My first investment

My first real estate investment started when I was in college.  I was tired of renting a tiny apartment and decided to start looking to purchase a town home or condo.  I knew I couldn’t afford much but I had a good part-time job and I had finally convinced my parents to co-sign. 

I found a town house that I knew I wanted and put in a low offer.  It was rejected without a counter offer.  I continued to look and found another that appealed to me even more.  I placed a full price offer.  I immediately received a call from my realtor telling me that the house was already under contract.  I was starting to get frustrated.  After continuing this process several times, I finally purchased my 2 bed 2.5 bath condo. 

Feeling proud that I was a 20 year old home owner, I called a bunch of friends trying to find a roomate.  Turns out, that wasn’t so hard to do.  I rented the extra room and bath for $350/month plus half of the utilities.  My roommate was paying half my mortgage!  This condo was my home for the next 18 months until I graduated and relocated for a new job.  I made a profit of $30,000 which was tax free because I was leaving the state for a job.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s