Rental Property Number 28: Direct Riverfront Property with Over an Acre and Possible Airbnb
I am super excited about this property even though I had very little interest in it when I saw the deal come through in my email. The house was sent to me by a wholesaler as a possible flip and there were simply too many unknowns and costs to make it a good flip.
After I thought about the home for a while, I realized it did not have to be a flip, but it could be a rental property or even a vacation rental property. The property is right on the river in Northern Colorado with over an acre of land. the house is not in the best shape, but it is livable and large! There are currently four bedrooms and one bath, but there is room to add another bath and a huge deck overlooking the river.
After seeing the property I wanted it, not just as a rental but as a getaway for my family. At this point, I am not sure if I will use it as a rental or just be selfish and use it for myself!
We bought it for $246,000 and I think it is worth close to $400,000 after it is fixed up a bit. That would be if we plan to sell it but I don’t think we will, at least not for a very long time.
It even has a blue roof which fits very well for Blue Steel Real Estate!
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Mark Ferguson’s purpose is to help as many people as he can become financially free through real estate.
Mark has been a real estate investor and real estate agent since 2001, after graduating from the University of Colorado. Mark has flipped over 180 houses and routinely flips 20 to 30 houses a year. Mark owns 20 rentals properties as well including a 68,000 square foot strip mall. Mark is the managing broker and owner of Blue Steel Real Estate. Mark is also a member of the Forbes Real Estate Council.
Mark started InvestFourMore in March of 2013 to discuss his rental property investing techniques. Mark expanded InvestFourMore to talk about his flipping business and real estate agent business. InvestFourMore now has 300,000 views a month and is one of the top real estate blogs.
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you paid 200,000 to much
awesome place and location. many possibilities
The house across the bridge is WOW!
this house will be so nice after its renovated
Save those old blue green glass isolators of railroad line
Beautiful location. The previous owners sure left a lot of items, I always wonder why they don’t remove all their belongings.
a hydroelectric generator could run that whole house. Would be attractive to a potential buyer too.
If the deck didn’t have solid footings, that would explain it being washed away.
How much is the rent for it per month
Could be a lovely second home/weekender.
Fabulous renovation. 👌🏾
My husband and I in the process of buying our first house and your videos have given me a lot of warning signs to look out for. Found out it was a foreclosure, but it was apparently in bad enough condition that the mortgage company did a rehab on it (and a fairly nice job on it too).
I want to see more of NICKI
Wow, what a beautiful location!!
Lovely project, you could do such a lot with this house! Make a great Airbnb!
Airbnb
Love that house.❣❣
Oh Boy, Looking forward to more on this house.
what a beautiful property…very peaceful I cant wait to see it finished!
Would you consider putting in a large entrance gate to the property for security reasons?
Why did I think something was going to pop out 😅 can’t wait to see what you do to this home
Not sure if the ground is running downhill from the cement blocks to the retaining wall and beyond. If water is running down and to the inside that could make the basement stinky. Nancy
Wow, I was in love with it as soon as I saw the river! But then you said "flood" and all these memories came back to me… I didn’t even live in a flood zone… they said it was a 1,000 year flood, but we’re hearing about these kind of floods happening more and more lately. I moved later that year- I’d never go back.
Can’t wait to see what all you do with it
Buy a lot of mice poison and spread it everywhere in the House while no-one is living there.
Wonderful property. I know you’re gonna have to make one of those rooms a main bathroom but there’s potential. The New Yorker in me wants to know what wildlife is out there. Love the murder room plus crawlspace (damn those people have a lot of stuff). Hope you find some interesting goodies when you clean it out.
What a beautiful property! I’m really excited to see what you can do with it. I hope you go all in with the renovation because that location by the river is just gorgeous and it would be a shame to not make the best of it!
Mark why would this one be a rental as opposed to a flip? Is it because it’s so cool? I just flipped a lake house I bought for 55, put 20 in and sold for 134, netting 50. Wish I would have kept it kinda but onto bigger and better deals!
I Love this! Such Beauty! House needs alot of work.. but. If I were you. I’d keep it!
