# I'm a homeowner!!!



## Flying Crane (Jan 30, 2009)

We just managed to buy a house in the San Francisco area, signed the papers yesterday.

I've lived in San Francisco since 1994.  It's one of the most expensive parts of the country to live in, and I had long ago given up hope of ever owning a home here.  

My wife and I just signed the papers and we are now homeowners in Daly City, which runs right up to the southern border of San Francisco proper.  We are just over the line in Daly City, probably 1/4 mile from the border.

It's a modest little house, needs some work, but we will have an open basement where we can train and I can continue to do my metalworking and sword building, and maybe even set up a short archery range.  We've also got a good sized back yard (for the area, anyway) which opens up more opportunities to add on to the house and stuff.  We are hoping to turn it into a good home for us where we can be happy to live for many years.

It's been a very stressful month, finalizing the deal and stuff, but there we are.

I know the recession is tough for many people, but we were very careful with our finances, and saved for a long time, and it paid off for us.  

My head's still in a bit of a spin, but I'm starting to see straight again.


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## terryl965 (Jan 30, 2009)

FC that is wonderful, I hope you and yours enjoy every moment of the new house.:asian:


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## elder999 (Jan 30, 2009)

Congratulations!


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## morph4me (Jan 30, 2009)

Congratulations. Enjoy it.


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## Xue Sheng (Jan 30, 2009)

Congratulations


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## Steve (Jan 30, 2009)

Congratulations.  Even in a tough economy, owning a home is a good investment.  I'm really happy for you!


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## MA-Caver (Jan 30, 2009)

Congratulations from here as well. I can bet nothing feels quite as good as having your own house. Little fixer-uppers here and there can help you bond more to it and appreciate it more. Hope you have many happy hours in it. 
San Fran huh? Well you've lived there long enough to know that things might get a bit shaky once in while... :lol:


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## bluekey88 (Jan 30, 2009)

Congrats!  That is awesome!


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## crushing (Jan 30, 2009)

Congratulations!



> I know the recession is tough for many people, but we were very careful with our finances, and saved for a long time, and it paid off for us.


 
You know you could have got in (over your head) a couple years ago before you were ready and got the same place for a lot more money and at a much higher interest rate!  You really missed out.


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## Flying Crane (Jan 30, 2009)

MA-Caver said:


> Congratulations from here as well. I can bet nothing feels quite as good as having your own house. Little fixer-uppers here and there can help you bond more to it and appreciate it more. Hope you have many happy hours in it.
> *San Fran huh? Well you've lived there long enough to know that things might get a bit shaky once in while... :lol:*


 
Yup, and we are actually going to have the entire foundation replaced.  The house was built in 1927 and has held up pretty well, but the foundation is in a state of deterioration and needs to be replaced and brought up to modern standards for the long haul.  We managed to get the seller to concede a significant amount off our original offer, so we could have this work done.  We'll end up with an up-to-date foundation here in earthquake country, and that's a very good thing!


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## arnisador (Jan 30, 2009)

That's great! Congratulations!


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## Flying Crane (Jan 30, 2009)

crushing said:


> You know you could have got in (over your head) a couple years ago before you were ready and got the same place for a lot more money and at a much higher interest rate! You really missed out.


 
Yes, I am vary aware of that.  The house is a foreclosure sale that we are buying from the Bank.  The prior owner walked away from it.  They bought it a couple years ago for about 60% more than we are paying for it.  Ultimately the Bank is taking a big hit, but I'm OK with that.  They helped contribute to the financial crisis by happily lending far too much money to people who just could not afford it.  I think it is right and just for the Bank to take a loss.


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## Gordon Nore (Jan 30, 2009)

Congrats! Home ownership has a certain liberating feeling to it!


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## Drac (Jan 30, 2009)

Congrats....


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## Kreth (Jan 30, 2009)

Congrats, FC. MY wife and I are in the market for a house right now. I'm holding out for a full basement which can be subdivided into man cave and laundry room/workshop.


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## exile (Jan 30, 2009)

That's wonderful, Michael! 

