At Cobalt Creek Property Management, we want to help all of our Denver, CO area landlords and property investors get the most out of their properties, so we’ve put together a list of property management tips for house flippers and investors. Whether you’re committed to a long-term investment or you want to get the most out of something temporary, our team has the resources and experience to help you achieve your goals.
What Do House Flippers And Investors Have In Common?
Traditional real estate investing is about buying and holding properties to make money over time. Flipping houses is all about selling the property (and making a profit) as quickly as possible. Full-time flippers, however, often own rental properties to generate additional, passive income. Sometimes, sales in a neighborhood taper off, and you, as the flipper, find yourself holding the property. Renting the house can help you earn money while you wait for the market to pick up again.
What’s Involved In Property Management?
First and foremost, you’ll need to read up on and follow all of Colorado’s landlord-tenant laws. One of these legal obligations is to maintain the property, or more likely, regularly hire contractors and tradespeople to make repairs. You also have to pay taxes on your property. This can get complicated fast, so you’ll want to talk with an accountant who specializes in property investments.
Happy Tenants Are Long-Term Tenants
Beyond the law, you want to keep your tenants happy so they will continue renting from you. Simply responding to requests promptly goes a long way. You always want to screen your tenants thoroughly, but it’s even more vital when you have multiple tenants living on the same property. You want someone who is not only responsible but will make a good neighbor for your current tenants, so everyone will be happy to stay long-term.
Why Hire A Property Manager?
While property management tips like these can help you get started, you’ll reach a point where hiring a professional property manager makes more sense than continuing on your own. Managing investment properties takes a lot of time and can potentially create a lot of stress. When you team up with us, you don’t need to deal with all of those hassles. Here are some of the benefits you’ll enjoy when you partner with us:
- We free up your time, so you can devote it to more house flipping projects, your full-time job, or enjoying your retirement.
- We know the laws, so you don’t need to worry about them.
- You’ll learn from our professional expertise, especially if your background isn’t in real estate.
- Our staff can fill in the gaps in your skill set. You might be great with a hammer but not know the best ways to communicate with tenants.
- If you’ve got big ambitions, partnering with us can help you scale your investments.
Let Us Help You Make The Most Of Your Investment
If you’re a Denver area house flipper or property investor and you’re ready to hand the hassles of property management over to the professionals, we’re here to help. Contact us today at Cobalt Creek Property Management to schedule a consultation with one of our experts.