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Started By
Message
Your first house
Posted on 9/21/11 at 4:21 pm
Posted on 9/21/11 at 4:21 pm
What year did you purchase, how much was it, how much did you put down, and how old were you? Also, would you do things the same way or differently if you had a "redo?" What do you know now that you wish you had known then.
I'm about to start the process and am interested in the lessons learned from your experiences. Thanks in advance!
-George
I'm about to start the process and am interested in the lessons learned from your experiences. Thanks in advance!
-George
Posted on 9/21/11 at 4:22 pm to Costanza
never buy a house right before the turn of a shitty market.
Always use a knowledgeable real estate agent.
Always use a knowledgeable real estate agent.
Posted on 9/21/11 at 5:23 pm to Costanza
I was 25. I got a foreclosure, fixed it up and I now owe less than 20% of what it is worth.
I bought in December 2008
I bought in December 2008
Posted on 9/21/11 at 5:24 pm to Costanza
1984, age 30, mortgage rates were around 20%, found a great deal, house was $79,000 with a 9.5% mortgage that I could assume for only $33,000 down. The financal wizards predicting the economic future said if you don't buy a house now, you will never be able to, so I jumped on it. It worked out fine, but gave it up in a divorce 13 years later. If I had it to do over, I would have bought out my Ex, and would still be living there, it was a great place to be, plus last year it sold again for over 300K.
Posted on 9/21/11 at 5:32 pm to Costanza
quote:
What year did you purchase
2001
quote:
how much was it
140k
quote:
how much did you put down
30k
quote:
how old were you
24
quote:
would you do things the same way or differently if you had a "redo?
Probably the same
quote:
What do you know now that you wish you had known then.
That my wife would become a fricking bitch
Posted on 9/21/11 at 7:04 pm to Costanza
My first house was a 5plex. I was 23.
I bet a refied that thing for cash out 3 times. Spent the most of my weekends and after works fixing and renovating. I worked with my father who is a GC and so too am I.
I lived there in a brand new 2 bed House (behind the 4plex) and the property yielded a 15-17k per year positive cash but then Katrina Hit. Paid it off with flood ins and bought a duplex uptown. Bought my own single house in 05
I bet a refied that thing for cash out 3 times. Spent the most of my weekends and after works fixing and renovating. I worked with my father who is a GC and so too am I.
I lived there in a brand new 2 bed House (behind the 4plex) and the property yielded a 15-17k per year positive cash but then Katrina Hit. Paid it off with flood ins and bought a duplex uptown. Bought my own single house in 05
This post was edited on 9/21/11 at 7:06 pm
Posted on 9/21/11 at 7:33 pm to Costanza
1998, $43k, 8%, 23.
It was a small house with no garage, but had had lots of updates. It was well built and well maintained. My mortgage payment was $318/month. Changing jobs and selling that thing was a huge mistake.
It was a small house with no garage, but had had lots of updates. It was well built and well maintained. My mortgage payment was $318/month. Changing jobs and selling that thing was a huge mistake.
Posted on 9/21/11 at 7:42 pm to Cold Pizza
2009, I was 27. House is 190,000. I put down 50,000. Did I do good, don't know. My interest rate is 5.3%
Posted on 9/21/11 at 7:50 pm to Costanza
quote:
What year did you purchase
2010
quote:
how much was it
298k
quote:
how much did you put down
60k
quote:
how old were you
24
quote:
would you do things the same way or differently if you had a "redo?
Waited a little longer and stashed more cash but I didn't know interest rates would stay historically low for this long.
quote:
What do you know now that you wish you had known then.
Patience
Posted on 9/21/11 at 8:21 pm to LSUKTR
1983, 20 years old, paid $65k, put down 13k ( had to borrow a grand from my mom paid her back in a couple months) that assured I did not have to pay PMI insurance.
Friends thought I was nuts. Friends parents thought I was a genius. Had a $408 a month mortgage and after a year got a roommate who payed me $350 a month. Sold it in 1990 for $140k.
Had special bond money mortgage of 8.8 percent when all others were around 18 or so.
Wish I still had that baby.
