Newbie looking for help on buying 2nd house in CO

[Tony McCormick]

Hi, we’re very new to this world, and have been listening to BP for a few weeks now. We’re trying to move to CO from Or, where we have a house, and are looking at a couple developments in Falcon and Elizabeth. We don’t have a lot of cash, and our lender just told me if we keep And rent out our home in OR we’ll have to bring an extra $15-20k to closing. 

Does that sound right? Is there any way to keep both houses? I’ve heard so many stories of folks getting in for little to no money out of pocket, and that’s our goal. 

TIA for the help. Also, what’s the best way to connect with folks out here? I didn’t see much on the events page. 

[Chad Rocke]

Hey @Tony McCormick! So glad you reached out on BP, it's such a great resource. As others have already said that may be correct from the lender you spoke with perspective however there are a ton of different loan options and they change from one lender to the next. I would recommend reaching out to several lenders and getting different opinions. I can recommend a few if you would like. I will send you a direct message.

There are a few active real estate meetups in the Denver area one being: https://www.meetup.com/BadAssR...  

I am also hosting a happy hour on June 10th from 5-7 at Improper City in Denver. You may not be in the area yet but I will keep you posted on future events. 

Welcome in advance to CO!