At the beginning of the year we sold a rental home of ours in the mountains that we had built from the ground up a few years ago that we were renting out long term. I had my eye on several different options to do a 1031 exchange into, including Denver apartment buildings for sale, and several single family homes.

We ended up closing on ‘Little Red’ a few months ago and just wrapped up the renovations which included a whole new kitchen, new main bath, all new windows, new attic insulation, radon mitigation, and several smaller items. The best part about ‘Little Red’ is the overall location of the property. Chautauqua is super close to world class hiking trails, but our location is only 4 blocs to Colorado University as well, which makes it a lively active neighborhood. Another benefit of the area is real estate selling in the 5-8M range only blocks away from Little Red. We just dropped some good $$ into the property and my kids still might attend CU, so we’re not going to hiring a bulldozer anytime soon, but the option is there for a future spec home development.

The strategy my wife and I have used for many years investing in real estate is called BRRR, which stands for Buy, Rehab, Rent, Refinance. We’ve never really done the refinance part, but many investors scale their portfolio going this direction and I’m happy to discuss the pros/cons of this strategy.

Check out some of the photos of the property showcasing the remodel and reach out if you’d like to find yourself a similar property to add to your portfolio:

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Little Red as I’m calling the home was a personal deal for my wife and I.

We sold an investment property a few months back and did a 1031 exchange into Little Red.

The main draw of the neighborhood is proximity to local trails in the Chautauqua area and Colorado University.

On the financing side we were able to secure a DSCR (debt service credit ratio) loan, which keeps the mortgage amount lower during these higher than desired mortgage rate times.

Moving forward on Little Red, we’re updating the kitchen and main bath areas, had moldy insulation removed and new insulation added, installed a radon mitigation system, replacing all windows,  and a few other minor updates to get it rental ready. I’ll do a post renovation post for those of you interested.

This process of buying homes in need of some love, updating them, and holding them versus flipping, has a fancy acronym that we’ve repeated many times throughout our investing career: BRRR, which stands for Buy/Rehab/Rent/Refinance

We’re not be doing the refinance part on this one, I’m happy to discuss the pros/cons doing that if you’re an interested BRRR investor!

The post Just Sold: Lower Chautauqua (Boulder) Single Family appeared first on Denver & Boulder Real Estate.