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Forum » Any miscers buy a starter house?
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Thread: Any miscers buy a starter house?

post 1644938123 08-14-2021, 12:38 PM
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Any miscers buy a starter house?

Im in a high cost of living city and cant really afford a million dollar house right now. any of you guys have experiences with buying a starter home? how long did you stay in it for? did you end up selling it or renting it out after you moved into your "forever" home? what should I look for when buying a cheaper house. neighborhood, structural damage, etc.
post 1644938483 08-14-2021, 12:44 PM
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I purchased my first starter home for $55k; was a 2br 2ba condo that I bought in 2010. It was literally the least amount my bank would finance lmao. It needed a little work but nothing out of the ordinary - carpet, paint, the indoor HVAC unit, water heater, kitchen appliances, and I redid the master bathroom. After some development in my area, I was able to sell it for $180k about 6 years later.

Keep checking your city's development plan and try to buy the cheapest thing you can in the area getting the most work done. Haggle like your life depends on it and make sure you are preapproved with the bank - it makes desperate sellers easier to deal with if you're ready to sign right away.
Short, fat, and bald crew.

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post 1644938603 08-14-2021, 12:46 PM
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Originally Posted By donkeydonger⏩
I purchased my first starter home for $55k; was a 2br 2ba condo that I bought in 2010. It was literally the least amount my bank would finance lmao. It needed a little work but nothing out of the ordinary - carpet, paint, the indoor HVAC unit, water heater, kitchen appliances, and I redid the master bathroom. After some development in my area, I was able to sell it for $180k about 6 years later.
mirin. do you think there is still decent potential to make a profit from fixing up and reselling a starter home after a few years?
post 1644938783 08-14-2021, 12:49 PM
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Originally Posted By imbored205⏩
hope i can snag this deal
https://www.zillow.com/homedetails/1...9559214_zpid/?
$800k for 900 sq ft...housing market is crazy right now...
post 1644938873 08-14-2021, 12:51 PM
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Originally Posted By Ellmser⏩
mirin. do you think there is still decent potential to make a profit from fixing up and reselling a starter home after a few years?
I'd say yes if you know the area. I grew up in the city I live in and had a good idea of where the most growth was - people are buying up properties in old neighborhoods like crazy, restoring, then selling what was an old pos for 2-3x the purchase price.

Nice neighborhoods that are already established aren't seeing as big of a jump in price as old homes that get restored IMO
Short, fat, and bald crew.

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post 1644939043 08-14-2021, 12:54 PM
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As long as the appraisal comes in correct then I will close on my first place at the end of the month. A year round cottage on a 200acre lake.

Always make sure the “guts” of the house are sound (newer furnace, oil tank, water filter if you have well, sub floor etc) everything else is cosmetic. Do radon test, check for mold and make sure your place doesn’t have termites or a lot of carpenter ants. And always remember to buy in a good neighborhood. You can change the house but you cannot change the neighborhood.

Then if their is value in the house you can rent or flip when you leave.

Location, location, location boyo. Look for value not price.
The misc is full of a bunch of simp ****ots
post 1644939083 08-14-2021, 12:54 PM
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Originally Posted By donkeydonger⏩
I'd say yes if you know the area. I grew up in the city I live in and had a good idea of where the most growth was - people are buying up properties in old neighborhoods like crazy, restoring, then selling what was an old pos for 2-3x the purchase price.

Nice neighborhoods that are already established aren't seeing as big of a jump in price as old homes that get restored IMO
thanks for the info brah. do you think neighborhood is a big factor in resale value? or is there always somebody willing to buy?

from your post, it sounds like buying in a "grittier" neighborhood would actually be a smarter move?
post 1644939283 08-14-2021, 12:59 PM
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Originally Posted By imbored205⏩
hope i can snag this deal
https://www.zillow.com/homedetails/1...9559214_zpid/?
Looks really cozy. I like it.
post 1644939293 08-14-2021, 12:59 PM
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Originally Posted By Ellmser⏩
thanks for the info brah. do you think neighborhood is a big factor in resale value? or is there always somebody willing to buy?

from your post, it sounds like buying in a "grittier" neighborhood would actually be a smarter move?
Short answer: yes.

Long answer: We have a ton of out-of-state implants moving into N-Texas. According to my RE agent cousin, people are currently paying over asking price by a lot. It really depends on where you live. Try to find a RE agent who will assess the neighborhoods you're looking at - they can tell you if things are selling quick and for over asking. If a neighborhood is stagnant, then that's obviously a sign it's a poor-selling area. Demand can vary a lot between neighborhoods and even entire zipcodes.
Short, fat, and bald crew.

