Newbie in the Colorado Springs market

Newbie in the Colorado Springs market

Colorado Springs, CO · Member since 2020 · 2 posts · 1 vote

Hello all, my wife and I are non-traditional workers (self-employed and tip-based respectively) looking to build our path to wealth. We have big dreams for the next 10 years and I am looking for a place to ask questions and build a network of like-minded people. A bit more about us: we run an event based videography company specializing in Ice Skating/Dance but are branching out into wedding and commercial work as well; I have been a career bartender for the past 8 years and I am a huge nerd about food/beverage/hospitality. It is our 10-year goal to have a functioning hospitality and beverage focused project in the Glenwood Springs area of the mountains, this project requires significant cash-flow and capital to get started (and not bankrupt us along the way).

Our current interests lie with purchasing an initial single-family unit to live in and work out of, with the hopes of getting into short-term rentals in the surrounding ski towns. Lifestyle-wise we are not interested in house-hacking, but with the right multifamily unit we could owner occupy and be happy. As a newly married couple who has lived with room-mates most of our adult lives we are ready to be alone in a house together. Our current roadblock is a substantial debt from acquiring our company, which had been operating successfully for the past 25 years. We are on track to eliminating our expensive debt this year and building a down payment next year.

Looking forward to getting to know you all!

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Brenden MitchumBusiness Member
Rental Property Investor · Atlanta, GA · Member since 2019 · 1k+ posts · 872 votes
6y

Hey @Lazlo Steele! Welcome to the BP community!

You are definitely in the right place to start building your network. Be active in the forums here and you will meet plenty of great people in no time! Also, you may want to consider checking out some local meet-ups. You can find these here on BP at biggerpockets.com/events or through meetup.com. 

With a huge but actionable goal like that you are definitely on the right track. If you have not already, I highly recommend expanding on that goal, really working out the details of where you want to be in 10-years (develop a vision). Then work backwards from there to have some shorter term goals to keep y'all on track. 

Keep us updated on your journey and feel free to message me anytime with questions or just to chat (I'd love to talk hear more about CO Springs).

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  • Brenden MitchumBusiness Member
    Rental Property Investor · Atlanta, GA · Member since 2019 · 1k+ posts · 872 votes
    6y

    Hey @Lazlo Steele! Welcome to the BP community!

    You are definitely in the right place to start building your network. Be active in the forums here and you will meet plenty of great people in no time! Also, you may want to consider checking out some local meet-ups. You can find these here on BP at biggerpockets.com/events or through meetup.com. 

    With a huge but actionable goal like that you are definitely on the right track. If you have not already, I highly recommend expanding on that goal, really working out the details of where you want to be in 10-years (develop a vision). Then work backwards from there to have some shorter term goals to keep y'all on track. 

    Keep us updated on your journey and feel free to message me anytime with questions or just to chat (I'd love to talk hear more about CO Springs).

  • Colorado Springs, CO · Member since 2020 · 2 posts · 1 vote
    6y

    Hey @Brenden Mitchum,

    Thanks for the kind response, your goals on your portfolio are super respectable. I love seeing people dedicated to leaving the world a better place and what a great motivation for achieving financial independence. I am currently drafting a detailed sheet of projected expenses for the long term project in phases with projected cashflow to narrow down exactly how much we would need for each portion of the project.

    Thank you for the warm welcome!

  • Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
    6y

    You might want to hit the magnifying glass in the upper right and type in Colorado Springs STR. I know I've seen some threads here lately that talk about a crack down in the Colorado Springs area on STR's. Just to make sure your goal is at least legal today but have a backup plan if the city/state crushes that plan.

    Good luck. 

  • Rental Property Investor · Colorado Springs, CO · Member since 2018 · 682 posts · 729 votes
    6y

    Welcome to the forums @Lazlo Steele, I second @Brenden Mitchum in that you should come to some of the local meetups. Tomorrow at 6:30 there is one at Third Space Coffee and it has been very useful for me. 

    Do you and your wife know where you're looking to buy your personal residence?

  • Real Estate Consultant · Colorado Springs, CO · Member since 2017 · 354 posts · 386 votes
    6y

    @Lazlo Steele - I like this post. I think it's important to identify your goal, be realistic about what the issues are around it and also be proactive (jumping on here) to figure out what is feasible in Colorado Springs. If you have not talked to a lender yet, I would recommend starting there. They can tell you what you can qualify for/what issues may come up financially and your timeline to plan around. I'd also start thinking about where in Colorado Springs you'd like to look- geographically, it's a large city, so identifying what's most important (house size v. being downtown v. being on the westside v. a new house v. school district) are all considerations that will put you different places in the city. 

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