 0%). You then can either take 50-70% LTV first position heloc for other 'emergency fund/ down payment/operating cost on the last unit.. Or simply sell the first 4 to get rid of debt and own one free and clear. It doesn't always work out exactly that way, but it works great as a guideline. That's how I got a few free and clear units. But the most important key is still rental cash flow.
On mls search for "portfolio" sale.. You'll see listing of 5-10 houses in a bundle package. Those investors are doing exactly the above.Mind if I tag along?
Mind if I tag along?
It's a date! Wulf202, www.loopnet.com. You can see more stuff if you register. They WILL call you about buying stuff though. If you tell them what you need/want, they'll go find it for you.
DingleBerns
08-13-2013, 23:49
2009, 23 yoa with wife, 4.875% but refinanced at 2.99% for a 15 year fixed.
NYNCO, I've yet to find a 3bed/2bath condo/town house for any where near $50,000. Can you show me some examples by chance?
claimbuster
08-15-2013, 03:27
Age: 23
When: 1967
Amount: $13,500
Rate: 4.25%
Payments: $115
Paradise Hills, 3BR, 2BA, 1400 SF, Five years old.
Things have changed.
Haha, I would if I could! I'm surprised so many people were able to buy houses in their mid-20's. I'm in my late 20's and don't have nearly enough for a down payment on something that is 250k-ish.
This thread was prompted by my frustration with my increase in rent which was already high. I look around south of Denver and it looks like at a lot of places a 1 BR is going for 1k+.... I really need to stop buying toys and going out and having fun :)
There are ways my friend. Look into an FHA loan perhaps. Instead of putting down 20%, I put down 3.5% and kept the rest of my money liquid. Mine was a 211k loan. I've used it toward furnishing, a 13th payment per year, and a couple hundred extra toward principle each month, and of course a few spontaneous toys... Sure I'll end up paying more in interest over the life of the loan, but I felt like having at least some money in savings for emergencies, car repairs, a future ring/wedding/honeymoon (which did happen) etc, was better in the scheme of things. I'm now paying off the mortgage a little faster and am about 10 months from the 20% mark which will alleviate the PMI payment each month...
There is always the possibility of getting a roommate too... go get prequalified to see what options you might have.
armstrong001
08-15-2013, 08:22
First house was in 2008 (I was 28, wife was 29), a single wide on 5 acres outside of Alamosa. Cold as hell, nothing for miles. My wife hated it, and we moved a year later. We paid $68,000 for it, sold it for what we had into it after I remodeled the bathroom (pain in the ass when mobile home dimensions are not the same as typical home dimensions. Like bath tubs. Or plumbing fixtures. Made for lots of interesting days.
Second home was purchased in 2009 in Denver after we moved. Paid $154,000 for it. It was a HUD repo which was in fantastic shape. Previous owners weren't moochers who tore shit up when they learned they were going to lose it. Just a family that got divorced and decided to walk away from it.
ChunkyMonkey
08-15-2013, 10:58
Mind if I tag along?
Not at all.
buckeye4rnr
08-15-2013, 14:00
It really depends. My mortgage will go up about $200 a month to buy the house I'm renting; but I am in a unique situation.
I used to not understand why some people rented, but in certain situations it makes a lot more sense than it used to. If I was someone who loved the city and didn't worry about economic collapse, I'd probably only buy rental properties and and rent a townhome for myself.
For me to find a comparable place(house or condo) with an extra bedroom(currently only 1) in close proximity to where I currently live, the mortgage would almost double what I pay in rent... before any HOA fees.
I'd love to own a place but it ain't happening anytime soon so hopefully rent increases don't kill me.
So my dad saw one of our Aurora tenants on the street corner begging for money up in Boulder today.
So my dad saw one of our Aurora tenants on the street corner begging for money up in Boulder today.
LOL, that's a new one for me.
Coalition for the Homeless pays his rent. I'd rather him do that all day than sell drugs out of the unit or stand out in the yard and tangle with the rest of the neighborhood.
Coalition for the Homeless pays his rent.
They pay the best.
I was 29 in 1997, married for 2 years. We paid $179,000 for a 2000 square foot colonial (new construction) with a 7.5%interest rate. We sold in 2005 for $425,000
LeftHandBlack
08-17-2013, 20:04
Im 39 and still havent purchased one. I got pre qualified and all that 5 years ago but didnt pull the trigger on one. I will tell you realtors are just like lawyers and car salesman. They all talk to you like your their best friend til the second they realize they arent gonna make any money off you. I had my experiences with the married with children lifestyle and it didnt suit me either.
drift_g35
08-17-2013, 21:45
I was 20 bought it with my now wife. That was 2011 @ 4.5%
3 weeks ago, 34 yo, got a house with the wife. Locked it at 4.375% 30 year fixed. Was the biggest headache but it's better than paying someone elses mortgage.
I got to say I am glad I didn't have to do an FHA and I know sometimes that's what you get but mainly because of Obamas bailouts FHA lenders that add mortgage ins for all loans as of July you will no longer be able to drop the ins after 11 years or whatever it was. That mortgage ins adds about $300 a month to your mortgage.
I'm an edit monkey. I can't seem to get my thoughts right.
Last Friday. 30 years old, bought with wife. 4% for 30 years. FHA and the mortgage insurance sucks. Added $171/mo to the mortgage. Can refinance into a conventional once it gets to 80% loan to value, but by the time that happens, who knows what the interest rates will be.
Put the money down the week of my 29th birthday in 05, all on my own, no co-signer and I wasn't seeing anyone at the time. I got a 6% interest rate and watched the market plummet. Still upside down on the house when you factor in Realtor fees and other fees to sell it. Hopefully next summer it will be gone and I won't have to rent it out any more.
Bought my 1st house in saudi Aurora in '94 for $84K- my new bride got pregnant by her boyfriend, gave the house to me and
sold in 10 years ago for $177K....
What EVER you do do it for YOU....you never know what the fuck is around the corner.....
'05 making me 22yo at the time.
3beansalad
08-20-2013, 08:57
I was 25 and married. We scrimped and saved to pay off all our bills in 1995 and purchase a home in a brand new neighborhood in town. Was a great purchase, we were way ahead on equity.... until 2008.
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