Colorado Springs House Hack

[Richard Boyle]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $470,000
Cash invested: $10,000

I'm house hacking my place in the Old North End. I used a VA loan to get the property for as little as possible down. Now I list on Airbnb in the summers and furnished finder in the winter when bookings slow down.

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

Bigger Pockets is CONSTANTLY harping on the benefits of house hacking. I'm glad I found a property that fit my goals.

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

The home was on the MLS. AN agent bought it to use as an Airbnb but ran out of renovation money so he listed it to get it off his books.

How did you finance this deal?

VA home loan.

How did you add value to the deal?

Totally renovated the back half into a super nice little studio apartment. The photos look great.

What was the outcome?

This will be my first summer with the property, it looks like it will be generating about $2K a month based on April's revenue. Ideally I can bump that up a bit with solid property management software.

Lessons learned? Challenges?

Renovations cost WAY more than expected. The city of Colorado Springs is a red tape machine. Everything takes at least two weeks and $500.

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

My photographer is the best! My contractor is a legend and my agent found a great deal for me.

[Kyle Spearin]

@Richard Boyle happy that you're house hacking in Co Springs, it's an awesome market. Connecting you with @Ryan Thomson who is a fellow house hacker in your area. Perhaps you can share your secrets to success, good luck on your next one!