I recently moved to the Denver area and I am currently renting a 2 bedroom apartment for around $1400/month. I would like to reduce this expense considerably.
I am currently unemployed (semi-retired?) and I am looking into buying, renovating and renting single family homes (or potentially some other real estate variation). I have some experience renovating my last house and would plan on doing the majority of the work myself.
So I am looking for mustachian housing options... My current thought is to find a small single family home that needs some work, fix it and live cheaply and likely rent it out eventually. There are some inexpensive condos and mobile homes available, but paying an HOA fee seems to make these unprofitable.
I am not looking for anything large or fancy (2 bed/1ba?). I am a single father of a 1.5 year old (who I have around half the time), so it needs to be somewhat safe. With my daughter, I am hesitant to most roommate situations.
I have $100K in savings to be used for a potential cash sale + renovations. (I have additional non-retirement investments (mutual funds) that could be sold as well if needed).
To the questions... Am I missing any low cost housing options to consider? Any specific recommendations from people in the Denver or Colorado areas?
I have been looking for a real estate agent in the Denver metro area with foreclosure/REO/investment experience. Any recommendations or advice would be appreciated. Also interested in building relationships with other real estate investors in Colorado.
Thank you for your time and advice,
Paul