Short Term Rental Style House Hack- Denver

[Ben Einspahr]

Hello BP community. Wanted to highlight the details of Eric DeNardo's first house hack purchase. Deal closed September 2022. Investment Details below! Great job Eric!

Investment Info:

Short Term Rental Style House Hack

Closed September of 2022.

Purchase Price:

$460,000

5% Int Rate

Cash Invested:

(Seller Concessions: $3,000 back at closing)

Closing Costs: $5k (Amazing grant program that offers down payment assistance)

Furnishings: $5,000

Rehab: $7,000

TOTAL: $17,000

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

Owning a future rental property for low down and decreasing my living expenses made house hacking a no brainer. After moving out, operating the entire property as a STR will pay for 100% of my mortgage, then sum. See spreadsheet below

How did you find the deal and did you or the agent need to do any negotiating?

Right off the MLS. I connected with the Envision Advisors Team and they set me up on searches to help me identify these house hack style homes with separate income suites. It took looking at the MLS just about every day to find the right one.

How did you finance the deal?

I used a grant program that offered down payment assistance of $17,000. This loan does require you to buy a home in a moderate or lower income area.

Did you add any value?

Yes. We replaced the roof, updated landscaping and new carpet.

Great Job Eric! Keep on crushing it!