Aurora Real Estate Investing as Economy Changes
A growing number of people find it hard to pay their bills, much less enjoy the accouterments of the middle-class lifestyle such as gym membership and vacations. According to a recent piece by the New York Times, the data shows the middle class is shrinking even though many people still want the comfortable lifestyle. If you feel worried about maintaining your socio-economic standing due to job layoffs or want to help your adult children, consider real estate investing in the Aurora area. Not only is the rental market booming, but you can use established property management companies that handle all the complicated details. Whether it’s responding to maintenance calls, marketing and showing your property or enforcing the lease, your property manager can free up your time so you won’t lose valuable work hours.
Supplementing your income with rental property
Retired people on Social Security aren’t the only ones who need supplemental income. According to the Times, middle-class people make at least $35,000 a year, which is twice as much as a family of four struggling in poverty. However, few people can make it on a low middle-class income. American households bringing in $100,000 are also in the middle class, but that doesn’t stretch as far in today’s economy. Having a steady rental income stream can make it easier to afford college tuition, vacations and new cars.
Getting out of debt with rental property
Experts say a lot of middle class people struggling with debt. According to a piece by Nerd Wallet, in 2014, the average household in America had about $15,600 in credit card debt. Of course, most middle class families also struggle with student loan debt. Owning a rental property that attracts quality tenants can provide you with the money you need to pay off debt or pay cash for college.
Other reasons for real estate investing in Denver include the tax benefits. You can deduct the expenses of your tax preparer and property manager as well as money spent on maintenance. A good property management company in the Denver area can advise you on where to buy and how to fix up your rental so it appeals to good tenants. By preventing tenant turnover and maintaining low vacancy rates, you’ll maximize your cash flow.
At Legacy Properties-PM, we are proud members of the NARPM, the National Association of Residential Property Managers. For more information on the services we provide as property managers and what kind of rental income you can expect in Aurora, pick up the phone and call 720.989.1996 please contact us.