[Christina] Oh, my goodness gracious!
You got your work cut out for you up here.
[narrator] Christina wants to take on a fixer in Denver
that has both charm and rental potential.
I would expect you could probably rent this
- $2,200, $2,400 a month. Yeah. - No way.
[narrator] And while she does have a construction background,
her friend and broker Brooks
knows she's struggling to stick to her own budget
since she has high-end tastes.
If you take the wall out, that 20,000 number will increase...
- Brooks... [vocalizing] - substantially.
[narrator] Will Christina's business side win out?
Or will she go with her heart?
As much as I love this home...
- Right. - it's scaring me a little bit.
- [doorbell rings] - [theme music playing]
Ready? Come on. Go get it. Go get it.
I moved from Los Angeles to Denver six years ago.
You got friends coming over.
Just being in the open air is just my vibe 100%.
Definitely mountain biking during the summer, skiing during the winter.
Give me your paw.
I currently live in a tri-level townhome here in Jefferson Park
with my dog Bruno. He's a Bernese Mountain Dog.
After I moved to Denver, I purchased this townhome.
- Hi. Good to see you. - Hi.
-I had to greet the dog first. Here you go. -No, it's all good. Thank you.
My friends would describe me as someone who definitely knows what she wants.
And goes after it.
The mountain biking season is in full effect, Christina.
I know. I'm so excited.
I am single, but a lot of that is by choice.
Because I have an amazing life.
I have an amazing supportive community of friends.
I'm looking to buy right now.
Bruno and I are getting a little cramped. I also just want some more space.
Would love to have a yard for Bruno.
I work for a real estate private equity firm
and I'm the director of operations.
So I manage architects, engineers, GCs.
I received a bonus over the summer and I'm really excited
to put that money that I earned into an investment.
Which brings me to...
- my search. - Okay.
My desire to find, um, a property
that I can have either a duplex or an ADU,
where it can bring in rental income.
- You know I want a fixer-upper, obviously. - Yeah.
Now let's talk about then, how big of a project do you actually want?
So because of my background, the uglier the better.
The older, the better.
Because then it makes it an easier decision
for me to say, "Oh yeah, that all has to go."
Square footage, have you thought about that?
Twelve to sixteen hundred is good.
- You have guests a lot, okay, so two bedrooms. - I'd like... two bedrooms.
-Third would be great. To turn into a gym. -Okay.
I'm attracted to homes that have character
so when you walk in, you just feel
like, has a big hug, as you walk in.
With older homes,
I love the wood, I love the banisters, all the carpentry.
What's the most important thing to you, though?
Oh, kitchen, for sure.
- Okay. - I need it to be open, like this.
See the thing about this is like, when I'm cooking,
I'm not facing my guests.
Would you consider something that is completely done?
I am but it'd have to be perfect.
- And by perfect, it'd have to be up to my... - That doesn't exist.
So I'm looking to stay under $700,000 for something that has two units.
And I've set aside about $100,000 for renovations.
But what are you gonna do with this place?
I'm gonna rent it.
Where are you getting this motivation from to do this?
[Christina] I'm pretty inspired by my grandmother.
She basically bought six or seven different real estate investments.
And that's how she retired.
Her work ethic is definitely something that I believe I have in me.
This is like first of many.
Oh, first of many. Yeah, totally.
- This is not the be-all, end-all. - No, no, no. Not at all.
Are you planning on bringing somebody in to help you?
Do you think you're gonna do this yourself?
Like, are you putting cabinets in or like, what are you doing?
Some of the demo, I think I can handle.
I mean, cabinets, how hard is it to... I mean, you have a level.
Christina, I've seen you hang pictures.
-Do not jinx it, Sarah. Please, do not jinx it. -Okay.
[Christina] I know money. I know what my budget is.
But at the same time, I'm just like, "Ooh!"
I get into this, like, dreamer mode and fantasy mode.
So I find myself having to separate the two sides of me.
And get in between the battle that occurs often.
Thanks for picking me up.
-Yeah, absolutely. I'm happy to do it. -Yeah.
[narrator] She's met up with her friend and broker,
and they're headed to a Victorian fixer-upper
in the heart of Denver,
with an ADU also on the lot.
I'm really excited about this house.
How excited are you?
Did you see the purple floors?
I think I'm a little scared about it.
So they're listed at 700.
- Which is the top of what I wanted to spend, so, okay. - Yeah.
[Brooks] I mean, it definitely looks like it needs some work.
- By the pictures. - Mm, yeah, it does.
-[Brooks] All right. Here we are. -Hey! We're here.
The porch is definitely falling down.
All right. Cool.
