Investor · Denver, CO · Member since 2015 · 492 posts · 267 votes
Ok, so I sold my investment house in Commerce City, Colorado.
Denver area, for out of state people.
We bought it 2 1/2 years ago for $120,000
Mortgage was aprx $900/month
Rented it out for $1,900/month
Listed for $225,000
Sold for $215,000!
Now to send all this money down to Pueblo, co to invest in the #15 top county in America... According to BP. Only one in colorado in the top 25.
I already own 8 properties down there... and they are all cashflowing Great
Happy Investing Everyone!
@Matt M. I've worked with almost a dozen clients this year moving into the Pueblo area. Some leaving the sprawl from the Denver area and some just liking the area. I recently sold a geodome to a couple of guys moving here after selling a successful coffee business in San Antonio. I think the low cost of living, still the very much small town feel, the Riverwalk area and the summer activity around it (Pueblo comes together to party) is such a huge draw , even though it doesn't compare to San Antonio.
There are not a ton of fix and flip opportunities with the usual 70% ARV but they do come up. Their is a great opportunity to buy and hold as noted in the increased rents. Many of the homes that @Robert Herrera mention in the $30-100k price range are 1900-1950 built homes. Structural integrity is the biggest issue with these older homes and of course desperately needing updating. There is approximately 1900 homes in the Eilers Superfund area where loans simply aren't happening. That area presents a great buy and hold opportunity. 25% of our mls inventory is vacant homes. It's definitely a sellers market at the moment, new construction is picking up and hopefully if it continues it will relieve the inventory pressure.
There really isn't much to discuss about marijuana that you probably don't already know being from the Denver area. There is going to be 4 dispensaries in the city.
Jeremy Lea the trip was eye opening. Got a feel for several different neighborhoods like Mesa junction, Eagle Ridge, and Bessemer, which had pockets of well maintained blocks. I️ wouldn’t have thought I was in Pueblo. Right around the riverwalk, businesses are popping up and seemingly doing well. I️ met Robert Herrera at the Brues Alehouse which was a great meeting spot with a diverse crowd.
Plenty of older homes around. A lot of warehouse space and vacant plots that could be bought strategically. Lots of buy and hold opportunities. Some neighborhoods are wary of becoming majority tenants, so I’d think about ways to keep people in place long term to encourage them becoming part of the community.
@Robert Herrera I am heading to pueblo this weekend and was wondering if you would want to meet sometime between now and then to discuss what you know about investing in Pueblo. If you would be open to this could you DM me your info? Much appreciated!