Holy Cow! I'm sooo happy

kit_kats_mom wrote: My Dh and I have a knack for buying property in hot areas.
Our old house we purchased for $64k, put in new flooring (that's it for repairs/upgrades), and 3 years later sold it for 110k I thought that was pretty dang awesome

We were looking into enclosing our porch to make it more usable during the summer and I ordered a new appraisal for our current home which we've been in for 8 months. We bought it for 174k which is what it appraised for and the new appraisal just came in...how does 194k sound?! I see my credit cards going away and a new porch & dishwasher in my future & I'll still have about half of the equity that we started with. UNREAL!

I'll have a lot more pocket money with those credit cards gone.

DansMom replied: That's fabulous!! I've had that kind of good fortune to get into an inexpensive condo at the right time, borrowing from family for the downpayment; but when I sold it property values in that area had soared, and the profit was substantial enough for a good downpayment on a modest house.

guertin31 replied:
kewl!!! did i ever tell you that you are my best friend?

i need a loan....

Boys r us replied: That's AWESOME Cary!!!!! I know you're thrilled!

I remember seeing picks of your house when you found it and it was really cute and VERY nice! I hope you don't mind me saying, but I was kind of shocked when you said how much you paid for it..it looked like houses that would cost about 300k here!! I think you got a good deal and now this makes it a double dang good deal

jcc64 replied: Real estate always seems to be the best bet for a sure return on your investment. My house more than tripled its value since we bought it when Alec was a baby (93). We bought when the market was in the toilet and now, since our town has been declared the mountain playground of the rich and fabulous of NYC, real estate is through the roof. We'd make a nice profit if we sold, but of course we couldn't afford to go anywhere around here.

Kaitlin'smom replied: woo hoo WTG

I have been shocked at how much some of the homes are selling for in my neighborhood I will be happy when we do sell, will need that for the next home

kit_kats_mom replied: DH just told me that Las Vegas & our county are the two most quickly growing & inflating housing markets in the country. I know that they are building at least 7 new developments within 5 miles of our home. We will have to move in a couple of years because we will no longer be passing cow pastures on our drives & the traffic will be awful.

mysweetpeasWil&Wes replied: WOW!! Do you mind me asking where you live???? I can't imagine a home for 64K...Keep it up...it's about the only way to make money these days. You're doing exactly what my in-laws do (but they do it in CA where homes are upward 1 mill) and exactly what my DH is working towards. We just sold our house for double what we bought it for, but we also added a 400 sq foot new gourmet kitchen. So we really only walked away with maybe a few K's. Great job!!!!!!!!!!!!!!!!

moped replied: Very smart investing!!

kit_kats_mom replied: double posted and those pictures of the old house were Waaaay too big. LOL

kit_kats_mom replied:
The 64k house was a townhouse in Tallahassee. We bought it from one of my mom's friends and we got a pretty good deal.

A&A'smommy replied: OMG that is awesome!!!!

My2Beauties replied: That is awesome Cary! I have always always been so interested in buying/selling real estate! I'm just now looking for our first home! I'm already hitting bumpy roads because Brian just doesn't have any real good trade lines to go by! This is so awesome, I bet you're ecstatic!

mom21kid2dogs replied: WTG, Cary! That is wonderful. Housing can be such a wise investment, I think, depending on where you live in the country. We bought our house for 49K and it was recently appraised at 125k. It was enough to make me think of selling until my husband pointed out that we would just have to buy something in a price inflated market!

jdkjd replied: Congrats! That's awesome. Send some property value vibes this way...

jem0622 replied: That is great! We are pleased with our investment too. Our house has doubled in value. We couldn't afford to sell and go anywhere, so we'll just stay put.

WTG!

3_call_me_mama replied: Great deal!! We bought our house in the spring of 02 and have done almost NOTHING TO It. Had it appraised last october to refinance and use a little equity to start remodeling (it;s a log cabin-so tricky to remodel) and the appraisal cam in $80,000 higher than we started at.. and as i said we have not doen much. Sheetrocked in a few walls, and changed out a coupel windows adn that;s about it... so we are PSYCHED caus enow we have plenty of equity to add what we want.

coasterqueen replied: That's awesome Cary!

I think I'm the only one on here who DOESN'T want their property value to increase. Every time it increases my property taxes go through the roof. We pay $4k now and just two years ago it was less than half. It just rose another 15% this year. We plan to stay in our home until they bury us so the only people who should care about the property value of our home is our children...but then again this property will stay in the family somehow when we are gone so it really doesn't matter. Dh and I want to do a ton of stuff to our property, like put a concrete driveway in etc, but we don't in fear of our property taxes going up.

3_call_me_mama replied: I know taxes BITE! When we bought our house we paid taxes on a value o more than it was appraised for 2 years... so needless to say we didn't tell them that we had it reappraised... and they are pretty lienient on permits here (only needed for exterior work like siding adnadditions not windows and doors so any internal work will not be documented with the town. so we can get a few years on the old tax rate without them reassessing...