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Property tycoon

  1. Mar 10, 2007 #1

    brewnog

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    I've bought a house! :rofl:

    And have spent the last 2 weeks packing, moving in, unpacking, decorating, and buying and building furniture!

    It's all very scary, and I'm now tied down with a mortgage until 2037, but it's great fun!

    I think I probably qualify for entry in the world flat-packed furniture championships, and if I have to paint another wall magnolia (or "soft linen") ever again, I might cry, but it's my house, all of my own!

    Yay!
     
  2. jcsd
  3. Mar 10, 2007 #2
    Congratulations.
     
  4. Mar 10, 2007 #3

    Moonbear

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    Congratulations!!! It's wonderful to become a homeowner. It'll take at least a year before you wish you had a landlord to call to fix things again. :biggrin: Enjoy your new pad! Wow, you've even painted and decorated already. I think you need to offer some tips to zenmaster. He keeps reporting his walls are still bare years after his move.
     
  5. Mar 10, 2007 #4

    turbo

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    Congratulations! We managed to sell our "spare" house last spring. It's nice to own your own place - not so fun to maintain two of them through a long Maine winter.
     
  6. Mar 10, 2007 #5

    JasonRox

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    Congrats!

    That's awesome!

    Man, I watch shows like Flip That House and I so want to do up my own house one day. And you're doing it right now!

    It's probably hell though.
     
  7. Mar 10, 2007 #6
    Congrats that is awesome!
     
  8. Mar 11, 2007 #7
    Woah 2037.
    Congratulations.
     
  9. Mar 11, 2007 #8
    I hope you enjoy every minute there. Do you have a yard?
     
  10. Mar 11, 2007 #9

    brewnog

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    I have more than a yard, it's a patio! With a shed and a garage. There's not much growing there now, but I'm going to get a couple of apple trees, and a massive herb garden.
     
  11. Mar 11, 2007 #10

    Astronuc

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    Congratulations on becoming the proud owner of a 30-yr mortgage. :biggrin:

    Congrats, brewnog!
     
  12. Mar 11, 2007 #11
    30 year mortgage? Ugh...and I thought years of student loans was bad.

    Congratulations on the house, I hope it's worth it!
     
  13. Mar 11, 2007 #12
    How perfect for you! Take my advice, and get dwarf apple trees, you will enjoy them more in the long run. And make good friends with the neighbors who have great yards, they can tell you what grows well in your area.
    The house I live in now, is only 15 miles from my old house, but a world of difference, in what grows well. Its my 3rd year here, and I will still be experimenting this garden season. Which of course, is half the fun.
     
  14. Mar 11, 2007 #13
    Outch, do you people all have 30 year loans? Thats crazy to pay a loan off that long. Your paying the bank twice the price of your house in interest.

    Brewski, whatever you do, pay off that house within the next 10 years, tops.
     
    Last edited: Mar 11, 2007
  15. Mar 11, 2007 #14
    It does make me wonder what interests rate in the UK are. I locked in a very low rate{4 3/4}, but still pay more to the principal each month, to shorten the duration of the loan.
     
  16. Mar 11, 2007 #15

    Moonbear

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    What planet can someone do that on? I haven't seen any real estate short of a hovel that inexpensive. 30 years is a standard mortgage term. If you pay a bit extra, you can pay off in maybe 25 years.
     
  17. Mar 12, 2007 #16
    I never said the property had to be cheap. For example, lets say I buy a townhouse for $350k. The mortgage is going to be somewhere in the ballpark of $2-3k a month. Now im only one person. I still have 2 other rooms upstairs and a basement that I can rent out to some buddies of mine and collect very easily that 2-3k a month. Now I use my paycheck each week to pay on top of the rent. Then I buy another house, and I do the same. Before you know it, you have a lot of money.

    When I went to california, they guys house I sayed at did this. He now has over 200million bucks and 2,500 properties. Its not easy, but it can be done. He came here with a suitcase, just like my parents, and now hes doing very well.

    Its very possible to make a ton of money if you want to. And actually, Its making me wonder if I want to be an engineer scraping up 60k a year or go into real estate where I could make millions.

    USA, land of opportunities for those willing to take advantage of them. :biggrin:
     
    Last edited: Mar 12, 2007
  18. Mar 12, 2007 #17

    Math Is Hard

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    I think you'd make an excellent slumlord.
     
  19. Mar 12, 2007 #18
    :rofl: ...........your rent just went up. :mad:


    My slums are number one in kahzakstan.
     
  20. Mar 12, 2007 #19

    Moonbear

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    Ugh, that assumes you actually want to live with other people. Nope, I'd rather be in debt up to my eyeballs than have roommates ever again, and sharing a house like that sort of defeats the point of owning your own place. Also, if the house is zoned as a single family residence, what you've just described is illegal. Not sure how you'd manage to convince anyone to give you a mortgage so far above your means either, but I guess that's why we're hearing about such a high rate of bankruptcy sales now.

    I also forgot how much more expensive housing in your area is too! Yikes! $350K only gets you a townhouse now? And to think I was balking at seeing $150K pricetags on townhouses around here. I can't quite fathom buying a townhouse when for the same price you can get a single-family house with land.
     
  21. Mar 12, 2007 #20
    Thats was the price of a townhouse here about 15 years ago. 350k gets you a really, really bad townhouse. A nice one is going to be at least 450k. A single family home is around 700k. The prices are a bit absurd now. But if I wanted to invest in housing, I would do it where you live because its cheap. I can buy and rent much more houses where you are than where I am, and that equates to more money for me.

    Its not easy, its really not easy. But if you want to work very hard and sacrifice now, you will be living large in 20 years.

    See, you are looking at a house as 'owning your own place'. I look at it as a 'place to make money and then buy a second house'.

    For me, its not about living by myself, its about cashing in on that house as much as possible.
     
    Last edited: Mar 12, 2007
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