Should You Get Into Real Estate Investing Now When the Market is so Hot?

Some say that getting into real estate investing when the market is hot is a bad idea. I disagree. Not only can you get into it without losing your shirt, but you should.

So why is it such a good idea?

Should You Get Into Real Estate Investing Now When the Market is so Hot?Well, think about it. Does everyone own a home? Of course not. In a hot market it is really hard for first time buyers to find an affordable property. They often get out bid on those that they can find. That leaves a large segment that still need a place to live.

Not everyone wants to buy a home

Often times those looking for that first home are doing so because they need a bigger space.
So how does that help you, the real estate investor with a single family home to rent? You have that bigger space they need. Since they can’t buy, they can rent. That means that your property will be in demand.

True too is the fact that not everyone wants to buy a home. That means more prospective tenants for you no matter the market.

Use a property management company

Now, as a smart real estate investor, you have a property management company working for you and they will vet prospective tenants and get your property rented in days and keep it rented for you.

So don’t listen to the naysayers. You can and should invest in a hot market. Help out those renters.

How To Find Real Estate Investment Properties In A Hot Market

Want to get into real estate investing but are afraid the market is too hot to get you a reasonably priced property? Well, there are some things you can do in order to find good, solid properties that aren’t over priced.

Have a Realtor help

Your best bet is to start by having a Realtor help you find good prospective properties. Be sure to ask if they are experienced in investment properties. If they do, they will understand your needs and they will be invaluable helping achieve your objectives.

Not only are they a good resource, but once you establish a good relationship with them they will be more likely to seek you out when a great property comes their way.

In fact, I work with a number of investors who have different goals and objectives. I let them know as soon as I find something that will fit their needs!

One resource can be foreclosure lists

It can be a bit hit or miss in a hot market, but foreclosures happen all over for varied reasons. Checklists for your area, which may require a subscription, can be useful and be sure to look for properties that haven’t been listed for long.

Look for properties in nicer neighborhoods. Once you find one or some, have your Realtor help you see the property. The caveat here is that they may not be kept up or may have been vandalized by a disgruntled owner or scavenge artists looking for anything of worth in a vacant home.

Finding a property in a hot market isn’t impossible. With some work you can start a profitable venture.

If you are thinking about working with a Realtor, give Tena D a call and we can get to know each other a little bit! 303-452-5853 

The #1 Way To Keep Your Renters Happy

You have one or more investment properties that you rent out. You’ve been lucky enough to find great tenants. They take good care of your property, pay their rent on time and aren’t a problem. The last thing you want to do is lose any of them as a tenant. So how do you keep your renters happy and staying?

Be responsive

The #1 Way To Keep Your Renters HappyThe best way to keep your renters happy is to be responsive to their needs. How do you do that?

Well, there are quite a few things you can do, starting with don’t let them go to voicemail. Pick up the phone and if you can’t, be sure to return their call soon thereafter. It’s called being professional. Being prompt in answering their questions, respectful of them and responsive to them.

Next, take care of any repairs promptly

That doesn’t mean dropping everything if they need some non-emergency repairs. It does mean that if they call you on a cold January night and say the heat is out, you do drop everything and get a repair person there to help them.

If they do request any non-emergency repairs or updates, do them in a timely manner. Don’t make them wait weeks or months. And be in touch with them to keep them in the loop. Even if there is a delay, knowing you care enough to let them know will go a long way.

Related Post: 3 Ways To Reduce Your Vacancy Rate 

If you do have a trouble or disruptive tenant, deal with them now

Letting a problem tenant get away with disrupting everyone else will lose you those good tenants in a heartbeat. Pay attention to complaints. Deal with it at that time. If the police have to be involved, get them out and fast.

Always be sure to respect the privacy of your tenant. They have a legal right to quiet use and enjoyment to their home. You may need to come in and inspect or repair something, but you should give them plenty of notice in the form called for in the lease.

If you appreciate your great tenants, let them know. Be responsive to them. Show them courtesy and respect and you’ll have them for a long time.

If you are looking for a great property management company in the Denver Metro area, give Tena D a call today! 303-452-5853

How To Succeed Using Hands Free Real Estate Investing

You like the idea of real estate investing, but don’t have the time it takes to be hands on with the business. So would you get involved in real estate investing if you could do it hands free?

It is possible!

Collective buying power

How To Succeed Using Hands Free Real Estate InvestingCompanies like the Maverick Investor Group make the idea of helping others make money in real estate possible. They do this by leveraging what is known as “collective buying power.”

Turn key properties

How? By coordinating multiple people to buy properties from the same seller/developer. By doing that, they would be able to negotiate better prices and terms than a single investor could get on their own. What’s better is that what Maverick offers isn’t a “flip” scheme where you buy a property and have to fix and update it, but investments in turn key properties.

That means that your money can go farther

This is because you aren’t spending the money you have or wasting weeks or months on rehabbing a property before you can rent it out. What can you spend it on instead? Multiple units or properties that are all ready to become rental properties now, not weeks or months from now. That means more income faster.

Makes sense, right? Throw in a property management company to manage the day to day aspects of being a landlord and you will truly be hands free in your real estate investing.

Looking for hands free real estate investing properties? Click here to find out more!

4 Questions To Ask When You Are Investing In Colorado Real Estate

If you’re considering getting into real estate investing in Colorado, and becoming a landlord, there are a few questions 4 Questions To Ask When You Invest In Colorado Real Estatethat you should be asking. Many people start out by buying a property and living there, then rent it out down the line. Being a landlord is a lot of work and responsibility so these are the 4 questions to ask before you jump in.

Average house price

Start out with do you know the average price for houses in the area where you want to buy? Of course you probably want to do that anyway since you have to come up with a way to buy, but not knowing can mean you pay too much for a property. Also, ask yourself why you want to buy in the first place? American dream? Investment only? Or another reason?

Average rent for homes

Next, do you know the average rent for homes where you want to buy? This is really important for a few reasons. First, if you are planning on paying all or part of the mortgage with the rental income, you need to know that your expectations meet your needs. You should also know the average rents because that will tell you who will be able to rent your property. If you fix it up like the Taj Mahal but rents in the area will only support Section 8 housing, you will probably lose a lot of money and end up with tenants who may not keep your investment in the condition you expect.

Have a plan

Do you know how long you plan on living there, and how long you plan to keep the rental property? Will you live in the area after you make it a rental, or move away and manage it from a distance? All in all, you should have a concrete plan in place about how to live in, move out of, get it rented and manage the rental property. If you don’t, get one.

Will you hire propety management?

That last managing part leads to this question: will you hire a property manager and if so, have you figured in that cost? What about the cost of repairs, now and later when it’s a rental? Do you have the savings to manage? What about repairing it while it’s vacant and not generating any income?

Have you asked yourself any of these? If not, these 4 questions to ask will help you figure out the answers you need before you buy.

Looking for a great Denver Property Management company? Give us a call today! 303-452-5853