Denver Househack #1 - "Duplex" Edition!

[Dean V.]

Investment Info:

Single-family residence buy & hold investment in Englewood.

Purchase price: $532,000
Cash invested: $36,000

Contributors:
Craig Curelop

Denver househack #1! Single family home converted into two separate "units" - long-term (annual) rental upstairs while living in the finished basement downstairs.

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

Was moving out to Denver and looking to buy a property that I could leverage as an asset and not just a liability...especially with the sky-high cost of living and housing in Denver.

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

Craig "The FI Guy" Curelop was my agent and we found this as an on-market deal!

How did you finance this deal?

Partial VA-loan, with the remainder being conventional through my incredible lender Mike Stone with Megastar!

How did you add value to the deal?

Sweat equity - built a kitchen from scratch in the basement and did most of the other miscellaneous work (adding washer/dryer hookups, adding interior doors to create separate entrances, etc.) myself, saving tons of time and money (contractors were booked way out, expensive, and extremely hard to find).

What was the outcome?

Found some awesome tenants for the upstairs unit and lived in the downstairs unit rent free!

Lessons learned? Challenges?

A good contractor is invaluable to have a relationship with...otherwise, be prepared to invest LOTS of time and effort in construction.

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

Craig Curelop, Mike Stone