First rental in Westminster Colorado

[Adrian Tilley]

So this was purchased almost 2 years ago, but thought I would put it up for fun. I purchased a rental condo from a work friend. It's about 900 SF, 2/2. Purchased for $111k, rent was low but immediately increased to $1250 just after I purchased it, now it's at $1300. It came with tenants in place. Contrary to others' experiences (I got lucky) they have been a dream. Haven't heard almost anything out of them, they pay automatically via Cozy. I'm hoping they stick around forever. My only expense so far has been the $300/mo HOA fee. No repairs, and they keep the place looking good.

Unit was purchased cash with a HELOC from my house, then I got a HELOC on the rental which was appraised about $160k, and am paying that off with the rental proceeds.

Onward and upward!