Investors in Durango/Pagosa?

Question

Hi all! Interested in purchasing my first rental property. I have family in Pagosa Springs so I'd love to make it work there, but obviously prices are high. Expanding my search to the entire Four Corners area. I'd love to connect with investors in the area- Farmington, Cortez, Bayfield? How do you make it work? Looking forward to connecting with you all.

Denise Rubinfeld · Answer

@Shawn Johnson thank you! I sent you a request to connect, I imagine then we can send DMs?

Denise Rubinfeld · Answer

@Daniel Hennek thank you for your reply! Good food for thought. I’m thinking single family or duplex first, then we’ll see. Good to know about the type of properties available as well. Hadn’t really considered Dolores, great to know about the appreciation. I’d definitely like to chat at some point, I’ll reach out! Thanks!

Daniel Hennek · Answer

Denise,

Around here in the Montezuma County area, Cortez/Dolores/Mancos, there are many properties that don't qualify for traditional agency mortgages.  Meaning FHA, VA, USDA, or conventional.  So, if you're going to be using a mortgage to do this you'll have to narrow your search somewhat.  I have a bunch of other investor contacts in the area so I can offer information on a variety of difference situations if I know more about what you're trying to do.

Dolores is a good place to invest if you can find a property available.  They had an appreciation rate over 7% last year.  Mancos and Cortez are slightly less desirable for an investor though I've helped a few clients buy investments in Cortez this year and they are happy with them.  Pagosa is definitely a good area.

What kind of investment are you looking for?  A single family home to rent?  Multi Family?  Apartments?  I'm always happy to help people navigate the real estate world so feel free to reach out anytime for a casual conversation.

Shawn Johnson · Answer

@Denise Rubinfeld

Hi Denise. The bulk of my investments are in Farmington. I’d love to connect.