Looking for Advice on Starting with 2 Young Kids in Denver

[Patrick Ryan]

Good morning!

I’m looking to get started in real estate investment. My initial idea was to buy a small multifamily, renovate the units, then sell it in Denver.

I have 2 young kids (2 under 2) and a full-time job as a commercial multifamily analyst. House hacking is out, and I don’t have the time to add the job of property manager.

I’m planning on relocating with my family to Philadelphia in 2023 as well.

Any advice?

[Steve K.]

Sounds like a solid plan! I've implemented a similar value add strategy with small multifamily here in Denver (except refinanced and held instead of selling) with a few quads, a triplex and an 8-plex. I also have several clients executing apartment flips at the moment. It's a beautiful strategy here, but the hardest part is just finding small multifamily buildings for sale. Occasionally a decent deal pops up on the MLS/Loopnet, but most are traded off-market/pre-market. I do quite a bit of prospecting and networking with commercial agents to source deals, and find that to be the most important piece of the puzzle. Once you buy a few buildings, the deals end up finding you which is helpful.

I also have kids: 3 boys aged 1,2, and 4. I have some advice for you there as well: practice safe sex my friend! The third one is a doozy. But hey, at least providing for our kids keeps helps keep us motivated!