All Forum Posts by: Jordan Malara

@James Carlson excellent point on checking local regulations before going forward with any large investment such as a garage conversion. We did do our due diligence and have spoken with the city STR permitting office already to verify that we can have 2 owner occupied STR permits since we are zoned R2.

However, if that wasn’t the case and we couldn’t get it permitted, then as you said, we could just test our luck and try to operate without a permit, but I personally don’t love that idea due to personal convictions. The other option that I know you are familiar with would be to just turn it into a medium term rental which isn’t as lucrative, but still outperforms traditional long term rentals.

Btw my wife and I enjoy listening to your podcast! I highly recommend everyone check it out!

@Daniel Hillman congrats on taking action! My wife and I are also in the Springs and did a similar thing this past year by turning our lower level into an Airbnb and we are also in the processes of turning our detached garage into a second STR. After seeing how well our basement performs I definitely think househacking an Airbnb may be the best way to go right now!

We're still new to the STR side of investing, but if you need anything feel free to reach out! Always happy to help out where I can!

@Roderick Jamieson I'd recommend speaking with @Jacob Mueller. He's well versed in house hacking in the Springs market and has personally helped me buy a duplex in an awesome area of town utilizing the VA loan. He also has connections with a great lender that has been a invaluable addition to my own team.

Also, feel free to DM me if you have any questions about the VA loan process, the Springs market, or anything else. Always happy to help where I can!

@Jeremiah Goodpaster happy to help and welcome to the area! It has its share of challenges as far as real estate investing goes, but its a phenomenal place to live and invest in real estate. I've bought twice now in the Colorado Springs area with the VA loan so if you need anything, please feel free to reach out

@Jeremiah Goodpaster I’d highly recommend reaching out to @Jacob Mueller with Atlas Real Estate. He’s an expert on the Colorado Spring market and has some stellar tools at his disposal to help lock down properties in this crazy competitive market.

@Brandon Shaffer great to meet you! I’m also a part time investor in Colorado Springs and always love connecting with fellow investors in the area. Unfortunately, many of the meetups have moved to virtual meetings for the time being, but would love to connect offline to see if there is anything I can do to help you get acquainted with the area.

@Arn Cenedella appreciate the comprehensive response. That gets at exactly what I was wondering.

I would 100% agree that the front range Colorado markets will continue to boom and show no signs of slowing down. This is great, but can present some challenges for new investors, such as myself, who do not have access to as much capital as seasoned investors.

I really like your take on diversifying your portfolio. I think having too much dependence on one market does open investors up to more risk depending on the robustness of the chosen market.

From your experience, does syndicating a deal out of state present any different challenges compared to syndicating a deal locally?

@Arn Cenedella What was your driving factor in investing in Colorado Springs as opposed to a cheaper market? I'm local to the Springs and invest here, but I've recently been considering beginning to look out of state due to the high prices and low inventory in the MF space. 

@Brian Plesscher I’d recommend going with what others have found success with in your area. I know that @Mark Hirleman has been able to successfully implement a rent by the room strategy in the Colorado Springs area and could provide great insight into that specific market if you’re interested

@Jaysen Medhurst We have a water heater that the property shares water from. Our water heater is about 20 years old so that will need to be replaced soon as well. 

Since the lower unit is designed similar to a walk out basement, I think it may stay cool enough in the summertime to not need A/C. However, I am still going back and forth about adding A/C to the upper unit. To me, it seems like a luxury and not a necessity.