My Journey with the VA Home Loan: Part 1 — Buying My First Condo

Hey everyone, thanks for tuning in! Today, I’m starting a multi-part series where I share my personal experiences with real estate transactions, both with and without the VA home loan. In this first part, I’ll take you back to 2014 when I bought my very first property after PCSing to Washington State.

Getting Started in Real Estate

In 2014, I reported to my first submarine command in Washington State after finishing my final training leg as a nuclear propulsion plant operator in upstate New York. As my time there came to an end, I managed to secure orders to the West Coast, a move I’d been hoping for. My report date was in August, but I received my orders around January or February, giving me a good amount of time to start house hunting.

At the time, my main tool for searching was AHRN, a military-friendly rental website. While I initially looked into renting, the high costs of studio and one-bedroom apartments ($800–$1,200 a month) led me to explore buying instead. I focused my search on areas like Bremerton, Port Orchard, and Kingston before finding a condo listed for $100,000.

The Process of Buying My First Condo

When I expressed interest in the property, the listing agent walked me through the next steps, including getting pre-approved for a loan. I went to Navy Federal, the bank I’d been using since basic training, and applied for a pre-approval. While the process felt rushed and lacking in education about my VA home loan benefits, I was fortunate that my finances and credit score (around 630-640 at the time) were just enough to get approved.

The condo was a short sale, which meant the buying process would take several months—perfect for my timeline. I submitted an offer in February, which was accepted, and began the long wait for the sale to finalize. During this time, I learned about the responsibilities of homeownership, like understanding HOA fees and planning for renovations.

Why a Condo Made Sense

As a single sailor about to join a sea-going command, I knew I needed something low-maintenance. A condo was ideal because the HOA covered external maintenance, water, sewer, and garbage. This allowed me to focus only on the space within my walls. The small size of the condo also kept my costs down and limited the amount of unnecessary stuff I could accumulate.

The other thought was that I wanted a small space that could act as my playground to teach myself how to complete renovation projects, between painting, flooring, trim, tile work, etc. By having a small space, it made the dollar go much further if compared to a bigger home or even a single family home when it came to the budget of the renovation.

The Closing Adventure

By July, I had detached from my previous command and began my transfer leave. Over 42 days, I embarked on a cross-country road trip from New York to Washington, stopping to visit family and friends along the way. By the time I arrived in Washington in August, my closing date was fast approaching, but the sale had not yet finalized. With my deployment date looming, I negotiated with the seller to temporarily rent the space until the sale could close. Thankfully, everything worked out, and I officially became a homeowner just days before my deployment.

Financial Wins

The original purchase price of the condo was $100,000, but the appraisal came back at $75,000. After renegotiating, I secured the property for $67,500. To this day, I still own the condo and live in it. The mortgage payment is so low that paying it off early doesn’t make financial sense. Over the years, the condo’s value has significantly increased, and I’ve been able to leverage its equity for other investments with a HELOC that's grown from $30k to $160k.

Lessons Learned

Looking back, there are a few things I wish I’d known:

• Understanding VA home loan benefits could have made the process smoother.

• Having a mentor or someone experienced in real estate would have helped me make better-informed decisions.

  
  

Still, buying this condo was one of the best decisions I’ve ever made. It became more than just a property—it was the first step toward a brighter financial future. It proved that even with limited resources and experience, it’s possible to achieve something remarkable.

Final Thoughts

If you’re considering your first home, remember that it can be a powerful launching pad for your financial future. Think of it as planting a seed that can grow into a towering tree, providing shade and opportunities for years to come. Whether it’s a condo, townhome, or single-family house, starting small and planning strategically can lead to incredible opportunities down the road.

No matter where you are in your journey, know this: every step forward is a step closer to building the life you envision. You’ve got this. Stay tuned for the next part of this series, where I’ll dive into my experience with purchasing a duplex and leveraging it for further investments. Thanks for reading!

Nuke out.