Posted by Dan on July 09, 2003 at 15:13:56:
That’s an interesting thought, I’ll keep that in mind. Property in Rochester is dirt cheap, suburb property is more but still less than many places. Economy isn’t so great, but I intend to rent to college students. RIT is ALWAYS accepting more students than it can house, and many of them choose to live of campus.
Just closed my first house, thanks! - Posted by Dan
Posted by Dan on July 09, 2003 at 08:41:11:
I just closed on my first home this morning, and I think they way I financed it was pretty creative. Property value here in Rochester, NY is VERY VERY low. I purchased a house from HUD for $12,700. To get the money I refinanced my car. It was MUCH easier than getting a mortgage. Now I own my first home free and clear. Sure it needs a lot of work, but it is very worth it. Plus I will have two paying roommates, who’s combined rent will leave me living for free and have enough money left over (after maintnence) to pay my cell phone bill each month. I’m a 21 year old college drop out, and if I can do it you can too! Thanks CRE!
Re: Just closed my first house, thanks! - Posted by Kristine-CA
Posted by Kristine-CA on July 09, 2003 at 18:04:29:
In my book you are not a college drop-out. You’ve just dropped into the better parts of real life.
I bought my first property and had to spread the purchase price on to 3 different credit cards. It gets better (but not fast enough for me). Congrats on your purchase. Best of luck and speed on the next one.
Sincerely, Kristine
Re: Just closed my first house, thanks! - Posted by Houserookie
Posted by Houserookie on July 09, 2003 at 12:11:34:
Dan,
I remember in college my freinds were talking about owning houses and renting them out for cashflow and selling for profit when they’re paid off.
THEY’RE STILL TALKING ABOUT DOING IT TODAY. You’ve done one now it’s time to do it a few more times.
When you consider there are people in their 30s, 40s, and 50s that come here asking whether CRE is legal, you’re way ahead of schedule.
Cheerz,
Contratulations - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on July 09, 2003 at 09:40:57:
Dan–(NY)---------------
Contratulations. That was using your brain for what it was intended–acquiring real estate.
You’re a couple of years ahead of me. I bought my first house when I was 23 and I had three roommates to help pay the mortgage. But then, I paid a lot more for the house than did you–$23,500 as I recall.
I too am a drop-out, graduate school in my case. Now I can pay my bills with rental income. Just goes to show that real estate can be good to you.
I think fondly of Rochester, having lived for a year in Henrietta. And you know what, I think the houses there in the older parts of town were selling for the same prices then that you paid now.
I know that Kodak is having hard times, and I think Xerox is struggling also. How is the economy there? Can you buy mid-level executive’s home for a song and then resell to new folk for a good profit?
Good InvestingRon Starr*****
Re: Just closed my first house, thanks! - Posted by Marcos
Posted by Marcos on July 09, 2003 at 09:01:32:
Now that truly is a creative way to get a home financed. I hadn’t heard that one before. That’s awesome dude. Now, work on fixing it up, getting the value up there, and then refi, get some cash and do a few more deals.
Congrats and good luck.
Marcos