Chemical Engineer from Colorado

[Jared Bandel]

Hi everyone!

I am new to the real estate world but am trying to learn everything I can. I have been a long time reader of BP but am finally getting close to purchasing a place (6-12 months?).

I'm 25, and engineer in the tech industry and looking to house hack a duplex, triplex or even a quad. I would love to find something in the Denver area to get my house hacking adventures started but know the Denver market is tough right now. I'm not too picky about location, but obviously want to find something that is going to cash flow when I move out. I'm working on getting pre-approved and have been in contact with one agent.

Thanks for all of the information you've all provided - I hope one day I can contribute back to you all when I have some more experience under my belt.

Go Donkeys!

[Dan Mackin]

@Jared Bandel, don't even try for the 2% rule here. That doesn't exist. Most folks are floating closer to 1% or under. Here it's all about finding that property that has consistent tenants, decent cashflow and potential for some equity build or appreciation. As far as 50% that is also hard to hit if you're going the FHA route. With low down payments you generally need to work your numbers a little better, but the deals can be made. As far as multiplexes they are all hyped up right now in price. Everyone thinks they have gold, but it's your job to filter through it all. I've been to some crap multis over the past few months and am still amazed when people pay asking for them.

Last thing, Zillow has some of the most inaccurate data about what is currently for sale. They lost their data agreement a while ago so it's better to look at sites like Redfin.