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Updated almost 5 years ago,
Colorado Springs Investing with $90k
Hello BiggerPockets forums,
I have been reading these forums for a while now and decided to finally make a post. I will be inheriting about $90,000 in the next month and have been very undecided on how to use it for investments. I live in Colorado Springs so the market is very hot, but SFH prices are quite high, and multi-family is seemingly out of budget.
My original plan was to buy and flip, but I am having second thoughts with the amount of time I am away for work, and with it a long, drawn-out struggle to actually get a great deal that doesn't sell right away.
I am also interested to try investing in a townhouse or a condo, yet most HOAs run pretty high. Townhouses and Condos rent for 1%, yet how much cash flow can realistically be expected with an HOA, loan payments, etc.
I was reading about the BRRR method as well, specifically buying a house here for around 225k and renovating to a predicted value of 285-295k and refinancing also seems like a smart move.
I was hoping to get some advice from some more experienced investors than myself in order to quickly get in the real estate market here and start my portfolio.
Thank you in advance!
-Dave