Single-family residence buy & hold investment in Gypsum.
Purchase price: $215,000
Cash invested: $40,000
Sale price: $465,000
We got this home as a bank owned property that buyers were turned off by because the long, gravel drive way was in bad shape. It scared people away but in the end only cost $2000 to remedy.
What made you interested in investing in this type of deal?
The investor knew that the drive-way could be easily fixed. Other buyers were being warned not to drive up the hill, but to walk.
How did you find this deal and how did you negotiate it?
MLS. Actually bid over list price because there was one other investor and the bank had priced it far below market value because of the driveway.
How did you finance this deal?
How did you add value to the deal?
Fixed the driveway and added a bedroom. Also made the whole home beautiful.
What was the outcome?
The home was rented out for 4 years and sold for over $200k profit.
Lessons learned? Challenges?
Big scary obstacles are not always, truly that big...or scary.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a real estate broker and I listed it in the MLS for the end sale.
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