New Investor; Looking for Advice

Denver, Colorado
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New Investor; Looking for Advice

Drew Gorman
Member since 2026 · 1 post · 10 votes

Hi everyone, I'm 22 and just graduated from CU. I've been listening to the podcast every day for a few months now (new and old episodes) and have gotten a pretty decent understanding of the different paths you can go down. 

I have a 9-5 but am interested in beginning my real estate portfolio (slow BRRRR method). I have around 45k in capital and a trusted partner who is willing to match my investment. I'm looking to invest in the Denver area to keep it local but I'm not sure about the market. Does anyone have any experience in the area that can give some advice:

1. Is it a good idea to be looking for investment properties in Denver right now (I realize it's not great currently but is it outright a bad idea or is it just harder to find good deals)? If no, is it risky to try and BRRRR out of state, especially as a first time?

2. Is 90k enough capital to do a successful slow BRRRR currently in the area I'm looking?

3. What would you do if you were in my position? 

 The end goal is to build passive income for the future but, obviously, I'm on the younger side so I don't need to be super aggressive, just looking to get started. I have my license but I'm still new to the real estate world so if anyone has any advice on this or is looking to connect, let me know. Thanks.

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Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
1mo

I think finding a good mentor and also doing a house hack would be a good start 

[email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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  • Jay TolugantiPro Member
    Investor · Clearwater, FL · Member since 2025 · 226 posts · 79 votes
    1mo

    Hey Drew,


    Congrats on taking the first step in your real estate journey. I cannot answer any of your questions because it really depends on lot of factors. If I were you, I would first learn how to underwrite a deal. That would answer your 1st question, 2nd question. For 3rd question, I would recommend below books:

    Strategy:
    Rich man in Babylon

    Robert Kiosaki
    - Rich Dad Poor Dad
    - Cashflow Quadrant
    - Guide to investing
    - Real book of Real Estate

    Real Estate Journey:

    Ken McKelroy
    - ABCs of Real Estate Investing
    - Advanced book of Real Estate Investing
    - ABC of Property management

    0Reply
  • Shawntae Harrison
    Member since 2026 · 5 posts · 1 vote
    1mo
    In my honest opinion I would find someone who’s already invested in that area and partner up on the deal since you already have capital, and do some more research before jumping in .
    0Reply
  • Chad RockeBusiness Member
    Real Estate Agent · Denver, CO · Member since 2021 · 383 posts · 181 votes
    1mo

    You’re in a great position to get started. I’m a Denver agent and investor and lead sales for an investment-focused real estate team here. I’ve done 150+ transactions personally and own a mix of rentals, STRs, house hacks and partnerships.

    If I were 22 with $90k between myself and a partner, I wouldn’t overcomplicate it or immediately look out of state. Denver is harder to cash flow than some markets, but there are still opportunities if you know what to look for.

    I’d strongly consider house hacking as your first move. Lower down payment, learn how to operate a property firsthand, offset your housing expense, and keep more of that $90k available for reserves and the next deal. You can always move into BRRRRs and more complicated investments from there.

    More than anything, get around people already doing it. Don’t reinvent the wheel. Attend meetups, connect with investors, agents and lenders, and start analyzing real deals.

    I host a couple Denver meetups. We have an Agent Mastermind tomorrow from 9–11 at The Table Public House, and a larger Denver Real Estate Meetup September 2 from 6–8 at Jackson’s. Come out to either one and introduce yourself. Happy to connect and talk through what I’d be looking at in your position.

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  • Jimmy LieuBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
    1mo
    Quote from @Drew Gorman:

    Hi everyone, I'm 22 and just graduated from CU. I've been listening to the podcast every day for a few months now (new and old episodes) and have gotten a pretty decent understanding of the different paths you can go down. 

    I have a 9-5 but am interested in beginning my real estate portfolio (slow BRRRR method). I have around 45k in capital and a trusted partner who is willing to match my investment. I'm looking to invest in the Denver area to keep it local but I'm not sure about the market. Does anyone have any experience in the area that can give some advice:

    1. Is it a good idea to be looking for investment properties in Denver right now (I realize it's not great currently but is it outright a bad idea or is it just harder to find good deals)? If no, is it risky to try and BRRRR out of state, especially as a first time?