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No baby-killers in my circle - looking at you israel.
post 1644939413 08-14-2021, 01:01 PM
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Originally Posted By DivineMasculine⏩
As long as the appraisal comes in correct then I will close on my first place at the end of the month. A year round cottage on a 200acre lake.

Always make sure the “guts” of the house are sound (newer furnace, oil tank, water filter if you have well, sub floor etc) everything else is cosmetic. Do radon test, check for mold and make sure your place doesn’t have termites or a lot of carpenter ants. And always remember to buy in a good neighborhood. You can change the house but you cannot change the neighborhood.

Then if their is value in the house you can rent or flip when you leave.

Location, location, location boyo. Look for value not price.
congrats on the home bro. hope the appraisal results are good
post 1644939523 08-14-2021, 01:03 PM
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Originally Posted By donkeydonger⏩
Short answer: yes.

Long answer: We have a ton of out-of-state implants moving into N-Texas. According to my RE agent cousin, people are currently paying over asking price by a lot. It really depends on where you live. Try to find a RE agent who will assess the neighborhoods you're looking at - they can tell you if things are selling quick and for over asking. If a neighborhood is stagnant, then that's obviously a sign it's a poor-selling area. Demand can vary a lot between neighborhoods and even entire zipcodes.
thanks bro. will definitely do my research

Originally Posted By 401Delta⏩
I built a starter house.

I paid $7,500 for a small vacant lot in an older, existing neighborhood that was next to a drainage culvert and needed some dirt work.

I chose an economical salt box design...1800 sq ft (3 stories w/ 300 sq ft bonus room on 3rd floor along with an attached 2 car garage with a bedroom over the garage (10/12 pitch).

I subbed out all of the work except for painting and siding the outside and still completed the house for $63,000 (lot included).

Square design, cheap windows, plastic shutters, cheap tile, cheap carpet, short driveway...

...lived there for a year and then sold it for $90k.
mirin. ive thought about building as well, but i definitely dont have the knowledge necessary to do it in a cost efficient way lol
post 1644940283 08-14-2021, 01:17 PM
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LOL At being on the misc and cant really afford a 1 million dollar house, what is this, 2017?


also LOL at anyone in here who didnt buy their house for 120k and now its worth at least 770k. Basically wasted your money and didnt read the market.
**worthless college major crew**

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**HTC**
post 1644942313 08-14-2021, 01:50 PM
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Originally Posted By Jestbrah⏩
LOL At being on the misc and cant really afford a 1 million dollar house, what is this, 2017?


also LOL at anyone in here who didnt buy their house for 120k and now its worth at least 770k. Basically wasted your money and didnt read the market.
feels bad mane
post 1644943693 08-14-2021, 02:15 PM
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yes. Bought first house end of 2013 for 112k. Complete fixer upper POS in the ghetto. Put about 30k into renos and did a lot of the work with my dad. Lived in it for about 5 years, then sold for 264k.

Used that money for a down payment on my current house which was 485k.
Awesome pics. Great size. Look thick. Solid. Tight. Keep us all posted on your continued progress with any new progress pics or vid clips. Show us what you got man. Wanna see how freakin' huge, solid, thick and tight you can get. Thanks for the motivation.
post 1644943983 08-14-2021, 02:20 PM
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Originally Posted By imbored205⏩
hope i can snag this deal
https://www.zillow.com/homedetails/1...9559214_zpid/?
thats a million dollar home in San Diego
post 1644944913 08-14-2021, 02:36 PM
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Me and GF bought starter for 340k$ and sold for 400k$ after 1 year and some minor fixing we did ourselves. Dont know the situation in Murica but here(Norway) you can earn some decent money ez. Now we live in a 250k$ apt and rent out another 250k$ apt.
post 1644962193 08-14-2021, 08:00 PM
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Originally Posted By UniversalBen⏩
Me and GF bought starter for 340k$ and sold for 400k$ after 1 year and some minor fixing we did ourselves. Dont know the situation in Murica but here(Norway) you can earn some decent money ez. Now we live in a 250k$ apt and rent out another 250k$ apt.
Originally Posted By adamsz⏩
yes. Bought first house end of 2013 for 112k. Complete fixer upper POS in the ghetto. Put about 30k into renos and did a lot of the work with my dad. Lived in it for about 5 years, then sold for 264k.

Used that money for a down payment on my current house which was 485k.
mirin hard af
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