The Stress Test is the Recession

Here is a compelling first-person account of a young person’s experience purchasing his first home in a correcting real-estate market. There is much wisdom here for other early birds, hoping to catch the same juicy worm.

The idea of owning real estate at just twenty-two years old seems inconceivable to most of us, but the author was able to pull it off courtesy of a combination of patience, restraint, and smart investing that took advantage of a market poised for plundering. From his childhood, the author was the beneficiary of his parents’ advice and experience. From the start, he learned the value of holding back on buying anything until it could be justified by long-term investment, and of sidestepping purchases that don’t promise a return.

Among the book’s more practical pieces, find an outline of the steps associated with purchasing a home, including wrapping your head around conditional offers, securing approval from an insurer about the insurability of the house in question, and appreciating the fine print around closings, down payments, and the various players involved in the transaction.