All Forum Posts by: Tanner Pile

Hi @Robert-Lee Pass, 

I like the southern Colorado markets for long term appreciation plays. You can find some areas that cash flow but it won't be much unless you operate it as a short term rental. Is this duplex in Pueblo west?

@Jose Gonzalez

Sounds like you are wanting to do the BRRRR method. Refinancing or using a HELOC is the best way to pull cash out after fixing up a property.

@Tyler Hedegard

Colorado Springs is better for STR laws. Non-owner occupied permits need multi-family zoning and must be 500ft away from another non-owner occupied STR. They take a bit of time to find the right ones but they are out there! Let's talk more if that interests you.

@Tara Diaz

Welcome! Are you in Colorado Springs? There are some cool in person networking groups you should check out!

@Jorge Borges I would talk with @Miller McSwain he has several Co-living properties in the COS area. 

I'm able to chat about what you're looking to know about too!

@Chris C.

@Michael Smythe had a great answer. When you show them proof of other rents I would get comps from rentometer, bigger pockets, or even a spread of other rentals on Zillow. 

@Michael Ginter

I would put all the bedrooms on one lease. It will make it easier and save time. I would also clarify what each room is and any common spaces and that you as the landlord will be occupying a room. 

Did you give them a reason for not qualifying? 

I will typically tell someone. they do not qualify based on not sufficient income for the rental. I believe it is 2x in Colorado now or if they do not have a good enough credit score. Then they at least know why. 

@Tina Lee

@Matt Palumbo

It's pretty easy to advertise through the MLS or even on bugger pockets. Many investors would look to buy it where the numbers make sense. I have an attorney in Colorado Springs I used when I bought my owner finance deal last month. He got involved once there was an agreed upon terms and a purchase contract. Then we created a promissory note and a deed of trust to be signed at closing of the agreed upon term s and amended those terms into the purchase agreement. What terms are you looking to offer? Most buyers are looking for low down payment and low interest rate. I see many available on the MLS with 25% down payments that don't get much interest.