Our first house we bought after we were married

[James Scott Nivens]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $146,000
Cash invested: $15,000

I bought this house with my wife in 1989. I currently rent it to my daughter. If you ever have the chance to rent to family, pass. I am not collecting enough and she rarely pays on time. I promised my wife I would look after the kids when she passed away in 2011. This is my way of trying to help her, but I wish I hadn't. I could have sold it for a profit many times. Good experience comes from bad decisions. I don't think she will ever get ahead enough to buy her own place.

What made you interested in investing in this type of deal?

It was our first home.

How did you find this deal and how did you negotiate it?

We had a Real Estate agent and we were able to work on the seller after it had been on the market awhile.

How did you finance this deal?

FHA loan. I have refinanced it a couple of times.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

They are no longer an agent.