Do you still own your first RE purchase?

Question

After a couple of bad renters I've finally decided to sell the first house I bought.  It doesn't fit my investment strategy and was not originally purchased with the intent to rent it.  That being said, I'm a little sad to see it go and am wondering how many of you out in the BP nation still own the first property you purchased?

Jean Bolger · Answer

Haha! @Jon Klaus I still go by my old duplex and check on the trees too. And I always mutter "Thanks, Maggie" under my breath. (Maggie was the gal that bought the place and it was a big turning point for my financial well-being)
	
	And I'm happy to report that the trees are doing fine.

Michael Seeker · Answer

Thanks for all the replies!
	 
	 Sorry Bill Gulley for forcing you down memory lane :)

I'm perfectly okay selling the house and don't have any regrets at all.  Just wanted to see how many people out there still own their first purchase.  I'm focused on MF properties in a different area of town, so this property just doesn't fit the bill.  I'd rather take out the equity and use it for something else.  It was and still is a great house and was an awesome learning experience for me.  At the end of the day I'll probably make some money off of it and the many skills/lessons I learned as a result of owning are invaluable!

Bill Gulley · Answer

LOL, I would if I could, I won't live long enough. Long story to it, but I sold it to a neighbor, to enlarge his property so he could go up a hill to his daughter-in-laws home. He has about 1,700 acres and I had 7 or so that cut some of his off from his original home. He owns a world wide tech medical manufacturing business, net worth is, guessing over 50M, he doesn't need my money!!!!  Not for sale :(

Charles Morgan · Answer

Still own my first, purchased in 1986 with my ex-wife, as our family home.

Started renting it out in 2006, do not regret keeping it although I did refi to purchase two other homes.

Michael Seeker · Answer

@Robert Adams - looks like the builder went a little crazy with mirrors in that condo.  I had to look at the 2nd interior photo for quite a while to figure out that there isn't a handrail or set of stairs in that picture :)

Robert Adams · Answer

I bought my first RE property on 6/2/2002 when I was 21. I had saved money from various jobs and from a couple cars that I had sold for a profit. It was a 2 story condo with 1,424 sqft, 2 bedrooms, 2.5 bath, and a 1 car garage. I bought it for $107k. I rehabbed it from top to bottom. Granite counters in kitchen, and bathrooms. New carpet and tile flooring with black marble borders and baseboards, new paint throughout, new window coverings, new light fixtures throughout, mirrored walls, new sinks and faucets, and new appliances throughout. Amazingly I did all that for around $20k. It was good to have good friends help with the rehab/rehab costs. I lived in this unit for a while so I wanted it to be nicely upgraded. I sold it for $189k on 9/22/2004. Below are some pics of the property from an older listing but I did all of the upgrades you see except for the black cabinet doors I did not do that nor do I like it. they were all white when I was there. The dark cabinet doors make the kitchen look too dark in my opinion. It already has black appliances, sink,  and dark counters so the dark cabinet doors are over kill.

I saw that the current owner bought it as a foreclosure for 50k in 2011. What a steal! Maybe I will buy it back again....

Aaron Montague · Answer

I sold my first 2 places to pay for grad school.  I routinely drive by them on alumni weekends.  The person(s?) that own them now have taken good care of them.

Jon Klaus · Answer

Go buy it back, Bill ; )

Bill Gulley · Answer

First was a contract for deed no money in it really, and it was sold three years later, or just shy of three. With a few exceptions, 5-7 was the holding period, most were much less. Got rid of a few I wish I'd kept longer, one personal (second home) I still kick myself over, makes me sick every time I think about it, thanks for making me sick again....  :)

Jon Klaus · Answer

I bought my first in 1989 using lawn mowing money for the down payment. Sold it in 2004 for double what I paid.  I still drive by occasionally to check the progress of the trees I planted.

I used to have a buy and hold "forever" philosophy. That's changed to a "trade up" philosophy.

Do you still own your first RE purchase?

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