All Forum Posts by: Jeremy Gaal

@Dana De Andres congrats on the appreciation. With that said I did exactly what you want to do but I invested in a market I know aka..... my home market. I would consider something in state because worst case you can take a trip to the rental in your car as opposed to a flight. With that said I am going to look out of state in the future, however for now I'm focused on doing whatever I can to build a portfolio a little closer to home first.

Either way you go best of luck, and remember Denver is going to require a license for rental properties coming in the next year or so (forget exactly because I don't invest in Denver).

@Matthew H. No worries at all. Daniel gave some great locations to checkout and the hope is there may be a little more inventory available by then. Best of luck on your journey!

Matt,

From one Jersey guy to another, welcome (or potentially future welcome). Finding multi-families in the Springs are tough, but we have a pretty awesome investing community here. With that said, what would your timeline be to move out this way? I may have a rental opening up soon. Either way, feel free to connect and happy to help in anyway I can. 

@Heather Hall that is a really great rundown. As a veteran I love the idea.

For a house that big I feel like it would be a LTR unless you have a specific idea for it (ie like a wedding venue house or something like that).

I also really like the cabin idea that you have and have been thinking about a similar idea to Airbnb/STR after I close on my next deal.

With that said you have some great ideas and always happy to lend an ear if you need to talk something through.

@Heather Hall rental rates for the home could be found by looking up similar homes (though comps may be tough due to its size and the land its on). What I can tell you is the economy is strong here in COS and seems to be getting better all the time. If you've lived in the house 2 of the last 5 years you could sell it and not have capitol gains (I believe, check with someone much better equipped in this area than I am).

With that said, everything I have seen and the research I have done is saying this: the market here will likely remain strong for the next 4+ years. Even if we could double the houses being built, we still wouldn't have enough housing for the expected inflow of people. The front range is expected to double in size by 2050.

All of this to say you're in a great market. If you're looking to get into rentals, maybe a better idea is to start a little smaller home wise and cash-out refinance the big house to buy 1 or 2 smaller homes to cut your teeth on? Personally, I'm buying when I can (currently working through a new rental deal) and will continue to do so. What is it that you are looking to gain from your rental? Knowing why you are doing it will definitely help decide what path to take.

Congrats on having a fantastic property and let us know what you ultimately decide to do.

@Stephen Karagosian I know people are I am just not one of them currently (have my cash tied up in other places). With that said I know the area is gentrifying and it could make for some great investing right now.

@Gerard Aliberti is there a solution to rent by the room, perhaps near a college? Possibly look towards an area 30-45 minutes away that may do a little better for you?

@Gerard Aliberti there are some great insights in this post. With that said you havs to figure out what works for your area..... For example, here in Colorado Springs it is a challenge to find a property that cashflows (especially with some property tax increases coming up). What has been working for me is targeting a minimum 200/month cf, which has surprisingly led to me buying some new build townhouses.

Anyway, talk to locals in your area and find out what they are seeing/finding in the market. They may even be able to lead you towards deals as well. Best of luck!

@Michael Vialpando this is a fantastic meetup! If you're feee and want to learn with a great group of people come check it out!!

@Randell Mullally, the VA loan would be the way to go. Colorado Springs is a tough market right now (like every other market it seems), but deals are out there to be found. Plugging into an investment friendly agent is a great way to go. Happy to help/point you to people who can as well.