DenCo Property Management Blog

Profitable Amenities and Features for Property Management in Denver to Add


July 11, 2018

Does your rental property stand out amongst its competition? In a market where rentals are on the rise, it is important that you are competitive with those around you. Whether you own a building with several units, or a small duplex, there are a few amenities you can add that will draw people to becoming loyal customers. Use some of these go-to tips from local property management in Denver to enhance your rental.
 

Stainless Steel Appliances
 

One way to dress up a kitchen for not much more than the alternative is with stainless steel appliances. Its upscale appearance creates a modern look that pairs well with any environment. Since standard stainless steel does show fingerprints, you can consider using black stainless steel or brushed stainless steel. Best of all? This is a simple upgrade that could help you increase the amount of rent each month by $10 to $25.

 

Exclusive Parking
 

For many people, it is a fight just to get a good parking spot for work. Let alone having that trouble when coming home. Creating exclusive, reserved parking for tenants is incredibly attractive. It helps ease the headache of having to try to find a spot and brings some consistency. If there is a building, there could be a paved lot in the back. For single-family homes and duplexes, you could add a garage in the back. If street parking is your only option, review the landlord/tenant information from Colorado.gov on parking space laws. 

 
Pool and Clubhouse
 

Create a fun getaway for tenants with a pool! This could be an additional fee added into the rent but be sure to factor in the time it will be used. A pool is especially a quality addition if you have multiple properties in the same area. Another tip: If you have multiple properties in one area is a clubhouse. Ideal for year-round use, tenants can use the clubhouse for parties, gatherings, clubs, and more. Plus, other tenants will appreciate the peace and quiet of not having too much commotion on the other side of a joining wall.
 

Laundry

 
Many renters have to spend their weekends sitting at a laundromat. A renting luxury is to provide a washer and dryer in a rental unit. Even if you have small spaces, you can install a narrow, stacked washer and dryer combination in a small closet. This will save your tenants from having to purchase their own or spending too much of their time waiting on laundry to get done somewhere else.
 
Another top way to create a great experience for customers is by using a premier property management service. Be sure to check out the five ways Colorado property management will help your investment real estate, and call the team at DenCo Property Management and Sales to assist. We will take over several areas of your property to help free up your time but keep your investment profitable. Whether it’s an extra hand to handle maintenance requests, or someone to handle collecting rent from tenants, we can step in to help. Call us today at 303-722-9688 to see what we can do for you. 
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Top 5 Neighborhoods to Search for Investment Real Estate in Denver


June 27, 2018

Are you looking for your first or next Denver neighborhood to invest in? As one of the fastest growing cities in the country, many are choosing this great city to advance their career, raise their families, start their own companies, and much more. This growth and popularity is great for investors like you. It enables you to maximize profits while helping those in your local community have a great place to live and thrive. Explore these five top neighborhoods ideal for investment real estate.

Indian Creek

  • Location: Indian Creek is located on the southeast side of Denver, almost in between I-83 and Cherry Creek S. Dr.
  • Renter stats: Rent in this neighborhood is around $1200 per month, depending on size, bedrooms, etc.
  • Safety: Indian Creek ranks near the top of safe Denver neighborhoods. They have very little violent crimes and a small number of theft.
  • Amenities: Housed within Indian Creek, many love the City of Chennai Park for great biking and walking trails, outdoor activities and more.

Stapleton

  • Location: Stapleton is on the northeast side of Denver. It is almost square in shape, between the following streets: Montview Blvd., Quebec St., Smith Rd., and M.L.K. Jr. Blvd.
  • Renter stats: Rent in Stapleton ranges around $1650 per month.
  • Safety: Stapleton has an average crime rate with a majority of issues around theft of some sort. The area has also had a small number of recorded assaults.
  • Amenities: Central Park is located in the heart of Stapleton. In addition, residents love to enjoy this neighborhood’s pools, community gardens, skate parks, and more.

Congress Park

  • Location: Congress Park is almost a perfect square in shape. It is just east of downtown Denver in the middle of the following streets: York St., 287, 2, and E. 6th Ave.
  • Renter stats: Rent averages just above $1170 in Stapleton.
  • Safety: Congress Park has a slightly below average crime rate. A majority of crimes are theft related, with a small number of vandalism and assault.
  • Amenities: Many love the neighborhood feel of Congress Park. With locally owned shops and great restaurants everywhere, in close proximity to downtown Denver, it’s a popular place to be.

