Real estate investing in Colorado – are you thinking about it? If you have been thinking about it, there are a few things you need to watch out for when finding that perfect rental property.
Location, location, location
First thing people look for in rentals is just the same as buying. In real estate it’s location, location, location. If it’s Denver’s Washington Park or Cherry Creek neighborhoods it’s for the best in executive rentals. There you can find a home, loft or condo with everything an executive could ever want. In those areas you can find something already built or choose something to be built to your particular specifications that is in preconstruction. As a landlord you will find tenants that are reliable, but who will have high expectations and demands.
Other locations that are found in less expensive locations can still offer great things for prospective tenants. The lower cost can be attractive to you as a buyer, even though you can’t get as much in rent. Unlike executives, tenants who can afford this kind of property may just be looking for some of the amenities that they offer. Things like public transportation. In Denver there is great public transportation like their Light Rail: (http://www.rtd-denver.com/lightrail.shtml) and buses.
What else to look for
You also might want to look for things like good school districts, proximity to bigger employers or colleges. College kids as tenants? Well, they aren’t all partiers, and a few college kids with the need for a less expensive alternative to living in the dorms can be good tenants for a few years in a row. Other things to watch for? Parks and recreation. Families love that. Shopping districts. Entertainment. You get the idea. Things that make people feel at home and keep them happy.
Lastly, you want to find a great, seriously kick butt property manager. One that will keep your best interests at heart. Collect the rent, keep the place kept up to the best standards and run interference with the tenants. Location, location, property manager. That about sums it up!
Looking for an amazing Colorado Property Manager for your Colorado real estate investing, give Tena D a call today! 303-452-5853