Reply to Anyone else who will likely never be a home owner?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We didn't buy our first home until we were in the mid-thirties, but took quite a few years of saving $$$ to get there. This was about 10 years ago. Since then, we've been able to buy four additional homes as investment properties. The trick? As our income grew over 10 years, we kept our spending habits more or less the same as 10 years ago, so we've had 6x growth in saving over the year. Takes strong discipline, being handy helps (fixing things in the house ourselves and doing most of car maintenance self also.....w/both cars being 15+ yrs old)

You can do it, discipline and trading off current consumption for future consumption.

Best of luck![/quote]

Your trick? Buying at the bottom of a crash and then hoarding properties. You’re not that smart. My worst financial decision was being born too late to do what you did. Those of us who are born later and did the right thing and worked hard to save for a down payment are getting screwed because the cost of housing has artificially increased over the last two years far faster than we can save. It is utterly unprecedented and you are in no position to give advice.[/quote]

Amen.[/quote]

No. Your generation had access to the lowest interest rates in history. You couldn’t afford bc you wanted to enter the property ladder without compromise. Buy further out, buy smaller, buy a condo, buy in a lower cost of living area, build equity, enjoy appreciation, sell and enjoy a tax free profit and climb the ladder.  I’ll never forget my first real estate agent. She bought in Capitol Hill 40 years ago. She said no one would even come to their house. Now she owns a boss home in a prime location. But it did not come easy. [/quote]

Darn. If I had only compromised safety, I too could own a home. [/quote]

OMG.  This is why some of you will never be homeowners. We have the military person who can get their mortgage paid by DOD but they “don’t want to be a long distance landlord” when they move. We have the person who “refuses” to buy a cape cod bc they could get it in their hometown much cheaper.  Too much work, too small, too dangerous, too far…I have bad news for you. Many first time homebuyers have to COMPROMISE - even on the fundamentals, because there will ALWAYS be people out there who are older than you, which simply means they’ve had more time to earn and save, and most likely build equity and benefit from appreciation. Someday, you too will be that older person, with a higher salary, more equity.  [/quote]

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