Frugal teen buys house with 4-H winnings

[StealthRabbit]

4-H should be required for USA Presidential nomination

Congrats to this gal, especially for considering the income prop option, and a good way to tie up her assets to shield from FAFSA. (why pay-in-advance for college when you can use a 'deferred' loan. (Interest AND principle if a farmer (all farm related assets are shielded, including family home).

My kids had to build houses from scratch while in Jr High, (as homeschool projects). They got to keep and invest the equity in other real estate when the homes sold. As farm kids, they had earned income to start ROTHs at age 12. Unfortunately, they had to pay for 2 yrs of college (first 2 yrs were free thanks to WA state 'Running Start' program (Free college instead of High School ;0).

Maybe this gal can get done with law school in time to run for Pres in 2016

She has got my vote, as there hasn't been a candidate worth voting for in my short history (eligible to vote in 1970's)

A house for $40,000!?!??!!? I could pay that in cash and I'm 20.

Too bad a decent house around here is worth TEN TIMES that...

btw, Where in Alberta does a starter home cost $400k?, I keep in eye on the market as my neighbors keep buying CND homes as a USD hedge, and they get nice joints at ski areas for much less than $400k.

[cardinal2007]

I don't know what the maintenance or taxes are like in that part of Ohio, but around here if you invest $40k in real estate, and don't want to borrow any money you need to team up with other people, and after all that the share of the rent you would get would be about $180-$200, certainly not $450. $450/mo on $40K investment is a good rate of return.

[jlawrence01]

Originally Posted by cardinal2007

I don't know what the maintenance or taxes are like in that part of Ohio, but around here if you invest $40k in real estate, and don't want to borrow any money you need to team up with other people, and after all that the share of the rent you would get would be about $180-$200, certainly not $450. $450/mo on $40K investment is a good rate of return.

Taxes in Ohio are high ... but not on a $40k house, probably $600-800/year.

One of the advantages of living in the Midwest is that housing is readily available and affordable.

[revelated]

Originally Posted by fourlug

A house for $40,000!?!??!!? I could pay that in cash and I'm 20.

Too bad a decent house around here is worth TEN TIMES that...

Down here, $40,000 is about what you'd need on a downpayment for a nice condo or townhome. That's sad, really - that one can only put money down on what amounts to a glorified apartment yet in other areas it's all you need to pay besides property taxes to own your own home.

[fourlug]

Originally Posted by StealthRabbit

btw, Where in Alberta does a starter home cost $400k?, I keep in eye on the market as my neighbors keep buying CND homes as a USD hedge, and they get nice joints at ski areas for much less than $400k.

I would only buy a house in the NW or SW of Calgary. Its about the same price in Edmonton (I'd only buy in the SW).

$460,003



Ft Mcmurray

$654,672




Here's another place I'd like to live; Kelowna BC. You wouldnt even want to look at prices in the lower main land (Vancouver)

$502,523




Greenfield!

$88,000