Vacation House:

[Sir Sam]

I'll be brief backstory. Got married, wife had affair, got divorced, owed ex money in no fault state, did cash out refi on primary home to pay her, using rest to buy a vacation home that will also be rented on airbnb.

 

So then this one popped up yesterday afternoon as I was emailing lenders to scurry them along into getting me a loan approval:
https://www.zillow.com/homedetails/574-Bobcat-Ln-Fairplay-CO-80440/61657910_zpid/

Ok its a little small, its lower in price, has a nice deck built that is screaming for a hot tub. I can finish off the lower level to add value.......and I get to finish it the way I want. Since the price is lower I would have a pretty good amount of cash left to play with, so I could potentially bust out the lower level before rental season this summer. And, since I would be doing most of the work, pretty much every dollar spent on the lower level will pay back at least a dollar on value or more. Which just gets me closer to 20% LTV to drop PMI. Since its a lower purchase price the cash flow situation is easier. 

So thats all good, the flipside is that I don't know what else is coming up in the future that might be nicer. I might spend 100k more and get much more for my money, including something that is furnished/turnkey where I didn't need to do any work. 

Still, I'll probably try to zip up this weekend and take a look.

[Sir Sam]

Under contract at $552,150. Closing is currently set for the 3rd of June.

[Sir Sam]

So basically this house is small right now, since its only a 2/1 and the lower level is unfinished that's why it was so cheap and only went for $12k over asking.

So the plan is to bust through and get the lower level finished out before getting it on the rental market. 

Closing is set for June 3rd, and it takes a few months to get the rental permit done as well, so I have a doable, but short, window to get the place ready to rent. 

Realistically its going to be the end of the summer before I'm really able to get it rented.

here's a 9 minute video of me walking around the basement making notes to my self if anyone cares to watch it on the crapper later:
https://www.youtube.com/watch?v=OwzEFajjfrc&ab_channel=COrobotchicken

[Sir Sam]

Pre-ordered internet, says mid to late 2021 available

 

[Sir Sam]

For anyone thats curious, I have a web gallery with the images I have saved from the listing and that I took during the initial walk through. I guess ill also be updating that with images of the property going forward in the future. 

https://colorado4wheel.com/images/bobcatln/index_2.html

[Sir Sam]

Hot tub here? Or elsewhere?

[Sir Sam]

So the deck is original to the house, built in 2002, but its in excellent shape. Quite ridged, good consistent color, doesn't shake when you are on it. Its quite a bit bigger at the bottom than on the top, but the sheer size of the base makes up for it, its really pretty big, above average even. I've always wanted a big deck.

[Sir Sam]

Sauna, pool table

I would like to have a pool table, but I'm thinking the basement room will be too small for it to really pull it off. 

Now the sauna, that is an interesting idea, I'm considering what to do for a hot tub and where to locate it, I might also consider one of these sauna things:

Amazon has them, with free delivery:
https://www.amazon.com/Canadian-Outdoor-Barrel-Sauna-Person/dp/B01K60K6AW/ref=dp_prsubs_1?pd_rd_i=B01K60K6AW&psc=1

[Sir Sam]

This house has one:
https://www.zillow.com/homedetails/210-Sherwood-Ln-Blue-River-CO-80424/194063685_zpid/

[Sir Sam]

Had the inspection yesterday. A few issues, but no show stoppers. Radon test will be complete tomorrow but I’m assuming it will be high and will need a radon system, almost every place in Colorado with a basement needs one.

[Sir Sam]

Been looking into barrel sauna's, I think I found the best overall deal yet:

https://www.wayfair.com/outdoor/pdp/almost-heaven-saunas-llc-huntington-6-person-traditional-steam-sauna-mvu10044.html

However the version with the back window is sold out, oh well. Some of them have giant glass bubble walls for the back, that is pretty cool, but spendy.

[Sir Sam]

Some photos from the inspection, the short of the inspection is that it needs a radon system so I am asking for a credit from the seller. I would prefer a credit over having a system installed so that I can pick where it gets installed that meets with my base finishing plan.

Got out to view the "shed" and I use that term loosely. 

I found the firepit out back:

I don't know why the shed is located so far away, other than that its ugly AF:

You can see some of the boulders that border the walkway peeking out through the snow:

Bought a IR camera instead of paying for IR inspection:

Very much looking forward to sitting here with a fire going and snowfall sipping a drink:

The mechanical room that I am still trying to figure out my course of action:

Need to do a repair on the stairs and use a metal tie in:

Ground starting to peek through:

Lots of elk, antelope, moose, etc in the area:

[Sir Sam]

Got some metrics from the property management company I am planning to use. These properties are the same floor plan as my place. 

425774: $205 ADR, 46% occupancy with 14% owner occupancy (mostly in March and April of this year), $46k booked in the last 450 days

435623: $195 ADR, 66% occupancy, $64k booked in the last 490 days

426698: $180 ADR, 56% occupancy with 8% owner occupancy, $50k booked in the last 490 days

[89 MJ]

Mmmmm, a hot tub on that deck would be great!

[Jesse J]

that's sweet

[Torq_Shep]

I mean if you bought something in Broomfield I would rent it out from you from July for a few months =P

 

Looks like a really neat place though!

[Sir Sam]

Getting closer to closing date, needless to say I'm excited, eagar, overwhelmed, nervous, etc!

I finally bent out a key hangar I've had around forever, this was the very first one I cut, What I learned from the bends here is that I need longer "fingers" for holding the keys, oh and a nice press brake would help. So with that in mind I need to get the table out and cut a nice new one for use at the cabin:

And I got the trailer to usable! Still waiting on a tailgate and tail lights to arrive, and I need to get it wired up to a trailer connector, and I need to add a trailer tow connector to both the MJ and the Land Rover.

Then I had to stop to take a trip to Philly for a few weeks to work on a Navy upgrade project, this was docked next door:

My neighbor was feeding my chickens while I was gone, so I got to test out my new floodlight and camera combo that I will install at the cabin as well:

When I got back I hit garage sales, I lucked out and hit this one right as people were giving away everything left, so I scored a bunch of free aged wood that I can use for an accent wall:

And then driving by the cedar place I saw they had three pallets of cedar scrap out for "fire wood" for $35 each, so I grabbed the MJ trailer and loaded up all three!

So its mostly 4x4 blocks of cedar, I think I am going to slice them up into various thickness squares and do an accent wall with a few shelves, sort of like this:

I'm also thinking about this for flooring in the basement since at $1.65 sqft it makes an easy item to install myself and cheaply.

If I decide to go with a large shower downstairs and not a tub costco has a good price on a glass door setup:

And I'm strongly considering this utility sink for my laundry room as well.