Single-family residence buy & hold investment.
Purchase price: $580,000
Cash invested: $120,000
Smallest home in the best part of town. My business partners and I purchased this to improve in the next year or two - plan to add +/- 1,500 SF when the construction market cools a little and material costs come down :). In the interim, we did a small energy upgrade, including increasing attic insulation by 4x, insulating water heater and pipes, caulking and gap sealing, added LED lighting and 220 V power to the garage for EV charging. We also added some interior work, such as a new install of a recycled door and hardware. Doing our part to lessen the impact that our homes have on the planet!
What made you interested in investing in this type of deal?
The opportunity to improve and add onto the home - small home set between two big ones creates great opportunity
How did you find this deal and how did you negotiate it?
The listing came out on Zillo - our high energy and effective real estate partners - Nicole Rufener and Antionette Wharton - counseled us on making a strong offer and made it happen
How did you finance this deal?
Conventional fixed mortgage thru Bank of the West in Boulder
How did you add value to the deal?
We've completed severl energy improvement and are mustering our Architectural talents to design expansion opportunities
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Nicole Rufener and Antionette Wharton of Mile High Modern in Denver - best ever
Interesting post. You don't see a lot of people here on the BP buying for investments in the best areas of Denver. Cash flow is considered king and those areas don't always perform super well. I disagree a bit. I like a good location, and if I can break even or close and I watch that property rise in value over the next 20 years, I'm a pretty happy investor.
What do you plan to do with the property short-term while you wait for construction costs to cool off? Are you renting it out?
Yep - moved a tenant in today - $300 positive cash flow. Serendipity! My partners and I (daughters) are most interested in the great parts of town, and we're looking mostly for development opportunities in the mid to long term. Our goal is to - one at a time - green up the existing housing stock. True that, deals are few and far between, and $300 is chump change, but it is positive, plus the next sale just down the street - admittedly larger - listed for $865, closed this week for $990. Yep - $125 over asking. amazing..... Our company is women owned (Brittany and Torin are 60% combined). I suggested they navigate to your site and dive into "Denver women invest" article. Love to meet sometime!
@Kyle Callahan great job, congratulations!
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