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Converting personal home into an investment property; Something worth thinking about

Posted on May 11, 2018 by Kelly McCurdy.

The Days of the hottest rentals being in the hottest nightlife spots are over! Over the course of the year, single-family homes are seeing a big spark in popularity. The number of housing rentals has gone up 31% from 2006 to 2017[1]. All while apartment building rentals grew only 14%[2].

Now, what does this mean for you?

Being an established homeowner, this gives you a little insight on Investment opportunities. The opportunity to own and rent out an investment property could be a wonderful way to build your financial portfolio. It can be a way of generating supplemental income for a single family or it can be a source of income for retirement. All while still building capital or equity on the home[3].

Looking to sell and upgrade to a new home? Well before you make the decision to sell, one option available is to keep the original home as an investment property, rent it out, and to continue collecting income.

In the Denver Metro area, it is becoming more common to see single-family homes being converted into rentals.  There has been an increase from the younger generation looking to rent a single-family home rather than an apartment.  With this growth, it adds value to entertaining the option of turning your home into a rental [4].

Here in Colorado real estate inventory is still currently low. Meaning that there are more people looking for homes than home available. So, there could be an opportunity to make extra income, generate equity, all while increasing your real-estate portfolio.

If you would like to learn more and/or would like to discuss lending options for investment properties please contact us.

[1] According to https://www.realtor.com/news/real-estate-news/single-family-homes-hottest-rentals/
[2] According to https://www.realtor.com/news/real-estate-news/single-family-homes-hottest-rentals/
[3] *American Pacific Mortgage Corporation is not financial service company or licensed tax advisors; the material provided is for informational and educational purposes only and should not be construed as investment, tax and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is without errors. We are not financial or tax advisors, please contact your financial professional for your personal financial situation.
[4] https://www.denverpost.com/2018/04/12/single-family-home-rentals-denver/

 

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