Newbie from Denver, Colorado

6 Replies

Hi All! I’m Lacy from a suburb of Denver, CO. My husband and I have three kids, ages 22, 13, and 8. We both work fairly standard jobs and make good money but don’t have any freedom or spare money at the end of the month. I’m exploring this site and real estate in particular as a way to increase our cash flow, ease up our responsibilities and increase our choices in how we live our lives.

I’m particularly interested in multi family investment properties, first to move my 22 out of my house (anyone familiar with Denver will know the housing cost situation here is tough), and second for passive income streams and equity building for my children’s future. 

Step one is going to be setting a budget for yourself and saving up enough for a down payment it is almost impossible to invest in rental properties without at least some savings.

Hi Lacy, welcome to BP. There are some great people in this community and some great ideas. The great thing about real estate is there are many different ways to profit from it and many ways to get it to work for you.  

Good Luck and Happy Investing

@Lacy Gonzales

Welcome to BP! Without a lot of savings, the downpayment is probably going to be your biggest hurdle. I always recommend to buyer clients to take the first step of talking to a lender. They will be able to quickly give you a sense of what you qualify for and -- if you don't qualify -- how to go about saving and paying down debts to qualify.

Any good agent should have a list of trusted agents. 

And congrats on even getting on here. There's nothing more exciting than taking a step to control your financial future. 

Hi Lacy,

Welcome to BP! I would add to the recommendation of folks here to check out the Events section of BP. There are lots of great Denver area REI meet ups worth attending, many of which are free. That will be a great way for you to network, learn more about the local market, and lay the ground work for your future investing.

Hi, Lacy! Welcome to Bigger Pockets. Sounds like your goals are consistent with many of freedom and security. You're in the right place!

If you haven't subscribed to the Bigger Pockets podcast yet, I can't recommend it highly enough. I lurked in the forums and listened to the podcast for several years before making the leap to buying my first property. The education I received through the podcast was invaluable in giving me the knowledge and confidence to do the first deal. My husband and I are eight properties into the adventure and no looking back!

Best of luck to you and feel free to post questions in the forums along your journey. Lots of friendly folks are here to help.

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