Who still owns there very first property they bought

Rental Property Investor · Aurora, CO · Member since 2018 · 288 posts · 117 votes

One of my best rentals is a townhouse I bought as a primary and then kept as a rental property. Not only does it have great cash flow and seen good appreciation in the 10 years I’ve owned it, but it’s nostalgic and not sure I would ever want to sell it. How many of you still own the first property you ever bought??

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Chris MasonPro Member

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Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes

Originally posted by @Jay Hinrichs:

better question for me is .. how many WISH they still had the first property they ever bought.

having bought my first one in 1975 in the SF Bay area you can imagine my answer to that LOL

I would be interested to know how many folks have owned a property more than 10 years and more than 20 and more than 30... granted that's more years than many BP members are old.. but for the old dogs.. would be interesting to get some stats on that.

as so many people say they will never sell.. but I am not sure how many actually carry through or maybe they are still mid way through that journey.

We just (this morning) closed a parent to child purchase transaction in Oakland, parent had owned since the late 60s. Started as a call from an agent about a homeowner facing foreclosure (Dad is ESL, abusive/predatory adult child [other kid, not our borrower]) that didn't want to sell and just wanted to retire in place. Set it up so the buyer's cash to close was less than appraisal fee + $150 (not a typo, there is no letter k left out), no PMI. And thanks to CA Prop 13, they get their parents' property tax basis from what the property was worth when dinosaurs roamed the East Bay. Made sure the agent was made whole too, so that said agent will work on this outcome the next time rather than trying to turn it into a MLS listing. Between all that, buyers PITI on a SFR that appraised for $625k was less than they were formerly paying in rent for a crummy 1br apartment (with kids...). No way in the world this working class family otherwise would have been able to buy a $675k home in the Bay Area. This was probably the most rewarding transaction I've worked on in a long time, to go from "we are facing imminent foreclosure :(" to that outcome & keeping the family home. Dad can keep living there, kids (our buyers/borrowers) and grandkids move in, dad watches the grandkids allowing one of the parents to go back to work full time, and on top of that no more paying rent.

The agent who helped this family keep the family house actually found me on BP and this is the first transaction I've done with him.

Point being:

Never Sell California Real Estate, Only Buy! No matter what other financial decisions you make, your kids will thank you for this one!

(but don't tell any listing agents that I said that)

(and, also, please sell your home ASAP... my buyers need inventory to buy!)

(pss: Fannie Mae removed the recession-era "anti family bail-out" guidelines a while back that previously would have prohibited kids from buying their parents home who were behind on multiple mortgages.)

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David Mazza
Rental Property Investor · San Mateo, CA · Member since 2017 · 10 posts · 3 votes
8y
I still have my condo in San Francisco that allowed me to finally move out of my parents home ten years ago! It has been rented the last 6 or so years. It’s appreciated to the point where it’s probably better to sell and redistribute the equity, but every time I walk in I definitely get flashbacks to when I lived there.
1 Reply
Mike Warder
Investor · Arlington, VA · Member since 2016 · 80 posts · 39 votes
8y
Just sold my first property after 11 years. At times I thought I’d keep it forever. The turning point was when my PM contacted me and asked if I would consider selling instead of signing a new lease. Since I’m out of state now, I figured better to sell than go through the hassle of finding a new PM. Property had more than doubled in value, so realizing the gains and doing a 1031 exchange was the logical choice.
4 Reply
Lindel Turner
Investor · Jonesboro, AR · Member since 2017 · 136 posts · 79 votes
8y
Had it since 1992. Ex wife has it now since 2013. So it still around.
2 Reply
Wayne Bodley
Crystal River, FL · Member since 2017 · 68 posts · 56 votes
8y
I was fortunate enough to build my first house with a non profit self help housing group similar to H4H in 1997. I still own it and it's equity has been the springboard for many other deals.
3 Reply
Bryan Feik
Investor · Denver, CO · Member since 2017 · 36 posts · 33 votes
8y
I just sold my first property which I bought in 2002 as my primary residence. This property became a rental in 2007 after the values began to fall and I was underwater and couldn’t sell. After having negative cash flow for a couple years rents increased and it turned into an income generating asset. I sold it last summer, did a 1031 exchange and bought a great Denver duplex with the gains. This experience planted the seed for many other investment properties.
3 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
better question for me is .. how many WISH they still had the first property they ever bought.
having bought my first one in 1975 in the SF Bay area you can imagine my answer to that LOL
I would be interested to know how many folks have owned a property more than 10 years and more than 20 and more than 30... granted that's more years than many BP members are old.. but for the old dogs.. would be interesting to get some stats on that.
as so many people say they will never sell.. but I am not sure how many actually carry through or maybe they are still mid way through that journey.
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
3 Reply
Dave Van HornPro Member
Fund Manager · Wayne, PA · Member since 2009 · 1k+ posts · 1k+ votes
8y
I do! Since 1989. It's been one of my best rentals, so it's hard to get rid of. I even added on garages around back that I rent separately....and they might be my easiest rentals.
Podcast Guest on Show #273
1 Reply
Mark Cruse
Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
8y
I still own the first one and I wish it would sink into a black hole.
3 Reply
Robert Cheek
Saint Joseph, MI · Member since 2018 · 18 posts · 27 votes
8y
Bought my first house in 1989. Lived there for 5 years and has been a rental since 1994. It's not valued for much so there is no temptation to sell.
1 Reply
Sean Kremer
Real Estate Investor · Milford, NE · Member since 2011 · 201 posts · 140 votes
8y
i do
1 Reply
Chris Shepard
Investor · Portland, OR · Member since 2012 · 163 posts · 121 votes
8y
Bought my first in 2006. It’s been quite a pain and I still think it’s underwater. Tucson, AZ (my hometown) has been hit hard with more than just basketball scandals. Rents and vacancy have been very difficult along with lack of jobs. I’m looking forward to selling possibly this summer and taking my equity to Portland.
1 Reply
Ramamurthy Kumar
Coyote, CA · Member since 2018 · 2 posts · 1 vote
8y
Bought mine in 1997 and still living in this house. Looking at property tax, I am going to hold on to it.
1 Reply
Damaso Bautista
Rental Property Investor · Hawthorne, CA · Member since 2018 · 655 posts · 900 votes
8y
I bought my first house in 1994 and still live in it today.
1 Reply
Jeffery Waicak
Investor · Massillon, OH · Member since 2015 · 266 posts · 156 votes
8y
I lost my first 3 in bankruptcy. I still hold the first one I bought after bankruptcy. I bought in in 2006. I would probably sell but it's a c- d+ neighborhood. So it's worth what I have in it. I actually rent it for nothing a month, but the tennant cleans my house. It keeps the wife off my back
1 Reply
Jay Helms
Rental Property Investor · Gulf Breeze, FL · Member since 2014 · 1k+ posts · 733 votes
8y
@Mark Hughes - I did, up until 2 weeks ago. I still have the nostalgic feeling you mentioned, bittersweet. I talk more details here: https://www.biggerpockets.com/blogs/8160/71180-we-...
And I'm with @Mike Warder, now on the 1031 exchange clock!
1 Reply
Jim Sestito
Investor · Cambridge, MA · Member since 2013 · 264 posts · 104 votes
8y
If anyone's ready sell that old clunker shoot me a message! ;-)
1 Reply
Mark Hughes
OP
Rental Property Investor · Aurora, CO · Member since 2018 · 288 posts · 117 votes
8y
@jay_helms , love the post! Also, the YouTube video is priceless - love the kids jamming out to semi sonic in the back seat!!
0 Reply
Chris MasonPro Member
Moderator
Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
8y
Originally posted by @Jay Hinrichs:

