Looking for my first investment deal

[Allemreh A. Smith-Daniels]

Hi BP Family!

My name is Toni, and I am a newbie to the real estate investment game that lives in Denver, Colorado. I am looking for investment properties, but Colorado is a bit pricey. I am trying to find some leads or wholesalers who could help me.... along with any other investors who could give me some helpful tips or may be willing to partner up. I am also opened to hear of any other good areas close to these that I may be overlooking that have a good return. I'm also not oppose to out of state deals either. I am excited and looking forward to hearing from you all!

[James Carlson]

@Allemreh A. Smith-Daniels

I can't tell from your post whether you already own where you live. If not, I am a big advocate of your first "investment" being a primary residence. Yes, Denver home prices are high, but so is Denver rent prices. That "rent" might as well go to building some equity. Plus if you buy out of state, it will have to be an investment property, so you have to put 20% down. Even if you find a cheaper market where you can pick up a $100,000 house, you're still putting $20,000. If you buy a primary residence in Denver, that $20,000 could be 5% down for up to a $400,000 primary residence. 

Don't be afraid to go small. I'd try to find, as Jeff said above, a 2-3br condo that's on the lower end. House hack by renting out the other room or two to offset your mortgage. Save that money and put it toward your first true investment later.

Just my two cents. Good luck!