First home on VA loan

[Corie Burck]

Investment Info:

Single-family residence buy & hold investment in Minot.

Purchase price: $182,000
Cash invested: $1

No cash invested on purchase. Purchased on a VA loan. Market went down so kept as a cash flowing rental. Now looking to sell as we no longer live close enough to do any work on the property.

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

Investment was made from a bad position of "need." Never ideal. There were virtually no rentals available in the area at that time. Paid far less money to live there.

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

Normal residential purchase at that time. Did not analyze deal as investment property at the time. Young first time home buyer.

How did you finance this deal?

VA loan

How did you add value to the deal?

Fenced in backyard, redid siding on home, redid roof.

What was the outcome?

Still ongoing

Lessons learned? Challenges?

Understand your position in the marketplace. Never come from a place of "need" or "no other choice." I have gained so much financial and real estate education since that time (I was 19 years old.) I learned so much about homeownership, position in marketplace, and how to analyze deals. Never go into any major purchase (whether its real estate or any other major expenditure) without getting educated on the subject.