New in Colorado Springs

11 Replies

Hello all. My name is Jeremy and I am just starting my journey into real estate investing in earnest. 

My wife and I did a flip house hack with our first house and nearly gave up on real estate through a bad experience with a realtor on the sale. A great realtor stepped in and fixed it, but afterward we started looking at businesses with brokers. After some time off though, I found the book on rental property investing (Brandon Turner) and it charged me (and then us) back up and we're now looking for rental properties in Pueblo, Colorado. We've recently gotten comfortable enough with that market to make a couple offers.

My non-real estate background: I'm super interested in business and spend my weekdays working as a computer programmer.

For a bit now, I've been consuming a lot of BP content. I'm excited to find others that are interested in cash flowing assets and the journey that starts now.

@Jeremy Norman

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Originally posted by @Jeremy Norman :

Hello all. My name is Jeremy and I am just starting my journey into real estate investing in earnest. 

My wife and I did a flip house hack with our first house and nearly gave up on real estate through a bad experience with a realtor on the sale. A great realtor stepped in and fixed it, but afterward we started looking at businesses with brokers. After some time off though, I found the book on rental property investing (Brandon Turner) and it charged me (and then us) back up and we're now looking for rental properties in Pueblo, Colorado. We've recently gotten comfortable enough with that market to make a couple offers.

My non-real estate background: I'm super interested in business and spend my weekdays working as a computer programmer.

For a bit now, I've been consuming a lot of BP content. I'm excited to find others that are interested in cash flowing assets and the journey that starts now.

Welcome. I wish you well with your real estate investing. There are a fair number of posts on Bigger Pockets about investing in Pueblo as well as at least one horror story. Use the search feature in the upper right hand corner or use the Google site search feature to sift through all the posts.

 

Thanks. I’ve been following pueblo on BP for some time. I’ve read at least one horror story and also some of the positives. Overall, there are a few really good economic stories playing out there. A few bad ones too, but overall it’s positive. 

I’ve put in a few hours down there and am working on building a good team of advisors help avoid disasters. We found our primary realtor through BP, even (though we wound up running into him in person while scouting areas first). 

Hopefully that helps us put off any “advanced investing lessons” until we have a few more under our belt. Otherwise, we’ll roll with it.

Meanwhile, happy to offer an opinion on any deals in the area, for whatever it’s worth. I’m still learning the area and rental properties, but have a math, computer science, and economics background. So at least I can tell you if the numbers work and what they actually mean/represent.

@Jeremy Norman

Hey Jeremy, I actually work with two investors in Pueblo West who have been building/investing down there for several decades and I’ve gotten to know the market very well myself (I live in The Springs). Since homes have gone up even further this summer up here in The Springs a lot of people are choosing to buy in Pueblo or Pueblo West instead.

There’s also a lot of money coming from Denver to revitalize parts of Pueblo too.

I’m actually working on a probate deal down there right now. You have to be really careful and make sure you know the area because many parts of Pueblo I wouldn’t touch. In fact, there’s a large section by the mill thats designated a superfund due to the pollution.....

Where are you looking specifically?

Welcome to BP, fellow Coloradoan. I wish you luck with everything. And be sure to hop back on and share your story once you make that move for a Pueblo investment. 

Thanks All. Middle of the week turned out to be a bit busy, so I have not been able to get back to this thread as quickly as I'd like. 

@Daniel Haberkost I am looking in Pueblo (proper) at the moment, not Pueblo West. Not opposed to it - just not the focus. My favorite areas are near the North Hospital or the college, if I can find a deal there - which I have not yet. It looks like there are good properties, even on the MLS on the west side and near the Minnequa area. We've only got a few very small areas inside those that we're comfortable with so far. (I wish the west side was easier, because the numbers look awesome there).

The superfund is an interesting area. It's due to an old mining operation - one that went away a long, long time ago. Honestly, I think that's going to be one of those areas that really pops once they get really rolling on cleaning it up. It's not there yet and they have not even dealt with the slag pile causing the issue - so we'll see. Also, since they are concerned with wind spreading more lead dust off the pile, I don't know why they would even mitigate houses already. We made an offer in the area (off market) without realizing it, actually. 

@Alyssa Dyer I'd really like to buy a small multi family. However, we keep going down single family rabbit holes because the prices just seem so good. We've made a couple offers on single family, too - so it's not as though it's a waste. The numbers work or are close enough pretty often. 

Ironically, it looks like you're in a market I also would highly consider - in fact I'm interested in buying there after I get some close-to-home knowledge of real estate. OKC has better cash flow from what I've seen. Pueblo might wind up having better appreciation now that so much of the front range of Colorado is booming - but if that's what you're after, look farther north. It's more certain to happen reliably along I-25 between Fountain and Fort Collins.

@James Carlson I've noticed some posts by you in the past and already referred Denver friends your way. They said they were into house hacking and such. I doubt they ever called though because I suspect they were not actually serious about buying investment property in Denver.

@Ali Boone Thanks!

@Jeremy Norman I've seen hundreds of cash flowing deals here just this year, so I can't argue with it being a market to consider! Yeah I think it's important to not forget why you're buying multi. If it's numbers and the numbers are rivaled by single family, it's tough to justify not looking into multifamily. I'm glad you're not super set on one strategy if another makes sense! 

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