Living in Colorado is pretty freaking cool! And people from across the country and even internationally have bought into the new type of laidback way of life Colorado offers. Flip through any major travel or lifestyle magazine and you’ll undoubtedly be treated to an ongoing love affair with our great state. Cities like Denver, Loveland and the Springs regularly make the “10 Best Cities to Live List” and with good reason. The Aspen Business Journal reports Colorado’s population will reach 6 million by the end of 2020 and hit a staggering 7.8 million by 2040.
With young and old alike flocking to our cities with hopes of finding “work-life balance” or “busy retirement” real estate investors have the perfect opportunity to make an impact.
ICOR was recently invited to participate in discussions with state and local policymakers who all agreed—real estate investors and private rental property owners can create reliable housing faster and more affordably than big builders. With the inevitable increase in our population there is a serious market for our services.
And it isn’t just the housing market we’ll make an impact on. More readily available homes mean more jobs will be filled or created, thus increasing Colorado’s wealth.
So how do you get in on this?
You need to understand your investing area. The physical location will impact your strategy. Are you in an area where rentals will be in demand or are you going to need to pick up some rehabs for young families moving out of the city?
Denver alone has 20K-30K people becoming of rental age whereas Colorado Springs is seeing more and more young families arrive.
The key is to provide what your particular demographic demands and then go above what the renter or buyer might expect. Surprise them!
Colorado’s growth is guaranteed to continue, so do yourself a favor and develop a long term investing strategy that will keep you in the game for years to come.
March 11th, 2014
March 12th, 2014