House #2…

I left Minnesota in January, 1990 (Happy New Year!) for the Pacific NW.  I landed in a rental and within 6 months I was shopping for another house to buy. 

Portland BungalowMy second house was a 2 bedroom, 1 bath with a detached garage on a 4300 SF lot located in SE Portland, Oregon.  I bought this house for $35,000 with my VA home loan eligibility.  I got in with zero down with a fixed interest rate between 10-11% in July, 1990.

This house was a Portland bungalow, built in 1911.  It had high ceilings, a country kitchen, a small enclosed front porch and a white picket fence.  I didn’t have to do a lot to the inside because the previous owner cleaned and painted it prior to selling it.  It also had a fairly new roof and good gas furnace.  There was a lot of yard work that needed to be done.  The house came with a pile of junk in the back yard and the landscape was old and over grown.  I cleaned up the yard and decorated inside. 

In the fall of 1992 I got married and by the spring of 1993 we were ready for a larger house.  We put my house on the market. It sold within the first week to a guy from Minnesota!  We sold the house for $55,000–full price in June, 1993.  I thought I did pretty good on that house since I didn’t really have to do anything major to the house. 

Side note: This house sold for $207,000 in 2005.

Shopping For House #3…

We made offer on another house in SE Portland and moved in prior to closing because we needed out of the house; we felt a bit under pressure. 

This move proved to be our FIRST Do’s and Don’t Lesson in Real Estate which I will save for my next posting.  For now, lets just say we can personallly relate to the 1986 movie “The Money Pit” Today we own a copy of that movie as a reminder that not all people that fix and sell homes (flip homes) have integrity. 


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