how old were you when you bought your first house/condo/apartment?

[1cleanm3]

23

[NYCGP]

Originally Posted by 1cleanm3

23

Man California real estate must have taken a serious tumble if 23 year old's can drive modified M3s and afford their own homes + taxes, home owner's insurance etc.

I make a very good living. I have a large amount of money saved for someone my age. But buying a house/apt/condo at this point would completely change my lifestyle.

I understand there are other places in the country where you can get very nice homes for 100-300k. But I always assumed that areas like yours were similar to the north east when it came to real estate prices and taxes.

[BTM]

Who say's he's still 23? Impressive (trust?) if you can swing an M3 and a condo in LA at 23, but you're assuming he isn't older and didn't buy his car later.

[NYCGP]

Originally Posted by BTM

Who say's he's still 23? Impressive (trust?) if you can swing an M3 and a condo in LA at 23, but you're assuming he isn't older and didn't buy his car later.

You're absolutely right. I didn't think about that. Reading comp FTL.

I didn't want to immediately say trust, though I assumed it from the start.

[BTM]

Originally Posted by NYCGP

You're absolutely right. I didn't think about that. Reading comp FTL.

I didn't want to immediately say trust, though I assumed it from the start.

btw pm me your paypal address

[NYCGP]

Originally Posted by BTM

btw pm me your paypal address

Take delivery of it first.. I am sending it out to you today. This move has uncovered all sorts of little car parts that I had hiding in my apartment.

[BTM]

did I give you my address?

[1cleanm3]

Originally Posted by NYCGP

Man California real estate must have taken a serious tumble if 23 year old's can drive modified M3s and afford their own homes + taxes, home owner's insurance etc.

I make a very good living. I have a large amount of money saved for someone my age. But buying a house/apt/condo at this point would completely change my lifestyle.

I understand there are other places in the country where you can get very nice homes for 100-300k. But I always assumed that areas like yours were similar to the north east when it came to real estate prices and taxes.

It has in some areas. Its more of an investment. Bought a condo and have a tenant. I have positive cash flow, its a long term investment. I bought a condo that sold in 2007 for 389k for 125k. It was a bank owned property, and is currently worth 160-175k. Ive worked with the listing agent before so she told me before it even came on that market. Im hoping by 2013 this thing will hit 225,000. Wait til these reos and short sales are off the market.

Your making a big mistake if you have money and not buying real estate. In a couple years youll see a lot of people becoming very rich off real estate. Well atleast out here in socal.

BTW im still 23.

[Hocky]

Originally Posted by 1cleanm3

It has in some areas. Its more of an investment. Bought a condo and have a tenant. I have positive cash flow, its a long term investment. I bought a condo that sold in 2007 for 389k for 125k. It was a bank owned property, and is currently worth 160-175k. Ive worked with the listing agent before so she told me before it even came on that market. Im hoping by 2013 this thing will hit 225,000. Wait til these reos and short sales are off the market.

Your making a big mistake if you have money and not buying real estate. In a couple years youll see a lot of people becoming very rich off real estate. Well atleast out here in socal.

BTW im still 23.

True. We bought our first house at 20, second at 21, third at 23, and I am shopping for my 4th now at 26. I still own the others as investment property.

[vladdy328]

Originally Posted by Tondtar

A word of advice to all the young ones here from someone who has failed to do this for himself and his kid :

If you know where your kid will be attending college, plan on buying a home or a condo/ apt. in that town if you can afford to do so. Anything is OK as long it can meet your kid's needs (which should not be much as a college student). There are several advantages to this :

1. Your kid does not pay rent or have to worry about mailing in the rent check late while in college. You are the Landlord. A huge piece of mind.

2. All the money you spend on the mortgage while he/ she is using the place, you probably get back after 4 years or more and then some. So, there is huge savings as well smart investing there.

3. After getting out and getting a job, if he/ she can afford to take over the mortgage, pass it on to your kid and do it immediately after they get a job. This way they will be building equity of their own right off the bat. If he/ she can not afford the mortgage immediately, go ahead and carry it for a couple of years or so and use its rental income to offset its mortgage cost (or better yet, cover the whole mortgage payment assuming the rental rate and property values have appreciated considerably during years of ownership). You can then sell the property and give the profit to your kid as a gift to place as a down payment on his/ her own first home/ condo purchase when they are ready to do so.

