All Forum Posts by: Robin Searle

@Kaitlyn Castillo I have three STRs in Colorado Springs and we’ve been solidly booked! For me it is about 98% passive as I have the best management team in the world! I’m able to focus on my real estate business and only get involved in the STRs if a major decision or repair needs to happen. I have a long term rental as well and I have to say from my first hand experience the STRs are much much more profitable. Always have a back up plan though as rules and taxes and as we’ve seen, the whole world can change in the blink of an eye!

I have a triplex in the Old Colorado City section of Colorado Springs. We are one of the hottest destinations in the US right now and my STR's are performing beyond my greatest expectations. Provided the city doesn't change the rules on us, I believe the future of short term rentals in the Springs is excellent. Great hiking, a vibrant downtown which is getting better constantly, Garden of the God's, Red Rocks Open Space, Cheyenne Canyon, Broadmoor, and just up the road is Pikes Peak, Mueller State Park and Pike National Forest. What's not to love?

@Randy Dubiskas the zoning will be in the MLS listing as well which makes it easy. Colorado Springs is a real mix so you may have an R4 (which I have) in a neighborhood or R1 and commercial. The rules they passed do limit competition but their reasoning was to protect residential neighborhoods. We bought our property in OCC with the intention to do STR before their was any regulation at all. When the city started talking about making a bunch of rules we formed a coalition called COSTRA to give us a voice and the turn out at council meetings was huge. We were able to fight for what I'd consider reasonable restrictions although the city did change some of those on a whim and without what many of us felt was good reason after a year.

@Randy Dubiskas if you have a particular address you can call the city and they will tell you. They used to have a place on their website that you could put the address in but last time I looked it was gone. If it’s zoned R1 you have to have it as a primary residence (unless you were grandfathered in). If it’s R2 or above you do not have to meet that requirement.

We have one long term rental and she’s paying every month in full and on time. Three short term rentals that are completely full for the next two months and have been all summer. Waiting to see what winter brings.

@Brandon Ribeiro I’d advise joining a high producing team which will provide you training and leads. Without a large personal sphere it’s tough and expensive to get started. After 10 years as an agent, I now work by referral only and that first year on a team made it possible!

@Alecia Zielinski Our STR in Colorado Springs is bouncing right back. We were lucky and had a military couple rent for two months during the time things were shut down in Colorado and now we are back open and getting bookings again.

If you need a very experienced Realtor, my brother and sister in law (Eric & Sally Martell) have over 30 years in Florida real estate and live in Venice.  They also have a furnished rental and are familiar with the laws and restrictions there. If you'd like their info, PM me and I'll share it!

@Kevin Rea great thread - I love hearing about everyone’s thoughts. Grew up in southeastern Kansas in the Flinthills and unlike western KS it’s lush and lots of rivers but I hate the humidity and chiggers. Lived in So Cal for about 15 years and loved windsurfing in the Newport back bay and sailing to Catalina. But then came family and buying a home and the only thing we could afford was inland empire/high desert which we didn’t like. Moved to Colorado Springs 25 years ago and love it here. Great climate, growing community, lovely scenery and outdoor hiking and camping and fairly close to skiing. Plan to stay here with possibly a place in Venice Florida when we retire so we can sail again. Also have family there.

@Joseph Hurysz we just bought in our own name and then spoke to the lender. No problem with the quit claim into our LLC. Call Rich Dillman at Caliber Home Loans. Worked with him for over 10 years and he's great!

@Gabriel Lee Rich Dillman at Caliber home loans in Colorado Springs is awesome. Worked with him going on 11 years and he has never not closed a deal on time! He’s also jumped in and closed a loan for the buyers on a listing I had when their lender proved to be completely incompetent.