How I did it: I worked two jobs for a year to save up the down payment. When I was ready to purchase I looked for a home in a great location, you can change a lot about your home but not the location. I bought a house under my price range , which ended up being cheaper than rent. I also decided to purchase a place with rental potential, which was a great plan, because now 7 years later it is a rental property that I earn income on every month!
Lessons & tips: Pay off all debt before buying. Don't buy until you can put down 20%, to avoid paying private mortgage insurance(PMI). Always have at least $1,000 in an emergency fund left over. Great location is a MUST. Don't buy a home bigger than you need.
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Feb 16, 2012, 05:09PM PST
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