Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago on .

User Stats

9
Posts
3
Votes
Zuriel M.
  • Investor
  • Lawton, OK
3
Votes |
9
Posts

My first home that I purchased when I was in the military

Zuriel M.
  • Investor
  • Lawton, OK
Posted

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $54,000
Cash invested: $14,000

Located in a D neighborhood. 1000 Square feet 3 bed/1bath and next to an apartment complex.

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

Did not want to rent anymore. Needed a place to stay ASAP, the ex-wife wanted a turnkey house and I didn't know anything about real estate at the time.

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

Went through a local realtor, no negotiation attempt.

How did you finance this deal?

Qualified with a VA loan with no money down.

How did you add value to the deal?

Added a washer and dryer. I replace appliances often from a cheap vendor.

What was the outcome?

Years later, I still owe pretty much the same amount as when I bought it. According to Zillow, the value of the home has dropped from 54k to 25k in 2015 and has increased to 34k in 2019.

Lessons learned? Challenges?

For what I was making in my job, I should've took the time to shop for a better deal since the neighborhood has the cheapest homes in town! I don't have enough equity in the home to fix the central heat and air and did window units instead. The roof needs repairs as well so I'll find a contractor to do a patch up job for now.

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

I had a contractor that did all the rehab work himself for 4k but has lost contact with him soon after that.