Is Colorado Springs HOT! right now?

Question

Christopher Jones · Answer

Hi Shaniqua, I am new to the COS area, (living there now for one year.) But it is a really growing area. The Colorado area in general is growing rapidly with lots of building projects and homes seem to sell quickly. The house we purchased last year has appreciated quite a bit. we purchased for $270,000 and it is estimated to sell for $306,000 today. There is a thriving military community so that brings some stability for rentals etc. I am currently looking to purchase a rental in the area and start doing some property management. I have a few connections if you need help. Chris

Norberto Villanueva · Answer

@Shaniqua Dupree - thanks for posting. You let the cat out of the bag...Colorado Springs is HOT! Consider the time our sales to list price ratio has hovered above 100%, the truth is it has been since at least April 2016 and shows no signs of decline in the near future.

Seems you are looking to enter the game as a flipper, where deals that pencil are increasingly hard to find due the low inventory, high demand environment of the strong seller's market we find ourselves in, albeit nationwide.

Have you considered building a buy and hold portfolio? Not for immediate gains, done correctly this strategy may serve you well with a twenty to thirty year projection in mind and will even allow you to sip umbrella'd drinks on the beach with what we like to call mailbox money after a while. It's not as hard as it seems, with numerous low to no down payment options for owner occupants, some of which include down payment and closing cost assistance.

To get started, it's important you build yourself a dream team (investor focused REALTOR ;), lender, contractors, title and insurance professionals...) who will lend their expertise and knowledge to help with your REI goals.

I hope this helps and wish you all the best!