Renter pool age
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Renter pool age (by BRAD 20,000 [IN]) Dec 1, 2023 1:29 AM
       Renter pool age (by Roy [AL]) Dec 1, 2023 6:59 AM
       Renter pool age (by Richard [MI]) Dec 1, 2023 7:00 AM
       Renter pool age (by zero [IN]) Dec 1, 2023 7:29 AM
       Renter pool age (by gevans [SC]) Dec 1, 2023 8:15 AM
       Renter pool age (by S i d [MO]) Dec 1, 2023 8:53 AM
       Renter pool age (by Ken [NY]) Dec 1, 2023 8:57 AM
       Renter pool age (by RB [TN]) Dec 1, 2023 9:15 AM
       Renter pool age (by Susan [OH]) Dec 1, 2023 9:28 AM
       Renter pool age (by GKARL [PA]) Dec 1, 2023 10:22 AM
       Renter pool age (by Oregon Woodsmoke [ID]) Dec 1, 2023 11:08 AM
       Renter pool age (by Barb [MO]) Dec 1, 2023 4:19 PM
       Renter pool age (by MikeA [TX]) Dec 1, 2023 4:37 PM
       Renter pool age (by Sisco [MO]) Dec 1, 2023 4:44 PM
       Renter pool age (by mapleaf18 [NY]) Dec 1, 2023 7:11 PM
       Renter pool age (by 6x6 [TN]) Dec 1, 2023 7:41 PM
       Renter pool age (by 6x6 [TN]) Dec 1, 2023 7:44 PM
       Renter pool age (by Ken [NY]) Dec 1, 2023 8:55 PM
       Renter pool age (by Mapleaf18 [NY]) Dec 1, 2023 9:02 PM
       Renter pool age (by 6x6 [TN]) Dec 1, 2023 9:12 PM
       Renter pool age (by Ken [NY]) Dec 1, 2023 10:07 PM
       Renter pool age (by PG [SC]) Dec 2, 2023 10:31 AM
       Renter pool age (by Oregon Woodsmoke [ID]) Dec 2, 2023 10:36 AM
       Renter pool age (by CS [NY]) Dec 2, 2023 11:17 AM
       Renter pool age (by 6x6 [TN]) Dec 2, 2023 12:01 PM

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Renter pool age (by BRAD 20,000 [IN]) Posted on: Dec 1, 2023 1:29 AM
Message:

Today's headline:

The average age of a first time home buyer is 36.

(I bought at 22!)

My unscientific calculation tells me people UNDER 36 are generally renters.

Make sure we are appealing to that age group.

BRAD --73.103.xxx.xxx




Renter pool age (by Roy [AL]) Posted on: Dec 1, 2023 6:59 AM
Message:

Brad20K,

I just did the math. I bought my first house at age 36 too. It was the best financial decision I ever made too. --71.207.xxx.x




Renter pool age (by Richard [MI]) Posted on: Dec 1, 2023 7:00 AM
Message:

I read that the number of single people under 35 is rising as less are getting married and having kids as well. Many of my kids friends under 35 are single and have jobs that pay under $20 per hour. All of them say that they need to have roommates in order to afford rents and most say they don't anticipate being able to buy a home at all.

Of course, they don't have much financial discipline and have not invested in learning things that have a high pay scale.

It seems like a good idea, if we are remodeling a fixer to use as a rental, to make 2 or 3 master bedroom areas instead of setting it up as one master bedroom and the other rooms for kids if possible. --75.7.xx.xx




Renter pool age (by zero [IN]) Posted on: Dec 1, 2023 7:29 AM
Message:

I was 25 when we got our first place. Married when I was 20.

I see the age groups all over. I have my newest tenants at 21 and 22. I have my oldest tenant at 80 something.

Interesting about the age though. My oldest got her house when she was 27. My youngest is 25 and doesn't care if he has a house or an apartment. Although we have been looking at places just to get a spark going. --107.147.xx.xxx




Renter pool age (by gevans [SC]) Posted on: Dec 1, 2023 8:15 AM
Message:

Bought our first house at 22, but purchased a big piece of timberland before that. It was actually one of our best investments ever. Bought for $250 an acre with mineral rights. 7 years later they discovered what was at that time the world's largest oil bearing shale formation underneath it.

Sometimes you make money, sometimes it finds you. LOL --216.218.xxx.xxx




Renter pool age (by S i d [MO]) Posted on: Dec 1, 2023 8:53 AM
Message:

Bought my first house at age 23. Made no money on it but learned a lot! First rental at age 30. Made a lot of money on that one, and still have it. Paid $38,000 for it. Rents now bi-weekly for $480 ($1040/month equivalent).

Yes, renters are "older" these days. They're also more flighty. Ready to move after 1-2 years. I find my sweet spot is 3-4 years per tenancy to avoid high turnover costs and hassle. That gives me a chance to refresh the place and take care of any maintenance tasks that would be prohibitively expensive with a tenant in place. Plus it prevents deferred maintenance/small damages to accumulate over 20 years and totally eat up the deposit. New renters usually means higher rent and a fresh deposit at market rates vs. the deposit collected 10 years ago that would barely cover a clogged toilet now.

