New investor to Colorado Springs

[Jeffery Smith]

Hey everyone my name is Jeffery Smith. I am a plumbing contractor in San Diego and I am moving to Colorado Springs on the 15th of July. I have been around construction since I was 15 years old and I’m definitely ready to start investing in real estate.

 I’ve been working along side investors for 10 years now and am ready to take on a deal of my own.

I did live in Colorado Springs for a couple of years prior in my Army days so I do know a little bit about the area but that was five years ago! I know a market can change rapidly so I am curious to hear what works for other investors in Colorado Springs?

I mainly have done new construction but I also have worked with investors doing fix and flips here in San Diego. I want to get into buy and holds and create long term wealth. I’m curious as to what rentals work best in Colorado Springs? Single family, multi, apartments?

I’m really not going to know many people in Colorado Springs and any help is greatly appreciated! l look forward to getting to know you all and hope to work with as many of you as I can in the future!

[Daniel Haberkost]

@Jeffery Smith the city has changed quite a bit since you previously lived here! We're approaching half a million people and all kinds of businesses are moving in. As a result, you're going to face enormous competition no matter what asset class you go after. The market here is nuts, which is true all over the country, but even more so locally. 

However, deals can still be found. Occasionally there will be wholesale properties that have a decent margin but most of the time they're bid to absurd prices. Since you have a decade of experience working with investors I would imagine you have some experience going direct to seller? That's your best bet. You're also unlikely to find a deal, you're going to have to make it by solving a problem of some kind or being creative. 

All that being said, the lack of inventory has a positive side to it in that finding tenants is extremely easy, you'll get solid rents and have little-no vacancy. 

CO Springs is a very cool place to live and lots of people (like me) who (unfortunately) were from the Midwest see what it's like here and move. That, coupled with the businesses moving here, makes me very bullish on The Springs in the long run. 

-Dan