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Residential Real Estate

September 11, 2018

You Always Remember Your First... Home Purchase

I purchased my first house when I was stationed in San Diego in 1976. At the time, I was making about $16,000 a year as a Lieutenant in the US Navy. The purchase price was $48,350.

The market inventory was low, so you made offers on what you could, even if it wasn't your dream home. I put $5,000 down and substituted my VA Eligibility for the Seller's VA Eligibility and took over an 8 3/4% VA loan.

I then brought in a partner for half of the property. 18 months later, the two of us sold a piece of our interest to a third partner. We then each owned 1/3 of the home.

6 months after that, the three of us rented out that home and the 3 of us purchased a second home and turned the first home into a rental home.

One year after that, we exchanged the rental house for the carwash, which, after 39 years, we still own 

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