My first Of many properties in Colorado Springs

[Jarred Durham]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $307,373

I bought this property as a primary residence, and now live in it with 3 of the 4 bedrooms rented out. I pay no rent and cash flow about 40$ a month.

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

I just got out of the military and needed a place to live, so I used my VA home loan with 0% down.

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

I hired a realtor when I moved to Colorado and it was an inside deal that never hit the market.

How did you finance this deal?

Through the VA

How did you add value to the deal?

So far, I have only closed off the fence on both sides of the property adding roughly 1000$ in equity.

What was the outcome?

I still live in this property with plans to refinance conventionally as an investment property to move on to my next deal.

Lessons learned? Challenges?

The first time I refinaced this property for a lower rate through the VA mistakenly. The second time was also refinanced VA because of an issue I somehow missed on the final paperwork. Lesson learned is to make sure and read through all of my underwriting paperwork more carefully as the only one that can make sure the deal proceeds correctly is you.

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

I worked with a realtor named treisha kuiper (719) 351-9811 and she was amazing in this process. She even covered the 1st years warranty policy. The refinance issues were my fault as I am now a licensed realtor as well.