1 Bedroom Condo Medium Term Rental

[Kenny Smith]

Investment Info:

Condo buy & hold investment.

Purchase price: $180,000
Cash invested: $20,000

One bedroom condo that began as my primary residence, then to an LTR, and will be converting here shortly to a medium term rental. It is in an excellent location with 5 hospitals within a 10 minute drive, close to downtown Denver, and lots of bars and restaurants. It will be an excellent option for any travel nurse! Not to mention, in the matter of 5 short years, I have built $104k in equity. Great $20k investment!

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

At the time, it was what I could afford. I bought it mainly because they were planning to put a brand new development of several bars and restaurants right next to it. I knew there was great opportunity with forced and natural appreciation of the market.

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

MLS, and went $5k over asking price to lock it down. At the time, $5k was enough on a place like this.

How did you finance this deal?

5% down conventional loan

How did you add value to the deal?

Renovation of flooring, ceiling, light fixtures, paint, and other misc upgrades.

What was the outcome?

$900 monthly cash flow
$104k equity built in 5 years