Buying a Home in Denver: Your Path to Real Estate Success

Denver is expensive!  How do young professionals afford to live here?  It seems impossible but I recently found a way to make it happen for a client.  He just closed on a home in Golden, that will have $200k in instant equity when it is fixed up.  He is going to rent out the rooms, and then his home will be less than the cost of renting an
apartment.  After a few years, he can refinance or take the equity out and get another home.  There are ways to get started. 

House hacking is an innovative strategy that allows you to live in a property while renting out part of it to cover your mortgage and other expenses. Denver, with its booming real estate market and stunning natural beauty, is expensive. This article will guide you through getting started in Denver, building equity in your first deal, and the
significance of family support in your real estate endeavors.

Getting Started in Denver
Denver's thriving job market, vibrant culture, and proximity to the Rockies make it an attractive destination for new homeowners and real estate investors. If you don't have a hundred thousand to put down, you may want to consider a home that allows you to build a separate entrance to a basement, or getting some roommates as an investment strategy.  Without a lot of money down, monthly payments can be around $5,000 for a house, so you have to be creative.  That is why more first time home buyers are renting out part of their homes to break into this market.  

Equity in Your First Deal
Building equity is a crucial aspect of successful house hacking. When purchasing your first property, aim for a home that is under value.  I can help find one, as I have access to off market deals and also have the crews to fix the homes once we get under contract. First time investors can also buy multi-family deals, this approach allows you to live in one unit while renting out the others. By doing so, you can use the rental income to pay down your mortgage faster, building equity over time. Additionally, consider properties that need minor renovations, as these can be purchased at a lower cost and offer opportunities to add value.

What Can You Do Yourself?
Sweat equity is a powerful tool in house hacking. By taking on manageable DIY projects, you can save money and increase your property's value. Tasks such as painting, landscaping, and minor repairs are great starting points. However, for more complex projects like electrical work or major renovations, it's wise to hire professionals
to ensure the job is done correctly and safely.

Importance of Real Estate Mentors
Embarking on a house hacking journey requires a significant commitment, and having the support of other real estate mentors can make a world of difference. Discuss your plans and goals with your tribe, ensuring they understand your goals and potential challenges. Their encouragement and understanding can provide the emotional and practical support needed to navigate the ups and downs of real estate investing.  When
I bought my first investment deal, I did not have family support.  My family thought of it as risky.  They also thought it was too expensive. Now, they see it as a source of stability in my life.  

Create Equity
Creating equity in real estate goes beyond just paying down your mortgage. Strategic improvements, smart refinancing, and keeping an eye on market trends all contribute to building equity. In Denver's robust market, properties tend to appreciate steadily, allowing you to leverage increased property values for future investments. Keep an eye on local market conditions and be ready to adapt your strategy as needed.

The Beauty of Colorado and Why to Stay Here
Colorado's natural beauty is unparalleled, from the majestic Rocky Mountains to the serene plains. Living in Denver means you're just a short drive away from world-class skiing, hiking, and outdoor adventures. The state's thriving economy, diverse culture, and excellent quality of life make it an ideal place to settle down. House hacking in Denver not only provides a pathway to financial independence but also allows you to enjoy the countless benefits of living in this beautiful state.  I am currently visiting Texas, and the tornadoes and wild storms remind me of why I live in Colorado.  The mild climate is amazing.  

In conclusion, house hacking in Denver offers a unique opportunity to build wealth, gain valuable real estate experience, and enjoy the unmatched beauty of Colorado. By starting smart, adding value, and leveraging family support, you can turn your real estate dreams into reality. Embrace the adventure and watch as your investments grow, all while living in one of the most desirable locations in the country.

You can reach me at 303-514-8491.  I would love to mentor you through your first deal.