House Hacking Colorado Springs

[Noah Bacon]

Investment Info:

Condo buy & hold investment.

Purchase price: $263,000
Cash invested: $35,000

Hello BiggerPockets! This property was my first House Hack, which I have turned into a cash flowing rental property.

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

I was graduating college, and it made much more sense to obtain a mortgage than rent. I intentionally looked for 3+ bed SFHs to rent out the rooms and cut down my mortgage payment.

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

I found the deal on market through my agent, whom I was connected with through BP!

How did you finance this deal?

Traditional Financing. Conventional 5% down.

How did you add value to the deal?

I did not add any value to the home aside from a Radon Mitigation system...which does not add any actual value. Home was turnkey!

What was the outcome?

Successful! I rented out both rooms within 1 month of closing, saved up frugally for an entire year, and am 5 months into my second house hack. My cashflow when I was living in the property was roughly $166 / month.