Real estate is still one of the smartest places to invest to grow your wealth. The demand for housing in Denver is at a record high, meaning that buying a home to flip or rent out is a worthwhile investment. It also means that the market is competitive, so if you’re looking to enter the real estate realm, you’ll need to be educated and prepared. Coordinating with a local Lowry real estate agent can help you find the right neighborhoods in the city to look for investment opportunities, such as in hot spots like the Lowry area
. There are several steps you can take to ensure that you’re ready to plunge into investing in the real estate market.
Assemble A Good Team
There are key people to include in your search for property, including a mortgage broker to help you secure financing, a real estate attorney for going over contracts, an accountant who has experience in real estate investments, a solid contractor to assist with any home repairs, and a savvy real estate agent with an understanding of Lowry market trends. Having these professionals on board will enable you to make offers on property that will be taken seriously.
Find Rehab Deals
Whether you’re interested in flipping houses―that is, buying houses to fix up and resell―or holding onto properties and renting them out to generate monthly income, you’ll want to consult with a real estate professional who can help you determine which route best suits your return on investment (ROI) needs.
Flipping houses is a good short-term ROI strategy, as it entails buying a property and investing in repairs to upgrade the appearance and functionality. This increases the home’s value, allowing you to sell it at a profit to recoup expenses and gain capital. Your search will focus more on fixer-uppers, properties that need obvious repairs; it helps to have a good eye for the potential improvements that can be made to a place to increase your profit opportunity.
These deals can be hard to find, given the current market, but once you get started, you can take the profits from rehabbing and selling one place and reinvest in the next property, either in a more desirable neighborhood or by making bigger and better repairs. Finding properties under market value in Lowry can be difficult; your local real estate expert can help you in your search.
Find Rental Properties
If your ROI interests lie in renting out a home for monthly cash flow, you’ll need to look closely at the operating expenses of a specific property. Consider where in the Lowry neighborhood the property lies; this will help you determine how much you can reasonably charge tenants for rent. Also factor in how much contract work needs to be done for upgrades and repairs initially, as well as long-term maintenance and emergencies. Securing an experienced property manager will be key to taking care of the necessary day-to-day elements of renting.
For guidance in investing in the Lowry neighborhood and other Denver areas, contact Elevation Realty at 303-579-3566. Our knowledgeable real estate professionals can assist you with finding properties with our in-depth understanding of current market trends