better question for me is .. how many WISH they still had the first property they ever bought.
having bought my first one in 1975 in the SF Bay area you can imagine my answer to that LOL
I would be interested to know how many folks have owned a property more than 10 years and more than 20 and more than 30... granted that's more years than many BP members are old.. but for the old dogs.. would be interesting to get some stats on that.
as so many people say they will never sell.. but I am not sure how many actually carry through or maybe they are still mid way through that journey.
We just (this morning) closed a parent to child purchase transaction in Oakland, parent had owned since the late 60s. Started as a call from an agent about a homeowner facing foreclosure (Dad is ESL, abusive/predatory adult child [other kid, not our borrower]) that didn't want to sell and just wanted to retire in place. Set it up so the buyer's cash to close was less than appraisal fee + $150 (not a typo, there is no letter k left out), no PMI. And thanks to CA Prop 13, they get their parents' property tax basis from what the property was worth when dinosaurs roamed the East Bay. Made sure the agent was made whole too, so that said agent will work on this outcome the next time rather than trying to turn it into a MLS listing. Between all that, buyers PITI on a SFR that appraised for $625k was less than they were formerly paying in rent for a crummy 1br apartment (with kids...). No way in the world this working class family otherwise would have been able to buy a $675k home in the Bay Area. This was probably the most rewarding transaction I've worked on in a long time, to go from "we are facing imminent foreclosure :(" to that outcome & keeping the family home. Dad can keep living there, kids (our buyers/borrowers) and grandkids move in, dad watches the grandkids allowing one of the parents to go back to work full time, and on top of that no more paying rent.
The agent who helped this family keep the family house actually found me on BP and this is the first transaction I've done with him.
Point being:
Never Sell California Real Estate, Only Buy! No matter what other financial decisions you make, your kids will thank you for this one!
(but don't tell any listing agents that I said that)
(and, also, please sell your home ASAP... my buyers need inventory to buy!)
(pss: Fannie Mae removed the recession-era "anti family bail-out" guidelines a while back that previously would have prohibited kids from buying their parents home who were behind on multiple mortgages.)
5 Reply
Chris MasonPro Member
Moderator
Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
8y
Here's what you can give to your kids if you don't sell your house in California:
2 Reply
Jerry W.Pro Member
Moderator
Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
8y
I bought my first home in either late 1970s or early 1980s. I sold it a few years later, and i assume I made money, I deposited a large check in the bank but am not sure hehe. The house I have owned the longest I have probably owned for maybe 20 to 25 years. I have had the same tenant in it for over 10 years on one run. She finally bought her own home with no stairs in it for her mom.
I would have loved to have kept every house, but like kissing pretty girls, as much as I would have loved to have kept every one it was not really possible. My early houses all helped me learn and make progress and when they sold they enabled me to learn more and do more by acquiring more and better properties that fit my goals.
2 Reply
Ali Boone
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
8y
I do, I do! The more the mortgage gets paid down and the more the rent on it goes up, the more I am inclined to never want to sell it. :)
1 Reply
Chris Ono
Investor · Austin, TX · Member since 2016 · 45 posts · 25 votes
8y
I do. Purchased back in 2006, first property ever purchased. It was also OOS. It eventually became our primary residence until last summer and is back to being a solid rental for us.
1 Reply
Mark Hughes
OP
Rental Property Investor · Aurora, CO · Member since 2018 · 288 posts · 117 votes
8y
Great input everyone! Happy investing
0 Reply
Mark Hughes
OP
Rental Property Investor · Aurora, CO · Member since 2018 · 288 posts · 117 votes
7y
@David Mazza awesome!
0 Reply
Mark Hughes
OP
Rental Property Investor · Aurora, CO · Member since 2018 · 288 posts · 117 votes
7y
@Mike Warder. Makes sense. Smart move, glad it worked out.
0 Reply

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