New Investor Interested in Colorado Springs and Salt Lake City

[Ben Syzek]

Hello BiggerPockets!

I'm new to BiggerPockets and to real estate investing. I'm still getting up to speed with things, so I can't say quite yet exactly what type of real estate investing I'd like to pursue, but from what I know so far I'm leaning toward long-term single family rentals in the Colorado Springs area. I'm also considering the greater Salt Lake City area, as I have family there and am up there quite often. 

I'd love to connect with other Colorado & Utah investors, especially those in Colorado Springs and SLC. I have a lot of learning to do, and I'm looking forward to the journey and getting started this year! 

-Ben

[Tanner Pile]

@Ben Syzek

For long term rentals in Colorado Springs you will need to find a deal at 50% ARV (This is very hard) or do a large down payment of 25-35%. Long term rental numbers are hard to get cash flow with added in reserves for maintenance, cap ex, and vacancy. You're gonna want to be around $400k purchase price to be in a good area too. Anything below is likely in a bad spot. There are some pockets in this lower price range but they are hard to find and sellers won't let them go for the price you want often.

Do you know what purchase price you would be looking at? 

Also, local meetups are a great way to meet local investors!