All Forum Posts by: Erin Spradlin

@Myka Artis - I know Denver has collected $950K in lodger's tax from Jan 1 - July 2017. 

@Tim Schroeder - Well, we think Colorado Springs is particularly strong because the city is 1.) embracing Airbnb and 2.) has strong appreciation potential. We've called the planning department in Colorado Springs, and right now they have a memo out supporting it (https://coloradosprings.gov/planning/page/dab-405-short-term-rentals). When we talk to the planning department, they've said that if restrictions come in the future, they will likely be around limiting multi-units. For now though, multi-units are allowed, investments are allowed, etc. (My family has two there and are doing well on them.)  For appreciation, CS is strong because they get Denver overflow and a ton of projects are taking place there right now. So, if you wanted to ever get rid of it, you would have a strong airbnb opportunity for the next 2-3 years and then a place that's probably appreciated quite a bit at the end as well. If you want to discuss further, private message me and I'm happy to answer other questions/schedule a call. 

We work with an Airbnb property manager in Denver, CO, that charges 15%. I think this is a little higher than some, but I know she argues that her services are worth it because she doesn't charge a minimum, handles all logistics, all communication, knows the local laws/taxes and does on-site checks. I would also ask if they have a plan for how to appease neighbors that might be just okay on Airbnb.

@Andrew Johnson - keep in mind though that we live in Denver (see above post) and have a primary residence rule- which means that your place has to be where you live to rent. That prevents investors from coming in and buying up. 

Also, the loan officer I spoke to about this said financing would not be impacted if it was your primary residence being Airbnb'ed. 

@Calvin Sapkota - we research the laws for Denver and surrounding areas and I can tell you that you need to call your city planner and ask 3 questions. 1.) do they have laws specific to airbnb/VRBO yet? 2.) if not, do they have laws prohibiting 30 day or less rentals? 3.) also, if not, do they have rules around residential uses not recognized in the use code. In other words, if short-term rentals aren't mentioned in the use code, does that mean they are illegal? 

Also- I heard this podcast a few months ago and it would definitely be applicable. It's about doing short-term rentals in Omaha. Worth a listen. https://getpaidforyourpad.com/podcast/megan-hunt-airbnb-omaha/

@Tim Schroeder I'd look at the markets where Airbnb needs more hosts (hence, you know demand is there) and then call the city planner and ask about the laws. Specifically, is there a 30 day limitation, is there a use code limitation, have they addressed Airbnb/VRBO and/or are they about to. Since you are in Castle Rock, CO and we pull laws for cities, you can see them on our site. Also, know that Colorado Springs is a fantastic place for Airbnb investing because they have no immediate plans to restrict it and are generally very friendly to it. (Also, our family is doing it there and making a killing.)

@Linda Weygant - thanks for your feedback. Made me chuckle as we see the same renter-hatin' around here as well. Everything must be a renter issue, when that's not necessarily the truth. Your points on non-profit status are interesting and should be thought through. 

@Andrew Johnson - I don't totally agree. I think there's some appeal in having an Airbnb rental building for the younger set and for investors. I think some education goes a long way here. 

@Andy O'Neal - this is Denver, but it might help your case. It's an article about how an apartment complex is encouraging people to do Airbnb and reducing rent for those that do. http://www.businessden.com/2017/10/09/capitol-hill-landlord-reduces-rent-tenants-list-airbnb/

@Thomas S. - I understand the concern, but I think if more people understood the money making potential and the safeguards within Airbnb and VRBO, they might be more willing to do it.

Also, I'm talking about doing Airbnb in Denver, which has a primary residence rule. Because that rule requires people to live in the place, it would limit how much renting could actually be done. 

@Ken Dillard - great points. I think the board is actually pretty open to the idea and sees it as a way to increase our limited reserves, but we need to have a broader conversation with the owners. The building trends younger, so I think that might help too.