I am new to investing. Just bought a second home that I will eventually use as STR (closing July 21). I used a conventional 20% on that property. I am looking to either help my son purchase (I would be co-signer), or purchase a property myself and have him rent from me. He will be stationed at Fort Carson for the next 3 years, so I thought it makes sense to maybe buy something, then rent it out to military families after he leaves.
I am looking at either duplexes (hard to find!), or SFHs, but would also consider townhomes.
Does anyone have a great realtor to work with in this area? He wants to stay south of main city of CS.
Rental Property Investor · Colorado Springs, CO · Member since 2016 · 41 posts · 55 votes
4y
Congrats on your endeavors so far!
Jordan Malara is a great investor savvy agent here in COS! He owns and operates several short term rentals here, house hacks, has done garage conversions and major renos, and was an officer stationed here too!
Great to hear you've entered the short-term rental world in Colorado Springs. We work with a lot of clients buying Airbnb investments and know the STR laws around the Springs and other Colorado cities if you ever turn your attention back that way.
There are definitely some good investor-friendly agents here in Colorado Springs (insert blatant self-promotion here). I'd say you'll also want a few other qualities in your realtor. Sounds like you're going to have dual goals here -- 1. find a place for your son to live in for 3 years, so he'll likely have some say in what that place is like and 2. find a place that will make a good rental later on down the line. Your agent will have to be a good listener and be able to navigate those two goals.
If you like the STR model, and your son were willing to live more into the city center of COS, then you might be able to find a property that allows for non-owner occupied STRs (basically, Airbnb investment properties). The rules stipulate it has to be multi-unit zoning (surprisingly easy to find ) AND ALSO be 500' away from another non-owner occupied STR (not so easy to find). We have a search set up for these types of properties and do find a handful every few weeks. This might allow your son to live in one side, you STR the other side or long-term rent it and then when he moves on, you could rent both sides of the duplex.
Whatever path you go down, I wish you and your son the best.
Investor · Colorado Springs · Member since 2020 · 53 posts · 31 votes
4y
I’ve bought 5 houses in Colorado Springs, Colorado since 2020. (4 of which are investment properties, and my 5th house is my primary residence which I will turn into an investment property when I move with the military.
Jordan Cassalia is my go to agent for a number of reasons. But above all else is she gets the job done quickly and efficiently. I have recommended her to a number of friends and she has helped them purchase amazing homes.
Rental Property Investor · Colorado Springs, CO · Member since 2016 · 41 posts · 55 votes
4y
Congrats on your endeavors so far!
Jordan Malara is a great investor savvy agent here in COS! He owns and operates several short term rentals here, house hacks, has done garage conversions and major renos, and was an officer stationed here too!
Jordan Malara is a great investor savvy agent here in COS! He owns and operates several short term rentals here, house hacks, has done garage conversions and major renos, and was an officer stationed here too!
Appreciate the referral, Michael!
Congrats on getting started @Cathy Hockert! Would love to connect soon to learn more about your specific situation, background/experiences, and goals. Feel free to DM me on here or call/text from my info below.