When did you buy your first house?

[coldaudio]

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]

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

[Wulf202]

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?

[Irving]

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]

2009, 23 yoa with wife, 4.875% but refinanced at 2.99% for a 15 year fixed.

[Irving]

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]

Age: 23
When: 1967
Amount: $13,500
Rate: 4.25%
Payments: $115

Paradise Hills, 3BR, 2BA, 1400 SF, Five years old.

Things have changed.

[Sawin]

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]

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]

Mind if I tag along?

Not at all.