Reply to How can anyone afford a huge expensive home?!

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We paid $500k in the 90s. Some was equity from our previous home. Did a $500k renovation about 10 years later. Worth $1.4m now. We used cash and a HELOC for the reno, and paid the HELOC off in about 3 years. We owe very little on it now. No family money or trusts just 2 working parents.  It's not that complicated. [/quote]

It isn't that complicated. Just get a time machine to the 90s.[/quote]

The point is buy what you can, make it nicer, and then hopefully sell for a profit. Roll that into the next one. [/quote]

Exactly. And be patient. While $500k bought a decent house in the 90s it needed work, and we waited 10 years before we did that work. At that point we could afford the renovation. [/quote]

Ok, but "it isn't that complicated" is a little patronizing to those of us who weren't able to buy in the 90s. In my neighborhood, houses went from $200k to over $500k between the late 90s and around 2005. They have since risen maybe 10%. Some of this is pure luck and timing. [/quote]

YOU CAN STILL DO IT! I've been saying this here on DCUM since 2010. If you'd taken my advice then instead of scoffed like you're doing now you could have pocketed a few hundred thousand in rarity in just six years.  Back then Brookland or Pet worth were my picks. Now I'd say Woodridge, mount rainier or Hyattsville.[/quote]

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