Christina sent me this listing and she really wanted to see it.
So here we are.
Most of the buyers that I work with would be so turned off by this house.
[Christina] Ooh! I love the staircase.
[Brooks] Yeah. So this is a very traditional Victorian.
- So you've got normal living room. - [Christina] Okay.
[Brooks] Formal dining room.
[Christina] I do love all the trim work.
-That is beautiful. And these windows? -[Brooks] Yeah.
[Brooks] Absolutely.
I bet this can come down.
- Yeah. For sure. - That's completely hollow.
- I bet this is brick. - Right.
- Yep. I would think so. - Do you think?
- Really? - Absolutely.
- I bet you that I can expose this. - Yeah.
[Christina] This is so beautiful.
[Brooks] Yeah, the fireplace is stunning.
[Christina] Do you see these tiles?
[Brooks] These are so cool.
Three bedrooms, total.
- Okay. - So one of your bedrooms is here.
[Christina] For who?
[Brooks chuckles]
You could use it as an office.
Okay. Maybe an office.
And then you've got one bathroom.
At some point, it was updated.
- Purple. More purple. - Long time ago.
- [Brooks] So here's your kitchen. - Okay.
[Christina] I would have to undo this entire kitchen.
Which, to do that, you're probably looking at least at $20,000.
What I could do is knock this wall out.
Do a really cool center island here.
I could have that kind of open space.
- Yeah. - At least here, in this area.
[Brooks] You take the wall out,
that $20,000 number will increase...
- Brooks... [vocalizing] - substantially.
[both laugh]
I know Brooks has a lot of experience with doing renovations.
But I think he's underestimating my capabilities.
I am a go-getter and so, at the end of the day,
if I want it done, it's gonna happen.
Bruno is going to hate these stairs.
-[Christina] Poor guy... oh, my goodness gracious. -Like, look at that.
- [Christina gasps] - Yeah, you've got your work cut out for you up here. Yeah.
Do you think I can add a bathroom up here?
- [Brooks] You definitely... - Because there's a bathroom downstairs.
- [Christina] Right underneath us, actually. - Right.
I hate to be the bad news guy.
- But you're probably... - I wish I'd brought my earplugs.
And just did the tour by myself.
- 'Cause I feel... - You're probably looking at, you know,
another $20,000 at least.
- [Christina] Okay. - So this would be considered your main bedroom.
[Christina] This room seems fairly big.
I like the windows.
Let's see what the other bedroom looks like.
- So the... - Wow, okay.
- This is... - So this is your third bedroom.
I like this skylight. That's really nice.
Wow.
It needs... a lot of work.
But this yard space
is something you don't see a lot with the Victorians
- in this area. - [Christina] Yeah.
- Bruno would... - Which is great for Bruno.
- Yeah, he would go crazy. - [Brooks] Yeah.
- Let's go take a look at the ADU. - Okay.
- All right. - Cool.
[Christina] Awesome.
[Brooks] Nice space that you could use, you know,
definitely has rental potential.
So what do you think I can rent this for?
- [Brooks] You could probably get $1900 a month. - Really?
- I mean, there's not really much... - And your one bedroom.
- I'm pretty shocked it looks as good as it does. - Yeah.
- Considering what the main house looks like. - Right.
- [Christina] Bathroom. Great. - You've got your bathroom and your laundry.
I can definitely see Bruno and I living in here for a couple of months.
- [Brooks] Couple of months? - I mean, it's fine, I...
Are you doubting me? Are you doubting me?
There's a lot more work over there than a couple of months.
You're almost looking at half the year.
The price point at $700,000 makes me really nervous
to think that I would be living in the guesthouse for that long.
And not collecting $1900 to $2000 a month in rent.
Losing out on the rental income from the ADU.
Overall, I really like this home.
I love all the character.
I love the high ceilings.
[Brooks] For the area,
and the added bonus of the ADU...
- Right. - It's a pretty good buy.
My biggest concern is, as we start pulling things off,
the unknowns.
[narrator] But when Brooks finds a more move-in ready place,
Christina isn't feeling that, either.
Very builder's choice...
- Yes. - This kitchen.
[cell phone ringing]
Hey, Brooks.
How are you?
Good, you know, just threw my laptop in my bag
when you called and said, "Get over here immediately,"
and rushed over.
[narrator] Brooks has asked Christina to quickly come by a new listing he's found,
since the remodeled duplex just 15 minutes south of downtown
will not last long.
-Just came on the market. And it will move quickly. -Oh, wow.
All right, well, it looks like
it's telling me to turn here, so looks like I'm pulling up into the neighborhood now.
