All Forum Posts by: Jasper K Juhl

Hey James,

Great question! When sourcing general contractors (GCs) for a cosmetic flip, I recommend focusing on referrals and networking within investor communities first. Websites like BiggerPockets are excellent for getting leads from experienced investors who've vetted their GCs. You can also tap into local real estate meetups or REI clubs to find contractors specializing in cosmetic rehabs, such as kitchen and bathroom updates. Another tip is checking with lenders that finance flips, like Boomerang Capital. They often have connections to trusted contractors who work on investor projects​

Hey Anthony,

Welcome to the BiggerPockets community! It's fantastic to hear that you're taking the leap into becoming a long-distance landlord. I've navigated this path myself, and I'd be happy to share some insights.

Managing the Property Yourself vs. Hiring a Property Manager

Managing Yourself:

• Control: You have direct control over tenant selection, maintenance decisions, and overall management style.
• Cost Savings: You save on property management fees, which can range from 8-12% of monthly rental income.
• Challenges: Being across the country means responding to emergencies or maintenance issues can be tough. You'll need a reliable network of local professionals (plumbers, electricians, handymen) you can trust.

Hiring a Property Manager:

• Peace of Mind: They handle day-to-day operations, tenant communications, and legal compliance.
• Local Expertise: They understand the local market trends and rental laws in Colorado Springs.
• Cost: While there’s a fee, many find it worth the reduction in stress and time commitment.

Lessons Learned from Experience

1. Build a Strong Local Team: Even if you manage the property yourself, having a dependable local handyman and a real estate attorney can save you headaches.
2. Leverage Technology: Utilize property management software for rent collection, maintenance requests, and tenant screening. Tools like Cozy or Buildium can streamline processes.
3. Understand Legal Obligations: Stay updated on Colorado landlord-tenant laws to ensure you're compliant with security deposits, lease agreements, and eviction processes.
4. Effective Communication: Set clear expectations with your tenants about communication channels and response times.
5. Regular Inspections: Schedule periodic visits or hire someone to conduct property inspections to catch minor issues before they become major problems.

Final Thoughts

Weigh the pros and cons based on your circumstances. If your new job in New York is demanding, a property manager might be the way to go. However, if you have the time and resources to manage it remotely, it can be a rewarding experience.

Feel free to reach out if you have more questions or need recommendations for property managers in Colorado Springs.

Wishing you all the best on this new journey!

John

P.S. Did you know that Colorado Springs is consistently ranked among the top places to live in the U.S.? According to U.S. News & World Report's 2023 rankings, it's highly sought after for its quality of life and booming job market. 1 This popularity could mean great things for your rental property's demand!