Englewood, CO 2 Bedroom STR

[Nathan Crankfield]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $650,000
Cash invested: $35,000

This is a house hack short-term rental in the Denver metro area

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

I had access to the VA loan from my time as an active duty Army officer and I wanted to put it to good use to buy a 2 in 1 home for my family and rental property!

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

Found it on the MLS with our Real Estate Agent

How did you finance this deal?

VA loan and personal funds

How did you add value to the deal?

We renovated the entire basement. Luckily, the house appraised for more than our purchase price. We were able to force some equity into the home through a total renovation of the basement and some pretty significant changes on the main floor as well.

What was the outcome?

We just launched our listing and currently have over $2,000 in bookings in under two weeks!

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

Ryan Pettigrew is an awesome, awesome lender here in South Denver!

[Nathan Crankfield]

I couldn't agree more! It's a popular little area. When I travel, I like to have a place that has easy street parking and plenty of places to eat close by, without dealing with downtown traffic and nonsense, so it's what would be my ideal location if I were visiting Denver! 

I am able to use the VA loan multiple times, but I can only utilize it one at a time. Therefore, my hope is that I'll be able to refinance our current home in a few years to a conventional loan and be able to use the VA loan to do a similar house hack in Lakewood or Littleton.