First Investment property using a VA Loan

[Christopher Hughes]

Investment Info:

Single-family residence buy & hold investment in Ewa Beach.

Purchase price: $430,000
Cash invested: $12,000
Sale price: $515,000

First property bought using a VA loan. Single family home which needed some TLC but had good curb appeal in a good/desired neighborhood. At the time of purchase; comps were listed/sold for around $500K. Remodeled the kitchen layout with new cabinets, quartz, appliances, backsplash. Removed carpets and upgraded the flooring with luxury vinyl plank, new baseboard, and paint in the house. Able to profit when sold.

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

Wanted to actually own something instead of rent. Didn't like the idea of paying someone 2k for a 2bd apt. at the time and have the rents go up every year. Started renting an apt. in 2010 at $1500 and by Dec 2012 it was $2k with additional parking. Decided to buy instead of rent at those prices.

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

Through a local MLS - Oahu RE. Did my own research until I had an idea of where I wanted to live.

How did you finance this deal?

VA loan. no down payment needed. Leveraged a credit card and refinanced a current auto loan for renovation costs.

How did you add value to the deal?

Looked at comps. Understood the market. Had a clear end goal. Did my own renovations to save cost.

What was the outcome?

Profit. Small win.