Thinking of moving to the Denver Area in the coming months and have been looking at small multi-families to purchase. I would be looking to do some house hacking and live in one unit and rent the rest of the units out. I have been doing some research and like the Uptown/ Capital Hill and the Highlands neighborhoods. Would love to get some input on these neighborhoods as well as any other places that people think would be good investments. Any insight would be appreciated!
Those are very popular (and therefore pretty expensive) neighborhoods, although coming from San Francisco, you may laugh at our notion of expensive. Excellent choices for well-established neighborhoods.
If you want something that is in one of the sought after and more expensive areas then you've selected the right area. If you want something that has more potential then you've got to spread the radius from downtown a bit more. There are more places besides the downtown area that have some good potential, but you've got to look at them correctly. Let me know if you want any help in your search.
@Kevin Andrews I would say that most of the hack has been removed from those areas. I haven't seen any livable multis in those areas that would allow you to rent half and live for free unless you did some serious fixing. If you move to areas with "potential" you might be able to score something that comes close.
thank you all for your thoughts! Agreed that I have chosen two desirable neighborhoods. Current evaluating a couple different investing strategies for the area. As I continue to weigh my options I'll probably be reaching back out:). Thanks again!
Hey @Kevin Andrews It's been a few years, wondering if you could update the community on what you ended up doing back in 2015 and how it's played out for you!
I ended up buying a duplex in the Rosedale neighborhood. We currently focus on LT Airbnb guests and it's been a great strategy for us! The area has gentrified significantly (along with most of Denver), but from a cashflow perspective, we effectively have our mortgage paid for when we are occupied. House hacking was a great way to get our feet wet while building our portfolio. Happy to answer any questions you may have on the process/ strategy!