All Forum Posts by: Jenny Bayless

@Adam Williams I can only speak to Colorado Springs, but I think the areas you mentioned should reasonably expect to continue to see very nice growth over the next several years.

As @Chris Lopez mentioned, we are helping a few clients buy around Wolf Ranch for house hacking- specifically NOMADing- (most of the newer neighborhoods around the Powers Corridor prohibit the rent by the room strategy in their covenants, but that's a different topic) as there is a lot going for that area and should hopefully continue to be robust in the years to come.  Not to mention, while they are living in the homes in this area, it will serve their personal needs, and then they will turn into rental properties once they move out as there is a lot of demand for that area. There is a lot of development and industry around the Powers Corridor, not to mention it also is close to Peterson AFB and the airport.

Hope this helps some!

Hi @Nick Gerli, thanks for posting!

We have quite a few rentals in Colorado Springs, and we've seen more than 25% growth in value from 2017 to 2020 on average across our portfolio during that time.  However, we have purchased smaller, less expensive homes during that time.  Due to low supply and high demand of entry level homes, they have seen a disproportionate increase in appreciation compared to median sized homes in the area.  I am cautiously optimistic that we will continue to see appreciation in the next few years here, although I doubt at the same rapid rate we did the past few years.

Hi @Jessica Mead!  I think you will enjoy investing in the Springs.

BRRRR opportunities were a bit more prevalent in Colorado Springs a few years ago, but that doesn't mean they don't exist. Also be open to a 'partial' BRRRR in which you might only get a portion of your initial equity back after the refinance.

Given the current supply/demand, there aren't a ton of discounts being offered on the MLS currently- however, I would not discount the MLS as being a great place to find properties. I would recommend looking for a 'base hit' on your first purchase so that you can learn what goes into purchasing a rental property and so you can line up your network (agent, lender, contractors, PM, etc) and get a feel for how rental property investing goes. Once you learn experientially, then I think it would be good to gradually move into more complex deals (off-market, complex financing structures, in need of large repairs, etc).

Hope this helps some!

@Monique Simon I think it depends on a lot of factors.  What are you seeing for rent and expenses?  How much did the property value go up?  Would you redeploy the proceeds in something that is better performing?

@Erin Spradlin I agree, there are some exciting things happening in 80911!  We just went under contract on our first rental property in 80911 (we've historically only bought our rentals north/west of the airport) and wouldn't mind picking up a few more surrounding the airport later this year.

@Jonathan Kimball Welcome to Colorado Springs!  There are still a lot of opportunities to invest down here, we have been investing in buy and holds since 2016, and are continuing to purchase.  The deals are a little tighter now, but the city still offers a lot to investors.  Recently, @Chris Lopez and I recorded a Colorado Springs 'State of the Market' to highlight what is going on in the Springs, here is the link to that: https://www.denverinvestmentrealestate.com/state-of-the-market-colorado-springs-q3-2020/. Hopefully that can give you some insight into the market to allow you to better tailor your strategy!

@Chris Leigh I am personally searching for a 4-plex in Colorado Springs to add to our portfolio. They are in very high demand, but they are certainly out there. I can set you up on a MLS search if you are interested!

Below is a deal analysis I worked on, using a 4-plex that came on the MLS a couple weeks ago- I thought it was really good for being "turn-key"!

@Chris Leigh the best way, is to link up with an agent who can set you up on a search, that way you get the notifications as soon as they are posted on the MLS.

Hi @Chris Leigh, congrats on the house hack! I would recommend checking out Colorado Springs as another market to check out. Duplexes come up a few times a week on the MLS, and they perform pretty decently!

@Natalie Fryda I self manage my rental properties in Colorado Springs, but I was living just outside of Denver until recently and I found it to be sustainable, but there are lots of PM options in Colorado Springs if that fits your needs better.

I will send you a PM for some resources that are helpful!