Long time renter-first home

[TexomaAv8r]

I just bought my first home, after being a renter and sort of a gypsy for years..very exciting, and intimidating. I am a bit frightened by large numbers but managed to find a deal I liked and inexpensive.<br />A 1940 3 br 1 bath frame house, 25,000, financed for 10 years. Livable but needs some repairs most of which I feel comfortable tackling myself.

 

[Triton II]

Re: Long time renter-first home

Nice one Tex... there's nothing quite like living in your own place. In ten years time you'll be in a great position.

 

[mrloring]

Re: Long time renter-first home

Way to go! Except now you are responsible for all repairs, maintenance, and taxes. But in ten years it will be great to own it.

 

[Boomyal]

Re: Long time renter-first home

Good move TexomaAv8r, but what planet did you find a house on for only 25K. Those are 1970 prices anywhere I've ever been. You ought to buy a dozen of them and rent them out.

 

[Triton II]

Re: Long time renter-first home

Hey Tex, just noticed the Aviator tag... what do you fly?

 

[mrloring]

Re: Long time renter-first home

A house down the road from me is selling for $19,000. The previous owners started to remodel it and quit without finishing, so yes it needs work, but is livable. Not uncommon to find older, not well maintained homes, selling in my area for under $25,000.

 

[TexomaAv8r]

Re: Long time renter-first home

I live on Planet Denison Texas..someone with 100,000 could buy a neighborhood here. <br />I am a private pilot, fly Cessna's, Mooney's Piper etc when I can.

 

[TELMANMN]

Re: Long time renter-first home

Being in Texas I presume you are not on a flood plane. The only real worry I would have.

 

[TexomaAv8r]

Re: Long time renter-first home

Texas is a big place...long way from a flood prone area. Near by lake Texoma was built partly to control flooding in the Red River valley area, we have nothing like what you probably see on the news near the Gulf Coast. It is an economicaly depressed area, passed over by DFW and near by Sherman. <br />The town came into existence to support the MKT railroad which is gone. There are efforts to sort of reinvent the town but it has a hard time shaking its dirty, railroad, poor, image.

 

[Wimperdink]

Re: Long time renter-first home

my last house I purchased for 28,000 and sold for 36,000... it wasnt in the flood plane but most of the town was and it flooded just before it sold... had to drop my price about 20,000 because of it... ugh.. First thing I did was happily drive nails in the walls to hang pictures since noone could charge me to repair the nail holes at 35 dollars a pop. Great feeling isnt it.

 

[TELMANMN]

Re: Long time renter-first home

TexomaAv8r, sorry, it was a joke? I have been in Texas and was just kidding. I hope it stands up for all that God can throw at it.<br /> I was looking at the news n N.O. when I responded.

 

[TexomaAv8r]

Re: Long time renter-first home

65 years old and still standing. It has some age related issues but so do I.

 

[11 footer]

Re: Long time renter-first home

You bought a house for only 25grand?<br /><br />Wow, can't touch anything around where I am for that. Your looking 350k for a lot, not to mention building a house on it.

 

[mrloring]

Re: Long time renter-first home

Originally posted by Ryan T.:<br /> You bought a house for only 25grand?<br /><br />Wow, can't touch anything around where I am for that. Your looking 350k for a lot, not to mention building a house on it.

<br /><br /><br />I am looking at 11.79 acres and the asking price is $42,500 and I think thats a little high!

 

[TexomaAv8r]

Re: Long time renter-first home

I searched addresses on the County CAD sight, the homes up and down the street on my block range from appraised (tax) values of $8,900 to $47,000

 

[Johnshan1]

Re: Long time renter-first home

I just bought my first house at the age of 22, I paid 165,000 for a 2 bedroom, 1 bath, .75 acres of land, and that was the cheapest, livable home we could find (just happened to be next to the lake and have a private launch as a bonus!) and even so I put down all new flooring throughout, new front deck and various other things. Here in Maine 1 acre of land is going for $100,000 in some towns. 50,000 will get you a couple acres in a rural area. Just goes to show you how diverse this country's real estate market can be.<br /><br />This is 4 houses down from mine: Offered at $289,000<br /><br />

<br /><br />Congrats on your new home, theres nothing really like it!<br />-John

 

[JMPJCK]

Re: Long time renter-first home

TexomaAv8r congratulations on the purchase of a real home. Mine was built here, in Stockton, CA, in 1947. My husband was an electrician for the county before he died three years ago. We were fixing the place up when I was struck with stage 3 colon/uterine cancer. I am now alone trying to make all the needed repairs. If you can believe it the place has “knob and tube” electrical wiring throughout. OUCH!! That was my husband’s job. He got as far as putting in a new breaker box to replace the fuse type and running a new service line into a new meter and hooking up the breaker box. I’ve had to shut off two circuits so I can work on them. Also, the central heat and air was installed in the attic!!! The previous owner was a heat and air man and upgraded from a gas floor furnace to the central AC. I’ve had to shut it down. The pulley that runs the motor had made a groove in the shaft over time and even though the set screw still holds enough to keep using it the groove that was made in the shaft makes the pulley wobble so much that is causes it to fall off in just a few weeks time. Also, it had water running up to it for the deionizer and the pipe running under one of the bedrooms was leaking. I still need to crawl under the house to find the tiny leak that showed under the carpeting in the second bedroom floor. I’ve managed to patch a gap that was around the chimney along the roof. I’ve painted the outside and most of the inside. The toilet is still in the bedroom waiting for me to be able to finish the bathroom floor/plumbing to reinstall it. The biggest challenge is this is all new to me. I’ve never done house repairs before so I’m on the “learn-as-you-go” plan. I’m college educated in business administration/accounting. Now with cancer and not able to have an outside job I’ve switched professions and have become a house repair expert in the making - LOL I’m interested in following how your repairs go. Keep us posted. <br /><br />Patricia, Stockton, CA

 

[TexomaAv8r]

Re: Long time renter-first home

It sounds like you have an arm load of work! <br />My house has been upgraded in a few areas already, new wiring and a new sewer system installed. The shed had tube and post wiring intact which I have allready begun upgrading. I left the little "fuse box" in there as sort of a historical marker but not hooked up.<br />I currently dont have hot water or any kind of real heating system, up till last week the highs were in the 90's and a cold shower was refreshing, but now we have some cooler weather and I feel a new urgency to get on with that problem. I predict a new roof for the house and out building soon as well as some cosmetcic issues and a new patio in back...<br />good luck

 

[Branch Office]

Re: Long time renter-first home

Originally posted by Johnshan1:<br /> I just bought my first house at the age of 22, I paid 165,000 for a 2 bedroom, 1 bath, .75 acres of land, and that was the cheapest, livable home we could find (just happened to be next to the lake and have a private launch as a bonus!) and even so I put down all new flooring throughout, new front deck and various other things. Here in Maine 1 acre of land is going for $100,000 in some towns. 50,000 will get you a couple acres in a rural area. Just goes to show you how diverse this country's real estate market can be.<br /><br />This is 4 houses down from mine: Offered at $289,000<br /><br />

<br /><br />Congrats on your new home, theres nothing really like it!<br />-John

 

[Branch Office]

Re: Long time renter-first home

HI JOHN, WHERE DO YOU LIVE IN MAINE. I AM DOWN IN THE WATERVILLE AREA, I BOAT IN BELFAST, PENOBSCOT BAY, BOB