Investing in real estate can be extremely rewarding. But, to get to that point, you need to know how to avoid pitfalls and make informed, timely decisions. To help you find success in investing in Telluride, CO, real estate, check out the tips below.
- Know the market
Make sure to learn as much as you can about Telluride’s real estate market. Stay up to date with current trends, including mortgage rates, consumer spending, unemployment rates, changes in local laws and regulations− basically, anything that would affect the market. This will help you plan ahead.
- Check out rental properties in up-and-coming areas
Established, high-value neighborhoods may be tempting, but don’t forget to consider emerging communities in the area. They have tremendous potential for growth, can offer you tax breaks, and allow you to maximize profits.
Aside from the location, consider viable property types. If you are after a steady stream of rental income, look into single-family homes. They make up a bulk of the housing stock in the country and are great for almost any type of tenant.
- Take care of your properties
If you have rental properties, be proactive by asking your tenants if they’ve noticed anything that needs repair. Include a yearly walkthrough of the home in your leases to make sure everything is in good condition.
- Don’t hesitate to ask for help
At the beginning, you may be able to manage everything yourself, but you will reach a point where you’ll need to hire help. Managing a portfolio of investment properties can be taxing, time-consuming work, after all.
Not everyone is cut out to become a property manager or landlord, and that is fine. If you feel like a professional would do a better job, get in touch with a property manager you can trust to take the burden off your shoulders. Here are a couple of ways that can help you find the right property manager.
Advisors are also important. Your attorney, accountant, or even a good friend can offer advice when needed. Don’t be afraid to ask for help from your trusted advisors.
- Understand the risks
As with all other kinds of investments, there are ups and downs to real estate properties. One moment you might be on the green, and the next day might be a completely different story. Simply put, everything will not work in your favor.
Understand the risks of every investment move and decision you make. It also helps to have multiple exit strategies to cushion you if some things don’t work out.
Do you want to invest in Telluride, CO real estate?
Explore your options in Telluride, CO real estate with the best Realtor in the area. For over 29 years, Jim Lucarelli has provided the best real estate service in town. Get in touch with us today by calling 970.728.0213, or send an email to Jim(at)TellurideAffiliates(dotted)com.