Starting Out - Should I Shake Up My Strategy Already?
Newbie on the BiggerPockets team here and I had a quick question about the Denver market.
First: A little background on my Real Estate Investing Strategy:
I originally planned to get started with a buy and hold strategy, using the "How to Hack Your Housing and Live for Free" strategy Brandon suggests here:
http://www.biggerpockets.com/renewsblog/2013/11/02...
BUT, after looking around it seems that deals in Denver are few and far between on these types of properties, especially in the area that I want to live in.
Here's my question - should I change up my strategy and go for a fix and flip?
Inventory is low and houses are being sold rapidly (often above asking price). I'm probably more of a DIY guy and would do most of the repairs myself on the evenings and weekends. I think I'm going to have an extremely difficult time finding a property that can be turned into a buy and hold rental in the Denver metro area (where I want to live).
Pros of this strategy - I get experience in the requisite types of construction that will help me out when estimating repair costs in future investments AND I won't have to settle for a property that almost certainly won't meet the "2% rule" (or likely even a 1% rule).
Cone - This is no longer a passive investment.
What do you guys think? Is there another creative way to make my first purchase of a primary residence an investment in the hot Denver Real Estate Market?
