Single-family residence buy & hold investment in Colorado.
Purchase price: $315,000
Cash invested: $20,000
Bought the house for $315000 and spent $10000 to fix it up.
How did you find this deal and how did you negotiate it?
We found this house from our Realtor. Negotiation based on the house's cosmetic issues - smell, colored carpet and interior paint.
How did you finance this deal?
Conventional Loan with 3.5 % down
How did you add value to the deal?
Replaced whole house's carpet, refinished wood floor, repaint interior and exterior.
What was the outcome?
Lessons learned? Challenges?
Looking for homes that have cosmetic issues and are priced lower than market value, and in good neighborhood for future growth. Buy and hold.
Congrats Lan! What do you think the property's market value is?
Thank you, Andrew! Based what have been sold around the area and Zillow estimate, it is around 540k.
@Lan Do congratulations on first investment property!
@Dmitriy Fomichenko thanks!
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