How old were you when you bought your first home?

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youngsocrates

How old were you when you bought your first home?

Mike

I actually tried to buy my first house when I was 17 and still in high school, but at 17 I was too young to sign a binding contract, so that was the end of that until I turned 18 and was old enough to sign a binding contract.

I was 18, a freshman in college when I bought my first home.

I rented out rooms to fellow students to help pay the mortgage.

I thought that living in the dorms or renting was a waste of money. I put the money that I would have paid in rent toward the mortgage of my house.

That was a little over 40 years ago.

That was the best investment that I ever made.

REALTORS would not talk to me. They thought that I was just a stupid kid.

Fortunately I had a savings account at a local savings and loan that I had since I was in junior high school and I consistently worked and saved money in that account. I had a regular history of making deposits in that account that were more than the monthly mortgage payments were on my proposed mortgage.

By the time I was 18 I had over $6,000 in that account.

I was able to convince the underwriter that I could handle the mortgage. That I would rent out bedrooms to fellow students to help pay the mortgage.

The house was $15,000. I put $5,000 or 30% down and the savings and loan gave me a $10,000 mortgage at 6.75% fixed for 30 years.

I still own that house. I use it as a rental property now.

I recently had the house appraised at $860,000.

That house was the best investment that I have ever made.

I bought the house from a man who was selling the house on his own without a REALTOR.

I have bought and sold many properties since that time and I have never used a REALTOR.