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I just bought real estate so slag me.

Oldmansmith

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We’ve been looking to buy up in New Hampshire where we’ve been rock climbing for over 20 years. I’m a cheap bastard. Mrs Old made an offer on a house a few years ago. In our marriage, we each have a “veto” card. I pulled the card, the only time I’ve done it.

Fast forward, the house I vetoed has DOUBLED in value.

Now we are buying another house for TWICE that price. 355 k, we are offering cash. Great location, and we have a lot more money now. I should mention that the money is coming from her family so…wish me well.

We only have so much time, so at this point in life time is WAY more valuable than money.
 

specsaregood

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Congrats. I used that veto card on the house we ended up buying a couple years ago. The house we settled for got bought out from under us and I ended up revoking my own veto. Turned out to the best thing and she was right, as it simply has EVERYTHING both of us wanted. And now the extra $ seems to be irrelevant. I just told DW that yesterday.
 

Juristic Person

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We’ve been looking to buy up in New Hampshire where we’ve been rock climbing for over 20 years. I’m a cheap bastard. Mrs Old made an offer on a house a few years ago. In our marriage, we each have a “veto” card. I pulled the card, the only time I’ve done it.

Fast forward, the house I vetoed has DOUBLED in value.

Now we are buying another house for TWICE that price. 355 k, we are offering cash. Great location, and we have a lot more money now. I should mention that the money is coming from her family so…wish me well.

We only have so much time, so at this point in life time is WAY more valuable than money.
At the end of the day, if you never plan on selling it really doesn't matter what the house appraises at. Value and appraisal are two different things. Your measure of the value is the happiness you will get in the time spent there - not the amount of money somebody may give you for it at some future time that will never come.

Did you miss a good price in the past? Ok sure. A "you were right" to the wife is in order and you move on.

Excited for your purchase. It's beautiful country up there.
 

nickndfl

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Since Dec 2015, I have successfully conducted 20/21 real estate transactions and made nice money. I have 100% successfully done many more going back to 2003 and prior. I also own another successful company that provides a few jobs.

Despite those facts my wife constantly second guesses me in business because I do not think like the herd.

A lesson I learned in real estate is that quality properties are not always available for sale. At the end of the previous downturn in 2015 which is when the current bubble started I began buying all the prime vacant land I could afford. The prime stuff is only around so long and once it's developed it's usage is finalized as far as I'm concerned.

If you really want a certain house or lot you better buy it now and enjoy it.
 
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Ensoniq

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Congrats

you bought at a good time, I’ll bet mortgages are double digit in a year or two

i have the same mindset. Time is more important and better to enjoy it while you can
 

Oldmansmith

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No mortgage, paying cash, 400 feet of River frontage. We met the 76 year old owner and she wanted to sell to us because we have a child and we got on well with her. I think we actually got a really good deal as far as the current market goes, but as I said I’m a cheap bastard. She didn’t want to sell but had to financially as she owes back taxes. Nice woman. I sent a letter with our offer saying that she could come back and visit us any time as I knew it was hard for her to leave. That was a sincere offer and I think put us over the edge. We offered the asking price cash. She actually didn’t take any other offers.
 
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gnome

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I missed a property right next to my dad's in W. Mass due to my cheapo instincts.
It was perfect in so many ways. But I thought with the covid crash RE would come down and I could lowball. (WRONG!)
If the other one across the street comes up, I'll end up paying significantly more (though much bigger lot).
At least Mrs. Gnome was not sold on the first house.

There's always a fish that gets away...
 

Avalon

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We’ve been looking to buy up in New Hampshire where we’ve been rock climbing for over 20 years. I’m a cheap bastard. Mrs Old made an offer on a house a few years ago. In our marriage, we each have a “veto” card. I pulled the card, the only time I’ve done it.

Fast forward, the house I vetoed has DOUBLED in value.

Now we are buying another house for TWICE that price. 355 k, we are offering cash. Great location, and we have a lot more money now. I should mention that the money is coming from her family so…wish me well.

We only have so much time, so at this point in life time is WAY more valuable than money.
Congratulations! When is the move?
 

hoarder

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No mortgage, paying cash, 400 feet of River frontage. We met the 76 year old owner and she wanted to sell to us because we have a child and we got on well with her. I think we actually got a really good deal as far as the current market goes, but as I said I’m a cheap bastard. She didn’t want to sell but had to financially as she owes back taxes. Nice woman. I sent a letter with our offer saying that she could come back and visit us any time as I knew it was hard for her to leave. That was a sincere offer and I think put us over the edge. We offered the asking price cash. She actually didn’t take any other offers.
You know how to play the game!
 

the_shootist

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We’ve been looking to buy up in New Hampshire where we’ve been rock climbing for over 20 years. I’m a cheap bastard. Mrs Old made an offer on a house a few years ago. In our marriage, we each have a “veto” card. I pulled the card, the only time I’ve done it.

