Doing a deal in November/Dec in Colorado?

[Tanya Maslach]

Hey BPers!

Who here has done deals in CO -- Denver, specifically? In the winter?  ;-)

As I build my team and number crunch on properties I'm seeing, two things are a main concern:

a. The numbers here for a Brrrr are not working out.
b. If one did work out, I'm concerned about doing my strategy (MTR) -- or any rental strategy post-rehab -- in the winter.
I've spoken to some prop mgrs who are having a hard time (25+ days) to get renters in places.

This is familiar to me as I have a SFH rental and rented it out two years ago from May-July (a 14 month lease).

Thoughts from everyone here?  Should I hold off on diving in the market to buy now?

Thank you.
tanya

[James Carlson]

Our Colorado STR and MTR clients have seen dips in their rents in the last 6-8 months. So even popular rent estimate tools seem a little inflated unless you're outpeforming the competition with what youre offering. Something to be aware of.

We've filled vacancies at our medium-term rental in Denver in January before, but had trouble in November and December, so I don't know if the winter is tough or if its simply the holiday season.

I'd be more interested in buying the right place whenever it comes up. I've got two buyers -- one buying a new build A frame in the mountains outside Colorado Springs and the other a new build in STR-friendly Wheat Ridge -- and both intend to do short-term rentals. They might have a little trouble in the first few months, but the long-term potential of the places was too much to pass up just to try to time the first few months of rent.