Mar Lee

  • Location: Mar Lee is located on the southwest side of Denver. It is in between 95, W. Mississippi Ave., 88, and W. Jewell Ave.
  • Renter stats: Rent in this area is normally around $1150 per month.
  • Safety: Mar Lee has a slightly higher than average crime rate. Most crime is theft related, with some assaults.
  • Amenities: Mar Lee is a great neighborhood for those who enjoy urban hiking. It also is home to many shops and walking paths.

North Park Hill

  • Location: North Park Hill is northeast of downtown Denver. It is in between E 23rd Ave. and M.L.K. Jr. Blvd. and Colorado Blvd. and Quebec St.
  • Renter stats: Rent for North Park Hill is just over $1000.
  • Safety: North Park Hill is slightly above average on crime. A majority of issues are theft related, with some assaults.
  • Amenities: Many in this neighborhood enjoy its close proximity to the Central Park Recreation Center, as well as fantastic restaurants and shops.
Should you invest in Denver area real estate? Of course! To help you with your first or next investment, DenCO Property Management and Sales can help. Review all of our services and information for Denver property owners to see how we can help. Take your next step and call us today at 303-722-9688.
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Complete Guide for Financing Your First Duplex Denver Investment Property


June 13, 2018

Owning a duplex Denver investment property can be an excellent step for your financial future. However, it is not a decision to take lightly. Upon doing research and speaking with property management experts, you will be ready for this next step in your life. Investment properties are handled differently but can be an excellent financial decision for your future. Take the time to become more knowledgeable about investment properties as you work to purchasing your first one.

FHA Loans


It is possible to use a Federal Housing Administration (FHA) loan to help you get started with investment properties. This only qualifies if you are a first-time homebuyer and you plan to live on one side of the duplex. This will allow you to borrow with a lower down payment rate of 3.5 percent. Make sure to work with a lender to ensure you do not break any of the rules if you choose to go this route for your duplex.

Fix and Flip


Are you not looking to rent out for long, but flip a property? You can consider a “fix and flip” loan. These are loans that help you handle any fixes for your property. While you will not need this for your first duplex, it is good to keep this in mind in case your first rental is successful, and you become ready to explore other opportunities.

Conventional Loans


If you are not planning to live in an investment rental, a conventional loan may be your go-to. On average, lenders may require you to put 20 to 30 percent of the home’s value down. It is also important to know you will not be able to use potential income from the renter right away as a source of your own income. In some cases, if your current mortgage has equity, there is a possibility you can take advantage of that to purchase a duplex. These are all conversations to have with your lender.

203K Loans


You may find the perfect rental opportunity… that needs some TLC. This is where a 203K loan will help, which gives you the flexibility to make necessary improvements to a space. For new investors with little money to put down, in some cases, you can put as little as three and a half percent down for a 203K loan if you plan on living on one side of the duplex. If not, you may have to put up to 20 percent down.

As you work through deciding how you will finance your first duplex, be sure to review Bigger Pockets’ real estate financing. Upon speaking with a lender, you can find the right opportunity for you. Being new to the real estate investment industry, connecting with a property manager will make the process seamless. Be sure to contact DenCO Property Management and Sales for any assistance you need with your duplex. From paperwork to maintenance, we have you covered. Contact DenCO Property Management and Sales today to see how we can help you with this new, exciting chapter of your life.
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Insider Ways Denver Real Estate Can Supplement Your Income - DenCo


May 30, 2018

Has Denver real estate piqued your interest, but you aren’t sure if it is actually a good way to supplement your income? One of your key signs that it will benefit you and future tenants is the rise of people moving to the area. Denver remains one of the country’s fastest-growing cities. This growth will help you in two ways. First, due to an influx of people, there are fewer houses on the market, causing prices to rise. For those unable to afford to buy a home, rentals are the perfect solution. Second, some people are new to the area and would like to test out before making a commitment to establishing roots. This is where you come in and help both groups of people find a place they can call home. However, it is important to be smart about it.

