What is your primary residence?

44 Replies

For anyone who would like to respond, I‘m curious, what is your primary residence, how did you get there, and do you have plans to live somewhere more permanent In the future? i.e, did you already live in a residence before you started investing..did you wait to buy a house until all of your rental properties covered a mortgage expense..do you rent..etc. I currently House hack.

have always owned my primary.. would never consider renting personally.. and of course since the first 4 primary homes  were in silicon valley you can imagine the appreciation and tax free money we made over the years.. rentals would never have done what those homes did for us..  simply because we could not have bought enough rentals.

I own a 3 bed side split, 1800sqft in a middle class community. Have owned it for 30+ years and raised my family here. Had it long before I was very deep into investing. It serves it's purpose as a roof over my head with a double car attached garage work shop. It will be kept for another 5+ years until we down size.

I don't place much value on material items.

@Maya Torres I guess I’m trying to figure out which route to take for the next 3 yrs. My husband and I will be moving but it won’t be permanent. We won’t be buying a forever home for another 4 years or so..
@Maya Torres We’re leaning towards live in flip, and continuing to invest in the areas of our choosing. This next area (Williamsburg) is not where we planned on owning a rental property to cash flow. We prefer Norfolk to due the close proximity to the base.
@Maya Torres we converted our prior primary residence into a rental and now own a larger (not McMansion large), nicer home in a community we are proud of with great schools (aka property taxes are $$$$) to raise our kids in. The home we bought is well within our means but because we wanted this kind of lifestyle, we will only be able to fund 20-25% down payments every year or two. We also invest in our 401ks. -------- Think about your priorities, house hacking sounds brilliant and I wish I would have know about the concept before I bought my first house 15 years ago! If I started over (before marriage and kids), I would be hussling to house hack. Or moved every year or two to build up a portfolio. At this point, we are not willing to make those sacrifices. But you can! :-)

I own my primary residence - it's my flip. The condo before I owned, I have been for 3 years (out of 5), updated and sold as the primary residence with no income tax for appreciation.

Will do the same with my current house when it's a good time to buy another one for the next 5 years.

When kids are grown up, it's the best time to move around and use all the benefits of the tax law.

I wish I knew about house hacking when I bought my first condo in 2008. But everything has its own time

@Maya Torres Being a typical Millenial, I rent where I live. 650 square feet is all I need right now. Down the road I’ll buy a house but that could be 6-10 years from now. I own multiple rentals and will be buying lots more over the coming years. It’s very possible I buy 15-20 rentals before I eve buy a primary house. I like it right now this way. My rent is about half what a mortgage is in my area. I made a deal with my landlord that my rent won’t increase as long as I live here. I don’t pay for or deal with any maintenance issue where I live. I build equIty through my rentals
@Maya Torres I own a 3200 sq ft McMansion with a 2 car garage and an addition . Yeah it’s expensive yeah it’s a liability but I don’t care I’m only here for a while and I want my family and I to have a comfortable large home the way we wanted it .

@Maya Torres My wife and I downsized last year after FINALLY getting our daughter married off.  My son was already long moved out.

We found a place in W. Plymouth, MA that was only a little smaller than our previous home (from 1664 sf to 1325 sf), but now we're deep in the forest.  5 acres of woods, surrounded by 30 acres of conservation woods.  

This property has 2 barns, 5 sheds, a studio building (now used as my real estate office) and we're at the end of a 2,000 foot steep, dirt driveway, 1,500 feet off the road as the crow flies.  We can only see one other home from anywhere on the property and that's almost a half mile away.  In eastern MA, that kind of seclusion is almost unheard of.

The views are great too - we overlook a pond and cranberry bog and the fall colors are awesome.

I think that the listing agent under-priced it as comps are just impossible.  There is literally nothing like it anywhere near here.

We bought it at $355,000, but I think it was worth at least $450,000 because of the incredible land and views.  Not to mention the wildlife.  Eagles, owls, coyote, deer, fox, turkeys - and more little birds than I can even start to name.

In the ensuing 18 months, we've picked up $100,000 in equity, just based on the crazy market.  We also added $36,000 in solar panels that we own, so that raises the value too.

I'm about to put it on Zillow's "Make Me Move" section at $625,000 to see what happens.  Now that we have a family of bald eagles living almost next to the property, I'm hoping that some nature loving person like me will fall in love with it and overpay!

If that doesn't work out, I figure we're here for another 10 years, or until it's too much for us to care for.  Then we'll most likely head to coastal Maine for retirement - that's where my wife is from.

@Maya Torres I rent where I live, and own what I can rent, as Grant Cardone preaches.

Maybe I am a vagabond or a gypsy I don't know but not owning a primary residence has made my life a lot less complicated (I previously owned two very nice homes), so instead I own two rentals.  And if I want to change things up it's easy.  Also If the economy tanks, I lose my job, I hate my neighbors, etc I am not stuck and living in stress, I just terminate my lease and I move out.  Simple.

@Maya Torres - I rented for the first 10 months after the Navy brought me to Hampton Roads. I bought my first house in 2001 right before the market took off. I have moved around a lot in the area, but have spent my whole career here. If you are absolutely against buying in Williamsburg, maybe Western Branch or somewhere on the Penninsula closer to the population centers will be worth looking at. Also, if you are an active duty family, maybe the same reason you don't want to buy in Williamsburg will make your house an attractive rental for someone else when your three years are done.

