Looking to buy my first rental property.

[Carl Mayer]

I’m looking to buy my first rental property. I live in Northern Colorado.

The Market is incredibly high for a buyer at the moment. It’s definitely a sellers market. Is there anyone in the area who invests in rental properties?? Is it doable? Any advice would be greatly appreciated.

I’m still in the stage of reading books and educating myself. I do have a large amount for a down payment saved, but I don’t wanna jump in hap-hazardley. Thanks!

[James Carlson]

@Erin Spradlin Thanks for the shout out. 

@Carl Mayer Unfortunately, northern Colorado is not immune from the issues facing the entire front range and that is an influx of people and not enough places for them to buy. (That's getting basic there, but it's largely true.)

That said, there are always homes out there that work for those who can get creative. Rent-by-the-room, medium-term rental, short-term rental, renting parking spaces, sheds. If you have to live somewhere, you might as well own that place and get equity. Then it's just a matter of how to squeeze income out that with the above ideas.

Like what Erin said, we do have a buyer under contract on a place that is technically a duplex but has opportunity for him to live in the basement and rent the upstairs units. He'll live for free while he's there and cash flow between $500-$800 depending on rents. Now, I happen to think we have a pretty good deal on this, but they come up occasionally. 

Go to some of those meetups up there, ask questions on the forums, take people out to coffee who seem to be on the same page as you and you'll eventually get the feel for what works and doesn't. I wish you luck!