I'm looking at investing in an apartment complex in Colorado Springs, I'd like to hear feedback from locals in regards to future income growth, population growth and employment in the area.
Springs has experienced steady growth for several decades, thanks to a strong military presence. Over the last few years, we've had a lot of multi-families built, but we still have a 96% occupancy rate. Unfortunately, we don't have much of an employment base other than military and tourism. Currently several groups are trying to attract more industry. Military provides a lot of stability and renters, as a city we just need to diversify more (employment wise).
Thanks Brad, your feedback is much appreciated
I would also like to add to Brad's post that there is supposed to be a new big tech company opening up next year bringing with it 2,100 jobs. I have also been finding that because of how hot the Denver market is, people from Denver are buying in Springs which is starting to cut into our housing supply. We also have a lot of new development still occurring all over Springs.
This is good to know because I am headed to the Springs market from Melbourne Florida and the Melbourne market has been hot as well. I bought a Bank owned property next to Florida Tech at $108,000. My rehab cost was $12,000 and now it's appraising at $169,000. $49,000 instant equity. I have done all this with No money down because I used some of my VA loan and I had 2 roommates the entire time I lived in this 1,900 square foot house and that covered the mortgage and the utilities. I lived there for free. Now it's fully occupied by 2 college students and a young professional.
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