@Charlie MacPherson $36k for solar panels on a 1.3k sq for house...wow! Do you have a bitcoin mining rig there? just kidding We added panels to our 2.5k sq ft house for $22k...maybe because We’re in Florida we don’t need as many due to the amount of sunlight we get. That surprised me. Sorry to get off topic. 😊

@Kelly I. Well yeah so I’m married and we have 2 kids btwn the both of us..but right now we don’t have the kids. We’re both military. But next year we have to move and just trying to figure out our next move. House hacking has been great but we live in a shoe box and my daughter will be moving down next year and it’s just not doable. If we were moving to a forever home, we’d buy a house within our means and just be comfortable. But there’s a lot to think about when we have to leave in a few years.
@Caleb Heimsoth I think that’s solid. I’m not opposed to renting but with a family of 4 I just think the rent would be so high and for us to be comfortable it would be worth putting into an investment.
@Maya Torres Some of the money gurus (Clark Howard and Dave Ramsey) refer to the ‘seven-year rule’. If you plan on being in an area for 7 or more years, makes more fInancIal sense to buy, otherwise, better to rent. Many don’t think of the other costs of ownership which can mount up. Either way, sounds like you’re a thinker and will figure it out. Thank you and your husband for your sacrifice in service to our country. God bless.

I live in a 1450 ft2 2-bedroom townhouse condo in one of the posher sections of my city. The place was built in the 70s and is falling apart. Every hallmark of cheap tract construction can be found in this place. When I moved in, I said it was a white trash house for stupid white trash. My opinion has not changed. I own the place outright and pay $400/month in condo fees. I have an extensive cable plan that the many retirees in this place absolutely LOVE, but no TV in my home. i have access to tennis and handball courts and I don't play. I have access to a pool that I've never used. I have sewage and water and trash removal, sketchy snow removal and leaf blowing, and exterior maintenance. I had no say in moving into this place originally. I inherited it. My wife and I flatly hate this place and we write foreign-language obscenities on the condo fee checks we send in to the management company. I have come to understand that my home is a symbol of everything that is wrong with America. I have put in marble, tile, and wood floors in this place, upgraded the bathrooms in marble and granite, upgraded the kitchen in granite and stainless steel, refinished the moldy basement and put in a luxury shower with an oversized custom mud pan. I inherited a white trash pit, and I will sell it as an upgraded and throughly pretentious white trash pit to a person who grew up with parents who rode the debt/consumption treadmill all their lives and who will look at this new place approvingly and tell their son or daugter that "you've done well for yourself, we see."

Because the military is moving my wife we just bought a new primary residence 4 bed 3 bath 2245 sq ft 5% down, 4.75%, 30 year, no PMI in house loan.

Got our current primary residence rented starting 1 September for $4800 a month. It's in really nice neighborhood on 1.1 acre lot. Home values $550k to 1.2 million.

We also have a 2200 sq ft ranch house on 20 acres we utilize on the weekends and run our horse and dog rescue from. Currently occupied with 18 horses, 1 donkey and 30 dogs.

Last Tuesday closed on 2 flops that we are keeping. First time to ever keep any of them. Flop #1 is a 1 bed 1 bath 546 sq ft. After remolded it will be our weekend house when we come back to the city. Also going to Airbnb it when we are not using it.

Flop #2 I gave to a house moving company. They started on Thursday getting it ready to move. Building a new office building on the lot which I already have buyer for. Going to profit $350k. Bought both houses for $50k cash. Got a 0 down, 0 points, 12 months, @5%, $300k construction loan from my awesome little local bank. 

Four years ago we moved to a 2500 sq ft 5 bedroom place in the Berkeley Hills with view of the Bay Bridge and down town SF. Before that I lived in a 3/2 1500 sq ft town home in Campbell and before that owned a 3/2 SFH in San Jose. My wife used to live in a small 1100 sq ft Berkeley Bungalow with a converted garage inlaw unit which she was "house hacking" long before that term existed. We were fortunate to be able to keep all these properties so now have 2 rentals plus a primary in the Bay Area which through appreciation alone has added well over $1M in net worth in the last 4 years since we bought the bigger house. If I hadn't got into the Bay Area housing market in 1998 with a $340K starter home, there is no way we would have a fraction of the wealth we do now. At least in this market renters cant win even though yes, rent is a fraction of the mortgage costs. Will we live in the big house forever? I don't know. I envision a future of 6 months in California and 6 months somewhere else in the world so in that case we may move back into one of the smaller homes.

I live in a home that Hubby and I built in 2003. It's 2400 sq. ft. with a full finished basement on 80 acres, 5 miles outside of a small town in rural MO. I couldn't imagine renting from someone else!

@Garrett Pearson

Garrett I have been using the same small town bank for 30 years. They keep my loans in house. I've been telling anyone who will listen to build a relationship with their local small bank or credit union and stop chasing banks. Hopefully someone will get it. It's worked for me as of Friday I've closed 43 loans with them.

@Maya Torres great thread discussion!

I rent a house in Japan currently through my employer.  I will return to the United States in a couple months and rent an apartment.  Before this I was house hacking a duplex.  When I move to my new apartment I’m going to buy an apartment complex or mobile home park (goal for 2018). After that my wife and I will build a new home.