    2. Is 90k enough capital to do a successful slow BRRRR currently in the area I'm looking?

    3. What would you do if you were in my position? 

     The end goal is to build passive income for the future but, obviously, I'm on the younger side so I don't need to be super aggressive, just looking to get started. I have my license but I'm still new to the real estate world so if anyone has any advice on this or is looking to connect, let me know. Thanks.

    Welcome to BiggerPockets, Drew! You’re in a pretty strong position at 22, especially with $90K combined capital, but I wouldn’t force a Denver deal just because it’s local. For a slow BRRRR, the biggest question is whether the numbers still work after purchase, rehab, refinance, and realistic rent assumptions. $90K can absolutely be enough, but the required cash depends heavily on the purchase price, rehab scope, financing, and how much capital you’ll leave in the property after refinancing. I’d also keep a healthy reserve instead of putting the entire $90K into the first deal. Investing out of state isn’t necessarily riskier if you have a solid team, but for a first deal there’s definitely a learning curve since you can’t easily check on contractors or the property yourself. I moved from Portland to Columbus in 2020 specifically to invest and ended up building my portfolio here, so I’m a big believer in choosing a market based on the numbers rather than proximity. If I were in your shoes, I’d underwrite Denver alongside a few affordable markets, figure out what returns you can realistically achieve in each, and then decide whether staying local is worth the potentially higher entry cost. At your age, getting the first deal right and learning the process is more important than rushing to scale. Happy to connect and answer any questions you have!
    [email protected]614-300-7535
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  • Samuel DioufBusiness Member
    Real Estate Agent · Columbus & Cleveland, OH · Member since 2023 · 1k+ posts · 1k+ votes
    1mo

    Hey Drew, welcome to BP! To answer your questions.. 

    1. I don't know too much about the Denver market although I do have some clients that are based out of there and they've been investing from OOS in Ohio successfully. It's all about building the right team when it comes to virtually investing. 

    2. $90k depending on what market could be more than enough to get started. 

    3. If I was in your position, I would pick what market and start building a team. I'd start by connecting with an experienced investor-agent. 

    [email protected]614-662-1652
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  • Dan HandfordPro Member
    Investor · Lexington, SC · Member since 2018 · 779 posts · 501 votes
    1mo

    Drew, having capital and a partner is a good starting point, but I would define the partnership and the downside before focusing on a market. Put decision rights, additional capital needs, guarantees, labor expectations, and exit options in writing. For a slow BRRRR, work backward from a conservative refinance value and include purchase, rehab, carrying costs, contingency, and post-refinance reserves. If the deal only works with an aggressive appraisal, it is too thin for a first project. What property type and rehab scope are you considering in Denver?

    0Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    1mo

    I think finding a good mentor and also doing a house hack would be a good start 

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    1mo
    Quote from @Drew Gorman:

    Hi everyone, I'm 22 and just graduated from CU. I've been listening to the podcast every day for a few months now (new and old episodes) and have gotten a pretty decent understanding of the different paths you can go down. 

    I have a 9-5 but am interested in beginning my real estate portfolio (slow BRRRR method). I have around 45k in capital and a trusted partner who is willing to match my investment. I'm looking to invest in the Denver area to keep it local but I'm not sure about the market. Does anyone have any experience in the area that can give some advice:

    1. Is it a good idea to be looking for investment properties in Denver right now (I realize it's not great currently but is it outright a bad idea or is it just harder to find good deals)? If no, is it risky to try and BRRRR out of state, especially as a first time?

    2. Is 90k enough capital to do a successful slow BRRRR currently in the area I'm looking?

    3. What would you do if you were in my position? 

     The end goal is to build passive income for the future but, obviously, I'm on the younger side so I don't need to be super aggressive, just looking to get started. I have my license but I'm still new to the real estate world so if anyone has any advice on this or is looking to connect, let me know. Thanks.


