Home buyers are looking for that perfect space they can make their own. To many sellers, often on the advise of their Realtor, this means painting the whole house in shades of beige and removing anything that makes their home too “personal”. There have been times I’ve said the same to my clients, though I can count them on one hand. As a founder of the Thriving Artist Alliance, I focus my business on helping creative people build wealth through real estate. For some it means moving them from renters to homeowners, for others investing in real estate through purchasing fix-and-flip or rental property is a great strategy, and then there are those who long for a living space that allows for or inspires their creative pursuits. Because the Creative Class relates to the world and their place in it differently, I am rarely looking for or listing a “Beige Box”, it’s more likely I’m on the hunt for something special and unique. When the Smiths called me about listing their City Park bungalow at 3105 Elizabeth Street I arrived at our appointment with no idea what to expect. I took to this house (and to the Smiths) immediately and was blown away! The color pallet, artwork, furnishings and decor made me feel happy and instantly at home and I knew I was in the presence of two highly-gifted artists. Though art is not either of their professions, the artist touch has graced every corner of this home. Mrs. Smith is a part-time painter and Mr. Smith used his considerable craftsmanship on a basement finish that is warm and natural and very comfortable.
This home won’t appeal to everyone, and I’m sure we’ll get some “Why don’t they paint the whole thing neutral” feedback, but that’s okay. I’m not looking for that buyer. I’m looking for that special person, couple or family who understand that self-expression is high art and that individuality is paramount. Oh, and it’d be nice if they love the City Park Jazz concert series, because they’re close enough to walk or roll there every Sunday!
An artist lives here and it shows. This is my new favorite house! Look for it this weekend when it comes on the market
How do you get into the real estate investing game? One house at a time. Real estate investing, like the stock market, can be daunting for some, but the payoff is worth the learning curve. My client, Kevin, became a landlord in 2007 with the purchase of his first rental property, half of a duplex in the City Park neighborhood of Denver. With a $150,000 purchase price and some minor upgrades to suit his specifications, Kevin was able to create positive cash flow within a few months. Two years later, we looked for another property, scouring for a neighborhood where you could still find a bargain, yet prices were pitched to rise. We found a larger single family, bank-owned home between Park Hill and Stapleton and were able to close on it for $136,000. The rehab was more inclusive, but with Kevin’s skill and good taste he created a very desirable rental which drew a very happy tenant. More cash flow. Today, we closed on his third rental property, in the heart of Park Hill. The $107,000 purchase price gives you an idea of what the market has done over the past few years and why Kevin is a happily building wealth through real estate. With a low down-payment, a well-planned fix-up budget and great interest rate, Kevin will be putting a total of $1,000 a month in his pocket this summer from his three investment properties. When you add in the tax benefits and property appreciation that comes with buying now and holding a long-term investment, Kevin is coming out way ahead.
Buying rental property is a great way for creative people to build long-term, sustainable wealth. For Kevin, this is the perfect blend of creativity and commerce and we’ll be following his journey through the fix-up process. Do you think this might be a good path for you? Call, text or email me, I’d be glad to show you successful strategies for building wealth through real estate. Till then, THRIVE BABY!