Homeowners, get in here!

BlueOvalStangGT · Apr 30, 2007

Hey how many of you own a home, how old were you when you bought it and how old are you now?

More questions to follow!

Dante30 · Apr 30, 2007

I am 38 yrs old, I live in San Diego. I work in a small Architects office. I designed my first home that is currently under construction & will be completed by July. I will subsequently move in. I am unmarried, so this is a huge undertaking for a single income. Houses are VERY expensive here!! If I were married, it may have happened sooner, with (2) incomes.

There will be no Power Adders for my 94' in the near future , All $$$ tied up into this house!

Dante'

JJ95GTID · Apr 30, 2007

I bought my first house when I was 23. Sold that and moved. Bought second home when I was 27. Sold that last April and bought my current home at 34. Am 35 now.

MattZ281LE · Apr 30, 2007

Im 37 and single in Northern Va. . Bought my townhouse in 2001, I recently bought a single family home but kept the townhouse and rented it.

trav_19 · Apr 30, 2007

im 22 bought it last year when i was 21

94-302-vert · Apr 30, 2007

Bought first at 21, just upgraded at 28...

blksn955.o · Apr 30, 2007

bought 1st home when I was 26 or 27 after college (that took a few years longer due to a chance to travel and change in major) going to be 30 in Aug. Plan to sell in another 2yrs. Its just the "starter home".

I also work for the worlds largest bank in the mortgage division.

Yobi1Kanobi · Apr 30, 2007

bought my first home at 24 , bought a another two years ago, bought an investment home around 1 1/2 years ago and I just bought my newest house about a month ago.....It is exhausting. I am 29 now....Good luck with that

WHITE94COBRA · Apr 30, 2007

Got my first condo when I was 23, that was in huntington beach ca. second one was in glendale Ca, I currently live in a house in placentia ca, My first 2 paid for a condo complex in huntington beach, I sold that and now do real estate investment and loan's full time. I am looking to buy 3 or possibly 4 forclosures in the next 6 months to a year.
Although it sounds like I have money to burn, I do not, I pay myself a small salary, and reinvest all the rest into my company, this is for me and my Son's future, so I'm poor like most of us here. Ohh yeah and i'm 32 now.

Yobi1Kanobi · Apr 30, 2007

I know the feeling WHITECOBRA its a tough job full of ups and downs.

STM1965 · May 1, 2007

Bought 1st house in 89 @ 24, and got a 2nd in 99 @ 34, currently renting out the 1st house for $900/month and getting a positive cash flow from it. Still living in 2nd which I got power of sale for steal and it's doubled and then some in value (I'm a happy camper). I'm 42, and looking at selling the 1st and buying two more rentals from the proceeds.

wytstang · May 1, 2007

Bought my Townhome this year at 27 in '09 probably sell it and move to Washington and live on base depending on situations.

Zero Signal · May 2, 2007

I'm 25 and just got a house. We close in 2 weeks. Hopefully I can get the car together before next year (cross my fingers). But when it comes to deciding on a price, I decided to go for a price where the TOTAL payment (mortgage, insurance, tax etc) wasn't more than 50% of my NET (~30% gross) monthly income. I guess we'll see how that works out. Underwriting for a loan will give you up sometimes to 60% of your gross income which I think is nuts.

Red1990Lx · May 2, 2007

I was 19 when I bought my first home and am 22 now. I am selling it (the buyers aren't working to well with me right now) to move to Ohio. I have been under contract for the past 2 months and was given the ok to move to Ohio after I pre-signed everything. Now, I am stuck with a large moving truck (24 foot) outside my girl friends house in Dayton, Ohio and no where to go. I am about to loose my rear at $95 a day to hold this truck until these dumbies get their crap together and finally close on my house in Atlanta, GA so I can close in Datyon... I am so screwed right now as they are not sure when it is going to happen. I am so frustrated with the sale of my house that I am to a point where I never want to sell a house again!!! This buyer has no sole... They are dragging their feet knowing I am up here in Ohio sitting on this truck while they try and get their "Ducks in a Row..." If I was in Georgia right now, I would be strangling these idiots.....

I guess what I am trying to say is that owning a house is two-fold really... You need to make sure you have the finances you need to stay ahead of the game. There are a lot of shady lenders out there right now that seem to be a good deal, but when it all works out, it is a royal screwing. Look into an FHA loan with a 3-1 ARM where it will be a lower fixed rate for the first 3 years and then once you have a feel for it, you can refinance your house and pull out some equity and do some repairs/re-model or spen it on schooling or whatever floats your boat!!! Just remember, it's a buyers market right now and things revolve around the buyers not the sellers as seen by my situation!!!!

trav_19 · May 2, 2007

hmmm...i know closing can take along time i think ours was over a month and the fha loans are nice but the cheap rate for the first 3 is a bad deal because after 3 years your payment skyrockets.... and if you do refinance i say put it towards your house ...if you use it to pay back loans or whatever you want then you have extra equity taken out on the house and it makes it harder to sell since the condition on the house is not improved and you own more on it ...its a bad deal i have seen a couple friends get goofed over on that stuff

WHITE94COBRA · May 7, 2007

Look at your escrow papers, when is the written closing date? Anything past that date falls back onto the buyers, you could easily sue them, and win plus get the deposit and penalties. The seller is never screwed unless you told them you would have any type of upgrades or work done before closing.

Red1990Lx said:
I was 19 when I bought my first home and am 22 now. I am selling it (the buyers aren't working to well with me right now) to move to Ohio. I have been under contract for the past 2 months and was given the ok to move to Ohio after I pre-signed everything. Now, I am stuck with a large moving truck (24 foot) outside my girl friends house in Dayton, Ohio and no where to go. I am about to loose my rear at $95 a day to hold this truck until these dumbies get their crap together and finally close on my house in Atlanta, GA so I can close in Datyon... I am so screwed right now as they are not sure when it is going to happen. I am so frustrated with the sale of my house that I am to a point where I never want to sell a house again!!! This buyer has no sole... They are dragging their feet knowing I am up here in Ohio sitting on this truck while they try and get their "Ducks in a Row..." If I was in Georgia right now, I would be strangling these idiots.....

I guess what I am trying to say is that owning a house is two-fold really... You need to make sure you have the finances you need to stay ahead of the game. There are a lot of shady lenders out there right now that seem to be a good deal, but when it all works out, it is a royal screwing. Look into an FHA loan with a 3-1 ARM where it will be a lower fixed rate for the first 3 years and then once you have a feel for it, you can refinance your house and pull out some equity and do some repairs/re-model or spen it on schooling or whatever floats your boat!!! Just remember, it's a buyers market right now and things revolve around the buyers not the sellers as seen by my situation!!!!

Homeowners, get in here!

BlueOvalStangGT

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Dante30

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JJ95GTID

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MattZ281LE

trav_19

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94-302-vert

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STM1965

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