Hey everyone, just wanted to finally make my first post after lurking for some time :). Thanks to a fortunate situation of being able to work from home, My wife and I took advantage and finally invested in our very first rental and we chose COS - a property with 2x 2Br 1Ba right next to Colorado College. We love the area, the historical appreciation, and the growth downtown (we figure being walking distance to the new hockey arena should help our property out!). We even talk about plans to move here one day after falling in love with the access to nature and how nice everyone seems to be. 

We are hoping for about $2,200-$2,400 in combined rent for the two units (both fully remodeled so asking a slight premium over average), which puts us cash flow positive including all estimated and actual expenses. 

How have other local investors been handling COVID? Any general advice for the area or things to consider as we get things ready to rent?

Thanks everyone!!

Welcome to investing in Colorado Springs! This is a great place to be holding money long term and do so myself. 

Originally posted by @Steven Karkenny :

Hey everyone, just wanted to finally make my first post after lurking for some time :). Thanks to a fortunate situation of being able to work from home, My wife and I took advantage and finally invested in our very first rental and we chose COS - a property with 2x 2Br 1Ba right next to Colorado College. We love the area, the historical appreciation, and the growth downtown (we figure being walking distance to the new hockey arena should help our property out!). We even talk about plans to move here one day after falling in love with the access to nature and how nice everyone seems to be. 

We are hoping for about $2,200-$2,400 in combined rent for the two units (both fully remodeled so asking a slight premium over average), which puts us cash flow positive including all estimated and actual expenses. 

How have other local investors been handling COVID? Any general advice for the area or things to consider as we get things ready to rent?

Thanks everyone!!

 Hi Steven, CO Springs is a great place to invest, business and people are continually moving here and you just can't beat the weather & people. 

Property next to CO College will do quite well, I doubt you'll ever have vacancy! Good luck with the new rental and feel free to reach out if you have any questions about the area.

-Dan

@Steven Karkenny

You should be good long-term with a property next to Colorado College. Eventually, colleges will open back up. 

In the short-term, we're seeing decent success with medium-term furnished rentals in Colorado Springs. We've got a few ourselves and my brother-in-law has a few, and we've had no problem filling vacancies. There's more up-front cost in furnishing, but you're also getting slightly more rent.

Thanks for the welcome everyone! James, by medium term do you mean month to month leases or 6-12mo leases?