Purchase of our Investment Property 2008

[Jared Palacios]

Investment Info:

Single-family residence buy & hold investment in Las Vegas.

Purchase price: $232,000
Cash invested: $100,000

We bought this house as a BRRR. It was the beginning of the crash and at the time seemed like a good buy ($106k below purchase price only a few years old) we have held this property over the past 10 years as a rental and the market in Las vegas has Rebounded nicely. In the process of a possible refi. Just cant decide on a 15 year loan on the owed balance (108k) or a 30 year to increase cashflow...

What was the outcome?

We have owned this rental property for the past 10 years

Lessons learned? Challenges?

We bought it at the beginning of the downturn in 2008. We should have waited and possibly could have bought it for 50-75k less. But the market has since rebounded and surpassed our 232k purchase price.