I am 28 years old, live and own a condo in Miami. I am thinking about moving out to the Denver area(also Aurora, Centennial, etc.) I don't know if it would be just for a year, few years, or long term. If I was to make the move, I would like to purchase a house that I could: A- live in and B - use as an investment property in the future(maybe as soon as 1-3 years down the line). I have been approved down here in Miami for a 350k property. So I am wondering if anyone has any good advice, knowledge, or really anything that could help with my situation. Thank you guys!
Hi Brandon - I've lived in Denver for coming up on 6 years now. Moved here when I was 22, and am currently 28 soon to be 29. Love the city and have spent most of the last 6 years house-hacking. However, I did spend the first year renting an apartment.
My advice would be that if you were to move out here, I'd recommend renting someplace, at least for ~6 months, to get your lay of the land, meet some local investors, etc. This will give you time to see which places you might enjoy living in and that have appreciation potential, and which won't be for you. Great deals are few and far between, and in my opinion, you have to know the market and be ready to react quickly when a good one hits the market, especially in that price range (~$350K).
If you'd like to chat sometime when you get out here, PM or email me and we can grab a coffee! Best of luck in your move!
Thank you Scott! Will definitely do that if/when I make it out there. I'm actually going to be there for 2 weeks in July for vacation, was planning on meeting with a realtor while I was out there. Would love to go get some coffee or a beer. Maybe there will be a BP meetup while I'm out there, who knows. Also that 350k approval could go up very easily if I decide to make a couple of simple personal moves.
A pre-emptive welcome to Denver. It's one of the best places to live. Great beer, vibrant arts, 300 days of sun, legal weed (if that's your thing), and proximity to the mountains.
There are a lot of good options for you in terms of your first place.
If you're single, I think @Scott Trench is spot-on about the power of house-hacking. (I say single, because -- to be blunt -- sometimes female loved ones aren't always psyched to live with four strangers for obvious reasons.)
You could also buy a duplex or a home with a basement unit and short-term rent (or Airbnb) that space, which can bring in good cash flow and give you some privacy that taking on roommates can't always do.
Buying a small condo isn't a bad idea either. My wife and I lived in a 1br condo for a few years before moving out and making that into an additional rental for us.
I'm biased of course, but I think meeting with an investment-minded real estate agent is a killer idea. ;)
I am going to be in Denver from the 4th-17th. I would love to meet up with whoever would be interested in talking real estate investing and maybe even looking at some places if it gets to that point. Thanks everyone!