The Homestead House That Started the Journey

[Garrett Balsick]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $155,000
Cash invested: $50,000

I purchased my first house on 40 acres in Calhan as a preforeclosure sale. The house appraised at $305,000 when I purchased and with the extra work we have done on it, now appraised at $475,000. This will be my forever home, but the equity has started and will continue to help fund my real estate journey.

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

This house was part of the original Balsick Homestead, and the instant equity offered was a no brainer to purchase it.

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

My Uncle came to me as the bank was foreclosing on this property and offered it to me for what he owed on the property.

How did you finance this deal?

Conventional financing

How did you add value to the deal?

Lots of sweat equity and problem solving to get the deal closed as we were on a time schedule with the foreclosure.

What was the outcome?

We have an amazing forever home on the ranch with a bunch of equity to help fund other real estate projects and deals as they come along.

Lessons learned? Challenges?

Always let people in a tough situation you are there and interested, they may take awhile, but will generally take you up on your offer if you are serious.

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

It was a transaction without an agent. I worked with Equitable Savings and Loan in Limon, Colorado and Farmers State Bank of Ellicott. I would recommend both places.