I did it! I bought a place!

Well Since I was 16 I've been on these forums, and my dream was to own a place and get into REI, I met a huge goal today!! I havent been on the forums for a while, I've been really busy. Last time I was on here I was applying for a mortgage a couple months ago!

Well anyways I bought a 2 bedroom 2 bath condo yesterday for my personal residence! I'm 21 and have been renting for 3 years so I thought I'd spend 200 bucks a month extra and get into the game!

Details:
Asking price $235,900 just reduced from 242,000
I was expecting to get it for 226 or 227 since the market here is really hot and me and my realtor looked at 14 properties, 12 were sold before we even got to the showings!

I offered $220,000, they came back with $225,000 (and they were mad) I countered with $222,000 and my realtor told there realtor I was firm and they accepted!

Its a topfloor built in 2005 , 2 bedroom 2 bath, underground parking, 2 parking stalls , natural gas hook up for bbq, amazing city view! Im jumping up and down! Possession date is June 29th!

Buying is so easy, and way less stressful then I thought, now I have my personal residence I can move onto investment properties in a few years and wont have much fear!

Pics to come when I move in!

Edited: 06/26/2010 at 08:17AM by Andrew B.

Nick J.

SFR Investor · Scottsdale, Arizona

2806 posts
27916 Influence
21 Awards

Icon_minipost May 21 '09, 03:18 AM

well congratulations!!!

Edited: 06/26/2010 at 08:17AM

Tom K

Real Estate Investor · Mountain View, California

237 posts
552 Influence
2 Awards

Icon_minipost May 21 '09, 03:59 AM

Buying your first personal residence is indeed an exciting milestone - congratulations on doing it at such a young age! I didn't get there until my early 30's.

Edited: 06/26/2010 at 08:17AM

Joseph M

Real Estate Investor · Los Angeles, CA

131 posts
483 Influence
1 Award

Icon_minipost May 21 '09, 04:11 AM

That's great . Congrats!

Was just wondering is that $220,000 U.S Dollars or Canadian?

Edited: 06/26/2010 at 08:17AM

Andrew B.

Real Estate Investor · Calgary, Alberta

88 posts
85 Influence
2 Awards

Icon_minipost May 21 '09, 04:14 AM

Canadian!

Thanks guys

Edited: 06/26/2010 at 08:17AM

Jesse R

Rehabber · El Paso, Texas

507 posts
2779 Influence
7 Awards

Icon_minipost May 21 '09, 04:17 AM

Congrats on your first buy. Keep the ball rolling and don't slow down.

Edited: 06/26/2010 at 08:17AM

Josh Green

Banker · Tampa Area, Florida

962 posts
4831 Influence
6 Awards

Icon_minipost May 21 '09, 04:29 AM

congrats man!

Edited: 06/26/2010 at 08:17AM

Tara Jackson

Real Estate Investor · Chicago, Illinois

31 posts
66 Influence
1 Award

Icon_minipost May 21 '09, 04:44 AM

Congratulations to you!!! You've got an advantage because you're starting at a young age!

Tara

Edited: 06/26/2010 at 08:18AM

Joshua Dorkin

BiggerPockets Founder · Denver, Colorado

10630 posts
46531 Influence
24 Awards

Icon_minipost May 21 '09, 04:47 AM

Congrats! That said, I can't believe its been 5 years since you've been on the forums . . . wow!

Edited: 06/26/2010 at 08:18AM

Joshua Dorkin, BiggerPockets, Inc.
E-Mail: webmaster@biggerpockets.com
Telephone: 877-831-4704
Website: http://www.biggerpockets.com
Be sure to check out the BiggerPockets Blog at http://www.BiggerPockets.com/renewsblog/

Andrew B.

Real Estate Investor · Calgary, Alberta

88 posts
85 Influence
2 Awards

Icon_minipost May 21 '09, 04:52 AM

Maybe its been only 4 years but I remember you updated it and it shows everyone started in 2008? Is that right?

Either way its been so long and I've learned so much, not many posts but lots of reading! and networking via PM's

Edited: 06/26/2010 at 08:18AM

Andrew B.

