Colorado investors and agents

5 Replies

I’m currently in the military and stationed in Colorado. I’m looking to buy my first property sometime by the end of this year and was wondering which markets around here would be good for buying my first property to house hack. My plan is to buy my first property which will probably be a duplex, rent out the other half until 2020 then move down south at that point and have the duplex fully rented and try and buy another property in Texas and do the same thing. I also have my brother helping me as far as paying down the mortgage or if any expenses come up, once the mortgage is paid off on the duplex we’re either going to keep the property and let it cash flow or sell it and split the profits from the sale 50/50 since we’ll both be paying the mortgage on the duplex. All in all 1. is this a good plan to start in real estate investing? 2. Which market in the Colorado area should I be looking at and 3. If you know any real estate agents in these areas that work with investors often that I can reach out to please recommend. I appreciate any feedback on my plan, thanks

Really your main 3 options are CO Springs, Fountain and Pueblo. Out of those 3 for a hack I would prefer the Springs. It has a more diverse job base and in the long term just seems like a better hold. Pricing will be a bit higher than the other 2, but if you're going for a VA loan (which I'm betting you are) then the out of pocket cost won't really change much. There are some good agents down there who I'm sure will chime in some time soon now that the keywords have been hit. If you have any loan questions feel free to send me a message. I'd offer my agent services if you were further north :-)

Hi, @Tashinga Musekiwa .  I live up by the USAFA - where are you?  I agree with @Dan Mackin that COS is a good prospect for long term buy and hold, given the diversity and growth estimates, but I'd suggest Fountain / Security as a starting place for you, not knowing anything beyond the fact that you are serving this great nation (and THANK YOU, sir, for that!).  That area is close to the bases and has lower cost properties, but vacancies would remain low as long as we have all these bases in town!  :)  There's a lot of action in Pueblo, too, but I don't know if I'd start there, given the distance and his being your first property...

If you'd like, you can DM me, and perhaps we can get some time together to chat in person about your plans.  I recently moved here from the D.C. area, but I'd be happy to fill you in on what I know...

Cheers!

@Tashinga Musekiwa I’m stationed here too (Carson) and most of my portfolio is in the springs. I agree with Dan the 3 locations are well suited and you can consider the Springs a great place to invest. My wife (an agent) had a snap showing and I’m currently looking at this place at the 110k mark. There’s a lot of high priced areas here in the springs but in my opinion you can still find really decent living for around 100k, I don’t know if I can post my wife’s business link or not but feel free to PM us. She’s currently working with a couple investors right now and she’s married to one.