BP Newbie Looking into Denver, Milwaukee and Indianapolis area!

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BP Newbie Looking into Denver, Milwaukee and Indianapolis area!

Patrick Murphy
Flipper/Rehabber · Jacksonville, FL · Member since 2015 · 11 posts · 8 votes

Hey fellow BPers!

I moved to Denver back in June from Milwaukee.  I've always been interested with real estate investing, particularly in multifamily properties. I regularly volunteer for Denver Metro's Habitat for Humanity to gain some exposure with various home project experiences (drywall, flooring, painting, exterior work). Something I've found is that Denver is a much harder place to get started from as investing standpoint so I've been curious if people have had success investing outside of Colorado and in the Milwaukee area (where I moved from) or the Indianapolis area (where I grew up and the rest of my family lives).

I'm 27 and currently work in Sales as a manufacturer's rep on the plumbing side for new construction commercial projects throughout all of Colorado and Southern Wyoming. I'd love to know if there are any groups I could join in the Denver area or just people here I could connect with.

Definitely willing to learn and bring my hammer!

I look forward to catching up with everyone going forward!!!

Best,

Patrick

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James Carlson
Real Estate Agent · Colorado | stan.store/JamesCarlson · Member since 2014 · 2k+ posts · 2k+ votes
8y

@Patrick Murphy

Yes, welcome to Denver, the town people from out-of-town think might be a reasonably priced area. If you're looking to invest for cash flow in a traditional long-term rental, you're probably best looking in the midwest somewhere. 

That said, do you already own a place here? If not -- and because everyone needs a place to stay -- a good first buy is a home for yourself. And depending on the price you qualify for (and the price you feel comfortable with -- not always the same thing), then you could look for a home with a basement apartment or carriage house that you can Airbnb on the side. This both A) gets you a home to live in and B) gets you some income to offset your mortgage. 

It's something we see a lot of our clients doing. They tend to come to us looking for an Airbnb investment, realize they can't do it and then opt for a primary residence in which they can do this on the side.

Anyway, good luck with whatever path you choose.

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  • Ritch Bonisa
    Specialist · Indianapolis, IN · Member since 2016 · 841 posts · 480 votes
    8y

    @Patrick Murphy I'd be happy to answer any questions you have about Indy.

    0Reply
  • James Carlson
    Real Estate Agent · Colorado | stan.store/JamesCarlson · Member since 2014 · 2k+ posts · 2k+ votes
    8y

    @Patrick Murphy

    Yes, welcome to Denver, the town people from out-of-town think might be a reasonably priced area. If you're looking to invest for cash flow in a traditional long-term rental, you're probably best looking in the midwest somewhere. 

    That said, do you already own a place here? If not -- and because everyone needs a place to stay -- a good first buy is a home for yourself. And depending on the price you qualify for (and the price you feel comfortable with -- not always the same thing), then you could look for a home with a basement apartment or carriage house that you can Airbnb on the side. This both A) gets you a home to live in and B) gets you some income to offset your mortgage. 

    It's something we see a lot of our clients doing. They tend to come to us looking for an Airbnb investment, realize they can't do it and then opt for a primary residence in which they can do this on the side.

    Anyway, good luck with whatever path you choose.

    2Reply
  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    8y

    Hello @Patrick Murphy, welcome to BiggerPockets! Definitely start jumping into the community here and feel free to ask any questions related to Real Estate investing!

    BiggerPockets
    0Reply
  • Jared Bouzek
    Lender · Denver, CO · Member since 2015 · 404 posts · 227 votes
    8y

    @Patrick Murphy Welcome to Bigger Pockets! As @James Carlson mentioned, one of the best routes is to use some form of house hacking to get started. This allows you to access home ownership with some of the low down payment options while still furthering your investing goals. That's not to deter you from investing out of state necessarily, but there are certain additional costs to investing out of state that you may not incur if you invested locally. And it also depends on your goals of cash flow vs overall wealth building and things of that nature.

    1Reply
  • Bill S.Pro Member
    Moderator
    Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
    8y

    @Patrick Murphy do some searching to find the local meetups and come out and talk to some folks. There are a half a dozen in the Denver area. Meetup.com is a great place to find those near where you live. Also set up some keyword alerts that will notify you of when topics of your interest are discussed. It helps you narrow down the massive amount of information on the site.

    Don't get sucked into paying for education until you have done a good bit of self education. Self education only costs you time. It's a real downer to pay and waste your time and money when you are starting out.

    0Reply
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