Anyway you look at it, there is a huge financial win in this simple strategy if you can implement it right.

Really good advice. Im currently a student and my neighbors dad is doing this. He bought the house, and now rents it out to 4 dudes along with his son. He charges $500 per room in a really simple and cheap house which he probably pays no more than $1k for per month. So hes making several hundred dollars a month, on top of that his son is living for free, and he will make profit by selling it further down the road.

[Hawkeye]

Bought my first house at 24, about a year after I got done with grad school and realized I hated commuting from my previous apartment to work and wanted a place closer to work.

[Dvdman]

24

[McMuffin]

21, 25 now. Serious fucking commitment, so be sure you're ready. If I didn't have a mortgage my car would probably have wings by now!

[disapr]

I bought my first house when I was 18.. Second house when I was 24 and I'm probably going to buy another next year.

[MichaelSNU]

Originally Posted by 1997gtx

Wife and I are 27 ... still renting. Could afford to buy, but happy renting for now and avoiding crazy high property taxes where we live.

Where in ct? The mill rate in Bristol is pretty and the town sucks.

[MichaelSNU]

And to answer your question. 20 yrs old. 2 bed 1.5 bath in downtown Boston

[ChaneRZ]

25, 3 bedroom 2.5 bath with 1 in-law 1 bath

[MP0WER]

27, sold it in a year for $30k more. Then another which is now paid off and producing income. Then built a keeper on 2 acres at 35.

First M3 came at 22 though. Been in them ever since.

Currently looking to buy 1 to 3 more houses since their so cheap now. Ditto on people with money buying up property. There is a lot of wealth being built under everyone's noses.

[pmeloche]

I was 38 when I bought my house.

[freshwhite335]

Originally Posted by Tondtar

A word of advice to all the young ones here from someone who has failed to do this for himself and his kid :

If you know where your kid will be attending college, plan on buying a home or a condo/ apt. in that town if you can afford to do so. Anything is OK as long it can meet your kid's needs (which should not be much as a college student). There are several advantages to this :

1. Your kid does not pay rent or have to worry about mailing in the rent check late while in college. You are the Landlord. A huge piece of mind.

2. All the money you spend on the mortgage while he/ she is using the place, you probably get back after 4 years or more and then some. So, there is huge savings as well smart investing there.

3. After getting out and getting a job, if he/ she can afford to take over the mortgage, pass it on to your kid and do it immediately after they get a job. This way they will be building equity of their own right off the bat. If he/ she can not afford the mortgage immediately, go ahead and carry it for a couple of years or so and use its rental income to offset its mortgage cost (or better yet, cover the whole mortgage payment assuming the rental rate and property values have appreciated considerably during years of ownership). You can then sell the property and give the profit to your kid as a gift to place as a down payment on his/ her own first home/ condo purchase when they are ready to do so.

Anyway you look at it, there is a huge financial win in this simple strategy if you can implement it right.

My grandfather did this on a condo in Brooklyn Heights when my Dad was in law school. Allowed my Mom and Dad to put a very large down payment on a house on an acre in tony Chappaqua when they were 25 and 26.

I'm currently in school in L.A. and I [my parents] are renting. If in another year after I've been here for two years I still like it here my parents will buy something for me to live in for the following four years while i get my MBA. Hopefully after that my dad will be as generous as his dad was I'll either sell the place to buy another house or take over the payments on the place he buys.

[carve]

The week after I turned 22. Looks like everyone here bought young. I'm now on my 3rd house (at 33) and just put an offer on my first rental house yesterday.

[MJB1975]

Bought my apartment with my gf when we were 22. Sold it four years later with a 100% profit. That was nice since it payed for our first car and the plot we bought. We moved on to a house, kept the plot and sold the house 1 years ago (with a 10% loss). We bought our current house as a new development 3 ago and have been living there for 18 months now. This summer we'll sell the plot (aiming for 400% profit after the 11 years we've kept it). The procedes will go into one or more new property investments.