Bought my first investment! Househacking a condo in Denver

[Raven Reinmuth]

Investment Info:

Condo buy & hold investment in Denver.

Purchase price: $260,000
Cash invested: $6,000

My first purchase, I am househacking and renting by the room plus did a lot of renovating. Plan to continue purchasing primary residences and househacking until I can get enough equity/cashflow to do bigger deals.

How did you add value to the deal?

Lots of reno

Lessons learned? Challenges?

Would probably hire out some reno work instead of trying to do it all myself next time around

[Trever C Trader]

Originally posted by @Raven Reinmuth:

Originally posted by @Trever C Trader:

That's the way to do it! Keep up the momentum. 

I purchased my third property last month, I'm almost at my 2 year anniversary of my first place. 

If your HOA doesn't preclude it, you may wish to look at AIRBNB with STR or 30+ day stays (I prefer the latter).

Nice! I am hoping to do 1 a year, are you doing primary residence loans if you are doing more than 1 a year? Also I have been thinking of doing STR but am not so familiar with it, are you doing that in Denver?

Yes, I purchased my first two properties with primary residence mortgages and used a vacation home mortgage for the third. 

I am using rent by the room, with Airbnb, in Arvada. In Denver I just have a roommate and am trying to decide which rent strategy to employ after moving.  The vacation home is in Phoenix and I will be moving in to this condo, until I purchase my next property, and plan to Airbnb once I move on.

I am planning to use an FHA 3.5% down owner-occupied 4 plex, to purchase the next property - to accomplish this, I am moving to Phoenix. I'm told I will have to refinance my vacation home to an investment property (due to lender requirements and proximity).