Group Home in Arvada, CO

[Kayla Givens]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $660,000

This property is the third that we have ownership in for Elevate Recovery Homes. Our partners brought the cash for down payment and my fiancè and I got the loan. This property is 6 bed / 3 bath and will be a solid group home.

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

This is the third property that we have ownership in for Elevate Recovery Homes. The group home strategy is what we implement in all of our rentals and will continue to do moving forward. The strategy is a no-brainer - helping people and building wealth through real estate.

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

This property was on the MLS. Originally it was listed at $749,950 and we closed at $660k.

How did you finance this deal?

My fiance and I assumed the loan and our partners brought the cash for down payment.

How did you add value to the deal?

I was the agent on the deal and my fiance will run Elevate Recovery Homes out of the home.

What was the outcome?

We don't have anyone in the property yet as we are facing some challenges (see below)

Lessons learned? Challenges?

We did our final walk through about 5 days before closing and everything looked good. We closed the day before Thanksgiving and didn't get over to the property until that Friday. Come to find out - a pipe had burst in the basement and there was over a foot of water in the basement. It was determined that the pipe burst at some point after our final walk through and we are now working with the sellers to get the damage remedied.

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

I was the buyers agent and I 100% recommend working with me! :)