Hello BP Team,
If anyone is interested getting started in real estate investing in the Denver market, I would highly recommend you contacting Chris Lopez with Your Castle Real Estate! They helped my wife and I turn a "OK" deal, into a GREAT deal!
Before I dive into the details of the property, I am sure some of you out there can relate that the most challenging part of real estate investing is getting your significant other on board. Over the years I have always been bringing it up to my wife how much of a benefit house hacking would be for us financially down the road. The tipping point was when she heard it from someone else and was able to see the long term numbers in detail. It was actually at one of Chris' house hacking education classes! (Next one is coming up on 5/21/19 if interested)
So, a little bit about the property:
Listed Price: $425,000
Purchase Price= $435,000
Details= 4 Bed/ 3 Bath. Main living area has 3 Beds/ 2 Bath. 1 Bed/1 Bath 650 SF Mother-in-Law suite above garage.
Cash invested= $40,000 +/-. That includes $10,000 estimated for rehab cost to a kitchen and bath in mother-in-law suite we will be starting in the next few weeks. Planning on doing most of the labor myself so I am hoping to end up well under that. Estimated completion, 6/1/19.
Main Level= $1,800/M.
Mother-in-law= $1000/M for long term lease, or if AirBnb'ing, $1,600/M.
Both of these numbers are being very conservative by listing below market in an effort to get more traffic.
Our original plan was to live in mother-in-law suite and rent out main living area leaving us with a monthly mortgage of roughly $700/M. However, my wife and I made a last minute decision on moving day to move into main level and rent out one of the rooms to family along with renting out mother-in-law suite.
At the end of the day, we will be able to cut our living expenses in half through house hacking and putting me one step closer to my long term goal of quitting my job in the corporate world and pursuing a new career I am actually excited to wake up in the morning for. (As per suggestion in Scott Trench's book, SET FOR LIFT, to achieve F.I.R.E)
I know these are very vague details, but I can not stress enough that none of this would have not been possible if Chris would have not reached out to me. If someone like me can invest in an expensive market like Denver, than anyone can.
Denver should be good for AirBNB
@Ben Einspahr Glad to be part of this transaction with you! It's a winner of a property!
@Ben Einspahr Congrats on the first deal! House hacking is such a great way to get into the biz, that's what my wife and I did on our first one as well.
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