Okay, it's cute. I like this tree in front.
Getting my game face on.
Get it on.
I like the front, so far.
- Yeah, it's got some good curb appeal. - Looks like they just recently
- painted this cute little porch. - Yes.
Here in the Denver market, we're super-limited on duplexes
to be able to use as an income producing property.
It's really a great option for her to consider.
[Christina] Oh, wow!
-Smells like fresh paint. [chuckles] -Yes.
-[Brooks] Newly remodeled. Yeah. -Obviously.
- Brooks? - I know. I know, I know.
- But... - But?
- It's priced at $640,000. - Yeah.
-No, I like it. I like it. I'm just trying to digest it. -[Brooks] Yeah.
'Cause as you know, I kind of want to put my own touch on things.
I like the curvature of the walls and stuff.
- [Brooks] Yeah. Yeah. - And this archway, that's really cute.
[Christina] Very builder's choice...
- [Brooks] Yes. - With this kitchen.
[Christina] Ugh! Why do, why do builders do this?
- They put electric stoves everywhere. - I know.
- It's just... - That's because contractors aren't cooks.
So they don't care.
[Brooks] But at the same time, it's turnkey, it's ready to go.
Let's go take a look at the bedrooms
and the bathroom.
I like the floors.
- Yeah, so I would say these are original. - They're cute.
- [Christina] Oh, really? - Mm.
Do you think they go in through the kitchen? Potentially?
[Brooks] I would think that there's hardwoods under there.
- I would love to rip out that tile. - Yeah.
[Christina] Ooh, this is tight.
- This is a small bedroom. - Yes. Yeah.
- So this would probably be your guest bedroom. - Yeah.
Take a look at the full bath.
[Christina] Oh, wow. This is tiny!
- I know. - There's no space for all my products.
At least there's a tub.
So this should be kind of used as your primary bedroom.
[Christina] I like these little shelves.
- [Brooks] Yeah. - They're cute.
I will say, I do have good vibes as I'm walking through.
I love this big, open window.
- It feels good. - Good.
I see what Brooks is doing here.
He's absolutely tapping into my financial thought process here.
He knows that I'm also all about the dollars.
And so, this definitely pencils out.
-Wow. -[Brooks] Yeah. So, great patio.
[Brooks] You know, all-new concrete back here.
Obviously, could use some landscaping.
- [Christina] Whoa! Yes! - So, yeah. Ton of space.
[Brooks] Newly built.
I mean, it's even big enough, I can even put
- some of my home gym equipment in here. - [Brooks] Yeah.
Well, I want to see its rental potential.
- Let's see what this looks like. - Okay.
- I love this separate entrance. - Right.
- I like this window. - Yeah.
[Brooks] I mean, that's a super-cool feature to add more light.
[Christina] Ooh, it's so new!
- It is. - This is where I don't mind new.
- Right. - For the rental.
Yeah. I would expect you could probably rent this
- $2,200-$2,400 a month, yeah. - [Christina] No way!
That's amazing.
- Okay. - So you've got a three-quarter bath.
[Brooks] Not a ton of space to work with.
- But again, it's for your tenants. - Yep.
You've got your two bedrooms.
[Christina] Are they both the same size?
They're pretty comparable...
- Okay. - Bedroom sizes.
[Christina] I like it.
Yeah, so I was nervous about showing you this place.
'Cause you definitely wanted something that requires some work.
The one thing that I'm not loving is the main house
just has no opportunity
- for me to put my touch on things. - [Brooks] Yeah.
- So keep in mind, you know, it's listed at $640,000. - Okay.
Which still gives you plenty of room
if you wanted to change some things out.
I mean, potentially, I could
change off the faces of the cabinets
- to do something that's more my style. - Absolutely.
This house will definitely go fast.
So I would say, Christina's gonna have to give, somewhere in this process.
- It really leaves you with some options. - Yeah.
Especially getting the income, right off the bat.
- [Christina] Yeah. - To rent this out.
- You won't have to do anything. - Right. I do love that.
What do you recommend next? Do we write an offer right away?
Definitely be something that we need to move quickly on.
- Okay. - For sure.
I understand the Denver market, there's slim pickings.
There aren't a lot of opportunities so I'm torn because
I know this would be a great investment, but I've have my heart set on
a so-called project.
It's a really tough decision for me to make.
[narrator] So Brooks finds one more fixer.
But, of course, nothing's perfect.
-It's just so small. Everything's so tiny. -Right.
What have we got on the docket today?
So we got one that you're gonna love.
Mm. I feel that's a little sarcastic, so I'm a little nervous.
- No, you're gonna be pumped about this house. - Okay.
