All Forum Posts by: Robin Searle

@Deonna Franz very simple. Our MLS lists rentals so do a search for similar properties within their subarea and within 1 mile that are currently for rent or have recently been leased. That will give you a very good idea of what rent they can reasonably ask for. If you need a property manager referral, let me know. I've got a great one! Please feel free to pm me if you need additional help!

Check out Meetups online. There are at least 4 local groups including ICOR that meet monthly in the Springs. If you are interested in doing Short Term Rentals join the Colorado Springs Short Term Rental Alliance Facebook Page to stay on top of local regulation.

If you are thinking of short term rentals in Colorado Springs, I'd be happy to share my experience. We have one in Old Colorado City that is doing very well and I'm very up to date on the city regulations. I'm actually going to be speaking on a Pikes Peak Area Realtor Association STR Panel on May 22nd.

@Erik Dominguez - I agree with everything JD said!  Getting your license and paying all the fees associated with that is NOT cheap. We have about 4800 agents in PPAR right now and very few listings. I've been doing this for 9 years and have built up a strong repeat and referral network.  I also mentor new agents and many are struggling - they have to compete with agents who have been around for awhile and have a network of clients who trust and refer them and they also have to compete with teams paying upwards of $16,000 a month for leads to places like Zillow.  I would say getting your license depends on your strategy and goals.  I have a good friend doing very well with flips (yes even in this market) and he got his license so he could list the flips himself when he's ready to sell. He hung his license with a low cost brokerage to keep his costs down so for him it made a lot of sense.  I'm more than happy to sit down with you and share any information I can when you get back to the Springs. 

Great story!  Congrats!

Premier One Home Inspections - I’ve used Dave and his team for years. They offer sewer scopes, meth testing, radon testing and lead based paint testing as well! 

@Alanna Schroeder Colorado Springs

My husband and I have a property in the Springs that is zoned R4 but when we purchased, it only had one livable unit - a single family on the front and then had a 3 car detached garage in the rear. We have converted the upper level of the garage to a 2/2 and are doing STR out of it with a long term tenant in the front unit. We are in the process of finishing the lower level studio in the front of the garage building to also do STR. If we'd wanted to separate utilities, we wouldn't have had to pay tap fees but would have had to submeter the additional units. We opted not to do that and pay all utilities - we just calculated that into the long term tenants rent. I don't see any advantage in getting the property rezoned to be called a triplex - if we were to ever sell it, I doubt buyers would care if it was called a triplex or simply had three income producing units. As long as you are following the zoning requirements, I wouldn't even worry about that aspect. I'd use comps for a triplex for ours and a duplex for yours because that's essentially what you've got.

@Jeffrey Douglas best book I’ve read this year is Recession Proof Real Estate by J Scott! Such a thorough book on how to determine where we are in the economic cycle and how to adjust your investing strategy to profit at any point in the cycle!

@Meridith Om - this is really surprising to hear! I'm a local agent (I do not do property management except on my own rentals) and our population is exploding. I get calls every day from people desperate for a rental. I looked in the MLS and similar properties (2/1) have rented recently from $795 to $900. Your property isn't listed in the MLS. You asked about how to find an agent to help you - to be a property manager in Colorado you have to be a licensed Realtor so you currently have an agent. I'm not sure why your agent/pm didn't put it in the MLS, but you might check. You are close to Carson so should attract military. I can recommend a bulldog licensed Realtor/property manager for you but you are likely in a contract with your current PM so would need to read the terms of your agreement. If you'd like a referral, please contact me.