Some thoughts from my latest adventures in real estate:

Just bought a foreclosed townhouse on auction for $40k less than market value (for a comparable, repaired home). I have been watching the market for awhile and I was able to get this house cheap (in the insane local market no less). I need to remodel the entire kitchen and replace the windows/doors, but otherwise the damage is mostly cosmetic. I'll put <$15k into it.

If you are in the market to buy, getting a foreclosed house is a great way to save. I researched the area and had a specific neighborhood I wanted to buy in. Just make sure you do your research and have a good inspection so you know what you're getting in to.

I'm going to have to hire out the kitchen and windows/doors. I don't have the ability or strength to do that myself. It's not a big deal, but I was sure to budget that when running the numbers.

Small homes have so many advantages. Not only are they cheaper to buy, they are cheaper to maintain and fix. The kitchen is going to cost me way less to remodel because it's small.

I'm pretty happy about my house. It's 8 miles from work on bike with a dedicated bike path from here to there. It's a block from the bus stop. It has a walk score of 78, with most of what I need within walking distance. There's no garage, which may hurt resale, but that's fine with me.

It's a townhouse, so there is an HOA fee. However, it covers most of what I would have to pay for anyway (water, sewer, exterior maintenance, hazard insurance). The already somewhat small square footage is spread out on three levels. This makes the basement private and I'm planning to rent it out for some extra income.

Do any of you have related experience?