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Updated over 11 years ago on . Most recent reply

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98
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Alex Baev
  • Miami, FL
27
Votes |
98
Posts

How did you buy YOUR OWN residence

Alex Baev
  • Miami, FL
Posted

What's your own primary residence story? How did you acquire it?
Did you buy it after you zoned on an investor-friendly area, or did you find a place you want to live first and then started investing in your backyard?
Have you lived there for a while, and if so have you been tempted to refinance and take out a mortgage on it to have more capital for you business?
Maybe it was a flip that you kept for yourself? If so, did you allow your business to make your usual required ROI, or did you give yourself a break?
Perhaps you're still renting, how so?

To speak for myself, I bought my current house about a year and a half ago as a major renovation - the idea being that no project is large enough, as long as the price is right. In retrospect, I bought at the very bottom of the market in my area, and even though I thought about taking out a HELOC on it, i don't anymore. In addition to forced appreciation of a renovation, the area where i live has gentrified so much that i feel it's time to sell hight and move on - but i do want to wait for a two year mark to take advantage of a long-term capital gains exemption.

What about you? Share your story.

Most Popular Reply

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5,659
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1,832
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Elizabeth Colegrove
  • Hanford, CA
1,832
Votes |
5,659
Posts
Elizabeth Colegrove
  • Hanford, CA
Replied

My husband is in the military so every house is bought as an investment because shortly it will be a rental ;) we used the va loan for our current two personal properties. We will probably use conventional with as little down asdeposits allowed for our future personal properties as long as they rent.

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