All Forum Posts by: Tim Thornton

May or June. People don't move as easily while snow is falling or kids in school and if repairs need to be made you have time.

Hi @Niki C. and welcome! You got some sound advice above. Enjoy the ride! I have lived in Colorado Springs for 7 years and in the Pikes Peak region for about 10 and I now manage Vacation Rentals/STRs like Airbnb/VRBO. Colorado Springs is undergoing somewhat of a renaissance right now and it's really fun to experience. Have fun, never stop learning, and take action. Feel free to reach out if you have specific questions about COS.

Hi @David M. McDonald I have lived in COS for about a decade. I'd be happy to chat by phone or even get together and lend you a helping hand.

Sad to miss it. Will try to make the next! What's the best way to find out about future meet ups like this?

Welcome to the Springs! I'm focused on Vacation Rental management (Airbnb, VRBO and all that). I also enjoy the outdoors. Message me if I can help you think about RE stuff or if you need pointers on some good outdoor adventures. My kids are a bit older but I know all the good kid-friendly places. :) 

@Account Closed The returns on vacation rentals/short-term rentals can be *very good* in Colorado Springs on the right property. One of the properties I manage is in the Old North End (and not the coolest part) but between Airbnb, VRBO, and the other channels I will definitely be writing checks to my investor/owner that are over twice his mortgage payment come summer (so that means after clearing all expenses). Not every property is going to be great--location, size, and how nice the property is makes a big difference--but even imperfect ones can do well. 

Nick, I am sharing what I have learned in connecting with travel nurses which for me is primarily about finding a more stable income during the winter STR slump so it's more of a hybrid. I have not implemented a strategy geared totally toward medium term at this time.

That's awesome to hear about your friend near Coors field. 

Janessa, I have been building my business actively since September. I got into it because I knew some people who had done well with vacation rentals and I like hospitality elements like talking to guests and I take joy in serving their needs. I also like interacting with owners and taking care of properties, as well as building systems--pretty much the name of this game. 

I also like that it's a newer market so I have a better chance of establishing myself in the niche. Some of the bigger property manager players do vacation rentals but I am focused on it which I hope will be a great advantage to me.

That said it is only one REI strategy am dealing isn't really right for every owner or situation, so definitely you have to decide if it's right for you. It requires the skills of recruiting, training, and maintaining a workforce of contractors (especially cleaners) so it's not exactly a soloprenuer gig.

I don't know if I have any advice other than that right now but @Tyler Work (I don't know if I successfully tagged him I am in my phone) is several steps ahead of me so maybe gen does. 

I agree with @Andy Webb's three bullet points. Smart. I just passed on a property because it didn't meet that criteria. It should work as a long-term rental financially, then upgrade to a short term rental as long as the situation allows.

@James Carlson I like your phrase "medium term" for corporate rentals. :) I have been stumbling on how to describe rentals between 30 days and a year so I'm going to use that. 

In terms of appealing to travel nurses, I am on a Facebook group with many and have gotten a ton (like 176 comments last count) of feedback on what kind of housing is best for them, and basically the criteria is this: 1 br, pet friendly, wifi, washer/dryer. Larger spaces (3br+) are tough for travel nurses because they usually require more rent than nurses would like to spend given the choice of smaller more affordable places. 

Hi @Jenessa NeSmith I am actually growing a very similar business to yours--doing full service vacation rental management here in my market of Colorado Springs, CO. 

These are great questions you are asking, and while I am learning right alongside you I will offer this: it's less about determining the perfect rate now because your experience will help you determine what rate it right for you and your market, and more about you understanding and meeting the needs of your clients (owners who are interested in vacation rental management). 

So while a good clear rate can be helpful in your marketing, especially when accompanied by a presentation of the clear advantages of hiring you that resonate with your prospects, the main thing is to probe and find out what the actual needs (and fears) of your potential clients are, and then to explain how you will meet those needs. 

Often their needs will be (1.) to know their property will be protected (fear of disaster). On this point make sure you understand how to insure the homes and particularly the vacation rental activities. I can point you toward some good solutions if you like. Homeowners ins. normally doesn't cut it. (2.) to know their time/energy will be protected (fear of hassle). (3.) to keep their mortgage paid while they are away from the house, etc. etc. 

Hope that helps. Feel free to reach out to me if I can help further.