Starting out in Denver: House Hack or nah?

[Luke Gates]

Hi BP Community!

I’m just starting my real estate journey, and I’m not sure which direction to head. The only steps I’ve taken so far are to listen to the podcast every day, read the Ultimate Beginner’s Guide, and start moving my down payment money into something that will generate higher returns while I look for my first deal. My hope for this post is that I can tell you all where I’m at and get some advice about what my best moves would be.

I moved to Denver two years ago, and I’d like to invest locally. I’m a public school teacher, so I’d like to capitalize on any special mortgage rates for teachers and first time home buyers. I’ve been looking at this a bit, but I’m not sure how to go forward. Do I proceed with my bank to see what I qualify for, or do I seek out programs like “Teacher Next Door”, which claims to specialize in getting grants and low rates for teachers?

The hope for this first deal is to house hack, but, from what I've heard and seen in my limited research, it looks like most multifamily units in metro Denver have been converted into condos and sold accordingly. I'd like to find a multifamily house that cash flows well and BRRRR it into another deal. Investors in Denver: is this possible with enough research, networking, and lead generation, or would it be better to find myself a cash flowing single family unit so that I can make this deal happen sooner and build equity?

Any advice is welcome advice. Right now I’m focusing on educating myself, but I know that I need to take action ASAP or risk falling into the trap of diminishing intention.

Thanks I’m advance,

Luke