Ritter on Real Estate Denver Market Overview with Top Broker Adam Riddle
The pandemic has impacted many multi-family markets across the US but in Denver, the Mile High City, the investing landscape is as solid as ever. Today we get an insider’s perspective on the Denver market from Adam Riddle, Principal of Nexus Commercial Realty. We open our conversation by chatting about the trend of people leaving coastal cities and embracing a work-from-home lifestyle. With a diversified economy and easy access to nature, as Adam explains, more people are moving to Colorado than ever. We discuss what the cap rates look like across Colorado before diving into local investment trends and later, the strategies that are common in the Denver market. After sharing his journey into real estate, Adam provides his top advice to listeners wanting to invest in Denver — with details on areas that they should consider investing in. We touch on why a low cap rate isn’t a sign of a bad deal and then dive into Adam’s keys to success. His answers highlight the importance of understanding occupancy rates and why time management is a critical skill for investors to master. Tune in for an overview of Denver’s market from one of the city's top brokers.
Key Points From This Episode:
- Adam shares details about his company’s investment niche.
- Hear why Colorado’s single-family real estate market is “on fire.”
- Exploring the many reasons that people are moving to Colorado.
- What the general cap rates look like throughout Colorado.
- Colorado investment trends and why Adam’s company is the busiest that it’s ever been.
- How COVID hasn’t slowed down the Denver real estate market.
- Adam talks about his journey into real estate.
- Top advice to investors who want to enter the Denver market.
- Common strategies that Denver investors are employing.
- Why a low cap rate doesn’t indicate how good a deal is.
- Adam shares some insider information on areas in Colorado you should invest in.
- What every investor should look for in a deal and what Adam is most proud of.
- Why time management is has been the key to Adam’s success.
Tweetables:
“It used to be that people would get a job and then move there for it. Not people choose their cities and try and find a job once there.” — Adam Riddle [0:04:20]
“People are refocusing on the multifamily sector. And Colorado is one of those places where people like to travel to. If you have an investment there, you like to come and see it.” — Adam Riddle [0:09:36]
“Some of the best deals we've ever done were at a two cap rate because they had a story to them. So even if it's a low cap rate, it doesn't necessarily mean it's not a good deal.” — Adam Riddle [0:16:58]
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Production by Outlier Audio