Buying Northern Colorado Rental Property
Northern Colorado is a great market for buying investment properties. Whether you are looking to buy an older house for a quick flip, short term rental or long term rental property, there are many investment opportunities in Fort Collins, Loveland, Greeley and surrounding communities. For some investors, the high price of homes in Northern Colorado has been a deterrent but rents are high and demand for rentals are high so if you are savvy and search out a deal, this is still a great market.
Northern Colorado has become a highly desirable place to live due to its booming economy, outdoor recreation opportunities, and high quality of life. As a result, investing in real estate in this area can be a really smart move. Whether you’re looking to quickly flip a property, buy a short-term vacation rental, or invest in long-term rentals, there are many opportunities to be had.
Flipping a House in Northern Colorado
Flipping a property in Northern Colorado can be a great way to make a quick profit. With the right team and a keen eye for properties with potential, you can buy a property, renovate it, and sell it for a profit. However, it’s important to do your due diligence and make sure you have a solid plan in place before jumping in.
Not every property makes a good flip. You’ll want to evaluate the neighborhood and compare recent sales prices for newly renovated homes. If you can find a house that needs a cosmetic renovation and its in a neighborhood where homes are selling at top dollar, you’ve got a great opportunity.
However, the house itself is also something to consider. You want something that needs some work so that you can turn that profit but you need to avoid major problems such as foundation repairs and structural problems. These major problems are costly and will make turning a profit very difficult.
On the other hand, if you find a house or townhome that has an outdated kitchen or bathrooms, you can add new floors, new countertops and cabinets and some new appliances and you’ll likely make a nice return. Sometimes some new paint and new carpet is enough to flip a property if you buy it at the right price.
Investing in Short-Term Rentals
Short-term rentals are another popular option in Northern Colorado, especially in areas like Fort Collins and Estes Park that see a lot of tourism. By buying a property and renting it out on platforms like Airbnb, you can generate a steady stream of income. Just be aware of local regulations. Larimer County requires a permit for short-term rentals and local rules are changing constantly.
Recently, Estes Park and Fort Colllins have made it difficult to legally rent a home on Airbnb or VRBO but Windsor is still a good market for homes in town and potentially a mountain home near Red Feather Lakes could be a good vacation rental. Ask me, I can help navigate the rules.
Long-Term Rental Property
Finally, investing in long-term rental property can provide a steady stream of passive income. With a growing population and high demand for housing in Fort Collins, Loveland, and Greeley, there are plenty of opportunities to buy rental properties and generate income from the monthly rent. Just be sure to factor in expenses like property management, taxes, insurance, maintenance, and vacancies when calculating your potential profits from this investment.
You may want to also consider investing in the purchase of a CSU College Rental. This is especially beneficial if you have a college aged child attending CSU in Fort Collins or UNC in Greeley.
Overall, investing in Northern Colorado real estate can be a smart move for those willing to do their research and put in the work. With the right strategy and a bit of luck, you can make a profit. No investment is a sure thing but having a Northern Colorado Realtor who can aid in the home search, check the regulations and help with due diligence, you’ll be able to make better decisions.
Get in Touch
Andy Hawbaker is your Northern Colorado Real Estate Expert. He is licensed with Coldwell Banker Realty – Northern Colorado
Whether you are an experienced investor with a large portfolio or looking to buy your first property, Andy Hawbaker can help you navigate your Northern Colorado Real Estate purchase. You don’t have to go alone, work with a Real Estate Agent who knows the market, has a business lending background and always has your back. Hit me up with any questions you might have.