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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
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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Written by
Saul Klein
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