This is the first time I have seen this house in four years! My property managers have seen it, but not me personally. I bought this house for $91,500 in 2015 and it was the last residential rental property I bought. Prices in Colorado got too high to cash flow on almost all residential properties and I decided to find a new place to invest. This was a smoking deal, but the house is old! It was built in 1885! I knew I was stretching my rental property criteria to buy this one even though it was a great deal. In hindsight, I could have bought many more and been just fine because prices increased so much but no one knew prices would go up as much as they did.
The property is not pretty but it has made a great rental and has made money just about every month we have had it. The tenants have rarely asked us to make any repairs although we did replace the furnace. They mentioned they had cockroaches, but the extermination company could not do much with them in the house and as dirty as the house was. We decided to wait until they moved out to get rid of them and they have moved out!
The house is not horrible, but it needs some work. The plaster is falling down in places and the garage is trashed but I have had rentals treated worse. The property is worth more than $200,000 now fixed up and I plan to make some repairs and eventually sell it. Hopefully, we can 1031 exchange it into a commercial rental.
You can see the before video here:
Here is more info on 1031 exchanges:
0 Comments