Should I start where I live?

[Adam Gusky]

Hello BP community,

I am 26 years old and recently moved to Denver. I am looking to purchase my first rental property. I am in Denver and would ideally purchase a property within driving distance so I can easily fix it up and manage it. 

I have around 60k saved (with an additional 100k in roth and 401k that I’d preferably like to leave alone). Is it feasible to purchase a property in the Denver metro area? I’d prefer something that cash flows, even if I have to do a bit of work on the property.

Any advice is greatly appreciated!

[Joe Villeneuve]

Never invest where you live, just because you live there.  The object is to make money.  If where you live you can't make money, then don't invest there.  If you can make money, then by all means you should invest there.

Remember, the money you spend is gone once you spend it.  Don't buy a property that will cost you more money as you own it. Buy a property whose cash flow and/or profit will allow you to buy more properties.  That's how you grow.  Buying properties that lose money, that cost you more money, is how you shrink.