Friends thought I was nuts. Friends parents thought I was a genius. Had a $408 a month mortgage and after a year got a roommate who payed me $350 a month. Sold it in 1990 for $140k.
Had special bond money mortgage of 8.8 percent when all others were around 18 or so.
Wish I still had that baby.
Posted on 9/21/11 at 8:35 pm to Costanza
2003 / $98k / $11k / 23 / 5% interest rate
I was glad I got the 15-year note, since I was young and otherwise just blew everything that I made. That let me build up some equity over the next couple of years.
I was glad I got the 15-year note, since I was young and otherwise just blew everything that I made. That let me build up some equity over the next couple of years.
This post was edited on 9/21/11 at 8:37 pm
Posted on 9/21/11 at 8:37 pm to Martini
26 years old, bought a house for 184K, put 0% down because it was a VA loan. 6.5% interest in 2008. Made a lot of extra payments, refinanced at 3.5% on a 15 year mortgage. If I had it to do again I would not have bought that much house, just my wife and I and a lot of things we thought we wanted we never used (game room, large patio). Spend most of our time sitting in the front room or in the kitchen.
Posted on 9/21/11 at 8:44 pm to Costanza
2006. I was 27 at the time.
Cost - 880K. Put 20% down.
Cost - 880K. Put 20% down.
Posted on 9/21/11 at 8:46 pm to TexasHog22
Bought in 2000
26
cost $136k
put down $20k
lived there 4 yrs and sold it for $147k
I would do the same thing I did then. Only thing I would have done different would be to somehow scrape together an extra $4k so I wouldn't have pmi
26
cost $136k
put down $20k
lived there 4 yrs and sold it for $147k
I would do the same thing I did then. Only thing I would have done different would be to somehow scrape together an extra $4k so I wouldn't have pmi
Posted on 9/21/11 at 8:57 pm to TexasHog22
quote:
26 years old, bought a house for 184K, put 0% down because it was a VA loan. 6.5% interest in 2008. Made a lot of extra payments, refinanced at 3.5% on a 15 year mortgage. If I had it to do again I would not have bought that much house, just my wife and I and a lot of things we thought we wanted we never used (game room, large patio). Spend most of our time sitting in the front room or in the kitchen.
PMI on va loan? I'll be buying within 5 years.
Posted on 9/21/11 at 9:05 pm to Costanza
Year - 1967
Price - $15,000
Down Payment - $500 (VA Loan), don't recall rate, probably about 4%.
Age - 26
Price - $15,000
Down Payment - $500 (VA Loan), don't recall rate, probably about 4%.
Age - 26
Posted on 9/21/11 at 9:05 pm to wegotdatwood
25 years old, 135,000, 6.5% in 2001. Put 20% down.
The house worked great for us, lived there six years, until we found rural property we liked. Sold the house for 217,000 in 2007. It was a great investment and was in a great location. Other than being a bitch to get my boats in and out of the yard, it was pretty much perfect.
The house worked great for us, lived there six years, until we found rural property we liked. Sold the house for 217,000 in 2007. It was a great investment and was in a great location. Other than being a bitch to get my boats in and out of the yard, it was pretty much perfect.
Posted on 9/21/11 at 9:11 pm to blueridgeTiger
I thought I was an old guy here and I was 4 when you bought your first house.
Posted on 9/21/11 at 9:21 pm to Da Hammer
quote:
25 years old, 135,000, 6.5% in 2001. Put 20% down. The house worked great for us, lived there six years, until we found rural property we liked. Sold the house for 217,000 in 2007
You timed the market perfectly...some times a little luck helps. $82k (61%) in 6 years ain't bad.
Posted on 9/21/11 at 11:03 pm to Costanza
What year did you purchase: 2001
how much was it: $180K
how much did you put down: $7K
and how old were you?: 32
Also, would you do things the same way or differently if you had a "redo?": No complaints, although I wish I'd bought in even deeper (it's worth about $400K now)
how much was it: $180K
how much did you put down: $7K
and how old were you?: 32
Also, would you do things the same way or differently if you had a "redo?": No complaints, although I wish I'd bought in even deeper (it's worth about $400K now)
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