Looking for my first deal, I would love to have my first property to be local (Denver) or in the nearby city’s but I do not know what to look for, would love to get my food into the door!
Duplex? Single family?
What is better for passive income and also long term appreciation?
If you are looking for a realtor, try Craig Curelop at the F1 Team.
Hey @Eric Shiva ! Congrats on starting your search. Are you looking as an owner occupant or a non owner occupant?
Both small multifamily and single-family properties are going to appreciate in the Colorado market. It's been projected for like 20 years that the Colorado real estate market will go up. In terms of passive income, you just have to run the numbers. I know that multifamilies are more in-demand and hard to get due to many people wanting to use them to house hack and get into the real estate game. I hope this helps Eric!
@Eric Knutson First, it really depends on your goals. Do you want more passive income? Do you want more long-term appreciation? Do you want the magical property that has both? All goals are achievable in Denver, even in this market, you just have to be a little more creative and unique than the average investor.
What's your budget? You're going to be hard pressed to find a duplex for under $650k in this market. You'll have better luck finding a SFH with some type of rental space under this price. If the rental space is nice (updated, yard) or if you rent by the room, you may be able to push the rental income more than a duplex for the same price point. It's more work, but the house hackers who rent by the room are cash flowing.
Long term, multifamily will likely be easier to rent and less of a headache if you don't want to do the on-site management, find individual tenants for each room, etc.
Which is best? Whatever works for you: your investment goals, your budget, your desired location. It's better to get in the market sooner rather than later, so evaluate your situation and then act.
Let me know if you have more questions I can help with.
So much of the best way to get started depends on your personal goals. Some people want maximum appreciation in 20 years, whereas other people want cash flow in the near term.
You’ll find that a lot of us got started in investing with a good ole’ house hack, and that’s something I would highly recommend you consider. Reducing or completely eliminating your housing expenses, while gaining equity and having other people pay off your mortgage, is an extremely powerful way to springboard yourself towards your second investment!