Denver, Colorado Investing Adive

[Kyle McGeough]

Hello all, I am looking to invest in the Denver area. My lease is ending in a few months, so I am looking in to buying a property with the thought of living in it for 1-2 years and then starting to rent it out. I am pre-approved for a $580,000 loan, but financially I am more comfortable with something around $450,000 or less. I am open to different options (condo/townhomes/single-family), but I am trying to find a place that does not have crazy high HOA fees ($400+). My goal is to enter the market and start learning the intricacies of owning a property before I eventually purchase more and start renting them out. Any advice would be greatly appreciated.

[Travis Sperr]

@Kyle McGeough The best advice I can give is to spend less and live in an area you wouldn't normally. It is going to be difficult to cashflow a $450k house on a whole house lease, much more doable at $300k ish. I fully understand that that price point is difficult, but the less you spend the greater your ability to do it over and over. I see people all the time that "want to buy rental properties" but then get a mortgage that requires all of there savings down and eats up their DTI to a point they can't buy another property. Go get uncomfortable for 2-3 years and buy your "home" when you have 3 - 4 rentals under your belt. While all your friends are living it up in RINO, you can build wealth in Aurora or Montbello. It's not sexy, but it works, and cash flow is sexy.