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Started By
Message
re: When did you buy your first house?
Posted on 3/30/21 at 9:22 pm to OMLandshark
Posted on 3/30/21 at 9:22 pm to OMLandshark
Late to this party, but everyone here is over estimating the money they make off their houses. They don’t take into account the repairs and maintenance and most of all the time it takes to maintain a house.
I have made money owning my houses, I have a great house now, but what I created is a jail that takes constant maintenance and gets old when you realize you’re wasting your time trying to keep up with the Joneses or trying to charm people.
The only reason we have nice things is because we borrowed money, we took out a loan, got leveraged and lucky for us those assets appreciated.
Over the last 15 years I turned 20k into 160k. Let’s say I spent three hours a week maintaining the property, at $30 an hr that’s $70,000. Let’s say I spent $100 a month on repairs, maintenance that is 18k. These numbers are even conservative, but I turned 2 K into 72k that is 8.9% return, not too bad. But a lot of people in this country weren’t so lucky.
If you would take that hundred dollars a month, and three hours a week pay, for 15 years at 8.9% you would have $232,000, three times what you and by owning a house. and if you got leveraged and invested in real estate you would have made twice as much.
I have made money owning my houses, I have a great house now, but what I created is a jail that takes constant maintenance and gets old when you realize you’re wasting your time trying to keep up with the Joneses or trying to charm people.
The only reason we have nice things is because we borrowed money, we took out a loan, got leveraged and lucky for us those assets appreciated.
Over the last 15 years I turned 20k into 160k. Let’s say I spent three hours a week maintaining the property, at $30 an hr that’s $70,000. Let’s say I spent $100 a month on repairs, maintenance that is 18k. These numbers are even conservative, but I turned 2 K into 72k that is 8.9% return, not too bad. But a lot of people in this country weren’t so lucky.
If you would take that hundred dollars a month, and three hours a week pay, for 15 years at 8.9% you would have $232,000, three times what you and by owning a house. and if you got leveraged and invested in real estate you would have made twice as much.
This post was edited on 3/31/21 at 5:29 am
1
Posted on 3/30/21 at 9:32 pm to southpawcock
quote:
I'm 33 and still live in an apartment; in fact, the same apartment I have been in since July 2015 and my current lease doesn't end until September of this year. Not really planning to have kids or get married, so the only reason I'd want a house is because a mortgage would be cheaper and I would be building equity.
I just fricking hate moving. I also would then have to make sure I keep up with the property, etc. And then anything that breaks is on my dime. My current apartment is in a great location.. less than a 10 minute drive to work. I can walk to my favorite bar..
I just know I'm getting fleeced staying here though. But if I got a house I think I'd finally get a dog. Haven't wanted to keep a larger breed cooped up in an 825 sq foot apartment.
I’ve made 100k since then by doing the opposite. We’re similar in age
Posted on 3/30/21 at 9:40 pm to Weekend Warrior79
quote:
22, back in the glory days when they would give you a mortgage for 125% of the appraised value with $0 down. Just needed to prove you had a steady job for 2 paychecks. When I sold it about 10 years later, I am pretty sure I was still paying PMI. Should have fricking rented
22 as well. 7.25% in 2005. I was still in school (took 5.5 years) and my wife had been graduated for 2 years. I made good money for a college student, she worked full time, and we found out we were pregnant so we figured we needed to get a house. Stupid.
I was the type of loan that lead to 2008. never missed a payment but we never should have been approved to begin with.
Posted on 3/30/21 at 10:06 pm to southpawcock
I built my first house when I was 20 years old. With my bare hands. 
It was fun.
It was fun.
Posted on 3/30/21 at 10:09 pm to Bigfishchoupique
Built a house by himself at 20
fricked a couple hundred chicks
Probably solved the Suez Canal blockage
To bigfishchoupique
fricked a couple hundred chicks
Probably solved the Suez Canal blockage
To bigfishchoupique
Posted on 3/30/21 at 10:12 pm to southpawcock
Built my first house at 28
Posted on 3/30/21 at 10:21 pm to SidewalkTiger
quote:
You won't have any kids to pass a house on to so what do you really gain from having a house in the grand scheme?
1. Buy it when you're 30, have it paid off when you are 60, (maybe before) well before you retire. You will own your home outright and only have to pay property taxes and whatever insurance you want to keep on it. No house note, no monthly rent. Better than being retired on a fixed income and worried about paying rising rents, and being subject to other tenants' crap.
2. No kids to leave it to? Use the equity in the home and get a reverse mortgage, then use that money to live better, travel, etc. for the remainder of your life.
This post was edited on 3/30/21 at 10:24 pm
Posted on 3/30/21 at 10:24 pm to southpawcock
Mid 1980's at about age 27. Actually we built a house on a lot I had bought a couple of years earlier. Built a bigger house in 1991.
Posted on 3/30/21 at 10:35 pm to Sun God
quote:
Built a house by himself at 20
Actually I had a lot of friends that helped. Some friends that worked on a framing crew helped and showed me how to frame.
FIL did the electrical. I did all of the plumbing and trim work cabinets and counters.
Had a sub Sheetrock crew and flooring. My Momma did the wallpaper. Grass cloth and some other nice paper they picked out.
It was a 28x40 house on piers set on concrete.
8 foot x 40 concrete porch on piers across the front. 8x8 creosote sills. My floor joist were 3x8 x16 creosote and every 2x12 doubler was creosote. It was a well built strong home.
I had some 6000# forged steel fittings on my sch.80 gas lines. That was what was available at the time.
The oilfield contributed a lot of materials.
I hustled up all of the piers when they tore down the dance hall at the “ LaBonTonRoule”
beer joint on Grand Caillou road.
Was proud of my little house.
This post was edited on 3/30/21 at 11:51 pm
Posted on 3/30/21 at 11:35 pm to southpawcock
24
Posted on 3/30/21 at 11:48 pm to Rust Cohle
quote:
Late to this party, but everyone here is over estimating the money they make off their houses. They don’t take into account the repairs and maintenance and most of all the time it takes to maintain a house.
I have made money owning my houses, I have a great house now, but what I created is a jail that takes constant maintenance and gets old when you realize you’re wasting your time trying to keep up with the Joneses or trying to charm people.
The only reason we have nice things is because we borrowed money, we took out a loan, got leveraged and lucky for us those assets appreciated.
Over the last 15 years I turned 20k into 160k. Let’s say I spent three hours a week maintaining the property, at $30 an hr that’s $70,000. Let’s say I spent $100 a month on repairs, maintenance that is 18k. These numbers are even conservative, but I turned 2 K into 72k that is 8.9% return, not too bad. But a lot of people in this country weren’t so lucky.
If you would take that hundred dollars a month, and three hours a week pay, for 15 years you would have $232,000, three times what you and by owning a house. and if you got leveraged and invested in real esta
Buying is better than renting long term.
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