     $90k might work or might not depending on the market. I would take some time to research other markets

    [email protected]614-363-2787
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  • Milton ChamberlainPro Member
    Real Estate Agent · Kansas City, MO · Member since 2019 · 236 posts · 107 votes
    1mo

    Howdy Drew, house hacking a duplex allows lower down payment with better terms, letting you leverage the lender's money to get max cash-on-cash return and eventual cashflow once you move out....best CAP rate...hard to beat 3-5% down for a duplex vs 20-25% as an investor.

    duplex house hacking is probably the lowest-hanging fruit for someone in your position.

    I have a handful of friends in Denver, and while I’m not sure exactly where multifamily pricing is there, I know the single-family market in most regions is significantly more expensive than my market here in Kansas City, even compared with our higher-median home value and income areas like Johnson County, Kansas.

    I’ll send you over info on kc if interested in seeing what kind of deals you could make work with what you have. 

    [email protected]573-356-1607
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  • Alfath AhmedBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2022 · 1k+ posts · 1k+ votes
    1mo
    Quote from @Drew Gorman:

    Hi everyone, I'm 22 and just graduated from CU. I've been listening to the podcast every day for a few months now (new and old episodes) and have gotten a pretty decent understanding of the different paths you can go down. 

    I have a 9-5 but am interested in beginning my real estate portfolio (slow BRRRR method). I have around 45k in capital and a trusted partner who is willing to match my investment. I'm looking to invest in the Denver area to keep it local but I'm not sure about the market. Does anyone have any experience in the area that can give some advice:

    1. Is it a good idea to be looking for investment properties in Denver right now (I realize it's not great currently but is it outright a bad idea or is it just harder to find good deals)? If no, is it risky to try and BRRRR out of state, especially as a first time?

    2. Is 90k enough capital to do a successful slow BRRRR currently in the area I'm looking?

    3. What would you do if you were in my position? 

     The end goal is to build passive income for the future but, obviously, I'm on the younger side so I don't need to be super aggressive, just looking to get started. I have my license but I'm still new to the real estate world so if anyone has any advice on this or is looking to connect, let me know. Thanks.

     @Drew Gorman Denver might be too expensive for a $90k start for brrrr projects. You might buy something that isn't in the best part of town or something really wrong with it.

    You could up your budget via hard money or borrow money from parents/family/etc or look in another market out of state that has a lower barrier of entry, landlord-friendly, and where you can connect with an investor agent that can send you off-market deals and connect you with his/her team of contractors, lenders, and property managers and help you understand how to do brrrrr deals.

    Feel free to reach out. I own 30 rental units and bought them using the brrrr method and house-hacking.

    [email protected]614-802-5698
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  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    1mo

    @Drew Gorman

    $90K might be enough for the BRRRR investment if you go slow, however, in Denver, you really need to be very stringent with the purchase price, budget for the rehab and ARV. To get started with the BRRRR investment for the first time, you should consider starting within the city limits and then moving on from there.

    Good luck!

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  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 944 votes
    1mo
    Quote from @Drew Gorman:

    Hi everyone, I'm 22 and just graduated from CU. I've been listening to the podcast every day for a few months now (new and old episodes) and have gotten a pretty decent understanding of the different paths you can go down. 

    I have a 9-5 but am interested in beginning my real estate portfolio (slow BRRRR method). I have around 45k in capital and a trusted partner who is willing to match my investment. I'm looking to invest in the Denver area to keep it local but I'm not sure about the market. Does anyone have any experience in the area that can give some advice:

    1. Is it a good idea to be looking for investment properties in Denver right now (I realize it's not great currently but is it outright a bad idea or is it just harder to find good deals)? If no, is it risky to try and BRRRR out of state, especially as a first time?

    2. Is 90k enough capital to do a successful slow BRRRR currently in the area I'm looking?

    3. What would you do if you were in my position? 

     The end goal is to build passive income for the future but, obviously, I'm on the younger side so I don't need to be super aggressive, just looking to get started. I have my license but I'm still new to the real estate world so if anyone has any advice on this or is looking to connect, let me know. Thanks.


    You’re in a solid position for 22 with $90k between you and your partner. I wouldn’t say Denver is a bad market, but with your capital, I’d keep the option open to looking out of state, especially in the Midwest where you can still find lower entry prices and stronger cash flow. The key is having boots on the ground, a good lender, property manager, and reliable contractors so you’re not trying to manage everything from Denver. If I were you, I’d compare a few Midwest markets against Denver and let the numbers decide. Happy to share what I’m seeing and connect if you want to talk through it.
    [email protected]614-418-6081
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  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    1mo
    Quote from @Drew Gorman:

    Hi everyone, I'm 22 and just graduated from CU. I've been listening to the podcast every day for a few months now (new and old episodes) and have gotten a pretty decent understanding of the different paths you can go down. 

