Primary residence turned furnished rental in Denver

[Jake Cohen]

Investment Info:

Single-family residence buy & hold investment in Denver.

Purchase price: $365,000
Cash invested: $15,000

This was our primary residence for 5 years. We moved to a larger house as our family grew and turned this into a furnished monthly rental. Recently rented as a long term rental fully furnished with utilities paid. Great upward moving neighborhood and has been a great property for us.

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

We saw the opportunity of the appreciation in the neighborhood and it was the perfect primary residence for us at the time. Once we moved out we realized the rental demand in the area had skyrocketed and decided to leave it furnished as a monthly rental.

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

Neighbor told us about their next door neighbor moving. Bought before it hit the MLS.

How did you finance this deal?

30 year fixed.

How did you add value to the deal?

We replace the sewer line when we purchased. Added AC and Water line. Minor other improvements such as fans in rooms and adding cabinets to the garage.

What was the outcome?

Great rental for us so far. Hope to keep it long term.

Lessons learned? Challenges?

If you can purchase a house and live in it, then turn it into a rental it is a great way to get the best financing deals on the property.