Author Topic: Buying my first home!  (Read 1978 times)

taekvideo

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Buying my first home!
« on: February 05, 2014, 09:53:48 PM »
It's a foreclosure and should be closing in a couple weeks.
Both excited and nervous about it hah

Sale price: $60,000
Square feet: 1750
Year: 1900
Bed: 4
Bath: 2
Lot: 8000 sf

Way more space than I need right now but I plan on renting out the extra rooms.

Plumbing/electrical/roof/furnace/etc are all recently updated and in great shape.  The inspector didn't find any major problems, just a couple minor/cosmetic things I can easily fix myself.
It's in my Iowa hometown, a mid-sized 40k population town with low crime rates and good schools.
Located in an older neighborhood 2 blocks from the public library near downtown (I work as an online math tutor and plan on starting in-person freelance tutoring, so having the library to do that at will be helpful).
Also 2 miles from an Aldi, and the same distance to my parents' place.

It was last sold for $110k in 2007 (and the credit union's appraiser put it at $80k now), so I think I'm getting a great deal :)
What do you guys think?

Milspecstache

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Re: Buying my first home!
« Reply #1 on: February 05, 2014, 11:08:29 PM »
Wow, sounds like a great deal!  How do you tutor online?

taekvideo

  • Bristles
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Re: Buying my first home!
« Reply #2 on: February 06, 2014, 12:29:47 AM »
Wow, sounds like a great deal!  How do you tutor online?

Through tutor.com
It's a wonderful job but the pay isn't the greatest... certainly not worthy of my master's degree =\
I could still retire in my 40's even if that's all I did, so it's a great baseline.. but I'm going to try out some freelancing (tutoring and computer repair) and hopefully hit FI a lot earlier.

SunshineGirl

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Re: Buying my first home!
« Reply #3 on: February 07, 2014, 08:20:36 AM »
Wow, that sounds ideal!

soccerluvof4

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Re: Buying my first home!
« Reply #4 on: February 12, 2014, 05:31:20 AM »
Sounds like a deal with all the upgrades. The real way to compare is with comparable comps as well as  to how well the whole area/market is doing.