this post was submitted on 11 Jul 2023
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The only reason I could afford the 5% down payment for the place I just bought was because I lucked into buying a cheap foreclosure years ago and sharing the down payment and title with a roommate. When we sold last year the amount we made back in equity was enough to put towards a cheap little old house of my own while still holding on to some for long term savings.
Without that equity I would be stuck renting for the rest of my life.
We did the same - bought a foreclosure at auction about a decade ago at the max we could afford, about $325k.
Now it's a $1.2 million property. We could subdivide and pay off our mortgage entirely, if we needed to.