    I have a 9-5 but am interested in beginning my real estate portfolio (slow BRRRR method). I have around 45k in capital and a trusted partner who is willing to match my investment. I'm looking to invest in the Denver area to keep it local but I'm not sure about the market. Does anyone have any experience in the area that can give some advice:

    1. Is it a good idea to be looking for investment properties in Denver right now (I realize it's not great currently but is it outright a bad idea or is it just harder to find good deals)? If no, is it risky to try and BRRRR out of state, especially as a first time?

    2. Is 90k enough capital to do a successful slow BRRRR currently in the area I'm looking?

    3. What would you do if you were in my position? 

     The end goal is to build passive income for the future but, obviously, I'm on the younger side so I don't need to be super aggressive, just looking to get started. I have my license but I'm still new to the real estate world so if anyone has any advice on this or is looking to connect, let me know. Thanks.

    Hey @Drew Gorman, welcome to the BP Forum! Which property types interest you most, SFR, 2-4 MF, or 5+ MF? Are you looking for turn-key properties or something along the lines of a "fixer upper"? Lastly, have you looked into how you'd finance such a property?

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  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
    1mo

    The biggest thing I'd focus on before buying is making sure the BRRRR still works if the rehab, appraisal, or refinance is a little worse than expected.

    With $90K combined, I would not think in terms of “how much property can we buy?” I’d think in terms of how much capital you can safely deploy while still keeping enough for rehab overruns, carrying costs, vacancies, and a lower-than-expected appraisal. For a first deal, preserving liquidity matters a lot more than squeezing every dollar into the acquisition.

    I'd work backward from the refinance before making an offer. Use conservative renovated comps for ARV, realistic rents, the lender's DSCR and LTV requirements, and then run a downside case where the appraisal comes in 10% lower and rehab runs 15% over. If the deal still works, you're in a much stronger position.

    Since you’re investing with a partner, I’d also get the partnership structure documented before the first purchase. Spell out capital contributions, ownership percentages, who manages the rehab, how decisions are made, what happens if more money is needed, and how income, losses, depreciation, and sale proceeds are allocated. If one person is contributing substantially more labor while the other is mostly bringing capital, that should be addressed intentionally rather than informally.

    On the tax side, once the property is placed in service as a rental, I'd evaluate cost segregation. A BRRRR with meaningful rehab can create a good opportunity for accelerated depreciation, but the important question is whether the resulting losses are actually usable under your passive-loss situation.

    And remember, the cash you pull out in a refinance is generally loan proceeds, not taxable income. That’s one of the reasons getting the refinance math right is so important to the strategy.

    At 22, I'd rather see you do one conservative BRRRR really well than stretch into two deals just because the capital is available.

    Happy to connect!

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  • Brad SeidBusiness Member
    Lender · Licensed in 28 States · Member since 2026 · 165 posts · 46 votes
    1mo

    @Ashish Acharya If you're looking at a slow BRRRR in Denver, I'd focus less on whether the market is "good" and more on whether the numbers work on the specific property.

    With $90K combined, there may be options, but financing structure is going to be a big piece of the puzzle. I help investors explore lending options for investment properties, so if you’re still figuring out what you can realistically buy and finance, feel free to reach out. Happy to run through some options with you. 👍

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  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    1mo

    HOUSEHACK, do NOT go OOS!

    If I was starting out again with what I know now, I'd look to acquire a 2-4 unit property with an FHA 3.5% low-down payment mortgage.

    I'd also look into using an FHA 203k renovation loan, allowing me to buy something ugly, thus unqualified for a standard mortgage, which would weed out a lot of competition and push the price lower.

    To maximize my cashflow and gain landlording experience, I'd do STR and MTR in the other units, as well as the other bedrooms in my unit.

