Investor · Denver, CO · Member since 2015 · 23 posts · 8 votes
I am a relatively new investor (some experience in AZ) and I am looking to jump into the Colorado Springs market. I have a partner that lives there, and I am currently living in Dallas. We are hoping to carve out a niche within the military community with buy and hold properties. My partner currently owns a SFR with a military family renting it. We aren't sure if their are certain parts of town, subdivisions, ect that have a heavy military presence? Are their programs that subsidize housing for military members? We don't have a realtor yet want to find out if this niche market exists, and if so someone to work with. Thanks.
I grew up in the Springs, and still make it down every month or so. Military families live everywhere due to all the bases in town. Almost anywhere down there could be aimed at military families, as it's not like most cities which have a good vs bad side of town. There are just a few bad neighborhoods scattered out. As for programs, I'm not aware of any, but thats not to say they don't exist.
I grew up in the Springs, and still make it down every month or so. Military families live everywhere due to all the bases in town. Almost anywhere down there could be aimed at military families, as it's not like most cities which have a good vs bad side of town. There are just a few bad neighborhoods scattered out. As for programs, I'm not aware of any, but thats not to say they don't exist.
Hey Chad, I am military and in colorado springs. Most folks I know are located north of peterson or Ft Carson. There are some in fountain as well. For assistance, look up Base Allowance for Housing (BAH) rates. The pay for all ranks are publicly available. I have a SFR there that's doing great!
Another thing to do is go to the base housing office and give them your information, and post a bill of what you have available. This is where many soldiers go when they need to take care getting BAH and things of that nature and is a great way to market. I do this near Ft. Gordon and it works great.
@Chad Harter, I'm not sure I would describe the Military Housing market in Colorado Springs as niche, as it makes up a fairly sizable portion of the market. You'll find that the SE side of town and Fountain (areas closest to the bases) are where most of your lower enlisted ranks live (if living off base), while the Powers corridor and Nortgate have most of your officers/contractors. Of course, like Mark said, you can find them anywhere, but these are certainly the concentration areas. Will was right on with finding out the BAH rates, you list your rental within those rates, and it will almost always be rented.
Check out Briargate, Northgate, Stetson Hills, Banning Lewis, Falcon, Stratmoor Hills, Cimarron Hills, Fountain, and Security/Widefield as some of the best places to find housing for active duty. Feel free to PM me with any specific questions.
I would agree with Brad as for the type of tenant you're going to find. Something else to keep in mind is there are many more enlisted individuals looking to rent whereas more officers and contractors have a little more money and frequently buy. You'll also find that properties typically aren't as expensive near the military bases therefore making them easier to acquire whereas some of the powers and northgate homes typically cost more.