Quick survey…
Do you own or rent your residence?
How did you get the money for the down payment?
Other than growing up and living with your family how many different homes/ apartments have you been in?
I own a single family home, my wife and I used savings for the down payment, a little more that 20%. I lived with my buddy for a few years in an apartment and my wife and I are on our second home, so 3.
1 own
2 saved it
3 3
Wow, that’s a lot of packing and unpacking.
The last we own. All others were rents, and all but the last one were before I was married.
Own
Borrowed from 401k
5 apartments one home
Squatters rights in wife’s family home on tribal land. Wife owns 25%, 9 other owners.
On remodel and repairs we pay cash. Spend about 60k in the last 5 years
5 different places in college, rented 3 post college.
The bank partially owns my current residence but I don’t feel bad about it, 200k loan on a house worth 550k.
First house got a 10k gift for down payment from wife’s father. Every other house I came up with the money.
As a teen I couch surfed, then had 2 apartments, then owned 2 houses. Owned 2 houses in GA, then apartment for a year once divorced and bought my current house in the same neighborhood I left.
Own.
I earned the money.
Oh crap, probably 10 or more. I typically have lived in multiple places at once due to other obligations.
Yes, yes.
I’m so fortunate that I inherited the house I was raised in when Daddy passed away.
The house Arthur and I lived in when we were first married was wonderful at the time but this gave us so much more room when we were a growing family.
No they don’t unless you are telling me the title is also in their name…which I have never seen.
You own the home and the bank has a lien secured by your property.
Own
Bought as FNMA foreclosure, paid from sale of another investment property.
On our third home now…
That’s what I mean.
Own, fully paid off now.
10% down, pulled from my previous job’s SEP-IRA. In retrospect, I’d have probably been better off putting zero down and leaving that $ to grow.
Maybe about 5 places, but some of that was college, grad school, my first professional job. I’ve lived in my current place over 20 years now.
That’s awesome but you’re in the minority, most people over the last 100 years worked to earn the money to buy a home, same as 99% of people do today. But for some reason some people believe homeownership is unattainable today which is bullshit.
Its definitely not unattainable…but its also not as easy as it was 20 years ago. When you flood the economy with cheap money for a decade…you get inflated asset prices.
Yes, yes.
I have so many happy memories here.
It won’t be long until it gets passed on to one of my children and the house will stay in the family for another generation.
That’s the way many people build generational wealth, living responsibly and within their means to make a better life for their kids. Other people piss away every dime they earn on shiny new things and tell their kids “tough shit”.
Some people get angry that others pass their wealth on to their kids which I don’t understand. People are free to do with their money as they wish, it’s nobody else’s business.