1st time home ownership... Thoughts?

I did not start this topic, but thanks for all for sharing.
It will come handy when I am on the market for my first home purchase.

Seriously... Thanks again everyone.

As Mark Twain put it, "Buy land- they aren't making any more of it".

If you are going to live in the house, it's always a good time to buy. Also, most Americans homes are the single most important financial investment for your retirement.  And, property values are going up, they always do. Do it!

I put 5% down on my first home with an FHA loan, made some equity after 4 years, then removed the mortgage insurance.

Justin

  I would find a realtor and tell them you want to find a house that would go up in value 20% the next year or two. Sounds crazy, but near where you are now it's going to happen. You just need to pick the right spot. Stay near the freeway and bart. That makes it valuable. I'm five miles south of you, (hwy 24 and Telegraph). Two houses here just went for 100k+ over asking in the last 6 mo. I know two people now that are investing in fixer uppers in Richmond.(near where you are now) A clue is young people buying where the old residents are dying off.

Forgot to mention...  Google maps and street view will save you a tone of time and legwork.  Makes it easier to not waste time scoping out places with apartments nearby, parking issues, oil-stained, poorly-maintained  streets, bars on windows, etc...

I remember when I bought my house. I was a nervous wreck worrying about how I was going to make that high payment every month. $209/mo.! $243/mo. if you included property taxes. That was back in 1974.

We paid it off about 15 years ago and now pay $750/year in property taxes. Gawd, I can't tell you how good that feels!

Listen to these guys with all the great advice, and then DO IT! Best of luck.

NotaSeal

  I bought my first place back in 1978 in the City.  Had to sneak an inlaw in to make ends meet.  Few years later, refinanced it to take money out to buy a detached home.  After moving in the new home (built in 1926 of course), I thought I died and went to heaven.  It was so quiet - no more hearing my tenant downstairs making out, and noisy neighbors from the side.
  When you first start out, don't be too picky.  Just be careful of cash flow.  If you loose a job, rent out a room if you already have the inlaw rented.  Hang on with you finger nails.  Just imagine you are still in school, and roomate is not that big of a deal.  Try to pick secondary locations - prime area are lousy on cash flow, and price tag. 

In my life time I went through home buying six times and hopefully this is may last. Been through all what I have read here and it is all true and good advice.

We got real lucky when we sold our dwelling in the heart of Silicon Valley. Got way above our asking price in 2013 and made out real well. Moved out to Texas, bought a home twice as big as we need, have a real low interest rate do to timing and my home now is about 80% paid off already. Hopefully be able to rid myself of a mortgage in less than five years by doing what is written and paying extra each month. The lender hates this because they won't make all the interest, but its my money and not theirs. One word of advice when getting a loan make sure you won't get penalized for paying it off early.

Been through all what I have read here and it is all true and good advice.

 One word of advice when getting a loan make sure you won't get penalized for paying it off early.

     

      Good advice !       What part of Texas did you move too ?

Pretty much blew through all of my advice earlier.  Let's see if I can close on this sumbitch!

good luck Bmb!!!  hope you get the biatch

Well... We're putting in an offer today!

https://www.redfin.com/CA/Oakland/6328-Outlook-Ave-94605/home/564780#main

What do you think?

Gem of a place AlexB - and right down the street is ARW!

Good luck on the offer.  Looks really nice inside. Hope all works out for the best.

Once it is accepted make sure to do a thorough pest inspection, especially around any of the wet areas, toilet, shower etc. because of the age of he house.  On a house that old things can be happening. Looks like a fresh rehab, so hopefully the sellers did a great job and did not cut corners. Once the offer is accepted and you do an inspection if anything shows up in inspections it you can renegotiate to get things fixed. If they don't want to fix anything remind them that they will have to disclose anything found to future potential buyers. That will make them see the light hopefully.
Rob

thanks all for this thread, about to embark on first time buying this summer, good luck on your offer alex, looks like a great little home, cameron