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From: Janet (pool-71-105-99-158.lsanca.dsl-w.verizon.net -71.105.99.158)
In Reply to: That's a good point, Jo... posted by Just Leaf on October 22, 2006 at 8:54 am:
This is from a lifelong renter who may stay here for life (me). A friend of mine, at around age 58, was renting a small home when I met her 6-ish years ago. Despite a good job, because of helping her adult daughter so much for several years after a very serious car accident, her finances were in poor shape. To her regret, she even had to finally file bankruptcy about 5 years ago. Against all expectations, she was soon offered credit and even qualified to buy a very small home in another city. It was probably $150-175,000. She is now 64, retiring early, and selling her house for $500,000 after owning it for 4 years - in her 60s!! She'll move to another state where real estate is much lower, buy a house outright, and enjoy the freedom she richly deserves. She's a bit of a hero of mine - for coming through many very tough times and landing not only on her feet but in fist-pumping victory position. I should listen to my own advice, but mostly want to encourage you - at your young age - to continue on a path of being smarter than I've been financially. Buy a place .. and/or put money in savings regularly and let it build up. I meant to in my 20s .. well, did start young in earnest .. then had to withdraw it for an emergency and only started again recently in my 50s. The younger you start, the more ingrained the habit and the greater the yield. I was never even slightly interested in buying a home until I saw my friend's LITTLE house (with rentable guesthouse) now going for half a million (in CA, btw). Good luck finding JUST the right fit at the right time,
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