[narrator] Since Christina wasn't quite ready to make an offer on the duplex,
Brooks has found another option in South Denver
that's both a fixer and zoned for an ADU.
- So they're listed at 475. - Four seventy-five?
Yeah. Given the price point,
- turning the garage into an ADU... - Oh, okay.
Would be what you would want to do.
[Christina] Definitely further away from where I am now from work.
[Brooks] We're not that far.
This area seems kind of industrial.
- [Brooks] It is. Yeah. - Right?
Which doesn't feel great, FYI.
So small.
You have to give it at least... a chance.
Okay. I like the porch.
Sit out here in the summer.
Have a glass of wine.
[Brooks] Okay.
Wow, that's pretty impressive that somebody...
all that work
- into that... I've never seen that before. - Yeah. That's...
- [Brooks] A lot of detail. - Wow.
You have the two bedrooms up here.
And then one bathroom.
[Christina] Huh, interesting.
- [Brooks] Uh-huh? - Yeah.
This the primary?
- Is this gonna be the largest room in the house? - I mean...
- This will be your largest. - Oh!
- Your bathroom's, you know... - Tiny.
- A little odd configuration. - They like blue.
[Christina] I think it would be nice to add access...
- Mm-hmm? - From the other bedroom to this bathroom
- since it's the only bathroom, you know, in the house. - Right. Yeah.
What do you think, cost-wise?
- If you re-did the bathroom, you're probably looking at... - Oh! No, no, no!
- When I re-do the bathroom. - When.
There's no question about it. That bathroom has to get re-done, Brooks. Absolutely.
- Then you're probably looking right around $10,000. - Yeah.
[Brooks] And this is your second bedroom.
So it's definitely small, you know.
- It's tiny. - So you might wanna use it more as
- like an office space, something like that. - [Christina] An office. Yeah.
This house is extremely small.
I mean, I don't know if Brooks has seen Bruno or not,
but he's a big dog.
And this space feels very cramped.
The only thing that I could see possible
- is going out this way. - Yeah.
- That actually might be... - You've got space here that that would allow you to do.
- That actually is a really good idea. - [Brooks] Mm-hmm.
And then the kitchen is just that much more smaller.
It's just so small.
- Everything's so tiny! - [Brooks] Right.
So let's, uh, let's see some of that vision of yours.
Where's that?
[Christina] I think definitely a full gut.
- Yeah. - Just because, I mean, I don't like any of the aesthetics.
- So the cabinets, countertop, everything has to go anyways. - [Brooks] Right.
So I'm thinking if I knock down these walls,
and do some sort of center island,
- then I'll just get more space. - Right.
[Brooks] And then you've got laundry back here.
I actually really like
- how big this area is. - Yeah.
- I could even maybe do like a dog bathroom for Bruno. - Yeah.
How close is the backdoor over here?
- Right here. - Oh, sweet! I love that!
So yeah, you could come in off the, you know,
- carport of your garage. - Okay, I'm warming up to this home.
- We'll go check out the basement? - Yeah, let's do it.
- [Brooks chuckles] - You definitely need to duck.
- This is gonna be tight. - Be careful.
[Christina] Oh, my!
- Oh, yes. - Wow.
- [Brooks] Got this open space. - All right.
So this is your third bedroom.
- [Brooks] I mean, they're good-sized rooms. - Yeah, the rooms are not bad.
So this is what they're considering your fourth bedroom.
-Got it. I like these built-ins. -Got some lovely built-ins.
- You know how I like character. - Yeah.
It'd be cool to have a home gym down here, right?
- Right. - All my bikes.
Yeah. Be a perfect use.
Okay, let's go look at the garage.
Let's see what we're talking about with this opportunity
that you're trying to sell me on.
Wow.
This is some backyard we got here.
And if you turn this into an ADU,
you could really do a good job
- of keeping this space separate, you know. - Yeah. Yeah.
And they could have their own parking.
Take a peek.
Okay. Ooh.
Can you go vertical?
- [Brooks] Mm-hmm. Yep. - You can? Okay.
So I can do like... If I wanted to pop the top
- and do like a loft or something, I could do that. - Oh, yeah.
- [Brooks] And then leave garage space... - Yeah, yeah.
If you wanted, underneath it.
To turn the garage into an ADU,
I would guess it'd be better around $125,000.
I would recommend she lives in the main house
while she's building the ADU.
And then once the ADU's built,
then just move into there,
fix up this house,
it's kind of a win-win situation.
So are you seeing the vision here?
I think knocking this wall out is gonna be key.
- [Brooks] Yeah. Okay. - Really making this place bigger.