    Since most cities won’t allow basement rental units, I’d consider finishing the basement, just well enough for me to live down there (cities don’t care if owner chooses to live in basement), so I could rent out ALL the units/rooms.

    I'd save all my cash and look to refi the property in 1-2 years out of the FHA mortgage, so I could use it again if necessary. Depending on how close I was to having 20% equity in the property and being able to avoid PMI, I'd consider using some of my cash to pay down the mortgage when I refinanced. Otherwise, I'd save my cash for the next acquisition.

    I’d also be posting on every social media platform and telling everyone I knew that I was looking for more real estate deals. I’d aim for low downpayment land contracts and lease options.

    After refinancing out of the FHA mortgage, I'd evaluate if I wanted to repeat the 2-4 unit FHA 203(k) process again or if I had the 20% down to target 5+ units.

    While still living in the property, AFTER the refi out of the FHA mortgage, I'd also explore securing a HELOC to tap my equity for emergencies.

    Good luck with whatever you decide to do!

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  • Jesus SuarezBusiness Member
    Lender · TX, FL · Member since 2025 · 131 posts · 56 votes
    1mo
    Quote from @Drew Gorman:

    Hi everyone, I'm 22 and just graduated from CU. I've been listening to the podcast every day for a few months now (new and old episodes) and have gotten a pretty decent understanding of the different paths you can go down. 

    I have a 9-5 but am interested in beginning my real estate portfolio (slow BRRRR method). I have around 45k in capital and a trusted partner who is willing to match my investment. I'm looking to invest in the Denver area to keep it local but I'm not sure about the market. Does anyone have any experience in the area that can give some advice:

    1. Is it a good idea to be looking for investment properties in Denver right now (I realize it's not great currently but is it outright a bad idea or is it just harder to find good deals)? If no, is it risky to try and BRRRR out of state, especially as a first time?

    2. Is 90k enough capital to do a successful slow BRRRR currently in the area I'm looking?

    3. What would you do if you were in my position? 

     The end goal is to build passive income for the future but, obviously, I'm on the younger side so I don't need to be super aggressive, just looking to get started. I have my license but I'm still new to the real estate world so if anyone has any advice on this or is looking to connect, let me know. Thanks.


    My friend congratulations on graduating and starting early—22 with $90k in combined capital puts you way ahead of the game! In a high-price market like Denver, in my opiinion the absolute best way to execute a "slow BRRRR" locally is by house hacking a 2–4 unit property or a single-family with a basement suite using a low-down-payment loan (3.5% FHA or 5% conventional). Putting down 5% instead of 20–25% preserves the vast majority of your $90k liquid for the rehab, keeps you local so you can manage the project hands-on, and lowers your living expenses while you work your 9-to-5. After living there for a year, you can refinance, move out to repeat the process with your next house hack, and safely build your portfolio brick by brick.
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  • Kerlous TadresBusiness Member
    Realtor · Columbus, OH · Member since 2023 · 1k+ posts · 1k+ votes
    1mo

    @Drew Gorman, I'd do one of two things. Either dig into the cheaper pockets around the metro where the numbers actually pencil, or put that capital into a lower cost market out of state where BRRRRs come together a lot easier. Out of state feels scary for a first deal, but the real risk isn't the strategy, it's whether you've got a team on the ground you can trust.

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  • Danielle DalyPro Member
    Rental Property Investor · Denver, CO · Member since 2021 · 54 posts · 77 votes
    1mo

    Congrats Drew, seems like you're in a fantastic spot to get started! If I were in your shoes, I'd seriously consider house hacking before jumping straight into a BRRRR.

    That's how I got started, and I think it's one of the best ways to learn real estate while keeping your risk relatively low. At 22, you have a huge advantage in being able to buy a primary residence with a lower down payment, live in the property, and rent out the other rooms/units to offset your mortgage. You can still look for something that needs some work and create value along the way, so you're learning a lot of the same skills you'd use with a BRRRR.

    Denver is definitely a tougher market to cash flow in right now, but that doesn’t mean there aren’t opportunities, you just have to be more creative. House hacking can make deals work that wouldn’t necessarily pencil as a traditional rental. I currently cash flow $1,500/month between 2 of my Denver co-living properties that began as house hacks!

