If you're interested in making a profitable real estate investment, then there are worse places to look than Denver, Colorado. The Denver real estate market is hot at the moment and if you're lucky, you'll be able to find an investment property that will give you a pleasing ROI.
Demand is high, but houses are becoming available. In March, there was an 80% increase in the number of homes for sale from the previous month.
But even with the market looking like it does, you'll need some real estate investing knowledge to be able to make the best business decisions. If you're looking for real estate investing tips, you're in the right place. Read on for some top landlord tips you can put into action right away.
The Denver Real Estate Market at a Glance
One of the reasons that Denver is such a great place for landlords to look for properties at the moment is that there are so many Denver tenants looking for a place to live. Demand is high and has been for some time.
While more houses are being put on the market, the increase in supply isn't enough to meet the demand at the moment. At the moment, prices remain high. What this means for you as a real estate investor is that you'll need to act fast once you find a property you like.
Actionable Real Estate Tips
What you want from an investment property, of course, is for it to become profitable. So when looking at the Denver market, how can you be sure this is the case?
If you're willing to put in a bit of work, it can be an economical idea to buy a home that's condemned or dilapidated. You can fix it up yourself for minimal cost and then either sell it on for a tidy profit or rent it out at a higher price point than it would have been worth before you did your renovations.
When you've got more money to play around with looking for property in desirable areas is always going to be a good call. If you're looking into leasing commercial property then the Central Business District can be a good place to look. If you want to become a residential landlord, hip and trendy areas like Uptown or Cherry Creek are worth looking at.
Once you have found your perfect property, another important tip is to make sure to price it correctly. Charge too much rent and you might find it hard to fill. But you don't want to undersell yourself either.
Real Estate Investing Made Simple
Real estate investing is often known as a passive income stream. But landlords know that often their job can be more accurately described as active.
If you'd like to lighten your load as a landlord in Denver, we can help. We offer assistance with maintenance, rent collection, property accounting, rental inspection property marketing, tenant screening, and much more. Get in touch with a member of our team today to see what we can do for you.