how many people out right own their home , how did ya do it how long did it take mine is a 3000sq ft home with 3 car garage i should i add i oly make about 500 a week
Owning a home
- Thread starter FishSkins
- Start date
I will be paying for mine for another 28 years, so I dont own it LOL.... It is in my name though. It's ~2000 sq ft, 5 car garage and a 11x17 block storage building. I'm lucky I live where houses are cheap. I hated renting, I felt like I was throwing money away.
When I moved from the left coast to MS (company relocation), I'd made enough on the sales of my last 2 homes (4 relos in 6 years) that I bought my current 2000sq/ft brick ranch and the nearly 8000 sq/ft brick ranch-style church (next door to house) for cash.
very cool .....i had help from my farther in-law in the past on my first home... thanks to him i now own a 4 bed home with basement and 3 car garage i live in Tenn now the home he helped me with was in Fla that home was only 900 sq ft i am on 7 acers now as well
i should add when first moved here i had a chance to out right buy 22 acres with 4 homes on it i did not like trailers by now i could have built a home my bad
FishSkins;630317; said:
I want to hear more on how you pulled this one off. Did you save up and pay cash? Is it a govt. repo? Is it made out of cardboard? Seriously though, I'd like to hear more. Do make 500 a week or take home 500 a week?
Payments for a house you describe in good shape would suck up every dime you make if not more.
Exactly. That is why I wanted to hear more. Just saying you own a 3000 sq ft house with three garages on that income leaves one to wonder. He very well could have won the lottery for all I know. He could of gotten it from his Grandfathers estate. There are endless scenarios.
I will be paying for my house for a few more years untill we finish the one we are building then I will own that one outright... the way I make my house pay for itself is a long story but let me try and make it short...... I build houses for a living so of course the thought comes that I could save a ton of money by doing 95% of the work myself and with the help of friends... we bought opur current house for 100k its valued at 125k and by the time we move out with all the remodeling I have done it will be worth about 200k... so heres how I get a "free" house (free besides all of my labor)... the bank has these loans called bridge loans... how they work is that they will loan you money top build a nw house on the condition that you are gonna move out of your old one and sell it to pay the old mortgage off and get a mortgage on the new house to start paying for it.. well I am only getting a brigde loan for 125k then when we sell our house we will only owe 25 on the new house which we have picked out blue- prints got full estimates for everything and know what the cost is gonna be.. the house will be valued at right aroud 275k... so then when we move into it we will only owe about 25k and have almost 250k in equity... I have just been waiting to start building untill I have no houses to buld for anyone else for a while plus I have to save enough to live off of for the 6 months that it will take to build...
hope this wasnt confusing... but with alot of sweat equity you can in essence get a free house.. you could do the bridge loan every few years and essentually get paid to move every time.. but siince I have a child I dont want her to be moved around from school to school
hope this wasnt confusing... but with alot of sweat equity you can in essence get a free house.. you could do the bridge loan every few years and essentually get paid to move every time.. but siince I have a child I dont want her to be moved around from school to school