Colorado based rookie

[Christopher Reynolds]

Hello everyone. I am learning a lot about real estate and want to purchase a rental property in my area. My goal is to create financial security for retirement. I am not opposed to making this my primary method of income either. I do like to dream big and put out those vibes into the quantum field. What I am learning, and perhaps another Colorado investor can correct me, is it seems our market is overpriced. If I purchased a home locally I’d have to ask well beyond the market rate on rent just to break even. Doesn’t seem like a feasible plan.

I am okay breaking even as real estate is a tangible asset with growth potential. As a rookie the fear is that I make a horrible purchase which ends up costing me my primary home.

About me, I have been fixing aircraft for over 20 years and this is primary income. I have three children and have been married over 20 years as well. I like following stock markets, cryptocurrency markets and love to travel.

[Tanner Pile]

@Christopher Reynolds

In Colorado Long Term rentals are next to impossible unless putting 25-30% down and getting a few hundred bucks or cash flowing. You will need to go after a strategy that has potential to work or do a house hack. 

With a family and kids the best house hack is a house and cottage or duplex option. Or turning your current residence into a rental and buying another primary and living in it until you can rent it to cash flow. 

For pure investment the best strategies in CO are Co-Living and Furnished rentals in my opinion. Co-living I like a bit more because you have less money needed for furnishing a property and CO laws allow it in the major cities unlike STRs. MTRs Can work well too but still need to have it furnished. 

You will likely need to rehab for any strategy but Co-Living will be more bedroom additions which is less cost compared to kitchen and bath remodels that are more needed for furnished rentals. 

My friend @Miller McSwain has a ton of knowledge on Co-Living if you want to check out his stuff on how it works in CO