CO Active Duty House Hack

[Justin Fagala]

Investment Info:

Single-family residence buy & hold investment in Colorado Springs.

Purchase price: $212,000
Cash invested: $7,500

REO, House hack, Value add

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

ARV of $265k. Minimum rehab costs.

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

MLS listed REO

How did you finance this deal?

Traditional financing

How did you add value to the deal?

paint, carpet cleaning, new appliances, wood floor, re-tiled master bath, burst water pipe, and basement ceiling repair ($7,500)

What was the outcome?

50-55k immediate equity.
Rent from several roommates.

Transitioned to full rental in 2006

Lessons learned? Challenges?

Never let the city turn on the water without being there ... thankfully, we got there relatively soon afterward avoiding any significant damage