07-09-2020, 10:32 AM
(07-09-2020, 01:23 AM)Apoc Wrote: We bought a house at 25. Sold it for a shit ton of profit and bought a bigger house. Took an absolute blood bath when selling that house. Oh, don't forget the time I borrowed money from my dad to refinance our second house away from an interest only ARM because we were under water. Took years to pay that money back... with interest (no free rides from *my* dad). After eight+ years of home ownership, we had ZERO home equity at the age of 34. Seems like you're doing better.
My wife got burned from this as well. She owned a townhouse for 7 years and when we went to sell it gave us maybe $5k. She balked but I had to explain why:
Refinanced for a lower rate twice; but restarted 30 years. Ridiculous. Also bought at peak of 2007/2008. AND bought a floor plan which is great for a single person or a young couple; but horrible for families or multiple singles. Didn’t even make sense to rent out.
You can’t plan for everything. And even smart people get caught out. Having a house is better than renting; but only if you buy right AND plan on being there for 7+ years and are smart with financing. And maybe a little luck that you aren’t buying at the top and have to sell at the bottom.
2020 Ford Raptor
2009 Z06
1986.5 Porsche 928S
2009 Z06
1986.5 Porsche 928S