Real Estate Investor · OKC · Member since 2016 · 70 posts · 36 votes
Hi all! I recently went snowboarding in vail Colorado!
It's awesome and I'm thinking of buying a rental property there and was wondering if anyone knew where I can find more information about rent in that area?
Also would it be best to stick to 3 bed 2 bath?
Or go for bigger ones that do more rent like 2k per day?
Thanks!
I broke my collarbone snowboarding and am on so meds and that may be part of the reason I have yet to find anything about the rent.
Any ways thanks in advance!
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
9y
@Peter G. so a straight up rental would be as @Zachary C. suggested. Zillow is also popular in this area. Vacation rentals are another way to go. I know some folks that are making it work in the mountains by self managing. Of course it's not a long drive or a plane ticket if they have to head up and get something straightened out. Do a little searching on the site as there are a number of posts about that market and probably even some blogs. Just a word of caution, it's hard to make them work because there is so much down time (aka mud season - April, May and fall Sept Oct) which are hard to fill. It takes a bit of doing but with determination it can happen. Of course, it helps if you have money for a down payment.
Real Estate Agent · Avon, CO · Member since 2014 · 18 posts · 2 votes
9y
Hey Peter, I live in Avon and I have 7 rental properties in Avon and eagle vail. We do only long term rentals as I find it is easier to manage and far more predictable. Right now our rents range from $800 on the low end to $1000 per room, depending on the location. I believe you can rent for more in some areas with the right finishes and location. Vail property values are considerably higher than Avon/eagle vail and you fetch the same rent. There have been some recent sales of 3 bedroom units under 400k, and while there isn't anything listed, I expect there will be lots of new listings as the ski season closes. April/may will be the best time to buy because there won't be the extensive summer competition yet. Lots of properties have been leased for high rates through the winter months and April and may is when they'll come onto the market.
I was recently urging a friend of mine to do something similar as you. He wanted to buy here and use it for himself part time. A 3 bedroom under 400k would allow you to rent out 2 rooms full time and cover your expenses (assuming 900 per room and 1800 for mortgage tax insurance and HOA).
I'd be happy to discuss this further. Contact me via private messenger and I'll get back to you as soon as possible.
Bret