Rent-by-the-room house hack Arvada, CO.

1 Reply

Investment Info:

Single-family residence buy & hold investment in Arvada.

Purchase price: $357,300
Cash invested: $25,000

Rent-by-the-room house hack. Housing expenses are around $2300/month (including utilities). Rent collected from three roommates $2000/month. This lowered cost-of-living is allowing me to throw an extra $800/month towards my student loans. I want to knock those out for a peace-of-mind investment.

What made you interested in investing in this type of deal?

A combination of being able to lower my living expenses while living in a nicer neighborhood

How did you find this deal and how did you negotiate it?

MLS via agent found here on BiggerPockets

How did you finance this deal?

5% down conventional loan

How did you add value to the deal?

Made bathrooms functional; refinished hardwood floors; lots of minor cosmetic work;

Lessons learned? Challenges?

Refinishing the hardwood floors was absolutely NOT necessary for a rent-by-the-room scenario. In fact if I wanted to sell the property I'd probably need to redo the floors again at this point.

People willing to do roommate situations like these don't actually care about a lot of things a home buyer would, so the renovations necessary to get roommates can actually be much more minimal than I initially convinced myself of.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Mike Wilkinson

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