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In article <el6i2m$8qk_001@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx>,
jmfbahciv@xxxxxxx says...
> In article <9857e$45761fc1$4fe7071$17377@xxxxxxxxxxxxx>,
> unsettled <unsettled@xxxxxxxxxxxx> wrote:
> >Lloyd Parker wrote:
> <snip>
>
> >>>>You can be cash poor after buying a house though
> >>>>and finding all the things that urgently need doing to make it
> >>>>habitable.
> >
> >>>sure. But you aren't poor and all your "rent" is going into
> >>>your real estate pocket. I didn't buy a house until I was
> >>>told my rent was going up. So I went out and bought a house
> >>>where the monthly payments were less than my current rent.
> >
> >> I betr you saved up for a down payment though.
> >
> >It doesn't sound like she did.
The down payment on my first house was in three digits. The total
closing costs, including tax escrow, was less than $5k.
>
> I simply don't remember. All I remembeer is that were
> a lot of checks moving back and forth over that table. :-)
>
> > It doesn't sound as though
> >buying a house was in her plans.
>
> It wasn't. I only bought it because the rent was cheaper.
> I was more interested in getting my work done.
We did the same calculation. The apartment we were living in was
going condo. The red-herring price for our unit was $65K, plus
$250/mo. commons fees. We bought our house for $60K. Even at a
14.5% interest rate we broke even on the rent (with normal
increases) within a year. A couple of years later we refinanced
down to 10% then to 8%, saving a *lot* of money.
>
> > I can say for a fact I didn't.
> >I got into my first house ($50K) with $1K of my own. Let's
> >just say that the seller and the realtor were both very
> >motivated.
>
> I was very used to moving every semester from being in college.
> I had no "settling down" genes like the rest of my family.
> I still don't have curtains up on the windows :-). I've
> just recently started "decorating" the inside of the house.
It must be exciting in your neighborhood. ;-)
I'm "redecorating" the entire house too, in preparation to split.
--
Keith
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