Open House
We went to an Open House in Boulder yesterday. The property locates on 10th Street and is 2 blocks away from Pearl Street. It's over 4,100 sq feet and costs $2.8 million. It used to be a B&B place in Boulder.
It's almost the best location in Boulder: quiet neighborhood, walking distance to downtown Pearl Street, totally renovated, Home Theatre System installed in finished basement, lifts going from basement to floor 1, 2 and 3, video camera linked to every TV in the house as security system. I cannot think of what else we would possibly need in a modern home.
The floor is mahogany and elegant. The Master Bedroom is decently sized. The kitchen area is most impressive with open space and marble upgrades.
The host did all the work by himself. He told us he bought this place at $1.7 million, spent $800K renovating it and is trying to make $300K.
"What a terrible ROI!" Biajee said later when we were sitting in an Italian restaurant.
"I don't think he told us the right number either on the cost of the house or the cost of remodeling." I replied thoughtfully. "This should be a very profitable business. He should at least double the price he paid for the property."
Real Estate can be a very risky investment if you don't research carefully. Normally your monthly rent should be at least 1% of the cost of the property if you want positive cash flow. In most cases, this is almost impossible.
It's almost the best location in Boulder: quiet neighborhood, walking distance to downtown Pearl Street, totally renovated, Home Theatre System installed in finished basement, lifts going from basement to floor 1, 2 and 3, video camera linked to every TV in the house as security system. I cannot think of what else we would possibly need in a modern home.
The floor is mahogany and elegant. The Master Bedroom is decently sized. The kitchen area is most impressive with open space and marble upgrades.
The host did all the work by himself. He told us he bought this place at $1.7 million, spent $800K renovating it and is trying to make $300K.
"What a terrible ROI!" Biajee said later when we were sitting in an Italian restaurant.
"I don't think he told us the right number either on the cost of the house or the cost of remodeling." I replied thoughtfully. "This should be a very profitable business. He should at least double the price he paid for the property."
Real Estate can be a very risky investment if you don't research carefully. Normally your monthly rent should be at least 1% of the cost of the property if you want positive cash flow. In most cases, this is almost impossible.
Labels: Investment
posted by baobaobebe @ 2:03 PM
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