He purchased a three family and will able to manage the mortgage easily. I am such a happy mom.
There have been a couple of people on this board who have given me support and encouragement in raising four on my own after my ex needed to leave.
My son is doing so well. The raising isn't quite over yet, but fruit is beginning to show.
Thank you for your help over the years.
chickensoup
Must be a mansion..”...He purchased a three family...” /s
congratulations!
The market is at the top in most places, so sometimes it’s better to be a renter and wait for a good buying opportunity. Wish him best of luck as every locality has its own market.
Congratulations, may God Bless your family.
Way to go! Great parenting.
He purchased a three family
****************
For a dumb dumb, explain to me what a three family is. Okay?
Impressive! I bought my first single-family at 25, so you’ve REALLY got a go-getter, there!
Many Blessings to You & Yours! :)
Congrats to mom and son both
Good job, mom.
At 22, accumulating enough earnings to buy a home is indeed something to be proud of.
Stack you son up beside leftist losers of 32 years of age still leaching off of mommy & daddy, and your son looks even better yet.
Your son beat the cultural odds of today. Congrats.
I can feel how proud you are. So wonderful.
Congrats!
That’s wonderful news. So glad to see young people like this taking responsibility. You and I are truly blessed Chickensoup. God bless you!
That’s quite good! I didn’t manage to get my first one until I was 30. Hope you get him a nice house warming gift!
Noice! Congrats!
I am proud for you!
Congratulations Chickensoup! It looks like a great house, is he going to live in one of the units?
I have several properties, mostly flippers, but against all advice I have had tenants from time to time, so permit me to offer some advice.
Select tenants with extreme care, treat them like hazardous substances, because they often are. Don’t depend on them to pay and don’t depend on their payments to cover the mortgage. However you earned the money to obtain the house, keep doing that. The house may well “pay for itself” but don’t expect it to!
If you live in one of the units, they will call you for every little problem, and they’ll get so friendly you won’t be able to insist on the rent when they start not having it. Don’t be friends of your tenants.
Don’t let them get too far behind before you start eviction proceedings.
Security cameras are a good idea, and keeping records of everything. Photograph everything. Memorize the code ordinances that apply to your property. Know the law, especially regarding security deposits, and always do everything strictly according to law.
The Landlord Protection Agency is a good source of more advice: thelpa.com
God bless you and may your children continue to bring you honor!
I’m very pleased for you and your son. Best wishes with his tenants!
Good for him! Sounds like you raised him right. My son, 28, bought a house this week as well and paid cash for it. He was fortunate to live rent free for a few years, in exchange for doing odds and ends for the landlord.
Congrats. My son is several years older and has his financing lined up and contract accepted on his and DIL’s first house.
Older farmhouse that’s been rehabbed on 5 acres in a small farming community.