And it's going to be probably a quarter of a million dollars,
tearing down walls, re-doing the kitchen, re-doing the bathroom.
- [Brooks] Yeah. - Plus the ADU.
[Brooks] Being at 475,
- it gives you a lot of room to really make it your own. - [Christina] Yeah.
You said you wanted a project.
- I know. Yes. - So this definitely gives you that.
[Brooks] Kind of just going over, like, rental numbers,
- an ADU, I think you could push $2000. - Like a sub...
- Two thousand? - Yeah.
The logical side of me knows the numbers work.
They absolutely work. This would be a great long-term investment.
Unfortunately, my emotional side
doesn't feel like this space is home.
I'm not loving the neighborhood.
And so, I'm struggling right now with what I should do
and what I want to do.
- Okay, let's go, bud. - Good boy.
You want some water?
Ooh, that was fun.
- The weather's so nice for runs like this, I love it. - It's so nice.
[narrator] It's time for Christina to choose what matters most.
Feelings? Or finances?
[Christina] There's this one Victorian in West City Park.
You know how I'm a sucker for these older homes.
- The charm. It's so charming. - The charm. Yes.
[Christina] So cute, right?
Seven hundred thousand, so it's my max.
Based off of the condition of the home right now,
we're pushing probably 150, potentially $200,000
if I want to add, like,
- the special things that I want in the house. - Right.
So what were the upsides of this one?
[Christina] There's an ADU already on the property.
Recently built.
So Bruno and I would be living in the ADU
while renovations were going on in the main house.
Okay. And then what else are we looking at?
[Christina] So the other one is completely turnkey, right?
So it's a duplex.
Main floor would be my living space.
Second floor is the rental.
Completely finished, which, you know, it's great.
I wouldn't have to worry about it. On the other hand, I'm like,
"Well, where do I get to add my personal touch to everything?"
- Sure. - So, but, Brooks was saying,
$2,200 to $2,400 a month, I could rent that space out.
- For the ADU? - For the ADU.
- Wow. - Yeah.
[Christina] The garage was amazing, so I could set up a home gym in the garage,
- which is great. Yeah. - [Sarah] Which is huge.
And then, next on the list?
[Christina] I saw this cute bungalow, which, financially, makes complete sense.
Four-seventy-five.
Everything needs to be re-done. Kitchen needs to be re-done.
Bathroom needs to be re-done.
[Sarah] But then you get to put your personal touch on it, right?
[Christina] Yeah, totally.
So it's like a tough spot, right?
And, to top it off, like, I don't love the neighborhood.
[Sarah] What is the ADU situation on that one?
[Christina] So I would have to build it, which is why the 475 is so appealing.
- [Sarah] Right. - Because I'll have plenty of money to set aside.
Well, I think the big thing is,
you could live through a renovation
- or you could just move into a house and start living. - I know.
And making money.
This is a lot harder than I thought it was going to be.
[doorbell rings]
- [barks] - Oh, we have friends coming over. Let's go!
I decided on the Victorian.
At the end of the day, the feels overpowered the finances.
And I just love all the character that this house brings to the table.
- Hello! - Hey, you guys!
- How are you? - Good!
Oh! Look at this!
[Christina] So the home was listed for $700,000.
I put an offer in at 690 and it was accepted.
I'm gonna open up this wall.
Modern vintage.
- There you go. - There you go.
Well, I'm doing the demo work.
As soon as that's finished, then the contractors will come in and do their thing.
The renovation costs are probably looking between
150 to $200,000.
It's not necessarily where I was aiming for,
but, you know, we'll make it work.
- What's your color scheme in here? - Oh, my gosh, you guys!
It's gonna be the most beautiful, almost like this color.
-But a shiny. It's gonna be a dark green. -[woman] Mm-hmm.
With, um, white countertops.
As I'm working on the main house,
Bruno and I essentially are living in the ADU,
which has been challenging, for sure.
My furniture's too big.
But I think I'm just overwhelmed
with the emotion of excitement
that I'm just kind of blocking out any negativity.
What I want you guys' help with today is just help me with the exposed brick.
My goal is to have the house done in no more than three months, tops.
Brooks thinks it's gonna be nine months.
I mean, seriously? Nine months? How dare you doubt me!
Ladies, I'm coming with the champagne.
Yeah, I'd rather the champagne. I'm better with that.
I would say, my grandmother, she'd be super proud that
I'm continuing in her footsteps
and building my retirement, essentially, through real estate.
I love it.
I'm just super excited to make my own memories
and, um, add some additional character to this home.
All right, ladies. Demo day! On three.
One, two, three.
- [all] Demo day! - [Bruno barking]