So I just decided to finally buy my first house. I just started looking and today saw a half dozen homes, none quite right. I am looking for a starter house, around $250K and mostly looking in SE pdx. I am going to put down around 50K, so getting a lone should not be a problem. Really, this is an exciting time for me, but I was looking for any suggestions, warnings, or just stories about first time buying.
Seriously, this is great news for you. Congrats. I think it's a good time to buy (buy low, sell high!). Homes in your price range always seem to start selling before the higher end ones, too.
Don't settle. There's no rush. Housing prices are not going to leap up drastically anytime in the near future. You can be picky. Be picky. Find a house you really want... or better, really love. You'll be stuck with it for at least a few years, so put at least as much care into it as choosing a girlfriend or a car. barfo
Buy a duplex or triplex. My first home was a very nice triplex. After a few years I went to the bank to get a new home loan and the bank doesn't debt load you for the triplex because they view it as investment property. I went on to buy an additional triplex, duplex, 4plex and 4 rental homes over the years. Oh and you can use your FHA first time buyer to purchase the 2,3 or 4 plex.
Congrats GOD! House buying is lots o fun. I had a house built up on the hill near 162nd and Foster behind Powell Butte... we very fun and exiting. Had it build right in the middle of the housing boom... bought it for like $235K and ended up selling in about 2 years later for $350. =) You should be able to get a nice house for that money these days... but it is always a pain in the city. I currently live in older house (built in 78) but it has a huge yard and lots of space. I love it. Good luck on your search.
Location Location Location! That's what is all about. Consider getting less house in a better neighborhood. In the long run it's the way to go.
Thanks all for the support and insight. HCP, you are thinking right along the same lines as me. I am not married and have no kids (that I know of) so having a big house is not important. I would rather have a small charming home in a quality close in neighborhood. Makes it more likely to retain value or even go up. I am also considering getting a little bigger house (obviously a trade off with either quality or location) and take in a roommate to me rent. Not really sure yet. Luckly, my mom is an agent so she is doing a lot of work for me and is willing to help me with short sales or other more complex contracts that would save a ton of money. Most short sales would save me 20-50K but they take a couple months to complete.
