I'm interested in learning more about Southern Colorado to possibly buy rental property there. Is there anyone with experience in this area who could share some insights on recommended markets? I'm looking at a variety of different markets and am open to any others I haven't considered below. Thank you!
- Durango
- Crestone
- Pagosa Springs
- San Luis Valley
- Colorado Springs (I realize this isn't southern CO)
Hey Christine, I am just starting out also. I have come to understand that learning about the market you're I Tim before doing anything. If this market is a hotspot? Also keep in mind that summer is a few months away, would this spot accumulate tourists, and such. Some snowbirds love to get away for snowlike activities so that can be a plus.
Hey Christine, I am just starting out also. I have come to understand that learning about the market you're I Tim before doing anything. If this market is a hotspot? Also keep in mind that summer is a few months away, would this spot accumulate tourists, and such. Some snowbirds love to get away for snowlike activities so that can be a plus.
Congrats on starting out too! You definitely bring up a good point about being aware of how seasonality can impact a potential market. There's so much to consider when locating a good area! Wishing you lot so success on your real estate journey.
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
1y
Personally you can make it work pretty much anywhere. That said, a growing population is a big tailwind. I don't know how those area fair on that front. They are smaller communities so it doesn't take much to move the needle there. I would say the first three you mentioned are tourist areas. I'm sure they saw some pandemic bump but not sure if that has continued. They are smaller communities so that makes it hard in many ways. The main difficulty is finding quality help. Property managers and contractors. I would start there and if you find the right people then I would pick that area vs picking an area and hoping you can get the right people.
San Luis Valley, has some tourism, some education, but is primarily an agriculture community. I don't see much growth in that so personally I would stay away from there.
Colorado Springs has a lot going for it but generally speaking the prices vs income make it necessary to pursue alternative approaches such as short term and mid term or some other less traditional approach.
If it were me, unless I had some sort of inside track to the smaller communities, I would stick to the population bases (ie Colorado Springs) where you can find good people for all parts of your team.
Personally you can make it work pretty much anywhere. That said, a growing population is a big tailwind. I don't know how those area fair on that front. They are smaller communities so it doesn't take much to move the needle there. I would say the first three you mentioned are tourist areas. I'm sure they saw some pandemic bump but not sure if that has continued. They are smaller communities so that makes it hard in many ways. The main difficulty is finding quality help. Property managers and contractors. I would start there and if you find the right people then I would pick that area vs picking an area and hoping you can get the right people.
San Luis Valley, has some tourism, some education, but is primarily an agriculture community. I don't see much growth in that so personally I would stay away from there.
Colorado Springs has a lot going for it but generally speaking the prices vs income make it necessary to pursue alternative approaches such as short term and mid term or some other less traditional approach.
If it were me, unless I had some sort of inside track to the smaller communities, I would stick to the population bases (ie Colorado Springs) where you can find good people for all parts of your team.
This is so incredibly helpful, Bill! Thank you for these insights. I think you're right about sticking with the areas that have a good population base. I'll probably end up narrowing my search to those areas. Thanks again!