First Home, VA Loan, Orders to Japan!!!

[Justin Skolek]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $400,000
Cash invested: $15,000

Our starter home that we bought with a VA no money down that we held onto before we got orders to Japan

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

We knew we would be in the San Diego area for a few years and were looking for a place to let the boys (and dogs) run.

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

We went to an open house down the street that didn't have the yard we were looking for and the agent said they had another listing a block away. We paid asking, but the seller had to ensure the house was VA ready, so they paid for the terminte and roof repairs.

How did you finance this deal?

VA no/no

How did you add value to the deal?

Replaced the HVAC, added solar, and put on a new roof

What was the outcome?

Appreciation of 75% in 6 years gave us enough equity to cash out refi and we are looking at investing the cash into another market

Lessons learned? Challenges?

hSo Much Paperwork, never as easy as it seems, learned a lot about home maintenance. Have cash reserves!

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

Justin Olson of Summit Point is our mortgage banker and he is outstanding.