04/05/09, 09:25 PM
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Join Date: Sep 2003
Location: Southwest Ohio
Posts: 1,583
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Quote:
Originally Posted by bubbahead
I think the question is kind of misleading. I think a better question would be who paid cash for their "first" home. I think quite a few folks probably made wise real estate buys (using a mortgage) and then sold at a profit and used the profit to purchase another home/land.
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THis describes our approach. I first bought a fixer-upper house on land contract in 1982, when I was 23. Between then and now I have bought, lived in, fixed and sold eight houses, and bought, fixed up, and sold three others without living in them. I made a profit on nine and broke even on two. The profits went back into real estate (since I also had a paycheck to pay the bills with) and over time that began to amount to something.
Right now I own two houses and a commercial building in various stages of renovation (the one we live in now is essentially done), along with two five-acre tracts, and they are all paid for. I think we now have the place where we are going to end up - only four acres, but that should be enough for us, and it has a really cool old Victorian farmhouse. We hope to be living there by the end of this year.
So based on my experience, moving to a paid-for place is definitely doable, though you might not want to wait as long as we did.
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~*~Erin~*~
