Does anyone have experience with rental purchases on Granby, CO? I am new to the business and noticed price's are much less in Granby. Given the distance from Winter Park, would you still consider Granby a good rental income? If so, would short or long term bring in better cash flow?
I own two and manage one in Granby. I also have units in Fraser and Winter Park. While Granby is less expensive than Winter Park, prices have been steadily rising (in all areas of Grand County). I haven't bought anything here in over almost a year.
Obviously, your 'rental income' or 'cash flow' depend heavily on the price at which you can purchase a property. But in general STR can be more lucrative than LTR. However, something to keep in mind is STR regulations, and what those will cost your business. And this can influence where you buy. The Town of Granby is currently looking to increase these fees significantly, whereas Grand County currently has no plans to change the fees in unincorporated Granby. You may have less stress and regulatory hurdles with an LTR, which might make up for the decrease in cash flow, especially as regulation shrinks that gap.
Also keep in mind that there is a high demand for affordable housing here, and unfortunately a low supply, due to the fact that so many properties are used for STR, which there is also a high demand for. This means that LTR may bring in a little more income than it can with a similar sized Denver property.
Beautiful area for sure. We focus on Airbnb and short-term rentals in Denver and Colorado Springs, so don't know about that area. Luckily, @Garry C. is around, and he's the guy who knows that area well.
Only reason I chimed in was because I just had coffee yesterday with a lender friend who bought a home in Tabernash, which is just past Fraser (which is just past Winter Park). He lamented that it has not been getting booked like he thought it would. You were asking about Granby which is further on down the road, but I thought I'd pass that along in case Tabernash was an option for you.
I sold a place in Granby. You should take a drive up there if you are considering it. There is a reason why the prices are lower.
Thank you all for the insights. I drove out to the mountains this past weekend and feel a little hesitant to buy ski property just for cash flow. I'm thinking it may be a better idea to hold off for now and turn towards long term rentals...at least until I figure out the market a little better.
@Jennifer Thompson Are you still looking for a STR and/or Long Term rental? I just built one of each in Fraser, CO. Happy to chat.