Rent By Room Arvada
Investment Info:
Single-family residence buy & hold investment in Arvada.
Purchase price: $530,000
Cash invested: $32,000
Rent by room investment. Fully rented rental income $4250. Mortgage and expensive $2750. Plus $200 for reserves.
What made you interested in investing in this type of deal?
I liked this property because is had been completely renovated down to the studs. This was my first investment property, so I was looking for something turnkey with no major capital expenditures in the near future. I also liked the layout for roommates.
How did you find this deal and how did you negotiate it?
MLS
How did you finance this deal?
5% down owner occupied for the first year.
How did you add value to the deal?
Furnished the common areas and added a fire pit to the back.
What was the outcome?
I am still working on getting the right tenants in but I feel once the Coronavirus is gone it will get rented more easily.
Lessons learned? Challenges?
You cannot always plan for everything. I purchasing during the Coronavirus pandemic. Luckily I can cover the mortgage and expenses while we are looking for tenants.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Craig Curelop was our Realtor and Micheal Stone with Megastar was my lender. I would highly recommended them both!
