HELP need mentors new to real estate invest in the Colorado area

[Shannon Beahler]

I'm new to the real estate world need help on starting outI'm looking for cash flow not flips people been telling me to start wholesale but it's seems like that's just robbing Peter to pay Paul im not new to investing and business as a whole but I'm thinking about starting at house hacking with an fha loan because I've been looking around the denver market I can't seem to find any duplex triplex or above just apt Buildings I can't afford the over head for the yet but that would Goal please any advice would be good or anything you all have learned in your journey would be useful also I have a end game plan to own in other states outside of Colorado but I have no team in place so I feel as if that would be good in the long run

Please and Thank you for all words of wisdom

[James Carlson]

Quote from @Shannon Beahler:

I'm new to the real estate world need help on starting outI'm looking for cash flow n... 

Welcome! And congrats on taking a big step. I like the KISS method: Keep It Simple Stupid. I'm assuming you don't own any property in Denver? (Or are you elsewhere in Colorado?) The easiest way to make the most money on your first one without taking six months searching for the magical or "best deal" (hint: there is no "best deal"), is to house hack.

Here's some simple conservative math. Find a 4br home. The most affordable areas with decent homes this size in the Denver area are Westminster, Northglenn/Thornton, and parts of southeast Aurora. Buy a 4br house there.  

Let's say it costs $500,000, you put 5% down, and the rate is 4.5%. Your all-in monthly payment will be roughly $2,950. Time for house hacking. You live in one room. Rent the other rooms for $800 a piece. That's $2,400 in rent. 

So you, yourself, are only paying $550/mo. If you were paying $1,700 in rent for an apartment before (roughly the average Denver rent), now you're saving $1,200/mo. And you're building equity in an asset. Save that $1,200/mo for two years and you've got a down payment on home number two. Move out, rent what was your room in the old place. Now you're getting $3,200/mo in rent for that place, and you repeat at your current place.

There are other considerations (unrelated adult occupancy limits, for instance), and the math is simple (what about repairs, for instance), but the concept is easy and replicable. Good luck!