Newbie from Colorado Springs investing in Pueblo

[Michael Wentzel]

I am a husband of one lovely lady and a father of three amazing children. We had lived and worked overseas extensively and only relocated back to the US in 2013. We are currently living Colorado Springs, CO and investing in buy-and-hold properties in Pueblo, CO.

We turned our primary residence in Colorado Springs into a rental when we moved overseas seven years ago. We then purchased a town-home in Colorado Springs in 2012 to add to our portfolio. In 2013, we sold the first property to finance our first multi-family purchase. We are currently under contract on a 4-plex in Pueblo, CO and hope to close by the end of the month.

We would like to build a portfolio of multi-family and single-family rental properties which will eventually replace our income through cash flow. Beyond that we hope to continue to grow the portfolio to fund social enterprises and charities we are involved with overseas.

I am currently seeking to learn about real estate investing in general and buy-and-hold strategies in particular.

[Christian M.]

Hey, Michael! I used to be stationed at Peterson a few years ago and still occasionally visit the Springs. I'm in Parker now and have bought and held on to a few properties in the Denver Metro area.

My most recent purchases were two condos in the same complex where I already own two other condos. The most recent condos are owner financed at 15 years with 20% down. These are $30k-$40k units but are renting at $850/month due to them being in the Cherry Creek school district. With a $200 HOA and debt service, I'm cash flow positive about $200 so it works for me.

I'm also doing a couple of fix and flip projects, one in Wheat Ridge and another under contract in Aurora (closing in a couple of weeks).

What are you guys doing down in Pueblo?