FHA Loans

[Ivan Mendoza]

hello BP community. Wanted some advise on the fha loan in Denver, co. This would be my first property I buy, I like the 3.5 percent down payment. Originally I wanted to invest down south but know I'm thinking of staying close to work. I am not sure what to buy since every duplex is way to over priced in Denver and surrounding areas I( aurora, Westminster, Thornton, Lakewood, commerce city, ect.) I know the requirements of having to live in the property for the first year. Wanted to get some local advice, should I just take the little money I have and go to southern Colorado to look for brrr properties or should I keep looking for something close by in my expensive market. Any advise would help. 

[Bryan O.]

I have a 3-plex in Lakewood that I did FHA. I actually just moved out Saturday so I should update my profile! I also have a SFR in Colorado Springs that I picked up back in 2005 and still own. Colorado Springs is similar ratio as Denver, just smaller. The rent in the area I am familiar with is not close enough to make it worth buying. Pueblo is like Rust Belt investing. Cheap places, but high (comparative) rents. I would recommend spending some time with investors and managers down there if you choose that route. From what I understand they have a different dynamic than most of CO.