All Forum Posts by: Kristi Miller

I live in one of the smaller tourist destinations in CO.  Houses are being gobbled up by 2nd homeowners at high prices. I would look into co-living opportunities in Vail, Breck, Telly, Leadville, Aspen, and surrounding areas.  There's no workforce housing for the people who work in these towns.  Find a 4+ BR house that needs work, fix it up, and rent out each bedroom on a  3, 6, or 12 month lease.

Yes I'm in a small Colorado mountain town.  It was a crazy hot sellers market for the past few years, but buyers are getting more of the advantage now. Homes are sitting on the market and closing for less than comps. 

A little late to reply here but...

In most small resort towns (Vail, Breck, Telluride, Silverton, ....) workforce housing is extremely hard to come by.  I don't know any hard and fast metrics to check, but just being a member of the local housing pages on FB will tell you that people are clambering to find rooms for rent.  Look in high priced areas where workforce housing is hard to find. 

 Hi, CO investor and Realtor here.  I totally agree with the above.  LTRs are super hard to find and will cash flow only a few hundred a month with the right deal.  Those are an equity play and still worth it, in my opinion, due to demand and high equity growth in the area.

Also agree on co-living.  Especially in the smaller mountain towns, workforce housing is in demand and many are just looking for room for one person.  Seasonal workers, ski guides, raft guides, restaurant staff, etc.  Buying a larger home with multiple bathrooms and large kitchen is a good play for renting by the bedroom. 

Sounds scammy for $30k.  What are you getting for the $30k?  Just consulting or is he finding the property too?

I do cost segs on each new property I buy.  Keep and eye on the American Families Tax Relief Act.  It's in senate right now and if it passes, bonus depreciation goes back up to 100%.  However, it's currently supposed to be only 60% for tax year 2024.  That could affect your taxes greatly.

I'd recommend researching cost segregation, finding a good CPA to guid you, hook up with a good Realtor, and do it yourself. 

iGMS is my channel manager and they offer either a ready-built website for you or a Wordpress plugin.

I have both now to decide which I like better. Both are free (included in subscription) and use Stripe to collect payments. No other booking fees. 

I built my own Wordpress site with the plugin: exploresalida.com

And here's the basic, ready-built site: highrockyrentals.com

 I also use iGMS and have been happy.  Reporting function is a little clunky, but I export to .csv to slice and dice anyway. 

Hand-hewn log cabin sleeps 15+ people and has been used as STR for many years. Nestled between two 14'ers (14,000 mountains), offering spectacular views. Just an ATV or snowmobile ride away from historic ghost towns, hot springs, and miles of gold medal trout fishing and trails. You don't even need to trailer your ATV or snowmobile to the trails - just leave from your front door. Priced below nearby comps. Home has been personal vacation home for past 2 years, but was a successful Airbnb for many years before that.

https://www.barclayrealtygroup.com/newlisting/7440563

Price: $875,000

Per Sq Ft: $287

3 bed, 3 bath, 2667 sq ft, sleeps 15, fully furnished.  2 snowmobiles included.

$328/sf

....

Most recent comp: $990,000, 3 bed 3 bath, 2200 sq ft, $450/sf

https://www.zillow.com/homedetails/22526-County-Road-292-Nat...

I use iGMS for channel management and they offer two direct booking options. I'm currently using both to see which I like better.

Word of caution - it's really hard to drive traffic to these sites, as most people just want to use ABB & VRBO. 

My wordpress site with iGMS booking plugin: exploresalida dot com

My iGMS provided booking site: highrockyrentals dot com

Both use Stripe for payment gateway, so that's the only booking expense

I'm the Managing Broker from Premier Agent Network in CO and we're 100% commission. Just pay a $495 fee at closing. If it's a personal deal, the E&O at closing is $350. The firm is fine with agents running their business freely as long as you stay within compliance with DORA.