You always remember your first! As a college student you would think your main focus is school work, career path, or maybe where to find the best pizza in town. All those were in my sites, but I was itching for a project and looking to make a smart investment as a young man.
I bought my first home in Chico, California in 2009. When prices for a three bedroom home were under $200k! Can you believe that?!
Well, this one happened to be priced based on the condition. The first viewing of this home was rather odd. It was tenant occupied, the tenants did not leave for the showing. There was an unattended child in a crib eating a pencil, a nude gentleman laying in bed in one room, and bugs. The condition was, to say the least, a fixer upper. The home was in such poor condition that it drove me to make an offer on another home. Sadly, that offer did not get accepted and in hindsight, everything works out for a reason, right?
Well shoot, I think it worked out just fine! I bought my first home in May of 2009 in Chico, California for $157,500. Pink bathroom tile and all its glory!
Now came time to start the renovation; the fun part! Day one of homeownership was not very traditional. Escrow closed and the tenants had not left yet. This is a blog for another time; Tenant Occupied Properties. After some phone calls and persistence, THEN it was time for demo day! The carpet was torn out, the bathtub was ripped out, the kitchen was demoed, the wood paneling came down, the list goes on. Of course this was done over a period of time and lots of lessons were learned, but Rome wasn’t built in a day after all. Thankfully I had some good friends, family, and my now wife to help me out with the project.
After the renovation was complete, I lived in the home during my college years while renting to friends. This was a wise investment because of the income stream from the monthly rent, the sweat equity from the renovation, and I was then able to sell the home to buy another. This home has sold a few times since I owned it, and most recently sold for $324,000 in October 2020. Each owner has put their own personal touch on the property but like I said, you always remember your first!
We don’t just preach real estate being a good investment, we practice it! That’s why we got into real estate - that’s also another story for another time! Are you looking to make a wise investment? Let’s connect and talk about your options! (530)591-9686