Confession time–I didn’t buy a rental because I thought as a single mom with young kids, 3 dogs and a burgeoning real estate career, I didn’t know enough or had the energy to learn about being a landlord.
It’s one of my top 5 regrets. It competes for #1 with a major regret I’m not going to reveal in this post. Come to one of my storytelling events and you’ll probably hear it there.
Of course, you say, back then prices were more affordable even if interest rates were higher. Back then, it was easier. Northern Colorado wasn’t as popular and competitive as it is now.
Back then–we said the same thing about the previous five or ten years.
Right now, there have been a number of price reduction on homes under $400,000. Interesting. What’s going on? Bubble bursting? Sellers too ambitious? Out-of-town listing agents not doing their homework?
Sellers may be too ambitious and out-of-town listing agents may not know our market very well, but I don’t think we’re headed to a burst bubble. Maybe a few price adjustments and/or sellers doing the fix-up they should have done before listing the property, but barring a catastrophe, economic or otherwise, northern Colorado looks like it’ll be a good investment for many years to come. Not only are you increasing your portfolio in a market that looks fabulous for years to come, you can still find rentals that will provide cash flow right away.
One of the best ways to get started is to open a free account on Bigger Pockets.com. Then check out their pages on House Hacking, their podcast and their section on Cap Rate and Return. I’ve been listening to their past podcast and consulting with my colleagues at ROOTS about different properties, and checking out potential investments.
It’s never too late to learn or to invest in real estate. Give me a call and let’s check out the Fort Collins/ Loveland market. Don’t regret your indecision five years from now.