1st-Time Homebuyer in Denver Doing Househacking, Looking for Tips

[Dan Baran]

I'm looking to make my first real estate purchase in Denver for a house hacking type of situation. Would like to keep costs low as first investment so thinking a simple 2-bed/unit or 3-bed/unit. Ideally it would be a multifamily house but those seem a bit out of my price range. I do have capacity to pretty easily put down up to a 55k or so on downpayment but, as I mentioned, would like this first investment to be more modest and lower risk. The loose plan would be to rent out one of the rooms/units and then part-time rent out the other as an airbnb rotating between living in that room (when not booked) and my camper van (when the airbnb is booked).

For context I am a 25-year old and still live a rather transient life so good chance I would have to leave Denver after a year or so and would no longer be househacking it. Managing out of state would be less than ideal but I figure I could just resell in worst case scenario and recoup or take small loss on down payment. 

Would love tips and advice on Denver area and what properties might cashflow best. Any resources would be helpful, feeling a bit overwhelmed with flood of information on here and research needed, would love to connect with other real estate investors or agents in Denver area.I know there are also significant mortgage programs like FHAs for first time homebuyers. 

[Craig Curelop]

@Dan Baran - Welcome to BiggerPockets! It is great that you are considering house hacking here in Denver. It certainly is a great option.

While some others like @Brian Ellwood may have not been able to find success.... if you think a little different and a little bit creatively, there LOADS of properties out there that can and will work. I've personally done four house hacks myself in the last 3+ years (since June 2017) and each one cash flows me about $1,000 per month. 

I have also helped loads of other people find house hacks that cash flow in the Denver metro market consistently over the past couple of years.