All Forum Posts by: Robin Searle

@James Carlson It's my understanding you can still do up to 4 in a property zoned R4 or above as long as (as you mentioned) there isn't another STR within 500 feet. I just pulled permits for the other two units in my triplex in OCC where I'm currently doing one STR and had no issues.

New STR rules in Colorado Springs are now in effect. You are allowed to do a new short term rental in an R2 zoning (this property is R2) as long as it's not within 500 feet of an existing short term rental (I'd call the city to get this info). From the lot size, it likely doesn't have the set backs that would be required to add another unit but you might consider either converting the garage or building onto the garage to add an additional unit. Obviously you'd have to run the numbers after construction costs to see if it all makes sense but homes with additional units/cottages are in high demand.

@Patty Capson - We just finished our first full year of STR in Colorado Springs and I'm happy to share a breakdown of our vacancy month by month. I have to give a shout out to our awesome management team at Hoste (Phil & Evan Wilburn) for a stellar first year and tons of great reviews. We have a 2 bed/2 bath/1 car garage in Old Colorado City. I also do long term if I can answer any questions on that feel free to PM me!

December 2018 - 2 days vacant, January 2019 - 5 days vacant, February 2019 - 8 days vacant, March 2019 - 7 days vacant, April 2019 - 6 days vacant, May 2019 - 7 days vacant, June 2019 - 1 day vacant, July 2019 - No Vacancy, August 2019 - 4 days vacant, September 2019 - 7 days vacant, October 2019 - 10 days vacant, November 2019 - 12 days vacant, December 2019 - 5 days vacant, January 2020 - No Vacancy

As you can see it varies month to month and it can certainly change last minute. We only had a few days booked this month and suddenly someone booked from the 4th through February 2nd. Revenue also varies as Hoste adjusts the nightly rate based on a number of factors but I've been extremely pleased with the overall occupancy rates. 

As Erin mentioned - the city just changed the rules on us. Those of us with a property zoned R-2 or above (which mine is) or who already had permits are okay but if you are looking at starting new, you need to be aware there are no more STR's are allowed in R-1 residential zones unless it's your primary residence. Hope this info is somewhat helpful!

Colorado Springs keeps landing on top places to live, top places to retire and top places for millenials as well. I'll add that our wage growth is not keeping up with the annual appreciation which has been running at about 7% with our median home price sitting at $325,000 (as of November). The lower priced homes (anything under $300,000) are still seeing multiple offers and often going above list price. I'm invested here because I believe we will continue to see growth and barring some kind of national economic crises, our local economists don't see any type of a downturn or recession looming. If anyone is looking at doing short term rentals here, be aware the city council just changed the rules so no more STR's in R1 (single family, residential) zoning. You can still do them in a home you live in at least 50% of the year or in multi-family zoning but do need a permit.

@Andrew Cruz - I use Debby Miller, owner of Phases Accounting on Union.  She also is an investor.  She does my personal, Realtor business, and rental properties and I highly recommend her.

@Brenda Whittaker Wow! First I'm sorry you've had and seen such a horrible example of STR's. But I have to ask are you as anti-fix and flip? Over the years I've helped investors buy homes that they fix up and then turn around and sell them for a pretty good profit. In my opinion, it's a free market and good for them improving the neighborhood. But you could also certainly look at it that they stopped a first time homebuyer from purchasing that home at a low price and using an FHA203K to fix it up thereby knocking that first time homebuyer out of the market. I wouldn't say the fix and flipper was greedy anymore than I'd say an STR investor or a long term landlord was greedy for employing an investment strategy. Are there greedy investors? Certainly but there are greedy people in every walk of life.

As for my STR - we actually ADDED living units to Colorado Springs. We bought a single family home with a 3 car detached garage on the rear of the property the owner was using for storage. We rented the front unit long term and converted the area above the garage to a 2 bed/2bath beautiful furnished unit we are doing STR out of. Not ONE complaint about crime, trash, or noise after a full year. We are now finishing the studio on the lower level and will do STR out of that - each unit gets their own garage and the space behind so we are not adding any parking issues to the neighborhood. We are zoned R4 and have a commercial roofer right behind us and commercial buildings across the road.

So saying ban ALL STR's is a bit over the top. My family ALWAYS stays in STR's when we travel and we absolutely love them. Until now, Colorado Springs has had fair regulation and has zero data to do an all out ban. No permits have been revoked and very, very few complaints to code enforcement. The city council will be voting today and I believe they will vote to completely ban all future STR's in R1 zones but will grandfather in those who have permits already. So the anti-STR people get their wish and my property will benefit, but I still don't like the government overreach. As an investor (in anything) I prefer less government - but that's just me.

@David M Trapani exactly what we have done! Great advice!

@Nolan Clark agreed! Always have a back up plan no matter what your investment strategy!

Thank you all for weighing in!

@Naji Saba yes Mine is in R2 as well. If you aren’t part of Colorado Springs short term rental alliance you should goin! Ryan just shared that link and it’s interesting that the state overruled Austin’s Han.

@Ken Latchers I’m a Realtor and I absolutely believe in everyone’s right to quiet enjoyment of their home. I also believe in private property rights which I would think every investor in this site would be of the same mind. What you are talking about should be addressed by regulation and code enforcement not outright bans in my opinion. You might be all for government overreach until it affects something you want to do with your own property that was not only allowed but encouraged by your city when you purchased!