Current Rental with Great Views

[Joe Nessinger]

Investment Info:

Single-family residence buy & hold investment in Denver.

Purchase price: $225,000
Cash invested: $10,000

Found a condo located right outside of Lowry town center in Colorado. Property is a 2000 build which means that potential risk is low. Property is a 2 bed 2 bath with 1400 sqft. The condo is on the 3rd floor and has views of the entire city thus is able to fetch a premium. I am renting out each room for $950. My total monthly cash flow is $1900.

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

This property is located next to a major development that is headed by Buz Koelbel. They are building a full neighborhood which means that my property value is going to keep rising.

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

Found through an agent. Found a couple of motivated sellers that were moving to a different state.

How did you finance this deal?

I used cash to finance this deal

How did you add value to the deal?

When I took possession of the property I came in and replaced the laminate floors and carpets. I also put a new coat of paint on the walls.

What was the outcome?

Property is still held as a rental.

Lessons learned? Challenges?

Being able to collect rent every month.