All Forum Posts by: Account Closed

Hi James thanks for the response - We got orders to Macdill Air Base and decided to give this STR thing a whirl. Hopefully a boon for sure. We are not managing but I'm pretty sure you know who are manager is :) It hasn't been active a year yet and this winter does seem particularly harsh and time will tell how this property does. Feel free to PM me anytime you can also find us social.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $450,000

Now performing as one of Colorado Springs biggest bedroom count AirBNB's. We decided to diversify the portfolio with a Short Term Rental.

I have a friend who's house sat vacant for 3 months and I was getting more traction from one Facebook post than his PM was. I let him know that his PM wasn't doing their job. The home wasn't advertised on Zillow which is the biggest real estate platform out there right now. If your PM isn't advertising on Zillow you should have a serious discussion with them. 

All things considered my first investment was an out of state investment and it has enabled me to buy my first duplex but it wasn't a multifamily and I'm now about to sell it this year to buy another multifamily here in Colorado Springs. Multi is the way to go. You should also consider what your lending would look like once you got to Colorado and how that house in NE would affect your ability to borrow. I've seen predictions of 2019 being a good year in Colorado for buyers and sellers depends on where you are going but it's a strong market to invest in and it's definitely a plus to be able to drive by your properties once in while. We just closed on a 9 bedroom property and are buying again within 6 months, reach out if you'd be interested in our area and knowing a little about our strategy. . Best of luck. 

Barry from NCN Financial is also a knowledgable guy. Good luck. 

@John Dayhoff sure thing John but I cant promise I wont pick your brain about general contracting. I'll PM you. 

It's a hot market you need to find a strategy that works. Would be open to talk to you about what I have going on.

The Springs is hot right now that being said its no Denver and I don't think it will be anytime soon its just not a sexy town. That being said there are lots of military here, the lowest unemployment rate in the nation I hear, and the city is going leaps and bounds trying to improve the streets and rejuvenate areas of town. It's not rich like Denver so I would say if you wanted to invest stay safe and invest in lower rent multifamily properties they will rent much quicker and stay rented throughout a downturn in the market "when" there is one. Another good point about the Springs is it's going to be more recession proof with the lower rent units because the Department of Defense makes up approx. 40% of the labor force here and aside from a once in 20 year furlough of a month pay I'd say it's recession proof to an extent. 

@JJ Lopez did you get your appraisal back yet? Cash Flow is precarious in this situation because the value add work has already been completed. and of course your realtor is positive about it she is getting a commission :) ... multifamily properties are hard to find right now and the rates are high thats just the way it is. Maybe you can up the rents or find another realtor if your realtor is on your side he or she can find a way to get out of the contract and should be supporting you. If you are comfortable with the numbers then roll with it. 

@Christopher Jones Jenny was very motivating I love hearing how other people succeed especially locally. My wife and I are in the same boat you are, looking for houses that make great house hacking opportunities. Something as simple as adding "walk-out basement" to your search criteria will give you many more hits than there are duplexes here in Colorado Springs. Also one I search often is "mother" "mother-in-law" and other variants of the words turn up different results. I know a few great vendors here in town and my wife @Kaley Roberts can help you out with vendors and home searches alike. Good luck in your endeavors and let us know if theres anything we can do to help.