50th Avenue
Purchased: December 2019
Price: $380,000K
Terms: Fannie Mae 30-year, 2.78%
Exit: Sold for $700K on wrap-mortgage with a 7 year balloon
Overview: Epic property near Old Town Arvada on over 9,000 SF of land. Property was renovated in 2021 to bring interior to modern finishes and add a second bathroom in the dormer space upstairs, which now functions as a master bedroom with ensuite. Property has rented well and we wanted to find a buyer who would but 15% down and buy on installments at a low interest rate, which we did. We will continue to build equity in our Note, service the debt, and get cashed out in the future.
Exit Plan: Decided to sell to Buyer who had significant cash to put down and we wrapped a new mortgage to him at 3.25% which is a great deal for him as well, as market rates are near 7%. Sold for 700,000 purchase price.
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