While I have been following real estate investing for a while, I haven't taken the plunge. With a bit more time on my hands due to this pandemic is letting me revisit it.
I'm interested in learning more about Pueblo, CO. I live in Boulder and know that Pueblo has a lot of potential and I'd like to learn more.
Can anyone point me to some good places to learn more? Perhaps there is a meetup (virtual of course) I could join?
Thank you in advance.
Here's a handy map:
What else would you like to know?
@Sam Dangremond Thank you! That is great. Of course, there are lots of other questions:
- Does that list represent returns or the quality of the neighborhood?
- Do you own property?
- What types of properties are most successful? Right now (eg. pandemic)
- Any good realtors you can recommend?
- Any good resources about the growth of Pueblo?
I'm sure there are lots of others.
That map is neighborhood quality.
Yes, I own single family residential.
Tough to judge how the pandemic is really affecting things. My personal feeling is that commercial office space will be hit harder than residential.
I’d recommend Realtors Mike Tripp, Jim Towers, or Chris Pasternak.
Until this virus situation hit, Pueblo was very bullish. Good economic growth on the horizon with expansions of the steel mill and economic development surrounding the riverwalk. Check out The Pueblo Chieftain for lots of news stories. Overall, Pueblo has much lower cost of living than Colorado Springs and Denver, so we’re seeing lots of in-migration from the rest of the state as well as from other states.
Hope that helps!
That is all correct!
@Joshua Zapin - I have been studying and looking in Pueblo seriously for a little while now. I recently bought my first investment property in Pueblo.
I think Pueblo is a great market overall. Since I don't personally live there, I don't know all of the neighborhoods as well as @Sam Dangremond seems to. I looked at his map, and for the most part, I would agree. My experience is that it's street by street, so dig in deeper in some of those areas and really get to know it.
One notable thing to be cognizant of is that there is a super fund (lead and arsenic contamination) in the middle of the city which is not on that map. I'm not going to say that it's necessarily an automatic no-go, but you should be aware that financing there is more difficult and you may have more legal disclosures/work to make sure you're doing it right. Might also be an opportunity for a pop once the government is done cleaning it up (some time in the next 2 to 20 years).
I don't know of any Pueblo specific REIA's inside the city. I've considered starting one, even though I live in the Springs. The REIA that normally is at 3rd space here in the Springs usually has a handful of Pueblo investors, so I'd encourage you to come visit sometime after all of this. I'd suggest that you even go to one in your area because, honestly, a very significant percentage of Pueblo is owned remotely from other cities farther north I-25 of Pueblo. You may find long distance investors in your area.
I will say that many of the major economic drivers for Pueblo are under attack with this crisis: Healthcare is suffering with non-elective procedures being forced to stop (and one of the two hospitals is perpetually in trouble even before this). The stock market crash is putting pressure on pensions and retirements, which is a non-negligible driver. CSU-Pueblo is in distance-learning mode (and based on national headlines, it seems likely that may continue for a while). And obviously, the direct short term issues we're all experiencing with the stay at home orders, etc will hurt significantly all on its own. I think some of these are more lasting than others and may take some time to rebound.
I often say that Pueblo is at the end of the whip of Colorado's economy - so it has higher highs and lower lows, relatively speaking. I think the lows are on the horizon and I'd be very careful to make sure that you have STRONG cash flow in the best of best areas if you're buying to hold and an amazing deal for flips.
For example, where we owned in Aurora in 2012 has approximately doubled in value. In that same time frame, many of the areas of Pueblo we've been looking in have 3-5x'd.
If you have any questions, please reach out. I like talking about Pueblo.
I want add a quick extra note to my mini-dissertation.
We used @Jason Levinson for our first Pueblo property. I would recommend him as well.
Thank you Jeremy, I appreciate you!
@sam dangremond I like your map. LOL at Meh.
@Jeremy Norman I have a friend who is investing in the area and he has an investor buddy who has been investing there for a long time. It can be a good market with ups and downs. Have to be property and location specific like anywhere. I am looking at the market as well.