Just last week I got a call from a client who found out he was getting trasnferred just 15 days after he bought his very first home. While he was upset, luckily he wasn't too worried about renting out his condo and he was able to get it rented for a profit to the first person he talked to. While this isn't always the case, it is getting more and more common in Denver where the Denver market was ranked as number five in the nation for homeowners making the most money off mom-and-pop rentals according to Zillow.com.
Zillow considers mom-and-pop landlords ashomeowners who have turned their personal home into a rental rather than selling it when they move. With the rental market so hot right now and home prices appreciating so quickly, it is no wonder why Denver is ranked so high and more and more homeowners are taking this route over selling. The short term profit for Denver was calculated at $355 a month. Oklahoma City was first at $536 a month. This doesn't take into account the long term profit either. With many Denver neighborhoods seeing double digit appreciation, this number could be much higher. For the full article, click here.
This trend certainly isn't helping to stablize the Denver Real Estate market as more homes that typically would have been sold are rented out but it definitely makes sense for the right homeowner. And it should serve as notice to those who are sitting on the fence about investing in Real Estate. If the average home owner can make $355 a month, imagine what an aggressive investor could net each month. It is a great time to make money in Real Estate so let's talk.
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