Forgot to mention, be sure to check out the table lamp (on floor) in living room, maybe – a slight – chance it is an authentic Tiffany glass shade. Don’t throw it out before checking. ( Once again, thank you for sharing your journey).
Wow! That is an iconic house! I’ve seen those same pictures after the flood. I was in Boulder for this last one. Great property. Congrats!
Wow, just love this place! It’s a dream location, I wish my company had a house like this that I could enjoy once a year. Perhaps you could build a cement wall/barrier towards the river to get some flat ground? And imagine a porch over looking the river and forest. Amazing place 👍😁👍
This place has AMAZING potential!!!!!
I grew up here. Moved in when i was 2 or 3 (1985 ish). Thank you for the before and after. My step dad was a Greeley firefighter. Those were his patches and that closet door was his "office". The pink bedroom was mine. Yes it was a half bath that my step dad renovated. He never took out that toilet. The bedroom was part of the orignal trailer. The changes you made are amazing. Its so much better!! One day our dog got sprayed by a skunk. My step dad was in the tanning bed (yes it used to be a garage) and mom had let the dog in, he thought the tanning bed was on fire 😂. That was a fiasco. But the shed with all the memorbilia, step dad used to buy storage units long before that became popular. Thats why there is so much random things. That bar has been there since the garage renovation. I remember drinking vodka 😂 as a minor when no one was home! The retaining wall you talked about in other videos used to have a cord of firewood. It was there when we moved in. I remember unloading ever year the firewood. Spent many winters without electricity and relying on the stove. Amazing memories. Thank you for the videos! I havent been inside the house since 2018.
The foundation joists were originally put in when i was a teenager. When i was younger the house would make "creeping" noises and i would say the ghosts are walking again. Those joists needed worked after the 2013 flood when the house was red tagged by FEMA.
Also, we had a washer and dryer but when the well colapsed i was in elementary school at Big T, and the well was rebuilt at the top of the driveway. We didnt have enough water so we had to go to loveland to a laundry mat.
We also had an above ground pool in the backyard but that washed away in 2013 flood.
If you ever have any questions, you can ask. I’ll try to give you the history on it.
Oh i forgot to mention my sister Mandi’s bedroom was in the basement/celar/crawl space area. I never went down there 😂!
WOW Mark – the possibilities are endless almost with this one. Were I you (and as you are "sort of" saying) a secondary vacation home for you and perhaps close friends and family too.
It will be very interesting to see how this comes out in the end and what you decide to do with it exactly….. 🙂
Mannnn!!! I wish I can have that place 😭😭 lol lol it’s perfect you got a good buy no doubt about that awesome
You’re keeping it are you gonna just rent that out or part time rental STR or VRBO?
What river where ?
Wow, what a beautiful location! The house itself, uhh, needs improvement layout-wise, but I love where it is. So relaxing.
It looks like the garage conversion was a small apartment/ mother-in-law suite
Your creative juices flowing as fast as the river.
Will be interesting to see if you loose your enthusiasm, or this becomes a life long project.
Beautiful setting, but my first thought was how long since the last flood. Love the potential, but it seems to be a complete money pit. Please keep us updated, my instincts leaning towards, ‘Slick’ it up a bit, enjoy it while, – and if, you can, and then move on. Perhaps before the next 100 year flood.
Loving your life, sincere thanks for sharing so honestly.
I’m surprised they left so much usable items. Mark, do you have a thrift store for all your finds you don’t want? Beautiful property, and the river, oh my….
great property even looks like it would be possible to build a hydro setup for free power
Remeber that line in Christine the movie? I’m gonna sell this Sh&$hole and buy me a condo. That’s what this reminds me of Mark LOL LOL
Really looking for the remodel on this one. Looks like it could be a vacation home.
The murder room has a murder room!
A big deck overlooking the river would be amazing!!
Wholesaler, is it the guys who post little ads next to curbs "Tony will buy your hose today"? Just curious 😉
Would be better if the neighbors would clean up. Maybe build some sorta screen to hide that some what.
Can’t wait to see what you do with it!
I must say, you have natural vision when it comes to these things.
I admire the way you make your visions happen 👍