Real Estate Investor · Calgary, Alberta

88 posts
85 Influence
2 Awards

Icon_minipost May 21 '09, 01:40 PM

edit: I'm a big liar, My first post was just over 3 years ago, I think I lurked for a long time before that though.

Either way I need to post more. lol

Edited: 06/26/2010 at 08:18AM

Joshua Dorkin

BiggerPockets Founder · Denver, Colorado

10630 posts
46531 Influence
24 Awards

Icon_minipost May 21 '09, 02:04 PM

Originally posted by Andrew B.

edit: I'm a big liar, My first post was just over 3 years ago, I think I lurked for a long time before that though.

Either way I need to post more. lol

Hey - three years is nothing to sneeze at either!

We'll see you on the boards, Andrew!

Edited: 06/26/2010 at 08:18AM

Rachel H.

456 posts
2542 Influence
3 Awards

Icon_minipost May 21 '09, 04:24 PM

Congrats! The 1st transaction is always the scariest but now you know what to expect in the future :D

Edited: 06/26/2010 at 08:18AM

Jon Holdman

Real Estate Investor · Denver, Colorado

11859 posts
75537 Influence
15 Awards

Icon_minipost May 21 '09, 11:17 PM

Congratulations. And, condolences. Now you have the joy of late nights at the Home Depot (or whatever it is in your area) staring at the pipe fittings thinking why can't I put this back together? Aliens must have built my house!

Top floor. Does that include any sort of patio out on the roof or a balcony.
Congratulations again!

Edited: 06/26/2010 at 08:18AM

Jon Holdman, Flying Phoenix LLC

Andrew B.

Real Estate Investor · Calgary, Alberta

88 posts
85 Influence
2 Awards

Icon_minipost May 22 '09, 12:21 AM

Yup it has a balcony with a natural gas hook up for the BBQ :) and a nice view of the city from a distance , its on the outskirts of town so you can just see the skyscrapers from a distance across a field. No looking in another persons window like I would have if I was on the other side of the complex!

Edited: 06/26/2010 at 08:18AM

Josh Green

Banker · Tampa Area, Florida

962 posts
4831 Influence
6 Awards

Icon_minipost May 22 '09, 12:54 AM

can't wait to see some pics andrew!

Edited: 06/26/2010 at 08:18AM

This post has been hidden.

Dwan Twayford

· Bailey, Colorado

39 posts
-929 Influence
1 Award

Icon_minipost May 24 '09, 11:59 PM

Have a cheers on that! t such a young age you have been able to have a property that is really a good turning point of your life. That was absolutely a wonderful investment.

Edited: 06/26/2010 at 08:19AM

Andrew B.

Real Estate Investor · Calgary, Alberta

88 posts
85 Influence
2 Awards

Icon_minipost May 25 '09, 04:08 PM

Thanks guys it sure is an exciting time in my life!

I have a few questions, the conditions are removed this wednesday I belive. I have a lawyer already and I am going to sign for my mortgage tommorow but when will be my first mortgage payment? and when do I pay the lawyer fees? When the conditions are removed or when I actually take possession?

Edited: 06/26/2010 at 08:20AM

Tom K

Real Estate Investor · Mountain View, California

237 posts
552 Influence
2 Awards

Icon_minipost May 26 '09, 03:44 AM

Typically, you have prepaid interest at closing to cover the rest of the current month and then mortgage payments in general are in arrears so if you close prior to June 1, I would expect your first payment to be due on July 1. If you don't close until after June 1, your first payment may not be due until August 1 though that also means you will need to have all of your loan interest for the month of June at the time of closing.

As for lawyer fees, I don't live in a state where lawyers are required for RE transactions but I would expect that would just be one of the many fees included with your closing costs and should be part of your final settlement. So, whenever your transaction is closed is when your lawyer and everyone else should get their cut.

Others - please feel free to correct me as appropriate.

Good luck!

Edited: 06/26/2010 at 08:20AM

← Previous 1 2 Next →