New Investor From Northern Colorado

[Dan Mackin]

Hi everyone,

My name is Dan Mackin.  I live in northern Colorado, Erie to be specific.  I am 25 and have owned 2 properties up to this point.  My first home was a ranch with a finished basement in Denver.  The house was decent and the location was convenient, but the neighborhood was quite lacking.    With the house being built in the late 50's and the neighborhood having soil movement there was definitely a list of issues that needed to be taken care of.  Once my wife and I decided to have a child, we decided it was time to move to a more dependable property.  We sold the Denver house for 18% more than we bought if for and found ourselves a townhouse up in Erie.  

In the year we have been in Erie we have gained some useful equity in the townhouse and are looking at moving to our next property using some of that equity and renting out the townhouse.  There are a few options that are currently on our list:

- Buy another townhouse

- Purchase a property in old town and renovate

- Build a new home with an accessory dwelling

- Purchase a newer home and have an accessory dwelling added

I work as a DBA (Database Administrator) so I like going through the details. All of our options obviously have some pros and cons and I am here to get some advice and meet some folks with the same way of thinking.

[Jerry W.]

@Dan Mackin  I remember when Erie was barely a wide spot in the road.  I am amazed at the growth.  All of that area is booming pretty hard.  You might consider any kind of multi you can find, or perhaps buy 2 houses or condos and rent one out.  Good luck.