I'm a homeowner!!!

Congratulations on your investment. It’s probably one of the best places to put your money, and enjoy your own place at the same time.
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Good luck with the house and the foundation. It sounds like you got a good price. I would really hate to see what the previous owners paid for that house. Real Estate in SF was running 2 million for a house I bought in WI for $85,000.
 
maunakumu said:
Good luck with the house and the foundation. It sounds like you got a good price. I would really hate to see what the previous owners paid for that house. Real Estate in SF was running 2 million for a house I bought in WI for $85,000.
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Yup. The down-payment alone could have bought us a very nice house in my hometown in WI. The full price would have bought us a palace on 10 acres or something. It's crazy, and yet we got what is considered to be a good deal!

The bottom line is that our mortgage is less than our current rent, and we can afford it with reasonable comfort. We won't be living on Raman for the next 10 years or anything.
 
Flying Crane said:
Yup. The down-payment alone could have bought us a very nice house in my hometown in WI. The full price would have bought us a palace on 10 acres or something. It's crazy, and yet we got what is considered to be a good deal!

The bottom line is that our mortgage is less than our current rent, and we can afford it with reasonable comfort. We won't be living on Raman for the next 10 years or anything.
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That's so awesome! I'm hoping to score on something out here on Oahu once the market bottoms out. I know the prices will go back up out here.
 
maunakumu said:
That's so awesome! I'm hoping to score on something out here on Oahu once the market bottoms out. I know the prices will go back up out here.
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well, my suggestion is to save up your down-payment (nothing less than 20%), keep your credit scores up, and keep your eyes on the market. When something comes along that looks good to you and you feel confident about your ability to afford it, then jump on it. We all would like to catch the market at the bottom, but it's impossible to know exactly where that is until after the fact.

I also believe that it will continue to go down for a while, but nobody knows how far or for how long. If you delay too long, hoping to catch that "perfect" deal, you could miss it altogether.

Oh, and get that fixed-rate 30-year mortgage. None of this Adjustable Rate or Ballooning mortgages that got everyone in trouble. Keep your wits about you.

Best of luck!
 
Congratulations!

I'd love to buy a larger place -- but with the market right now, I can't sell what I'm in.
 
Great job! I had to sell mine after 9/11 and am starting to wonder if I'll ever be able to buy again.
 
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