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]
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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]
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.
2007. I was 24 years old and single. 6.5% interest rate at the time.
Not west coast anymore. Houses have skyrocketed but incomes haven't.Quote:
Originally Posted by jim
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
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.
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
[Puke]Holy crap...Quote:
Originally Posted by bryjcom
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.........
Yeah.....I know!Quote:
Originally Posted by GilpinGuy
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.
Bought our first house in 2001, sold it earlier this year, close on our new house on the 27th.
Quote:
Originally Posted by newracer
Quote:
Originally Posted by newracer
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.
Quote:
Originally Posted by nynco
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.
Quote:
Originally Posted by jim
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.
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!Quote:
Originally Posted by nynco
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.
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.Quote:
Originally Posted by Irving
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.
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.
I rent and when shit breaks I don't worry about it! :-)
Just bought my first one in June in Broomfield. I was 29, the wife was 26
How in the world? I want a 1.25% loan and $406 mortgage.Quote:
Originally Posted by ThunderSquirrel
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.Quote:
Originally Posted by Sawin
I see what you are saying now. Even without a standard loan they should be easy enough to pick up.Quote:
Originally Posted by nynco
I was 18.Quote:
Originally Posted by coldaudio
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).
I'm currently in the market for something with some acreage. But I was hoping to stay in Douglas county.Quote:
Originally Posted by Bailey Guns
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
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.
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?
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!
It's been like that for long time. But there is a way around it ;)Quote:
Originally Posted by nynco