Let’s see, where were we?
Ah yes…Different ways to invest around Colorado. I will pick up where I left off on the last blog (which you can read here).
5. Combination or Mixed-Use Property
This can mean a combination of residential units and stores. For instance, you could have upper-level units of apartments with a corner store below. The residents can also be customers that provide not only rental income but also retail income from purchases. Although it may be harder to obtain financing for this type of property, it may be worth the effort because you will have two streams of income.
6. Office Buildings
An office building rental can mean you have one company as a tenant or several separate units with multiple businesses renting the space. Office rent tends to run higher than residential rent if you are in a good area. Because prime office space is usually located in areas like downtown Denver, the investment required is usually much higher than a residential unit in a suburb like Lakewood. The income you receive from this type of rental can be directly linked to the strength of the economy.
7. Retail and Industrial Property
Renting out storage space and warehouses can be good because the leases signed are typically very long. One problem with this type of rental is that the space you invest in can be highly specialized, and it may only support one type of industry or store. This is also an income that follows the ebb and flow of the economy as well.
8. Second Homes or Vacation Homes
Isn’t this everyone’s dream? It would be so fantastic to own a second home or a vacation home in Aspen or Winter Park that you can visit whenever you want. Renting out a second home can be money in your pocket you hadn’t considered before. I wouldn’t bank on continuous rental, especially in an economy where people are more conscientious about spending extra money.
All-in-all, there are so many ways to invest in property in Colorado. Speaking with a Colorado buyer’s agent may shed some light on local economies or new ideas for investing. They can also provide 100% buyer representation when you are ready to make the leap and purchase an investment property in Colorado. Stay tuned for more blogs on investment properties.