Newb from Asheville, NC and moving to Durango, CO

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Newb from Asheville, NC and moving to Durango, CO

Dane Hovey
Member since 2021 · 4 posts · 3 votes

Been a while since I posted on a forum! Anyways, I just finished "Set for Life" and was inspired to get more involved in my financial future. Long story short, I purchased my first "starter home" with my now ex-fiance before we had our son 4 years ago in Asheville, NC. Welp, she ended things 2 Septembers ago, moved back in when COVID hit (she owns half of the home) due to financial necessity and to keep the family safe when things got scary, and now we are FINALLY moving into separate spaces when we move back to Durango, CO. 


The house has appreciated in value substantially, so I am looking to use the capital from the sale to fund my first investment property when we move. I will probably rent for a while since I am in the fine-dining component of the service industry, and need to solidify quality employment before purchasing anything. Durango thrives on tourism, so I am reading about house hacks that involve AirBnB and going over what options sound sustainable to me. I'm excited to keep reading and utilizing what I learn from these books and this community. 

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Dmitriy Fomichenko
Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
5y
Originally posted by @Dane Hovey:

Been a while since I posted on a forum! Anyways, I just finished "Set for Life" and was inspired to get more involved in my financial future. Long story short, I purchased my first "starter home" with my now ex-fiance before we had our son 4 years ago in Asheville, NC. Welp, she ended things 2 Septembers ago, moved back in when COVID hit (she owns half of the home) due to financial necessity and to keep the family safe when things got scary, and now we are FINALLY moving into separate spaces when we move back to Durango, CO. 


The house has appreciated in value substantially, so I am looking to use the capital from the sale to fund my first investment property when we move. I will probably rent for a while since I am in the fine-dining component of the service industry, and need to solidify quality employment before purchasing anything. Durango thrives on tourism, so I am reading about house hacks that involve AirBnB and going over what options sound sustainable to me. I'm excited to keep reading and utilizing what I learn from these books and this community. 

 Dane, awesome that you joined!

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  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    5y
    Originally posted by @Dane Hovey:

    Been a while since I posted on a forum! Anyways, I just finished "Set for Life" and was inspired to get more involved in my financial future. Long story short, I purchased my first "starter home" with my now ex-fiance before we had our son 4 years ago in Asheville, NC. Welp, she ended things 2 Septembers ago, moved back in when COVID hit (she owns half of the home) due to financial necessity and to keep the family safe when things got scary, and now we are FINALLY moving into separate spaces when we move back to Durango, CO. 


    The house has appreciated in value substantially, so I am looking to use the capital from the sale to fund my first investment property when we move. I will probably rent for a while since I am in the fine-dining component of the service industry, and need to solidify quality employment before purchasing anything. Durango thrives on tourism, so I am reading about house hacks that involve AirBnB and going over what options sound sustainable to me. I'm excited to keep reading and utilizing what I learn from these books and this community. 

     Dane, awesome that you joined!

    1Reply
  • Joshua McMillion
    Rental Property Investor · Madison, AL · Member since 2019 · 487 posts · 658 votes
    5y

    @Dane Hovey

    I fell in love with Durango, CO, when we moved across the country in 2018. I think you are on to something with the STR strategy. Best of luck, and I hope you crush 2021! 

    Sincerely 

    Josh

    1Reply
  • Jens Nielsen
    Investor · Santa Fe, NM · Member since 2016 · 221 posts · 152 votes
    5y

    @Dane Hovey you will love Durango. I just left Durango after living there for 8 years.

    We have a great meetup group there that you should join. Just search Meetup for "Multi-Family Masters Investing for Cash-Flow Durango Chapter"

    1Reply
  • Dane Hovey
    OP
    Member since 2021 · 4 posts · 3 votes
    5y

    Thank you @Joshua McMillion! 

    I appreciate the advice @Jens Nielsen. I lived there for 7 years before moving here in 2011. Now moving back, so I am bummed we missed each other! I will most certainly join that Meetup. Sounds really beneficial. I'm interested to see how living there has changed over the past 10 years. 

    0Reply
  • Jens Nielsen
    Investor · Santa Fe, NM · Member since 2016 · 221 posts · 152 votes
    5y

    I'm still active in the meetup, so we'll see each other there.

    1Reply
  • Sebastian Hartley
    Realtor · Durango, CO · Member since 2019 · 3 posts · 0 votes
    5y

    Welcome back! We just sold our vaca rental downtown and it was a bummer the City didn't allow the permit to transfer. In this case the Buyers were a solid family although it may have fetched more if we could have transferred the permit. La Plata County is getting in the game too.

    0Reply
  • Dane Hovey
    OP
    Member since 2021 · 4 posts · 3 votes
    5y

    @Sebastian Hartley What do you mean by "the permit didn't transfer" and that "La Plata County is getting in the game"?

    0Reply
  • Sebastian Hartley
    Realtor · Durango, CO · Member since 2019 · 3 posts · 0 votes
    5y

    City vaca rental permits do not transfer. We owned one in the historic district which is fully allotted so the new owner would have to go on a very long waiting list to repermit as a short term rental (less than a month). In the CBD (central Business district permit don't transfer but can be easily obtained (administrative).  

    The county is now permitting vacation rentals. While they don't limit them as of yet they are charging fees.

    That help?

    Cheers, Sebastian

    0Reply
  • Dane Hovey
    OP
    Member since 2021 · 4 posts · 3 votes
    5y

    @Sebastian Hartley It does! Sorry, I am new to the verbiage. So you were short-term renting a home (AirBnB/VRBO?)in the historic district (Is that the grid adjacent to downtown?), decided to sell the home, and the new owner cannot continue to short-term rent because they have to get a new permit. I need to do some research on the geography of where the zones are for allowing short-term rentals. I am very familiar with Durango's layout since I lived there for a while previously, but have no idea about renting. The research continues!

    1Reply
  • Craig Weese
    Real Estate Broker · Durango, CO · Member since 2019 · 6 posts · 2 votes
    4y

    @Dane Hovey Your last comment is spot on. There are two areas in town that allow short term rentals, EN-1 and EN-2. EN-1 has 17 spots available and EN-2 has 23 spots available. Unfortunately, the waitlist for each zone is longer than the spots available. There is only one condo complex in town that allows short term rentals, Farringway. They have an unlimited number of permits. If you look on Air BnB you'll see all of them. I have helped clients get into this complex for their STR investment. Due to the limited number of in town rentals they do really well in Farringway. Out in the county, you're able to get a permit much easier. I would love to help you understand the rentals more. Feel free to reach out at any time!

    Cheers,

    Craig Weese

    P.S. I am a local real estate agent and investor here in Durango and the Four Corners area.

    0Reply
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