Denver House Hacking

[Chris Gomes]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Lakewood.

Purchase price: $450,000
Cash invested: $800

Contributors:
Nick Monge, Craig Curelop

First house hack! This is a duplex in Lakewood, CO right in between downtown Denver and the mountains. We are living in the separate mother-in-law walkout basement and renting the entire top part of the house (3/1) rent-by-the-room style.

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

Financial freedom!

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

Craig Curelop, Nick Monge, and the eXP team helped me find it. Offered asking price. No negotiation.

How did you finance this deal?

FHA 3.5% down-payment. Private loan for down-payment. Rental income + rent savings still well surpassed the monthly cost of the mortgage + private loan payment.

How did you add value to the deal?

Turn-key home. No value-add. Minor repairs and furnishings for rental unit.

What was the outcome?

Over $1000 in cash flow + rent savings and a house that will cash flow close to $2000 when we move out.

Lessons learned? Challenges?

The process of closing (i.e. inspections, inspection objection, disclosures, etc.).

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

Craig Curelop and Nick Monge