In a bit of good news for area home buyers, the median home price in metro Denver remained unchanged in June, which may be a signal that the real estate market in the Mile High City is hitting its
Helpful Tips For FirstTime Investors
With the Denver real estate market rebounding nicely, many potential investors are thinking of taking the plunge. Here we’ll examine some very helpful tips from realtor.com that highlight the basic dos and don’ts for anyone thinking of getting into the real estate investing game.1. Investing is a numbers game.
Decide early whether you want to be a rehabber, a buy-and-hold investor, or another business model such as a flipper or wholesaler. Once you know what you want, you can act accordingly. In general, the longer you hold a home, the more value you will extract from it.3. Don’t get overextended.
People run into trouble when they invest too much in the beginning, thinking they can recoup quickly. Start small and don’t invest money that cannibalizes from your current savings plans. Real estate investing should be a supplement to your existing plans, not a replacement. Later, if you have great success, you can always reevaluate.4. Reach out to others.
There are a great many investor groups available online and in person. You can use sites like Meetup.com to connect with other investors. There are also online options such as investor forums.5. Build your team.
If you are planning just a single investment, you probably only need a realtor, lender, accountant and lawyer. You may want to get referrals from people you meet through investment groups. It’s important to choose people who have experience with real estate investment and can provide you with relevant advice.6. Select your targets with care.
Choose properties that are low maintenance and have a wide appeal. Finding an investment property isn’t about your personal taste. Avoid properties with odd room layouts or with high-maintenance features such as a swimming pool or a large garden.
Ray and Carla have been working as a team since 1995. Carla’s extensive knowledge of the Denver area real estate market not only includes over 35 years as a Real Estate Broker Associate but also in....