Ready to invest in Colorado Springs real estate?
You’ve picked a great time to do it. Yes, it’s a competitive and crowded market, and inventory is somewhat low. But, interest rates are still low for now, and you have an opportunity to turn your investment into a great source of short term rental income and long term ROI.
If you’re investing for the first time, preparation is everything. We’re sharing some tips that might make the process a bit less overwhelming.
Tip #1: Get Yourself an Expert
This isn’t the time to Do It Yourself. Surround yourselves with experts who can help you have a successful investment experience. Start with a Colorado Springs property manager. You’ll also need a good broker, an insurance agent, a legal expert, and a CPA who understands rental property tax breaks. Don’t forget a team of vendors and contractors.
Tip #2: Know the Market and Its Rental Values
A big mistake often made by new investors is thinking they’ll have positive cash flow right out of the gate. It’s unlikely. Get to know the Colorado Springs rental market and understand what the rental values are. You’ll also need to know what tenants are looking for in a rental home, and in which locations they want to live.
Tip #3: Budget for Maintenance and Surprise Expenses
You’ll need a healthy reserve when you begin to acquire and rent out properties. Things will break, tenants will leave, and you’ll need to cover vacancy and turnover costs. It’s best to over-budget and save more than you have to. No landlord wants to wonder how they’ll pay for a new roof.
Need more advice? We’re your team. Contact us at Muldoon Associates, and we’ll help you have a good investment experience.