We get this all the time! Short answer: you absolutely can, and maybe you should. Here’s when we think it’s a good idea for you to buy your own investment property in Boulder (all must be true):
- When you want to be a landlord, deal with tenants, fix toilets, chase down late rent payments, etc. All for little if any positive monthly cash flow.
- When you have the $500K – $1M in cash necessary to compete with all-cash investors like us to buy properties in this market. If you don’t, you’ll get beat out on the best properties.
- When you have the experience to know what work will be necessary (and how much it will cost) to satisfy all of Boulder’s regulations, obtain a Rental Permit, and compete for demanding tenants in this market.
- When you don’t mind having your cash tied up in a property that you’ll have to sell or refinance in order to regain access to that cash.
- When you know the market well enough to put all your money into one property rather than having it spread around a portfolio of properties distributed across all of Boulder.
- When you don’t mind the occasional big-ticket expense for your rental property, like a new roof, driveway, or A/C system.
If even one of these things doesn’t sound like fun to you, you should consider investing with Boulder Prime Properties. (’cause these are all fun for us. seriously.)