There has hardly been a better time to get into the investment property game. With interest rates at an all-time low and housing prices still recovering from the shock of the 2008 collapse, it’s a great opportunity to buy low and sell high. Likewise, it’s also a great time to buy a multi-unit property with the goal of collecting rents. Banks have tightened up their pursestrings and aren’t lending as freely as in the past, and this has forced many would-be buyers into renting.
Multi-unit investment properties in Denver include duplexes, triplexes and fourplexes, all of which can be a boon to the savvy investor. From buyers intending on living on their property and renting out the other units to those looking at properties purely from an investment standpoint, Denver is a great metropolitan area to check out.
The problem is, there isn’t much inventory available. You need a Denver real estate agent that’s familiar enough with every area of the investment market to know where the gems are.
The fact is, right now there isn’t much for buyers to choose from. Instead, a good option for the current market is buying land or homes, scraping it down and rebuilding into duplexes. There’s a lot of activity of this nature going on right now and I can help find you the gems where you can have a positive cash-flow immediately through renters.
Would-be home sellers, too, can get in on the action. If you’re not attracting the kind of attention from buyers you’d hoped your listing would bring, why not diversify rather than cut bait? Current homeowners can leverage their equity to get new loans at incredibly low interest rates to buy investment properties. Since prices are still quite low in some areas, it’s a great time to invest. And if you go the multi-unit property route, you could be pulling in enough each month to cover not only your new loan, but your own mortgage as well!
Keep an eye out for neglected homes, foreclosures and other properties. You might consider buying a property, scraping it and rebuilding a set of town homes. Where there was one property, now there are three. That’s a surefire way to increase returns on your investment.
It also helps to remember that renters prefer fewer-unit homes such as duplexes and triplexes to a sprawling apartment complex. A duplex or triplex feels more like a real home rather than a temporary living situation. This fact is one of those intangibles that adds value to a purchase. Plus, buying a multi-unit home really isn’t that much more expensive than a single-family residence.
In Denver, homes for sale include bungalows, ranches, Victorians and Denver Squares, among others. A variety of these are multi-unit purchases, giving you a lot of flexibility when you’re shopping. There are a lot of great neighborhoods in the city, some more expensive than others, but as a motivated investor you should have no trouble finding just the right place. Don’t waste your opportunity to lock in a low interest rate. If you’ve got equity and the desire to invest in a multi-unit property in or around Denver, there is plenty of opportunity. You just need someone who can lead you to it.