Fast forward, the house I vetoed has DOUBLED in value.

Now we are buying another house for TWICE that price. 355 k, we are offering cash. Great location, and we have a lot more money now. I should mention that the money is coming from her family so…wish me well.

We only have so much time, so at this point in life time is WAY more valuable than money.
Welcome! You'll love it here!
 

Juristic Person

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No mortgage, paying cash, 400 feet of River frontage. We met the 76 year old owner and she wanted to sell to us because we have a child and we got on well with her. I think we actually got a really good deal as far as the current market goes, but as I said I’m a cheap bastard. She didn’t want to sell but had to financially as she owes back taxes. Nice woman. I sent a letter with our offer saying that she could come back and visit us any time as I knew it was hard for her to leave. That was a sincere offer and I think put us over the edge. We offered the asking price cash. She actually didn’t take any other offers.
That was smart...and a very nice thing to do (and honor).
 

Oldmansmith

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Congratulations! When is the move?
No move, at least not yet. Mrs. Old has a few more years to full retirement. Weekend place, the best rock climbing in the northeast is 5 minutes away.
 

EO 11110

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no slagging....you did good. people are fleeing the third world shitholes - so plenty of demand now and in the future

States with the highest percentages of White Americans, either White Alone or in combination with another race as of 2020:
  • Vermont 95.6%
  • Maine 95.4%
  • West Virginia 94.4%
  • New Hampshire 93.7%
  • Wyoming 92.0%
  • Montana 90.9%
  • Idaho 90.2%
  • Iowa 89.8%
 

Voodoo

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Paying cash for real estate on something that you could probably turn around and sell for more is never really a bad idea. Might make a decent bug out place from a big city.

I have visited the area a good many years ago now and it is a beautiful place. More heavily timbered than I expected. Did get to visit the Portsmouth, Concord, and some mountain south of the big lake (not gonna try to spell that one).
 

BackwardsEngineeer

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Hey up old,
As one of the primary RE grumps, you might think I'm going to slag you... I'm down here in SC, not sure what slagging is, down here we use it as fill in concrete and in new driveways. Anyhow congrats, on the river is a wonderful basis for an awesome retirement. Honestly sounds like you did really well on a prime property. You couldn't touch a river place here for 400k, dockable on a river here is a mil+, vacant lot with 400' on the water is close to a million. Knowing nothing about the area, river or this specific home. So sincerely congrats...

Back on the soapbox,

I've been through a whole bunch of homes owned by people in their 60's and beyond, I can count on the fingers of one hand those that I wouldn't spend 100k on if it was going to be mine. So what is the status of roof, hvac, kitchen, baths, windows, flooring, decks and dock? You have a couple of years, so I'm sure the drive home and time since has been filled with wishing, hoping, planning. So what is the project list, approximate cost and how will it be funded?

This purchase makes your current place non essential, my suggestion is list it now! Specifically say in the listing sellers are only interested in selling with a three year lease back. Then negotiate your top line versus projected rent and use it as a lever in your favor. You might be surprised, there might be many people, who have a long term plan to be where you are currently. It provides them a chance to lock in an interest and have you make their payments. You have nothing to loose, and the cash from the sale would get you rolling on making the river spot your own!
 

Goldhedge

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We’ve been looking to buy up in New Hampshire where we’ve been rock climbing for over 20 years. I’m a cheap bastard. Mrs Old made an offer on a house a few years ago. In our marriage, we each have a “veto” card. I pulled the card, the only time I’ve done it.

Fast forward, the house I vetoed has DOUBLED in value.

Now we are buying another house for TWICE that price. 355 k, we are offering cash. Great location, and we have a lot more money now. I should mention that the money is coming from her family so…wish me well.

We only have so much time, so at this point in life time is WAY more valuable than money.
You can't take it with you, so enjoy it!

Writing her the letter was a class act!
 

Oldmansmith

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Backward, place doesn’t need any work except the breezeway and garage, and even those things can wait. I’m not interested in buying something that I have to work on, I already have a job!
 

CiscoKid

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No mortgage, paying cash, 400 feet of River frontage. We met the 76 year old owner and she wanted to sell to us because we have a child and we got on well with her. I think we actually got a really good deal as far as the current market goes, but as I said I’m a cheap bastard. She didn’t want to sell but had to financially as she owes back taxes. Nice woman. I sent a letter with our offer saying that she could come back and visit us any time as I knew it was hard for her to leave. That was a sincere offer and I think put us over the edge. We offered the asking price cash. She actually didn’t take any other offers.


Sounds like it was meant to be. Best of luck to you with your new adventure.
 

MrLucky

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Best of luck, Bernie Sanders is your senator.
 

Goldhedge

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Everything happens just the way it's supposed to.
 

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Oldmansmith

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Only state in the Union that you don’t have to wear a seat belt. Great gun laws.

On the other hand, “freedom” doesn’t apply to people who want to smoke a certain plant.