House Hack in Colorado Springs

[Daniel Hillman]

Investment Info:

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

Purchase price: $383,000
Cash invested: $40,000

My wife and I found an amazing split level that we were able to househack into two units. We will be living in one and put the other on Airbnb. We are doing a bunch of upgrades and plan on starting to rent it out in early August.

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

We have been listening to the BiggerPockets podcast for the last six months and just finished reading The Book on Rental Property Investing. Househacking seemed like the best option for our current situation.

How did you finance this deal?

Conventional loan.

How did you add value to the deal?

Sweat equity.

[Daniel Hillman]

Thanks @Joseph Yallop! Our current plan is to buy another property each year for the next 5 - 10 years. We are also considering going into a larger multifamily with some friends and family if the right deal showed up. 

@Jordan Malara I love the idea of turning the detached garage into a second STR! We have some extra space in the back of our property and have considered doing something like that. We are new to Airbnb and I'll definitely reach out if I have any questions!