I’ll start with the history of personal real estate transactions I”ve had over the years.
I decided to buy my first house because I got tired of cleaning up a rental, moving out and watching the landloard raise the rent, because I left the place looking better than when I moved in!
The first house I bought back in 1988 was located in Worthington, MN for $25,000 (gotta love that price). If you’re not familiar with that area, it’s a rural community located east of Sioux Falls, SD.
Back then I was a single mom and I wanted a house with a yard for my daughter to play in. I didn’t have or make a lot of money. I borrowed a down payment from my parents and bought the house on contract from an retired, elderly couple. The house was built in the 1940’s. It had 2 bedrooms, 1 bath and an attached double car garage. It was dated inside, but had good bones and a large lot.
I updated the inside with paint, window coverings, restored the hardwood floors under the old carpets, and renewed the kitchen cabinets.
A year after I bought, I was offered a job transfer out of the area. I put my house on the market. People said I should expect it to take a LONG time to sell. It sold to the first person that looked at it, for full price! People were amazed because most houses around there didn’t sell fast. I was able to recover my investment costs after closing!
And from that point, I was hooked on real estate!!!