I’m looking to start investing in buy and hold rentals in Colorado Springs. Anyone have any advice for neighborhoods to look at or advice in general for this market?
Congratulations on taking a step into real estate investing. We do short-term rentals/Airbnb down there because the Colorado Springs laws allow for it, which is unique along the front range. The west side is great for that. 80904 and 80906. Old Colorado City is good for that. Between Garden of the Gods and the Air Force Academy does well, too. We actually just bought a two-unit east of downtown with some past clients and that property is doing well on Airbnb/VRBO.
The short-term rental market is one thing. Long-term is probably a little different. Southeast Colorado Springs can find some more affordable housing, and you're likely to have a base of potential renters from Fort Carson. If you like to go by good school district, District 20 is great, District 11 is as well.
Advice for that specific market? Get your ducks in a row and be ready to move. The days on market for most a lot of properties is less than a week, so get pre-approved, establish your goals and what you're looking for and then jump in!
That is great, thank you James!
@James Carlson Your tips were extremely helpful! I am based in California, but my family lives in Denver, CO and I am looking to invest in some property in the Colorado Springs area. I am open to either short term or long term rentals, but since this will be my first investment property, I was leaning toward doing a buy and hold for a single family home, long term rentals. How is the market for long term rentals?
I was also looking in the Bend, OR area and found it tough to find a place that would be cash flow positive (as I know a lot of the BP articles say is a must).
I'd love to pick your brain on the market and best opportunities for rental properties if you have the time. Thanks!
I was aiming for only moderately helpful tips, so your kind words are making blush. ;)
I'll PM you to chat further.