Your First House
Thread Starter
Racer
Joined: Aug 2007
Posts: 382
Likes: 0
From: Gatineau, Qc
Race Car
Joined: Nov 2009
Posts: 3,526
Likes: 17
From: Ottawa
LOL! Nicely done. 
Actually, joking aside I'd be interested in hearing those stories as well. As to why I'm so interested in these "firsts", here's a bit about myself for those that haven't met me at the Saturday GTG's:
I'm a 21 year old mechanical engineering student at UofT, although I see my future heading towards business rather than engineering. I am currently doing my PEY (UofT's version of coop, where instead of the common 4 month skule/4month work setup, you do a 12-16 month internship usually after your 3rd year of study). In September my work term will be up and I will go back to school for my final year. I was born and raised in Ottawa, and came to Toronto for university. I am funding my own education and living expenses (with my parents full financial support in the event that I need it) and because of it I feel like I have learned so much more about adulthood than most of my friends (I also have a lot more debt than most of my friends!) I have loved Porsche ever since I can remember - I'll never forget my dad taking me to Marks Motors when I was a kid and the salesman giving me a great big poster of the new Carrera (I think the 996 had just come out). I still remember the slogan "Part Einstein, Part Hammerstein". My goal is to eventually purchase a 911SC or 3.2 and do a frame-off restoration - like in the book "The Gold Plated Porsche". Having said that, my plan is to own property before I own a Porsche.
So, now hopefully you can understand my interest in all of your stories!
Actually, joking aside I'd be interested in hearing those stories as well. As to why I'm so interested in these "firsts", here's a bit about myself for those that haven't met me at the Saturday GTG's:
I'm a 21 year old mechanical engineering student at UofT, although I see my future heading towards business rather than engineering. I am currently doing my PEY (UofT's version of coop, where instead of the common 4 month skule/4month work setup, you do a 12-16 month internship usually after your 3rd year of study). In September my work term will be up and I will go back to school for my final year. I was born and raised in Ottawa, and came to Toronto for university. I am funding my own education and living expenses (with my parents full financial support in the event that I need it) and because of it I feel like I have learned so much more about adulthood than most of my friends (I also have a lot more debt than most of my friends!) I have loved Porsche ever since I can remember - I'll never forget my dad taking me to Marks Motors when I was a kid and the salesman giving me a great big poster of the new Carrera (I think the 996 had just come out). I still remember the slogan "Part Einstein, Part Hammerstein". My goal is to eventually purchase a 911SC or 3.2 and do a frame-off restoration - like in the book "The Gold Plated Porsche". Having said that, my plan is to own property before I own a Porsche.
So, now hopefully you can understand my interest in all of your stories!
Last edited by porsche0nut; Feb 25, 2010 at 03:59 PM.
Three Wheelin'
Joined: Jul 2007
Posts: 1,407
Likes: 0
From: Canada
My first house, was just out of school and bought/built a duplex unit. 1200sq ft. 3br and 2 1/2 bath. Single garage to house that Mercedes I bought earlier. Sold it for a little loss to move cities and never looked back.
Three Wheelin'
Joined: Apr 2005
Posts: 1,476
Likes: 31
From: Canada
We're still in our first house. Bought in 2002, small 1950's house in a nice neighbourhood, 5 minute drive to my downtown office. We got in just at the right time, since 2002 the city appraised value for the home (which is typically below resale in Edmonton) has increased over 60%. We had an independent appraisal done a few years ago when the mortgage was renegotiated which more than confirmed this increase in value. We've put some work in, new kitchen, bathroom, fences, gas fire place, furnace, water heater, power supply, garage (nice and BIG, 22x28), all the typical stuff you would do to an older home to make it liveable. Hope to be mortgage free in a few years, no interest in moving into a bigger place or keeping up with the Jones, I'll leave that for the more adventurous financial types...
Rennlist Member
Joined: Nov 2003
Posts: 1,237
Likes: 44
From: Sturgeon Falls
Condo in abbotsford BC. Moved out a year later and rented it for a year and a half. MAde a decent amount on it not including rental income.
Bought a small three bedroom house over a year ago and filled it with tennants before I even moved in. Property across the street identical to mine just sold for 25% more than I bought for. Just chose the right location I guess. Looking for another in the spring to be used strictly as a rental.
Location, location, location.
Bought a small three bedroom house over a year ago and filled it with tennants before I even moved in. Property across the street identical to mine just sold for 25% more than I bought for. Just chose the right location I guess. Looking for another in the spring to be used strictly as a rental.
Location, location, location.
Team Owner
Joined: Nov 2002
Posts: 26,394
Likes: 482
From: Ontario
My first house. I bought a semi detached in Malton because I needed a place to live and it sounded like a good idea at the time. Three months later I realized i couldn't afford it so the lovely real estate lady who sold it to me in the first place said " its' a great time to sell" and within a week of listing two agents had competing offers. I learned the power of leverage and bought and sold several properties within two years. Unfortunately I also knew how to throw great parties. That was early 70's and I bought the place for $24,000 and sold it for $37,000. Wasn't that a party.