Choose an Up and Coming Neighborhood

Since Denver’s housing market is very much of a seller’s market, it is important that you make smart decisions as an investor. Instead of making top dollar purchases in high-demand areas, do your research on up and coming neighborhoods. These neighborhoods may not be picturesque, yet, but there are some tell-tale signs they are on their way to becoming the next great place. Some of these signs include:
  • Opening of restaurants and activities
  • Increase in millennials
  • Moving in of local and chain stores and groceries
  • New employment opportunities
  • Addition of public transportation in the area
  • Spike in rent prices

Appreciation of Assets

When you invest in a home that will be a part of the booming housing market, the value of them will increase over time. Similar to your 401K, you shouldn’t constantly be monitoring. If you plan on having a rental as a long-term investment, its value will grow and grow. A good sign for you as an investor is the stabling of the Denver market. While the area is still hot, the influx of homebuyers is slowly leveling. This will help with prices so you as a buyer can find better investments.

Generating Income

Investment real estate is a great way to generate income when you approach it in a smart way. The first way to ensure you are on the path to success is investing in a popular or up and coming location. You need the demand, so your rental never has a vacancy. For some homebuyers, a fixer-upper is an attractive and lucrative project. It is important to remember you have the capabilities, knowledge, and budget for the job. If not, you are looking at a money pit that you’ll need an expert to fix. Be sure you avoid the five mistakes that make house flipping a flop.  You may also invest in a home that is fine as-is. Research upgrades to make to your investment property in Denver.

Help from Property Management

As you purchase your first residential investment property, DenCO Property Management and Sales can help you get the most for your money. There are a variety of tasks that come with being a property owner. Any areas you are not skilled in or have little time for we can assist with. This includes everything from leasing paperwork and rent pricing, to maintenance and working with tenants. Call us today at 303-722-9688 to see how we can help you be a successful property owner.
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Preparing for Peak Leasing with Your Denver Investment Property


May 16, 2018

The spring is one of the peak times of year that keeps Denver investment property owners busy! As a property owner and/or landlord, it is important you are prepared for this rush and make sure you get interest in your rental(s). Whether you own a double or a multi-unit apartment complex, any vacant units are lost dollars. Use these top three methods to ensure you are ready.

Maintenance Unit Reviews

In the weeks leading up to your busy season, it is beneficial to inspect the units. This will help you find any damage in them that needs to be fixed. This can include appliances that aren’t working properly, fire alarms that do not work, cracks, issues with flooring, plumbing problems and much more. When repaired, this will create a better living environment for your current tenants and be in pristine condition if potential renters view the space.

When conducting maintenance unit reviews, it is important to give the person living in the space advanced notice. An easy way to do this is by sending an email a week in advance, specifying when you will be inspecting units. If you only have one or two spaces you own, you can always contact those renters directly and schedule a time.

Proper Listing Information

Most landlords will send their tenants renewal notices two to three months in advance of their lease expiring. This gives them ample time to find a new place and you time to make repairs and show the space to prospective renters.

It is incredibly important that your listing information is as up to date as possible when putting them on apartment or renter search websites. This can include accurate bathroom/bedroom information, accommodations or highlights such as the type of floors, appliances or counters, amenities and more. The more details you can include, the more helpful it will be to a search.

In addition, be sure to have updated pictures that are high quality. Make sure they are not blurry and do not include clutter. They need to be neat and clean to give prospective renters an idea of what the unit looks like. You also will benefit from taking photos outside (yard, outdoor amenities, etc.). Not a photographer? Don’t worry! There is no need to spend thousands on a photographer; you can accomplish the task with your very own smartphone. Use these tips and tricks on how to take awesome pictures with your phone.

Upgrading Business Software

It is crucial to have a great business software to help you manage your property. A great system will include ways for you to communicate with renters in one secure place, manage payments, handle accounting and tax information, control maintenance requests, house renter’s insurance information, securely store documents, and much more. The more organized you can be, you will be able to run your business more efficiently.

Are you looking for ways to help you manage your investment properties—especially to kick off peak leasing season? DenCo Property Management and Sales can assist! From working with renters and maintenance requests to handling the finances, we offer a variety of services to help you with every step of managing your property. Contact us today at 303-722-9688 to see how we can help.
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