Change your undies and change your tenants... regularly. *grins

Happy Friday!

--184.4.xx.xx




Renter pool age (by Ken [NY]) Posted on: Dec 1, 2023 8:57 AM
Message:

they dont think they can because everything they hear is all part of the you will own nothing and you will like it.I bought my first house to live in at 24 and had a friend from high school as a roommate,bought my first flip at 20,continued living at my parents because i had a small herd of cows i was raising.I go on facebook occasionally and mess with housing is a human right crowd and they are convinced they cant ever buy a house,even when i try to tell them what to do they tell me landlords should be dead, i tell them i am teaching 3 young guys how to buy houses and they have all bought at least there first house to live in and they tell me it cant be done. If you believe you can or believe you cant you will be right --74.77.xx.xx




Renter pool age (by RB [TN]) Posted on: Dec 1, 2023 9:15 AM
Message:

Priorities. --69.130.xxx.xxx




Renter pool age (by Susan [OH]) Posted on: Dec 1, 2023 9:28 AM
Message:

We bought our first house at 21. Turned it into a rental 5 years later when we bought a new house for us to live in. --76.189.xxx.xxx




Renter pool age (by GKARL [PA]) Posted on: Dec 1, 2023 10:22 AM
Message:

I bought a duplex along with a partner when I was 29. He and his girl lived in one unit and my wife and I lived in the other. We finished the basement and started our accounting practice from there on the cheap. Truly bootstrapping it. Our goal was modest--have the business pay our mortgage LOL!

This was in 1984/85 and our interest rate at the time was 11.75%. Real estate was hot then owning mainly to ACRS depreciation schedules over 15-18 years. That had spawned a number of real estate tax shelters offering 2 for 1 write offs. The tax reform of 1986 killed all of that and the real estate market as well. Things were "normal" for several years with real estate appreciating at 2% to 4% per year. Having lived this history is a reminder that the current situation is an outlier. --209.122.xx.xxx




Renter pool age (by Oregon Woodsmoke [ID]) Posted on: Dec 1, 2023 11:08 AM
Message:

I have places that are higher rent, and the kids can't afford to live there so my tenants are middle aged and well established.

I bought my first house when I was 18. Well, not house. I bought 2 acres and then my husband and I lived on that land in a travel trailer while we built a tiny little house. We got married at a justice of the peace and used our money that would have paid for a wedding to buy the land.

My son started at 18, I gave him 2 1/2 acres as a graduation gift and the next year, he borrowed the money to put a house on it and the rent paid the mortgage. When he was 21, he bought a condo for himself to live in.

I keep telling the kids that a landlord isn't buying houses from a special landlord wholesale market. They can buy the same house for the same money and that their rent is paying the mortgage and expense for the place they are renting, so they might as well buy and use the same money to pay a mortgage for themselves, but they refuse to believe me. --76.178.xxx.xxx




Renter pool age (by Barb [MO]) Posted on: Dec 1, 2023 4:19 PM
Message:

Husband and I bought our first home, a mobile home in a park, at age 22-23 in Dec 1991. In Ď94 we bought a ranch style home, using the sale of the mobile for our downpayment.

Moved into our current home in 2001.

Meanwhile, daughter and SIL bought their first home in winter 2020, she was 26. They are ahead of many of their friends.

Son isnít buying yet. As long as the army is moving him regularly, easier not to deal with buying and selling that often if he isnít in a location he would like to stay in. They talked about it, and once we looked at all the pros and cons, he decided not to bother buying his last couple of locations. They might where they are now, but started a lease June 1, so have some time to consider. --149.76.xxx.xx




Renter pool age (by MikeA [TX]) Posted on: Dec 1, 2023 4:37 PM
Message:

I think the increase of the age of home ownership has a positive correlation to the increase in the age of mature decision making. 36 sounds about right for both. --209.205.xxx.xx




Renter pool age (by Sisco [MO]) Posted on: Dec 1, 2023 4:44 PM
Message:

I bought my first house when I was 20 years old. It cost me 9 months of my gross income ($17,500) $5,000 down, 5 year note, annual payment,11% rate owner carry.

Daughter and Son in law bought their first house at age 23.

Of my tenants,I have all age groups represented. --149.76.xxx.x




Renter pool age (by mapleaf18 [NY]) Posted on: Dec 1, 2023 7:11 PM
Message:

I'm 63. Bought my first house AS A SINGLE PARENT at age 30. Of course if was in the hood and 3.5 years later we moved to a larger house in a rural school district as life was pretty horrid in the ghetto. It enabled me to buy my 2nd house in a better school district for my kids.

I'm on my third personal house now. And we have four others for rentals. --64.246.xxx.xxx




Renter pool age (by 6x6 [TN]) Posted on: Dec 1, 2023 7:41 PM
Message:

However, when all of you older folks bought your first house, what was the percentage of income for the mortgage?

