21 year old, who wants to buy his first Duplex/Triplex/Quads

[Aaron Vigil]

I want to buy my very first property, which would be duplex/triplex/quads, however I live in Colorado, which makes it really hard to buy anything these days. If so, what would be a good price to buy Duplex/Triplex/Quads, since everything is so high. I want to buy something either in the Denver area or something at least 1 hour away, but a range between that would be great. I will be using a FHA load to get started, and I think investing in a duplex/triplex/quads would be awesome to kick-start my real estate career. 

[Micki M.]

@Aaron Hill the strategy that makes sense to you, makes sense to you. If you are going to buy your first home/property, then buying something that also produces income makes great sense. Why pay 100% of your mortgage when you can pay less than that.  In terms of deciding what a "good price" is, this is also somewhat subjective.  If you can lower your monthly payments by buying vs renting then that's more cash you have to save for your next investment.  If you can buy a 2-4 unit where your monthly costs are $0 or close, then even better.  Also, by buying a property with rental income you should be able to qualify for a higher purchase price which could be helpful in this market. Multi-units in the Denver area are in high demand but that doesn't mean it's a bad idea, houses and condos are also in high demand.  

If you are thinking about switching jobs, but you want to buy soon, you should keep your current job. You will need to consider whether you're willing to commute while you look for a new job, and whether you want to live in a multi-unit that may be in a transitioning neighborhood or surrounded by other rentals creating a different vibe. But if you're flexible and serious about your REI career, those aren't huge sacrifices to make in the short term. I recommend talking to a lender asap so you have an accurate picture of your buying power and can start planning.