Fix and Hold in Granby Colorado

[Leanne Osgood]

Investment Info:

Condo buy & hold investment.

Purchase price: $230,000
Cash invested: $65,000

Fix and hold condo in Granby Ranch. Paid $230,000, invested 65k and new value of $435,000

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

Great price on a place that definitely needed some work. Was a great project that I got to work on with my kids.

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

Found on MLS as I already own property in Granby Ranch and had been looking

How did you finance this deal?

FirstBank financed with 25% down as it's a CondoTel (a little more difficult to finance). But at a rate of 3.5% on an investment, it was a good option. $65k in cash for renovation.

How did you add value to the deal?

Complete floor to ceiling gut.

What was the outcome?

A gorgeous condo that is consistently rented and providing income

Lessons learned? Challenges?

Electrical challenges, should have been there when they electrician was making changes as some items didn't get done correctly and needed a followup call

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

I was the Realtor. Lance Katt with Creative Renovations in Denver did an awesome job on the kitchen. Local contractor Jason Wilson was amazing.