Or maybe I should ask, what was the price of a house compared to income levels? --73.190.xxx.xxx




Renter pool age (by 6x6 [TN]) Posted on: Dec 1, 2023 7:44 PM
Message:

Over the decades income levels have not kept up with the cost of living. So, it may make sense. --73.190.xxx.xxx




Renter pool age (by Ken [NY]) Posted on: Dec 1, 2023 8:55 PM
Message:

6x6 I bought my first house to live in from my dad, he was a real slumlord and had a house in a nice neighborhood that got wrecked by tenants so i bought it and he held the mortgage. He did me no favors believe me,$5000 down in 1989, I paid $60000 for it,couldnt tell you what i had for income back then as i didnt have a regular job and i spent months nights and weekends getting it to a point i could move in.I am teaching 3 young guys how to buy houses now and everyone has bought a home to live in and 1 has bought a couple more,what i see is these guys are willing to hussle like few of there age,reminds me of myself and most of my friends when i was there age.If someone wants to buy a house they will figure it out,otherwise they will just complain like most young people do now. --74.77.xx.xx




Renter pool age (by Mapleaf18 [NY]) Posted on: Dec 1, 2023 9:02 PM
Message:

6x6, when I was in my twenties, interest rates were double digit aka 21% and higher thanks to Jimmah Carter. Blame govt overspending and foreign wars we cannot afford. --64.246.xxx.xxx




Renter pool age (by 6x6 [TN]) Posted on: Dec 1, 2023 9:12 PM
Message:

Ken, I agree in that if someone wants to buy a house, they will figure it out. In the example that you have given of the guys that you are teaching, they have the advantage of someone, such as yourself, teaching them. What about the ones who don't have that teacher? However, I was one of those without the teacher, nor did I have much knowledge of life in general, let alone financial knowledge. I also grew up as a welfare kid with an uneducated single mother, yet I did what I thought I would need to do in order to acquire my own home. So, again, I do agree that if someone wants something bad enough than they will find away. Funny thing is, I didn't realize that principle back then, I just did what I thought might work and hoped for the best. --73.190.xxx.xxx




Renter pool age (by Ken [NY]) Posted on: Dec 1, 2023 10:07 PM
Message:

6x6 you found here and started asking questions,you want it and are working toward that and learning and succeeding.As far as my young guys yes they found me,one is my cousins son who i congratulated when he bought a 2 family and told him to call if he had any questions,i didnt know him very well and he had no idea what i did but when he decided he wanted to pursue rentals he called me,the other kid i went to college with his mom and have been friends so he thought i worked on houses and asked and a partner of mine gave him a job then he figured out he could make beter money if he became an owner.So in both cases they had access to someone in the business which is much easier than otherwise but anyone can join a landlord assn and meet guys who would help them provided they keep showing up for the meetings and show a little appreciation --74.77.xx.xx




Renter pool age (by PG [SC]) Posted on: Dec 2, 2023 10:31 AM
Message:

I am 72 married at 26 - bought our first house when we lived in Florida - Old house with a Rock roof - Sold 4 years later with a 20k profit. Moved back to SC - We built my current house 1985/86 - I did a lot of the work myself - Interest Rates 14%. And people complain about 8% now days. Now that house is 3000 sq ft on a 60 acre tract.

We just wanted it - it's about ATTITUDE - if you want it bad enough you will find a way.

People who complain and have excuses for not buying will never have a house or anything else of real value. --184.20.xx.xxx




Renter pool age (by Oregon Woodsmoke [ID]) Posted on: Dec 2, 2023 10:36 AM
Message:

[[[[[[...... what was the price of a house compared to income levels? .....]]]]]

A decent 3 bedroom house in a safe clean working class neighborhood could be bought for $30,000. At that time, I was working at a job that paid me $1.25 an hour.

A really top of the line medical doctor made about $50,000 a year but, of course, he would not be living in that working class neighborhood. --76.178.xxx.xxx




Renter pool age (by CS [NY]) Posted on: Dec 2, 2023 11:17 AM
Message:

Bought my first house at 23 in the San Francisco Bay Area without parental assistance (I know that no millennial probably believes this). Used a form from the stationary store after seeing the place during an open house (FSBO) and asked to give him cash on the side with a hand written contract so I could still qualify for first time home buyer program (max was $167,500) I still canít believe my chutzpah, in retrospect. $170k and I was making $38k as a young engineer. Interest rate was 9.5%. Loan officer impressed with my binders of bank statements/bills going back 3 years. Said she pushed for a little lenience on debt to income because I was the most organized/documented applicant she had ever seen.

Those were the days.

I ate a lot of ramen/rice and beans until I could refinance.

Got married for the first time at 46. By then had 4 SFR no mortgage.

I was probably not your typical female/young person renter. --216.59.xxx.xxx




Renter pool age (by 6x6 [TN]) Posted on: Dec 2, 2023 12:01 PM
Message:

Thank you Oregon Woodsmoke for the example. --73.190.xxx.xxx



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