Rookie from Denver! Interested in Buy and Hold Multi-Family

Denver · Member since 2019 · 2 posts · 0 votes

Hi BP Folks!

My name is Nic and I have been reading posts, articles, books, and listening to podcasts and it feels like time to jump in and get involved!

I live in Denver and work as an accountant for a Big 4 accounting firm. I don't have any real experience yet (other than some experience with Real Estate clients with my current job), but I would love to be able to meet with people in the area to pick their brain on how to get started. I like the idea of getting involved with buy and hold multi-family homes, but from what I have read, Denver seems like a tough market to start in.

Any responses are appreciated and I look forward to talking with you!

Nic

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Dan MackinBusiness Member
Real Estate Agent · Erie, CO · Member since 2014 · 1k+ posts · 512 votes
7y
Welcome to BP Nic. As you have stated buy and hold here can be difficult. There are plenty of strategies to get started though with some creativity.
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Bill S.Pro Member
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Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
7y
@Nic Gritta when you say you "... like the idea of getting involved with buy and hold multi-family homes,..." how are you envisioning this for yourself. How big of a property are you thinking of? Do you want to be a syndicator? Are you wanting to have your own cash and own your own deals? Do you want to passively invest in syndications? Do you want to passively invest with a partner? Are you only wanting to invest in Denver?
There are many ways to skin that cat.
I would suggest you attend some local meetups and see what others are doing locally. There are things that people are doing that don't always make the pages of Bigger Pockets.
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Nic Gritta
OP
Denver · Member since 2019 · 2 posts · 0 votes
7y
@Bill S. Thanks for your reply. Ideally, I am working towards personal ownership in a triplex or quadplex as my first deal. In the interest of wanting to manage the property myself, I would like to stay local.
I set up keyword alerts for "Denver" - other than this is there another way for me to be sure I am being notified of local meet ups? Thank you for your help!
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Bill S.Pro Member
Moderator
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
7y
@Nic Gritta you can search meetup.com for some of those that do no post here. You can "join" on meetup.com and they send you notices of when the meetups are scheduled. You can also look in the "events" area under the "network" tab at the top of the page.
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Seth WilcockBusiness Member
Lender · Nashville, IN · Member since 2016 · 139 posts · 84 votes
7y
Welcome to BP Nic! Multi Family investing is a brilliant strategy. If you ever want to meet up to discuss financing options, let me know.
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Chris LopezPro Member
Real Estate Agent · Denver, CO · Member since 2015 · 1k+ posts · 858 votes
7y
@Nic Gritta Have you looked at or analyzed any multifamily properties around Denver? It doesn't take long! There are only a few on the market at time. We're at extremely low inventory for multis.
Between house hacking clients and traditional buy and holds, less than 10% (maybe even 5%) are buying single family (detached homes, condos, and townhomes.) rather than multis. Even though more than half want to buy multis initially. After looking at inventory, quality of properties, and cap rates, many decide to buy single family. They have better cap rates and more inventory.
What price point are you looking at?
What part of town?
What type of return are you looking for?
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Account Closed
Real Estate Broker · Tipton, IN · Member since 2014 · 436 posts · 39 votes
7y
Welcome to BP @Nic Gritta.
Best of luck in reaching your REI goals!
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