First Time Home Buyer, Denver, CO

[Matt Campbell]

I am a first time home buyer looking to invest my money. I have been looking at homes for quite some time now. Any one that knows Denver, knows the market is red hot. I want to buy a home just west of Denver in the Lakewood to Littleton area for 185k or less. The plan would be to have a large enough home to live in but also rent out while in the house. My question is do you think it is even possible to find something at a solid price in the current Denver market? Since it is a first time buy and I would like to build a portfolio, would you suggest an apartment, town home , or house? The markets in the Springs look a lot more reasonable, would you suggest to look to invest down there instead? Thank you in advance for all the help/suggestions.

[Anson Young]

Originally posted by @Matt Campbell:

I am a first time home buyer looking to invest my money. I have been looking at homes for quite some time now.

Any one that knows Denver, knows the market is red hot. I want to buy a home just west of Denver in the Lakewood to Littleton area for 185k or less. The plan would be to have a large enough home to live in but also rent out while in the house.

My question is do you think it is even possible to find something at a solid price in the current Denver market? Since it is a first time buy and I would like to build a portfolio, would you suggest an apartment, town home , or house? The markets in the Springs look a lot more reasonable, would you suggest to look to invest down there instead?

Thank you in advance for all the help/suggestions.

 At that price, its most likely going to be a townhome or a condo.  There isnt a ton to choose from under $200k.  The agent in me says it might be possible to find a 3 bed for you.

There are exactly 12 active listings right now west of I-25 under $185k that are single family homes.  All are 2 bedrooms or less.

Condos/townhomes, there are 56 active listings west of I-25 under $185k, most are 2 bed or under some are 3 beds.

Another option might be a wholesaler, but going with an FHA or conventional loan through a wholesaler usually dosnt work all too well. For example, I have a 5 bed 2 bath house in Aurora for around $180k. The wholesaler in me says that I want cash or hard money investors, so we can close fast and easy and double close. Most FHA or conventional lenders dont understand what we do, and will make it hard to work together.

That said, I dont think its impossible by any means, but at that price point its not going to be easy.  Feel free to contact me with any other market questions!