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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.
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).
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.
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.Originally Posted by ChunkyMonkey
"There are no finger prints under water."
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.
When did you buy your first house?
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.
2007. I was 38, single at 5.5% interest. 2yrs out of the Navy and could finally 'settle' in one place.
Let's do it.
"There are no finger prints under water."
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.
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