Now that you own a house, there's no reason why you need ever again run the risk of thinking you have a free moment to sit and do nothing in... :lol:

...on the other hand, having your own place does give you a tremendous sense of liberation from the whims of landlords, and you no longer have to be frustrated because your decoration/remodeling/improvement ideas are all out of boundsyou own it and can do what you want with it. Great feeling!


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## crushing (Jan 30, 2009)

One more thing, but something you aren't likely to run into in SF, but when I was out shoveling the 14-16 inches of snow from my driveway the other day, I just kept reminding myself that it was MY DRIVEWAY (and good exercise)!


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## Flying Crane (Jan 30, 2009)

crushing said:


> One more thing, but something you aren't likely to run into in SF, but when I was out shoveling the 14-16 inches of snow from my driveway the other day, I just kept reminding myself that it was MY DRIVEWAY (and good exercise)!


 
Oh yeah, there are REASONS why I moved away from Wisconsin...:rofl:


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## Xue Sheng (Jan 30, 2009)

HEY!!!

Does this mean there is now a Xuefu fortress of solitude and EVIL :EG:...west?


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## shesulsa (Jan 30, 2009)

Righteous!  Congrats!!!

Good luck with all your renovations, seriously.  You got in at a great time!


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## Flying Crane (Jan 30, 2009)

Xue Sheng said:


> HEY!!!
> 
> Does this mean there is now a Xuefu fortress of solitude and EVIL :EG:...west?


 
you better believe it!!

I've always been Number Two and the West Coast director.  Now we've got a Headquarters too!!


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## seasoned (Jan 30, 2009)

Congratulations on your investment. Its probably one of the best places to put your money, and enjoy your own place at the same time.


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## Brian R. VanCise (Jan 30, 2009)

Congratulations!


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## Makalakumu (Jan 30, 2009)

Good luck with the house and the foundation.  It sounds like you got a good price.  I would really hate to see what the previous owners paid for that house.  Real Estate in SF was running 2 million for a house I bought in WI for $85,000.


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## Flying Crane (Jan 30, 2009)

maunakumu said:


> Good luck with the house and the foundation. It sounds like you got a good price. I would really hate to see what the previous owners paid for that house. Real Estate in SF was running 2 million for a house I bought in WI for $85,000.


 
Yup.  The down-payment alone could have bought us a very nice house in my hometown in WI.  The full price would have bought us a palace on 10 acres or something.  It's crazy, and yet we got what is considered to be a good deal!

The bottom line is that our mortgage is less than our current rent, and we can afford it with reasonable comfort.  We won't be living on Raman for the next 10 years or anything.


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## Makalakumu (Jan 30, 2009)

Flying Crane said:


> Yup.  The down-payment alone could have bought us a very nice house in my hometown in WI.  The full price would have bought us a palace on 10 acres or something.  It's crazy, and yet we got what is considered to be a good deal!
> 
> The bottom line is that our mortgage is less than our current rent, and we can afford it with reasonable comfort.  We won't be living on Raman for the next 10 years or anything.



That's so awesome!  I'm hoping to score on something out here on Oahu once the market bottoms out.  I know the prices will go back up out here.


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## Flying Crane (Jan 30, 2009)

maunakumu said:


> That's so awesome! I'm hoping to score on something out here on Oahu once the market bottoms out. I know the prices will go back up out here.


 
well, my suggestion is to save up your down-payment (nothing less than 20%), keep your credit scores up, and keep your eyes on the market. When something comes along that looks good to you and you feel confident about your ability to afford it, then jump on it. We all would like to catch the market at the bottom, but it's impossible to know exactly where that is until after the fact.

I also believe that it will continue to go down for a while, but nobody knows how far or for how long. If you delay too long, hoping to catch that "perfect" deal, you could miss it altogether.

Oh, and get that fixed-rate 30-year mortgage.  None of this Adjustable Rate or Ballooning mortgages that got everyone in trouble.  Keep your wits about you.

Best of luck!


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## jks9199 (Jan 31, 2009)

Congratulations!

I'd love to buy a larger place -- but with the market right now, I can't sell what I'm in.


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## Carol (Jan 31, 2009)

Great job!  I had to sell mine after 9/11 and am starting to wonder if I'll ever be able to buy again.


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