A Deal That’s Move-in Ready

It’s not every day where you come across a home just listed for sale that advertises remodeled, and actually was just remodeled that same month, without anyone else living there to ding up the walls or scratch the floor. 600 Portside Court, Lafayette, Colorado is that remodeled home you’ve been waiting for, ready to move right in to. With new paint, new carpet, new tile floors, refinished hardwood, new appliances and kitchen countertops, master bath upgrades, plus an immaculate cleaning job from top to bottom, what more could you ask for? Well, maybe a full daylight basement too. Add to this great views and the great location – walk to Waneka Lake plus quick access to all that Lafayette and Louisville have to offer – set on a beautiful treed lot.  And with new construction down the street going for $700,000, this one  at $400,000 is better than new!

Unique Live/Work Opportunity

It's not often that a true live/work opportunity comes along, especially a historical home in a great location - Old Town Longmont. Most live/work situations present a variety of options, but 415 Coffman Street, Longmont, Colorado is truly unique. With more than 5,100 square feet, there is a luxurious owner's unit with an updated kitchen boasting plentiful cabinet space and stainless steel appliances, a high-end master bath, beautiful crown moulding, a full basement, and secluded, professionally designed courtyard. The rest of the property consists of mostly professional office tenants, plus the garage has been converted to a studio apartment. Projected tenant income is over $4,000 monthly! There's also parking and a rear ADA entrance. Best of all, this property is in an excellent area - live and work in Longmont's vibrant Central Business District, just 1 block from Main Street!

Looking to Increase Your Monthly Income?

As a landlord I've witnessed first-hand the pros and cons of owning investment properties. But with home prices and interest rates where they're at now, adding a rental property to your portfolio may be an excellent idea. New studies of rising rents are being released every day, and The Daily Camera has even reported on Boulder's lack of available rentals with a 10-year low in vacancies for the Boulder/Denver area. According to Hotpads.com, a real estate research firm, rents nationwide jumped 11.6% in 2010 to $1,320 a month. Rents typically rise in the spring so we can expect more increases in the coming months. 

Since interest rates dipped below 4% and home prices are still low, your monthly mortgage rate could easily fall below what you receive in rent even factoring in taxes and maintenance, with room for profit. Zillow has a "rental zestimate" feature which allows you to type in a property address and see what the mortgage would be at today's rates and the rental income (though keep in mind the mortgage payment listed depends on down payment, taxes, etc.). Out of curiosity I typed in my home address only to find the rent to be 143% of the mortgage! Craigslist and The Daily Camera classifieds are also a good indicator of going rents. The fact that investors are buying properties now to rent out (as opposed to "accidental landlords" who are renting out their property instead of selling for a loss) shows that the local rental market is very healthy.

There are obviously factors to consider when deciding to become a landlord or adding to your existing rental portfolio…how long you plan to hold on to the property, if you can have equity tied up for that time, who will manage it, etc. It is not a decision to be taken lightly. I work with all sorts of investors so call me at (303) 442-5001 and I'd be happy to go over options for investment properties and help you crunch the numbers.