3 Places To Buy Investment Properties In Denver

Denver has lots of different neighborhoods and each has their own character. Whether downtown, in the towns surrounding or further out, each are great places for investment properties.

College areas

3 Places To Buy Investment Properties In DenverOne great place to look for an investment property is around colleges. Colleges offer a slew of opportunities for tenants. College students often look to off campus housing to make college more affordable. Not all are party animals who will destroy your property. In fact most landlords find that students tend to be better tenants than others.

While it may mean faster turnover, students may only stay a year or so, there is always another class of students coming to town. So purchasing a home, town home, condos or apartments, students will jump at the chance to live independently off campus.

Find out more about area colleges: 5 Best Colleges In The Boulder Denver Metro Areas

Nearby suburbs

Other places just outside of town can mean great properties for families. Think of the nearby suburbs that have great schools, close shopping and parents who will be working in Denver.

Of course, there are also the wonderful opportunities in the suburbs or just further out. Some great suburbs to check out are Westminster, Broomfield and Brighton in the North and Parker or Lakewood in the South.

Executive rental properties

Larger estate properties that will make fantastic executive rentals. The properties must be top notch and equipped with the latest and greatest updates, technology and amenities. Executives expect no less and will pay through the nose for it. Although you may have to invest more money into the property, you will definitely make it back in rental revenue.

Find out more about Denver Executive Rentals

Denver has great places to make your mark as a real estate investor. Look at who you may want to have as a tenant then go find a great Realtor to help you find the property you need.

Now’s the Time to Get Ready for Winter – Denver Property Management Tips

Denver Property Management TipsSchool has started and fall is in the air. The crisp air should be a sign to you that you need to get your investment properties ready for winter. It may not be cold yet, but there are a lot of things to be done to protect your investment from winter’s cold clutches.

Inside things

Inside, you should do a number of things. First, find, repair and clean your storm windows so they are clean when you install them when the weather turns colder. Caulk your windows and window trim. Look for cracks in the trim around the windows and siding of your house (outside) and around the wood trim and inside the window sill (inside).

Have someone come out to clean and service your furnace. Change out the filter in your furnace as well. A clean and well running furnace will save your money on your utility bills. A dirty or poorly maintained furnace can cause carbon monoxide. Definitely not something you want for your tenants! Once the cold weather starts switch the direction of ceiling fans. They should run clockwise in winter to push warm air down and counterclockwise in the summer to push down cool air.

Outside things

Outside you should check your decking for moisture and restain or reseal it. Touch up any exterior paint. This will prevent damage to your home by not allowing moisture through. Have your chimney cleaned and inspected. This is a big deal and a dirty chimney can cause fires or carbon monoxide problems.

Clean our gutters and downspouts. Clogged gutters can cause water to freeze and back up into your roofing material. It’s called ice damming. Also have your driveway sealed and cracks fixed. Letting cracks get water, snow and ice in will make them larger. Lastly, winterize lawn equipment and get the snowblower ready!

If all of this sounds like a lot, then have a property management company like Denver Realty and Rentals help you out!

Keeping Great Tenants: 4 Tips For Making Tenants Happy

As a landlord, keeping great tenants is the best way to be sure your investment properties make money. Keeping great tenants means making them happy. Here are a few tips for keeping great tenants renting.

Meet them in person

Keeping Great Tenants: 4 Tips For Making Tenants HappyEven if you have a property management company handling your investment properties, meeting your tenants and checking in with them personally will tell them that you are more than just an absent landlord, or some big company that doesn’t care. Putting a face to that check and ownership will make them more apt to keep your property in good shape and keep them renting.

Positive reinforcement

Giving rewards to reinforce the good things your tenants do is a great way to keep tenants happy and renting. For instance, you know it would help you a lot if they paid their rent on or before a specific date or electronically. Give them a small break on the rental, say 1%, if they set up an automatic electronic payment on the same day each month. Voila, you get the rent exactly when you expect it and they don’t have to write and mail a check. Also reward them for being long term tenants. Give small gifts when they re-rent each year. It doesn’t have to be an expensive gift, but something that shows your appreciation and engenders some loyalty from them and helps with keeping great tenants. Your property management company will help with rewards and positive reinforcement.

Rent your property furnished

Furnishing the property doesn’t have to break the bank, and it can mean that you can ask a higher rent for having a furnished property. Same goes for updating the property. Having updates done will mean you can ask for higher rents as well, but it also means you will get the quality of tenant that will stay and care for your property. Sometimes those upgrades may not cost much, but can make the tenant’s life a lot easier. If they are happy, you can keep them renting.

Maintenance items

Be proactive about maintenance, and even include some heavy cleaning items. Things like heavy duty carpet cleaning or making sure filters are kept clean. Tenants will have a cleaner environment to live in and be very happy. It also gets you access to check the property out.

Happy tenants become long term tenants. Long term tenants mean less costs for you to find new tenants all the time, so keep your tenants happy and they will keep renting!

Denver Real Estate Investors – 3 Things To Consider Before Buying A Local Investment Property

Denver Real Estate Investors - 3 Things To Consider Before Buying A Local Investment Property   Real estate can be a good option for Denver real estate investors.

Some people think of real estate investing only as “how fast can I flip a property?” But owning real estate and leasing it is also a great way to invest in real estate. This is especially true in areas like Denver where the real estate market didn’t fall far and there isn’t a lot of room for big money flips. So, if you want to be a real estate investor, buying local investment properties can be a good way to get into the real estate investing market.

Another good reason to rent investment properties is the income stream and lower risk over buying and flipping. But there are risks, so here are three things to consider before you jump into the fray of Denver real estate and investment properties.

Invest in Solid Properties

Invest in solid properties that people will want to rent and live in. Cheap isn’t always better and higher end properties also can be leased for higher rents. Properties in nicer neighborhoods will also stay rented as opposed to having a property that has a higher turnover but might not have cost you as much.

Check Out the Neighborhood

Pay attention to the types of people who live in the neighborhood where you are buying. Is it a neighborhood with a lot of singles or couples (as opposed to families), maybe college kids, etc. You might just be able to buy a property that can be made into smaller units. That will change your income potential immensely. Design your rental units to fit with the community.

Research

Don’t be greedy. Yes, the purpose is making money, but don’t price yourself out of the market. A vacant property isn’t making you any money, so be smart about how much you are asking in rent. So research the local Denver real estate markets and ask for rents accordingly.

Long Term Goals

Investment properties are all about long term goals, not short term gain. If you think about your property as appreciating while you make an income on it, then you will find a win now and in the future.

Want to find out more about becoming a Denver real estate investor? Give Tena D a call today! 303-452-5853