Denver Househack #2 - STR Style!

[Dean V.]

Investment Info:

Single-family residence buy & hold investment in Englewood.

Purchase price: $525,500
Cash invested: $40,000

Contributors:
Craig Curelop

Denver househack #2!! Single family home converted into two separate "units", with the upstairs being rented full-time as a short term rental.

What made you interested in investing in this type of deal?

Was interested to get started in the short term rental world, and a househack seemed like a great way to do it!

How did you find this deal and how did you negotiate it?

Found it on-market with the help of Craig "The FI Guy" Curelop.

How did you finance this deal?

Purchased via an "all-cash offer" through one of the power buyer companies, then took out an owner-occupied conventional loan through them.

How did you add value to the deal?

Househacking is insanely powerful as a value-add for lower down payment, living for free (rent-avoidance), and actually required in this city to be able to run a STR due to their local regulations. Sweat equity on the conversion of the single family home into the two separte "units" as well as the STR furnishings purchases and setup.

What was the outcome?

So far it is getting great reviews and cashflowing like CRAZY!!! Even without counting the rent I'm saving!

Lessons learned? Challenges?

Everything takes longer (and is more expensive) to order/deliver/setup/install than you think! If you know that your strategy is soild and the numbers work...don't hesitate, just pull the trigger!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Craig is amazing! Highly recommend him and the other The FI Team agents!