Considering buying first home in Boulder, CO

[Seth C.]

Hi All,

I am a professional working in advertising in Boulder, Co. I graduated from school a little over a year ago. During the last year I have stayed with family and paid off about $20K in student loans and I am now debt free with about $6K in savings.

Looking into renting a place for myself downtown, there aren't a lot of options that don't cost an arm and a leg. And it makes me sick to throw $25K+ per year at renting that I'll never see again. So I've been checking with lenders, and they have approved me for FHA loans between 250-300K.

So what I am trying to figure out is if purchasing a condo or small home is a wise decision?

As for my future goals, I'd love to have several properties that can provide me with a little extra cash down the road. I've considered buying this first place, saving 20% for a second and then renting out the first. My future plans include moving to Europe in 3-5 years with my wife. But I'd like to hold on to the property, and any others I might accumulate, and rent to young professionals. 

I'll be the first to admit I'm a complete idiot on this, but that's why I am here.

What do you think?