First Time Short-Term Rental in Colorado

[Corbin Larsen]

Just secured a tenant for our first real estate property, and am committed to take the step with my partnership to purchase a short-term rental in Colorado where we live. We are looking at various mountain towns and would be curious where folks have had the most success. I am feeling like it would be best to work with a realtor to locate opportunities, but because we haven't secured the location we want to focus on I am not sure reaching out to a realtor makes sense. I would be open to any and all advice on how people have begun the journey of looking for ST rental deals in CO, thanks.

[Ryan Williams]

Hi @Corbin Larsen, the laws are ever changing in the mountain towns here in Colorado, so it's key to research that as you're looking. I'm managing a property in Bailey and it does really well. They are still legal in Park county, so that is a good option. Friends of mine have properties in Summit County (Dillon & Frisco) that do extremely well. 

A good agent can help source properties for you. If your goals are purely numbers based an STR friendly agent can tell you the projected profits and expenses of certain properties in short term legal/friendly areas. I've elaborated on that some more in an article I wrote for bigger pockets on what you need to know before you buy an STR. But, if you're planning on using the property for personal use here and there and have strong preferences, an agent can help point you in the right direction, but that would be a little more subjective and dependent on what you want!

I'm an agent and a short term rental manager/investor here in Colorado, would be happy to talk more and help any way I can!