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Updated almost 6 years ago,

User Stats

128
Posts
89
Votes
Rick Novotny
  • Investor
  • Kansas City, MO
89
Votes |
128
Posts

My first house-hack (Denver, CO)

Rick Novotny
  • Investor
  • Kansas City, MO
Posted

Investment Info:

Single-family residence other investment in Northglenn.

Purchase price: $298,000

Cash invested: $17,000

Single-family townhouse.
3bed/2.5 bath
2 car attached garage
1575 sq ft.
Built in 2007

Purchased in May 2016 to live in with an FHA. I lived in this property for 2 years with roommates to pay most of the mortgage. At this point I've given all the tenants 30 day notices and will be putting it up for sale shortly. I should be able to sell this property for $350,000 once it's on the market, when looking at comps in the area. If you know anyone interested, let me know!

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

After reading and listening to podcasts about real estate.

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

I found this property on the MLS.

How did you finance this deal?

FHA

How did you add value to the deal?

I didn't, I got lucky with Denver appreciation.

What was the outcome?

I should walk away with about $50,000 cash to invest back into my rental business. I will buy more multi-family properties near Kansas City.

Lessons learned? Challenges?

I've learned that I am terrible at managing tenants (or maybe that I just hate it). So I'm glad for property management with my other properties, but it doesn't make sense to use property management with this one financially. It's time to move the equity into more zero maintenance cash flowing properties.

My challenges in buying this property included very little credit history, in result, a low score, and I had just moved to Denver 2 months prior for a new job. Now my credit score is in the 760's, about 3 years later.

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