All Forum Posts by: Jordan Malara

@Lynda R Willoughby there are regulations in the Springs that puts restrictions on where STRs are allowed and which properties can obtain permits, but the city of Colorado Springs is still granting new permits every day. These regulations are good and bad. They are good because they limit supply of STRs in the area so as demand grows and supply stays relatively stable, revenue goes up. The downside to these regulations is that it has become difficult (but not impossible) to find properties that can be legally used as STRs in the area.

Hey Colorado Springs, I’d like to invite all active duty, reservists, and veterans to join me for a new local meetup focused on connecting like-minded military real estate investors! My intent with this meetup is to support military members in their pursuit of real estate investing and financial freedom. This meetup is completely FREE with no sales pitch included. Just a space for everyone to come together, share their experience and knowledge, and foster mutually beneficial relationships. It will primarily be a time of networking and learning from each other, but depending on how the group grows, I may look at bringing in speakers for each meetup.

I'd like to make this a monthly meetup, so I need the BP communities help to spread the word to get this meetup started strong!

Future discussion topics include:

•       Basics of investing while in the military
• Comparison of loan types
• Investing strategies
• Renting vs Buying in various markets
• Investing while oversea’s
• How to invest in real estate using your Thrift Savings Plan (TSP)
• Finding a Property Manager when you PCS

About Me: I was born and raised in Upstate New York before going down to Oklahoma for college where I studied mechanical engineering while also participating in Air Force ROTC. After graduation, I commissioned into the Air Force and was stationed at Schriever AFB in Colorado Springs, CO. Then, at about my 3 year mark in the Air Force I had the opportunity to transfer into the United Stated Space Force. During my time in the Air Force and Space Force I worked as a satellite operator and commander for the GPS satellite constellation (2 SOPS). It was during my first few years in the military that I discovered real estate investing and it has changed my life since. In a few short years my wife and I have gone from 1 door to 12 doors with a balanced portfolio of long term rentals and short term rentals (Airbnbs). We are well on our way to financial freedom and my desire now is to help others get there too!

Hi @Lynda R Willoughby, pleasure to meet you and welcome to the BP community! I'm a local investor in Colorado Springs and although the prices are high in the area, I do believe it is one of the best places investors can purchase under the buy and hold strategy due to the projected growth and desirability of the area. 

Due to the high prices, investing in properties that can be used as STRs/Airbnb's is usually the best way to get cash flow and is what I have personally used to scale my portfolio in the area. 

If you're looking to connect with other investors in the area, then I would encourage you to come out to a meetup I hold on the 2nd and 4th Thursday of each month. We reserve a room in the back of Goat Patch Brewing at 6:30 pm and usually have a time of networking followed by a brief presentation. Here is a link to our meetup page if you're interested - https://www.meetup.com/house-h...

If there is anything I can do for you, please feel free to reach out! Best of luck as you start out!

@Luke Schumacher, I would agree with @Eliott Elias and say keeping the bedroom is likely the better option. This makes the most sense for resale as well as for an STR in my option. For our STRs in the Springs, we focus on increasing occupancy (AKA more bedrooms) and providing a quality stay with premium amenities. These things allow us to maximize revenue. Sometimes, due to the size and layout of our STRs which are mainly older homes in the downtown area, there is no formal dining room or table, but we try to find other ways to add seating and dining space throughout the home. Guests see their stay as temporary so the minor inconvenience of walking down a hall to get to the dining area will not be a big deal to them and will unlike influence reviews. Would love to connect sometime if you're in the Springs!

@Garrett Groener Always down to meet up! There are a number of existing meetups currently in Colorado Springs. I organize a meetup every 2nd and 4th Thursday of the month at Goat Patch Brewing. You can find more information on BP here - https://www.biggerpockets.com/...  or on Meetup here - https://www.meetup.com/house-h...

There are also other great groups in the area that meet on Tuesday evenings, Thursday mornings, etc. Some can be found on BP by going to "Network" --> "Meetups" --> then typing in Colorado Springs. Others can be found on third party sites like Meetup.com and Eventbrite.com.

Best of luck to you and hopefully we get the chance to connect in the future.

@Lance Williams Yes, we actually meet twice a month - Every 2nd and 4th Thursday of the month. Here is a link to our meetup page for the group as well - https://www.meetup.com/house-h...

Hey BP, are you interested in joining a community of local, like-minded real estate investors designed to learn and grow together? If so, then we welcome you to join us for our meetup centered around creating community and sharing experiences related to Real Estate investing and House Hacking in the Colorado Springs area.

Meetup topic: This week our very own @Tanner Pile will be sharing with us his experience getting started in real estate investing. He'll discuss what inspired him to get into real estate, how his journey began, some of the challenges he encountered along the way, and share some tips and tricks that have helped him become a better investor.

Where: Goat Patch Brewing

When: September 8th @ 6:30 PM

Come learn and share without a sales pitch! Whether you're a new investor learning how to get started or an experienced investor looking to network and expand your knowledge, we want YOU to join us. This meetup is 100% FREE and is designed for those who want to grow and challenge each other in the pursuit of financial independence and your WHY.

Cheers and See You Soon!

Hi @Tatum Briggs Mead,

You're definitely in the right place to network and interface with new and experienced investors! I have been an investor down in Colorado Springs for about 5 years now and although I'm partial, I think it truly is one of the best places to invest around the country right now. Also, I organize a real estate meetup in Colorado Springs known as the Real Estate Investor and House Hacker Meetup. I know you're up in Boulder currently, but if you ever want to come join us for a meetup, I would be happy to send you more info. We do post the meetup event on BiggerPockets so more info can be found there as well!

Happy to be a resource for you as you try to learn more, so feel free to reach out. Best of luck to you as you get started!

@Eric W. I certainly agree with what others have said! STRs are one of the best ways right now to purchase cash flow producing property in Colorado. Keep in mind though that these types of properties require additional cash/credit to start up. Startup costs include the acquisition down payment, any renovations needed to spruce up the property, and then design and furnishings. On average, we tell clients looking for STRs that they will need between $100k-$150k to get an STR up and running in CO Springs. I can say from experience that the cost can be worth it though. Typically we aim to find deals with a CoC return of between 15%-20%. The last point I'll make is that on the front range, the returns and therefore cash flow is seasonal. So most revenue is made in the summertime and the goal in the slow winter months is to at least match your mortgage and PM costs.

@Terry Phillips I use @Greg Weik and his team for my properties in the Springs. I'd highly recommend them!