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.
My 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.