BP Newbie Looking into Denver, Milwaukee and Indianapolis area!

[Patrick Murphy]

Hey fellow BPers!

I moved to Denver back in June from Milwaukee.  I've always been interested with real estate investing, particularly in multifamily properties. I regularly volunteer for Denver Metro's Habitat for Humanity to gain some exposure with various home project experiences (drywall, flooring, painting, exterior work). Something I've found is that Denver is a much harder place to get started from as investing standpoint so I've been curious if people have had success investing outside of Colorado and in the Milwaukee area (where I moved from) or the Indianapolis area (where I grew up and the rest of my family lives).

I'm 27 and currently work in Sales as a manufacturer's rep on the plumbing side for new construction commercial projects throughout all of Colorado and Southern Wyoming. I'd love to know if there are any groups I could join in the Denver area or just people here I could connect with.

Definitely willing to learn and bring my hammer!

I look forward to catching up with everyone going forward!!!

Best,

Patrick

[James Carlson]

@Patrick Murphy

Yes, welcome to Denver, the town people from out-of-town think might be a reasonably priced area. If you're looking to invest for cash flow in a traditional long-term rental, you're probably best looking in the midwest somewhere. 

That said, do you already own a place here? If not -- and because everyone needs a place to stay -- a good first buy is a home for yourself. And depending on the price you qualify for (and the price you feel comfortable with -- not always the same thing), then you could look for a home with a basement apartment or carriage house that you can Airbnb on the side. This both A) gets you a home to live in and B) gets you some income to offset your mortgage. 

It's something we see a lot of our clients doing. They tend to come to us looking for an Airbnb investment, realize they can't do it and then opt for a primary residence in which they can do this on the side.

Anyway, good luck with whatever path you choose.