Jess - New to RE and pursuing my first house hack!

Denver, Colorado
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Jess - New to RE and pursuing my first house hack!

Jessica Tse
New to Real Estate · Denver, CO · Member since 2022 · 3 posts · 6 votes

Hi all, I'm Jess! I'm brand new to real estate investing and am pursuing my first house hack in Colorado. By day, I'm a data engineer and love my career, but long term would love to be job-free and build generational wealth for my family. I'm in my early 20s, from a town in IA, and graduated with a dual degree in Business Analytics and Information Systems from the University of Iowa. I moved out to Denver a couple years ago. For fun, I enjoy training in mma, ice skating/rollerblading, and serving at my local church. Please reach out if you have beginner advice or want to connect! *Shout out to AJ Smith for putting me on the Bigger Pockets community/resources*

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Tanner PileBusiness Member
Real Estate Broker · Colorado Springs, CO · Member since 2019 · 388 posts · 326 votes
3y

@Jessica Tse Welcome!  What type of property are you looking to house hack first?

I like small multi family properties!

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  • Tanner PileBusiness Member
    Real Estate Broker · Colorado Springs, CO · Member since 2019 · 388 posts · 326 votes
    3y

    @Jessica Tse Welcome!  What type of property are you looking to house hack first?

    I like small multi family properties!

    Tanner Pile4.931 Reviews
    WebsiteView Page
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  • Jessica Tse
    OP
    New to Real Estate · Denver, CO · Member since 2022 · 3 posts · 6 votes
    3y

    Hi Tanner, thanks for your comment! I'm mostly interested in single family properties, just as I'm still a newbie and looking to take on less responsibility in my first go. How would you make the decision for yourself on what type of property to house hack? 

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  • Aj Parikh
    Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
    3y

    Hi Jessica, One of the easiest ways of scaling in real estate today is to invest in turnkey properties out of state. If you have a busy 9-5 routine but have the money to get started and don't have enough time, turnkey companies provide some of the best resources to scale your portfolio. I have used that strategy so feel free to reach out if you want to discuss.

     

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  • Jeff WhiteBusiness Member
    Realtor · Denver, CO · Member since 2016 · 278 posts · 371 votes
    3y

    @Jessica Tse

    Welcome to Denver!  I'm a local agent here that specializes in house hacking, and it is an amazing strategy that will help you accomplish your financial independence much faster than just pursuing index fund investing.

    Since you are looking for single family property , have you thought about finding house with ADU, house with separate entrance, house with mother-in-law apartment?

    Based on my experience, those are the most ideal house hacks since you can find more or those properties in Denver metro than just multis.  

    Do you have timeframe?  What are you goals?  Live for free ?  Any specific areas ? 


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  • David MackinBusiness Member
    Lender · Westminster, CO · Member since 2021 · 92 posts · 86 votes
    3y

    @Jessica Tse

    Welcome welcome! Denver is amazing. I'm biased as I was born and raised here. You found the right place to get help and great information on purchasing your first house-hack!


    I'm a local, house-hack friendly lender in the Denver area. Feel free to reach out if you have any financing questions!

    Also, @Jeff White above is incredible. A seasoned investor and a well known name in the area for a reason. Definitely reach out to him and pick his brain. You won't regret it.

    [email protected]720-601-3429Podcast Guest on Show How to Get a Home Loan as a House Hacker, Investor, or First-Time Homebuyer
    1Reply
  • Ben Einspahr
    House Hacking Specialist · Denver, CO · Member since 2016 · 411 posts · 396 votes
    3y

    @Jessica Tse Welcome to BP! Like many others have mentioned, House Hacking will be the easiest form of REI to get your foot in the door (low downpayment + hands on landlord experience + reduced living expense). That is how I started back in 2017.

    Here is my 2 cents:

    -identify a strategy

    -connect with an investor friendly agent. You will be in excellent hands with @Jeff White.

    -connect with a lender to see what your buying power looks like. Typically if you connect with a good agent, they will bring you the rest of the team you need.

    -Join some local meetups. 

    Best of luck!

    1Reply
  • Hamp Lee IIIPro Member
    Real Estate Agent · San Antonio, TX · Member since 2019 · 1k+ posts · 832 votes
    3y

    Welcome to BiggerPockets!

    House hacking is a great way to start small but take action.

    Here are a few of my recommendations for getting started:

    1️⃣ Download this ultimate beginner’s guide: https://assets2.biggerpockets.com/uploads/user_file/file_object/1694/UBG_2018.pdf

    2️⃣ Read BP beginner books on investing: https://store.biggerpockets.co...

    Also, read Rich Dad, Poor Dad by Robert Kiyosaki and Think and Grow Rich by Napoleon Hill

    3️⃣ Subscribe to BP podcasts or YouTube channel and watch their webinars.

    4️⃣ Ask questions here on the forums.

    5️⃣ Visit (join) a local (and legit) real estate investment association.

    6️⃣ Consider joining a BP bootcamp: https://www.biggerpockets.com/blog/real-estate-investing-bootcamps

    I wish you all the best in your investing journey!

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  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    3y

    Hi Jessica, first of all, welcome to BiggerPockets! House hacking is one of the most popular strategies you can take and it can be a great way to build wealth and generate passive income, but it's important to have a long-term plan in place. I'd say keep in mind a few things for starters:

    1. Work on your numbers - be sure to calculate potential cash flow and ROI. Make sure to factor in all expenses such as property taxes, insurance, repairs, maintenance, repairs and potential rents.
    2. Type of property - Choosing a triplex and fourplex is ideal but a duplex will also work out.
    3. Loan option - FHA will be a great starting point for you if you haven't done it previously, try to look it up.
    4. Make sure to properly screen your tenants at all times. Don't rush into things to secure your investments.

    Lastly, be a good landlord and build a certain relationship with your tenants by ensuring that you address all issues and concerns in a timely manner. A good landlord will always keep a happy and loyal tenant all the time. Hope this helps and best wishes to your real estate journey!

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