Updated over 4 years ago on . Most recent reply
Unique House Hack in Englewood, CO
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $462,500
Cash invested: $26,000
Unique house hack in Englewood, CO. 4 beds, 2 baths, and a big backyard with chickens. My business partner and I saw an opportunity to combine two things we are passionate about - building wealth and helping people. This home is a recovery residence, and each bed will serve as a "unit" at $900/mo.
What made you interested in investing in this type of deal?
Investing in this home is a perfect marriage of two things my partner and I are passionate about - helping people and building wealth!
How did you find this deal and how did you negotiate it?
My partner and I found this home on MLS. We got our offer in at the last minute and won!
How did you finance this deal?
Conventional loan with 4% down
How did you add value to the deal?
We plan to have all of the windows replaced, have made upgrades throughout the home, and eventually add 1-2 more rooms in the partially finished basement.
What was the outcome?
We plan to live in the home for 6-12 months before moving on to our next home. When we move out, our gross monthly cash flow will be $8300/mo.
Lessons learned? Challenges?
This is the first of many recovery homes we will be investing in Colorado. Next time, I plan to have a "playbook" or checklist to make sure we have everything we need and are good to open our doors within a week of closing.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Mike Stone with Megastar Financial made it happen for us!! Highly recommend seeking him out if you need an investor-friendly lender.
Most Popular Reply
@Kayla Givens Great stuff! I'm excited to hear about the numbers on this one compared to renting by room to normal tenants.
- Jeff White