Updated over 5 years ago on . Most recent reply
House Hack - Barnum West (Denver)
Investment Info:
Single-family residence buy & hold investment in Denver.
Purchase price: $480,000
Cash invested: $45,000
6bd 2bth, rent-by-the-room house hack in Barnum West, Denver, CO.
What made you interested in investing in this type of deal?
Craig Curelop's book on househacking and tons of BP podcasts.
How did you find this deal and how did you negotiate it?
MLS, my agent James Carlson got our offer accepted & lender Jimmy Erminger closed in less than 21 days.
How did you finance this deal?
3.5% FHA loan.
How did you add value to the deal?
Egressed a basement window to code, expanded master bedroom, built island, added dishwasher, added new washer/dryer set, sewer repair, new electrical box.
What was the outcome?
A close to 40% CoC return, ~100% ROI if you consider loan paydown, rent savings, appreciation, and initial equity.
Lessons learned? Challenges?
Would make sure that tenant leases didn't end during the winter, wouldn't have added the second set of washer/dryers.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
James Carlson (Agent) and Jimmy Erminger (Lender). Absoute ROCKSTARS!
Most Popular Reply
@John Mayer Based on James using your house as a case study, it looks like a great deal, and you made it work very well by renting by the room. Also, Barnum is definitely a good and upcoming area. Congrats!
- Jeff White