great purchase turned bad

[Stephen Gallagher]

Investment Info:

Single-family residence buy & hold investment in Washington.

Purchase price: $63,000
Sale price: $60,000

Bought as a vacation home. Used equity to fund another business. Ended up moving in as primary residence for five years, market tanked and we sold paying $3000 toward closing costs to get out from underneath it. Was in a great area but no buyers and no real employment opportunities in the area, was a difficult sale when the recession hit.