Colorado Springs House Hack

[Daniel Hillman]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $440,000
Cash invested: $30,000

Single-family house hack. We were able to split into two fully separated units. We installed an additional kitchen in the basement.

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

I think house-hacking is one of the safest and easiest investments. With the current state of the market, a house hack made the most sense. Additionally, only having to put 5% down is a real plus. Finally, with the STR regulations in the Springs, we needed to live in the property.

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

MLS.

How did you finance this deal?

Conventional.

How did you add value to the deal?

A few minor cosmetic upgrades and installation of a second kitchen in the basement.

What was the outcome?

3 bed 2 bath Airbnb upstairs and 2 bed 1 bath apartment in the basement.

Lessons learned? Challenges?

Appraisal came back high, so we increased our purchase price and got an equivalent concession from the seller that was used to buy down the interest rate.

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

Courtney George from CMG Financial is a wizard at finance. She was able to fund this deal for through some very creative financing.