Trending Topics
Three Wheelin'
Joined: Jan 2010
Posts: 1,380
Likes: 1
From: Durham Region/GTA East, Canada
Here is my story. I was a newlywed both of working hard, and lived in a scary part of town trying to save $. After one shooting too many, and sleeping with a shotgun under the bed, We bolted out of town into an old victorian farm house less than 5 min from Mosport. Peace and quiet, lots of room to work on cars, and close enough to find myself hanging around the racetrack for a multitude of events. Remember Edenfest? well I wasn't there, but I could hear it at my place! On a quiet day, I could hear cars going up the back straight out of Moss's corner. Wonderfull!
I sure fell in love with having your own "castle" I miss that place.
I sure fell in love with having your own "castle" I miss that place.
Rennlist Stories
The Best Porsche Posts for Porsche Enthusiasts
Porsche Reveals Coupe Variant of the Electric Cayenne With a Fresh Look
Verdad Gallardo
10 Porsche Colors That Have More Personality Than Most People
Verdad Gallardo
Guntherwerks' Final Speedster Creation Is the Ultimate Porsche Restomod
Verdad Gallardo
10 Reasons I Hate Going to the Porsche Dealership (& the 1 Reason I Stay)
Joe Kucinski
Porsche Shakes Up The Nürburgring Lap Record Table Once Again
Verdad Gallardo
6 Ways the Porsche 911 GT3 S/C Redefines Performance
Joe Kucinski
10 Wildest Homologation Specials Porsche Ever Sold
Verdad Gallardo
Super Rare RUF BTR III Comes Out of Hibernation, Looking For a New Home
Verdad Gallardo
10 Porsche Opinions That Can Start a Fight
Joe Kucinski
Race Car
Joined: Nov 2004
Posts: 4,859
Likes: 50
From: Hamilton, Ont. Canada
Still in our first house, we bought it almost 6 years ago. We were living in an apt at St. Clair and Dufferin, and started looking. Asked an agent to send us some listings in the area in our price range. All of them looked like crackhouses or dwarf houses. We both grew up in detached suburban homes, and were used to that kind of space. So we started looking west, Mississauga was too expensive, Oakville (I wish!), Burlington was a bit slow, so we ended up in Hamilton. Nice 2 storey detached home with a big backyard for kids. The only downside is it's a 1.5 car garage - lots of room to work on the car, but not enough room to store it here.
The upside is that we bought in a depressed market and the house showed like ****. We put some work into it and the market took off, and all of a sudden we found ourselves 80K above water. Nice! Of course, if the market were to swing the other way with the coming interest rate hikes, who knows.
The upside is that we bought in a depressed market and the house showed like ****. We put some work into it and the market took off, and all of a sudden we found ourselves 80K above water. Nice! Of course, if the market were to swing the other way with the coming interest rate hikes, who knows.
Pro
Joined: Mar 2009
Posts: 607
Likes: 0
From: Toronto
Looking at buying my first house in the next couple months actually, so if anybody knows of a deal, let me know. Looking for something close to the downtown core (I know, I know, pricey as hell...).
A house needing a little work is not a problem at all. I too am looking for location, location, location... and a decent sized lot!
A house needing a little work is not a problem at all. I too am looking for location, location, location... and a decent sized lot!
Pro
Joined: Mar 2009
Posts: 607
Likes: 0
From: Toronto
LOL! Nicely done.
Actually, joking aside I'd be interested in hearing those stories as well. As to why I'm so interested in these "firsts", here's a bit about myself for those that haven't met me at the Saturday GTG's:
I'm a 21 year old mechanical engineering student at UofT, although I see my future heading towards business rather than engineering. I am currently doing my PEY (UofT's version of coop, where instead of the common 4 month skule/4month work setup, you do a 12-16 month internship usually after your 3rd year of study). In September my work term will be up and I will go back to school for my final year. I was born and raised in Ottawa, and came to Toronto for university. I am funding my own education and living expenses (with my parents full financial support in the event that I need it) and because of it I feel like I have learned so much more about adulthood than most of my friends (I also have a lot more debt than most of my friends!) I have loved Porsche ever since I can remember - I'll never forget my dad taking me to Marks Motors when I was a kid and the salesman giving me a great big poster of the new Carrera (I think the 996 had just come out). I still remember the slogan "Part Einstein, Part Hammerstein". My goal is to eventually purchase a 911SC or 3.2 and do a frame-off restoration - like in the book "The Gold Plated Porsche". Having said that, my plan is to own property before I own a Porsche.
So, now hopefully you can understand my interest in all of your stories!
