All Forum Posts by: Jeremy Gaal

@Joey Wharton congrats on the property! Regarding Airbnb there are some rules/things to follow. I don't know them very well at the moment because I don't have any Airbnb properties currently (and sadly). I know for me personally I lean more towards long term rentals as they are more hands off, but after a recent meetup I went to where some airbnb properties were analyzed it really got me thinking. All of this to say you've got some great choices and for me it would come down to what I feel is the best use of the property long term.

@Eric Frith the market here has been hot. If you got the property, why not keep it and rent a room? I struggle with "experts" saying the bubble is about to burst cause we have a TON of things moving us forward here. I'm about a month from closing on a new build townhouse and couldn't be more excited. Happy to take a look at the numbers if you'd like. No matter what, find a way to make the deal work for you!

Best of luck

@Randy Dubiskas it's a very hit and miss thing (which is weird). Regardless, as far as I am aware when it comes to STR you must owner occupy first. With that said I know there are a few people on here with a lot more knowledge than I. Let me try and get a few of them in here to add some wisdom.

@Dave Michael, while I'm not a real estate expert by any means everything I have been reading is saying growth in the Colorado Springs area is poised to continue for some time. Ultimately, I think this question is best answered based on your personal wants and goals but if it were me I would personally look to keep what I have and maybe pull some cash out via refi to have the $ I would need to make those other goals happen. Sure, you lose some cashflow but then you are leveraging assets to purchase more. Again, just me .02 but any way you do it you made some great choices that have set you on a fantastic path.

@Katarzyna Lach the meetup is roughly every other week, so next one would be right around July 2 (I'll have to check and see if they're gonna have it). Overall its a great meetup and the location is pretty great as well.

@Wyatt Ball best of luck when you PCS, I hear it's warm down there. With that said let me know when you're gettin close to listing it, always interested to see what may be out there.

@Wyatt Ball sounds like you learned some great lessons and cashflowing as well, congrats! What are you thinkin about for the next place?

@Celine Corley house hacking may be a great way to use your capital. We have a meetup group (this comin thursday at Oskar Blues) that talks about rental properties and house hacking in the Springs. Let me know if you'd like to know more!

@Corazon B. There is a lot to make sure is good to go and even if you line up all those ducks in a row there is always the possibility of one. Have you considered a property manager, sounds like having one at least in the beginning could help build your confidence. With that said where are you renting the unit? The requirements will vary depending on the city and state.

With that said, if you're going to self manage a solid lease will offer you some protections and also making sure you do thorough tenant screening (to include reference and background check), holding the security deposit and unit funds seperately (depending on state/local laws but never a bad idea), and once the tenant gets ready to move in a solid pre occupation checklist with photos to document condition of the property. Having solid insurance and requiring the tenant to have documented renters insurance means their insurance gets the hit if they decide to cook bacon naked and start a fire (sadly I have a friend whose tenant did just this).

There can always be more, but this would be a general starting point. Hope this helps!

@Dana De Andres meant to add, if you're going to live in it a little longer a cash out refi will give you a better rate than a heloc in many instances.