Short-Term Rental in Mountain Town

[James Heller]

Hi BP -- I have a property under contract in Woodland Park, CO which is a smaller mountain town outside of Colorado Springs. It's close to a few lakes, some nice hiking and offroading, and is more of a 'summer getaway' as it is not positioned near ski resorts. 

I'd love some input on STRs like this as it would be my first. Is anyone familiar with that area specifically and can offer an opinion on the market?

Thanks in advance! -- James

[James Carlson]

Hey @James Heller

Congrats! Some people think you need to be in the heart of Denver or in the ski towns to have success with Airbnb and short term rentals in Colorado, but there are a lot of other areas. (See this client of mine's, for instance, who's crushing it with Airbnb in a regular neighborhood in west Wheat Ridge.)

Woodland Park where you're buying is another great area that people might not think about. These clients of mine bought a second home/STR in Florissant just west of Woodland Park and are doing really well with it. I've got another client under contract in that area on a new construction cabin that they'll run on Airbnb. (Hell, I've been trying to get all of my STR investor clients to buy a particularly interesting home with great #s right outside of Woodland Park. I believe in the area.)

There is an Airbnb market for people who don't necessarily ski but still want that quintessential Colorado experience. In the trees, the peace and quiet, that whole thing. 

One thing to note when buying mountain properties is that while every property has to have a city in its mailing address, most are in the unincorporated county. (Like, your property probably isn't in Woodland Park, it's in Teller County.) And so those are the Airbnb laws it will be subject to. This is an important distinction in places like Breckenridge/Summit County, where the city of Breck has essentially banned new vacation rentals, but Summit County allows them.

Good luck!