Our First Investment with no money down VA Loan.

[Joaquin Johnson]

Investment Info:

Single-family residence buy & hold investment in Beaverton.

Purchase price: $360,000

Our first personal investment property! 3 bed 2 bath 1500 Sqft single family home in Beaverton OR.

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

It was a off market deal that we could not pass up! Being real estate agents we were able to not take a commission on this deal therefore saving the sellers even more money: a win win situation.

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

Personal referral by a past client. We told the seller that they would save even more money with us being real estate agents and not taking a listing commission. This made it a easy decision to sell to us.

How did you finance this deal?

VA Loan with no money down. (sellers paid closing costs) Joaquin is still in the Reserves and did 12 years on active duty in the navy.

How did you add value to the deal?

1. New HVAC system in 2019
2. All new LVP Floor throughout in 2020
3. New light fixtures
4. New Paint
5. New landscape

What was the outcome?

Refinanced in late 2020 and gained significant appreciation after not putting any money down on the deal when we purchased. Property will be rented in spring 2021.

Lessons learned? Challenges?

1. Do flooring BEFORE moving in if possible! It can be a challenge when you have already moved in and having to empty the house of its furniture.
2. Even though we got the home with no money down, we wish we had put some money down for the payments. However the refinance brought us under PMI.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We are Real estate Agents! Academy Mortgage is our go to lender for us and our clients.