    I'd also personally be hesitant to make my very first investment an out-of-state BRRRR. There are a lot of moving pieces with renovations, contractors, property management, refinancing, etc., and being local while you learn can be really valuable.

    With $45k of your own capital, a good income, and your age, you’re in a great position to get started. I wouldn’t feel pressured to deploy the full $90k with a partner right away. Buying a solid house hack, learning how to operate it, building equity, and then using that experience to move into BRRRRs could be a great path.

    You have plenty of time to scale. For the first one, I’d focus less on hitting a home run and more on getting into a property that gives you flexibility, teaches you the business, and sets you up for deal #2. However, this is just advice from my experience! There are so many strategies and opportunties and I have no doubt you'll find the right one for you and make it work :)

    Best of luck!!

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  • Dean HarrisBusiness Member
    Real Estate Agent · Memphis, TN · Member since 2015 · 1k+ posts · 1k+ votes
    1mo

    I BRRRR in Memphis all day!!!

    Best of Luck!

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  • Diana KhanPro Member
    Attorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 483 posts · 177 votes
    5d
    Quote from @Drew Gorman:

    Hi everyone, I'm 22 and just graduated from CU. I've been listening to the podcast every day for a few months now (new and old episodes) and have gotten a pretty decent understanding of the different paths you can go down. 

    I have a 9-5 but am interested in beginning my real estate portfolio (slow BRRRR method). I have around 45k in capital and a trusted partner who is willing to match my investment. I'm looking to invest in the Denver area to keep it local but I'm not sure about the market. Does anyone have any experience in the area that can give some advice:

    1. Is it a good idea to be looking for investment properties in Denver right now (I realize it's not great currently but is it outright a bad idea or is it just harder to find good deals)? If no, is it risky to try and BRRRR out of state, especially as a first time?

    2. Is 90k enough capital to do a successful slow BRRRR currently in the area I'm looking?

    3. What would you do if you were in my position? 

     The end goal is to build passive income for the future but, obviously, I'm on the younger side so I don't need to be super aggressive, just looking to get started. I have my license but I'm still new to the real estate world so if anyone has any advice on this or is looking to connect, let me know. Thanks.

    @Drew Gorman, you've gotten some great Denver and BRRRR advice here already. The one part I would spend just as much time thinking about is the partnership itself. Before the two of you put that $90K into a property, I'd want both of you to be comfortable with what happens not only when the deal goes well, but also if one of you wants out, the rehab needs more money, or you disagree about whether to refinance, rent, or sell.

    I’m a real estate attorney and investor, and I’ve worked with people who started a deal with someone they completely trusted. The problems usually weren’t about whether they trusted each other. They came up because circumstances changed and they had never agreed on how they would handle that change. Getting those conversations out of the way early can protect both the investment and the relationship.

    I like that you’re asking these questions before rushing into your first property, @Drew Gorman. The ownership and partnership side of real estate is a big part of what I see in my work, and starting with a good foundation matters just as much as finding the right property. Happy to stay connected as you figure out your first move.

    [email protected]240-266-0291
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  • Paul Pukurdpol
    New to Real Estate · Member since 2022 · 6 posts · 0 votes
    2d

    Hi Drew, I was in a similar situation in 2023. I chose to buy a 2 unit fixer upper with a low down payment. I used the left over capital and sweat equity to start remodeling the worse unit. A few months later I moved into that one and then got the other unit ready to list on AirBnB (in the City of Denver you can only AirBnB your primary residence), which subsides my mortgage. I'm still slowly renovating as I go, still working my W2, and the beauty of doing a house hack/slow live-in BRRR is that there is no time pressure and I can take as long as I need to learn how to rehab and to build my team. For a first deal, removing the time pressure reduces your risk substantially. I'm now doing more deals that are STR BRRRs (not in Denver county because of the aforementioned STR rules), using the "short term rental loophole" to get a large tax deduction which reduces my risk and gives me breathing room on those deals since the year-1 cash flow is so thin. But it gives me the chance to force appreciation on those properties, eventually raise the cash flows, and hopefully later complete the refi. It's not easy to invest in Denver because of the factors mentioned by others, but this is how I've chosen to navigate it and it seems to be working reasonably well for me. Good luck and best wishes.

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