Valuable lessons from my first investment

[Nicole Vaziri]

Investment Info:

Single-family residence buy & hold investment.

Success can be measured in many ways and its always a matter of perception. No matter what we are succeeding if we are learning and growing. So as I look back my first investment was a success to me as I learned a great deal and I grew a great deal as a result. In real estate school, we were taught "location, location, location", it was hammered into our brains. So naturally, I came out of real estate school focused on buying whatever I could in the best location.

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

I always had a strong passion and desire for real estate for as long as I can remember. So I bought the best I could afford to buy which was a one-bedroom condo in West Hollywood and I was very particular it had to be West of La Cienega only walking distance to Sunset, Robertson and a few blocks from Beverly Hills. The funny thing is the most successful people I've come to meet made their first investment on the exact same street, either Larrabee or the next block Palm.

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

I found it myself by ritually scanning Realtor.com, Zillow and Trulia even though I had an agent. I remember seeing the listing the first day it was listed and asking my broker to get on it and I recall writing a personal letter to the seller to convince her to sell it to me as it was a very strong seller's market and as a result, she chose me. It was amazing as I didn't have to put anything down only my closing cost. We lived in the condo for five years and then it became a rental.

How did you finance this deal?

Zero down Heloc loan... refinanced after 1 year

What was the outcome?

Sold it 15 years later with 185k gain

Lessons learned? Challenges?

I wish I would have purchased a home versus a condo in an upcoming area as I would have had a much higher gain and rental income.