All Forum Posts by: Joe Nessinger

Investment Info:

Single-family residence buy & hold investment in Denver.

Purchase price: $200,000
Cash invested: $60,000

Found a 2 bed 2 bath condo located very close to the University of Denver. Property is a 2 bed 2 bath condo but the interesting part is that each bedroom is a master suite. I am currently renting this property to two graduate students at the University of Denver.

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

I bought this deal because I am looking for cashflow. This condo is also located next to a new development where they are building a 10 unit apartment building. Each unit in this building is going to be selling at 500K+, which means my condos value is going to rise significantly

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

Found this deal through an agent on the MLS. It was a tired older lady that owned this home so we were able to negotiate the price down.

How did you finance this deal?

We financed the deal using cash.

How did you add value to the deal?

The condo was in pretty rough shape. We came in and put new windows, floor, upgraded the bathroom, kitchen, painted the whole condo and put new doors, fixtures and all else. It was a full cosmetic job.

What was the outcome?

Condo is rented out and we plan on keeping this property for 5-8 years.

Lessons learned? Challenges?

Rehabbing even a small condo can be expensive.

Investment Info:

Single-family residence buy & hold investment in Denver.

Purchase price: $225,000
Cash invested: $10,000

Found a condo located right outside of Lowry town center in Colorado. Property is a 2000 build which means that potential risk is low. Property is a 2 bed 2 bath with 1400 sqft. The condo is on the 3rd floor and has views of the entire city thus is able to fetch a premium. I am renting out each room for $950. My total monthly cash flow is $1900.

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

This property is located next to a major development that is headed by Buz Koelbel. They are building a full neighborhood which means that my property value is going to keep rising.

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

Found through an agent. Found a couple of motivated sellers that were moving to a different state.

How did you finance this deal?

I used cash to finance this deal

How did you add value to the deal?

When I took possession of the property I came in and replaced the laminate floors and carpets. I also put a new coat of paint on the walls.

What was the outcome?

Property is still held as a rental.

Lessons learned? Challenges?

Being able to collect rent every month.