Actually, joking aside I'd be interested in hearing those stories as well. As to why I'm so interested in these "firsts", here's a bit about myself for those that haven't met me at the Saturday GTG's:
I'm a 21 year old mechanical engineering student at UofT, although I see my future heading towards business rather than engineering. I am currently doing my PEY (UofT's version of coop, where instead of the common 4 month skule/4month work setup, you do a 12-16 month internship usually after your 3rd year of study). In September my work term will be up and I will go back to school for my final year. I was born and raised in Ottawa, and came to Toronto for university. I am funding my own education and living expenses (with my parents full financial support in the event that I need it) and because of it I feel like I have learned so much more about adulthood than most of my friends (I also have a lot more debt than most of my friends!) I have loved Porsche ever since I can remember - I'll never forget my dad taking me to Marks Motors when I was a kid and the salesman giving me a great big poster of the new Carrera (I think the 996 had just come out). I still remember the slogan "Part Einstein, Part Hammerstein". My goal is to eventually purchase a 911SC or 3.2 and do a frame-off restoration - like in the book "The Gold Plated Porsche". Having said that, my plan is to own property before I own a Porsche.
So, now hopefully you can understand my interest in all of your stories!
Master's degree planned?
Drifting
Joined: Oct 2001
Posts: 2,156
Likes: 5
From: Ontario or SC
...before I got married I was saving to buy a new Porsche....when I got engaged it was during one of the housing booms and prices seem to be going up every week. About a year and a bit before the wedding we decided to buy a 1700 sq ft town house with a 1.5 garage in the west side of Mississauga near Ridgeway....we got it a good price, can you guess what we used for the down payment. A month after we got married we sold the town house at a profit and moved into a smaller detached house (1500 sq ft) in a great Mississauga subdivision called Saw Mill Valley (small house in a great location) 
I'm now in my forth house, I think I'll be here for a while until the kids finish school... plus the garage is perfect for me.
I'm now in my forth house, I think I'll be here for a while until the kids finish school... plus the garage is perfect for me.
Last edited by Mark Lue; Feb 26, 2010 at 09:28 AM. Reason: comment
Rennlist Member
Joined: Aug 2005
Posts: 5,219
Likes: 117
From: Toronto
Bought my first house in my 20's 2 months after getting married in '88. Scraped together enough for a down payment for half of a semi-detached house in Parkdale that had been turned into a duplex (badly). We agreed with the other couple to keep it for 2-3 years maximum, build equity, renovate and sell it for a profit and move on separately. Interest rate on our mortgage was 11.75%...and we thought it was pretty good! We were house poor and all renos were done by us using the Ikea catalogue.
Real estate bubble burst and we ended up staying with that arrangement until 1993 when we were able to buy out the other couple. Bought our current place in 1996 for 60K below asking (sellers were really motivated!) and sold the first house 3 days later in a bidding war for 10k over asking. Made the decision then to pay off the mortgage as fast as possible. So by doubling up payments, staying with 6 month open terms, dumping spare cash at it, by 2002 we were mortgage free. This place has more than tripled in value since 1996...and that's how you get to buy a Porsche without worrying too much about it's cost or depreciation.
Real estate bubble burst and we ended up staying with that arrangement until 1993 when we were able to buy out the other couple. Bought our current place in 1996 for 60K below asking (sellers were really motivated!) and sold the first house 3 days later in a bidding war for 10k over asking. Made the decision then to pay off the mortgage as fast as possible. So by doubling up payments, staying with 6 month open terms, dumping spare cash at it, by 2002 we were mortgage free. This place has more than tripled in value since 1996...and that's how you get to buy a Porsche without worrying too much about it's cost or depreciation.
Race Car
Joined: Nov 2009
Posts: 3,526
Likes: 17
From: Ottawa
Good on you for taking engineering and having interest in business. Finish your engineering degree, it'll give your credibility to do business afterwards. The opposite is impossible to do. I'd recommend getting into some business courses while you're at it.
Master's degree planned?
Master's degree planned?
Eventually I'd like to have my own business... doing what I'm not sure!
Sounds like a lot of people have done well with real estate!
Burning Brakes
Joined: May 2007
Posts: 968
Likes: 18
From: Ottawa
Step 1) get 911 (come on, it was a priority)
Step 2) find a great wife
Step 3) buy a house in a great area that continues to increase in value over the long-term (pay mortgage aggressively)
Step 4) hold off on buying a new 911, and get a rental property
Step 5) repeat step 4 many times, and be patient
Step 6) when the time is right, let you tenants pay for your new 911
Step 2) find a great wife
Step 3) buy a house in a great area that continues to increase in value over the long-term (pay mortgage aggressively)
Step 4) hold off on buying a new 911, and get a rental property
Step 5) repeat step 4 many times, and be patient
Step 6) when the time is right, let you tenants pay for your new 911