First investment property

[Brian Briscoe]

Investment Info:

Single-family residence buy & hold investment in Fruit Heights.

Purchase price: $195,000
Cash invested: $3,000
Sale price: $315,000

House-hacked in a way. Bought this house from my in-laws using a VA loan. I had temporarily moved in with them right before boot camp, so this address was my "home of record" - it was the address on my drivers license, where I was registered to vote, etc. Turns out, that was enough to get a VA loan with almost nothing down.

What was the outcome?

Held it for 12 years -- sold it to get into multifamily.

Lessons learned? Challenges?

Lessons learned - too many refinances will add to the loan balance over time. We did not benefit much from debt paydown.