All Forum Posts by: Meghan Begue

I'm currently considering a commercial property investment opportunity in the Colorado Springs area that has a lot of potential. I believe this property could be a great fit for the right partner. The property is a self-storage warehouse 10,225 sq ft, 7 buildings, 74 units. Currently listed at 1.8M, seller open to negotiate as it is a part of their retirement plan. I think this could have a lot of potential and I am willing to share my current underwriting and collab with anyone who would be interested in taking a look at this with me. 

I’m looking for someone who may be interested in partnering with me to either:

• Explore a joint venture, or
• Discuss the potential of crowdfunding this deal.

I’m open to working with experienced investors who are familiar with the area or commercial properties in general. If you have experience with these types of deals or are interested in exploring a partnership, please reach out, and I’d love to discuss it in more detail privately.

Thanks for your time, and I look forward to connecting with the community!

Thanks @Colin Smith! I joined the September meet-up and made a lot of great connections. I am looking forward to October.

It should look like a square document with white background and a lot of boring words. 

LOL! Sorry I couldn't help the dad-joke. I recommend scheduling a call with a real estate lawyer. I just had a call with mine today and feel so much more confident. He showed me where to access real estate commission forms on my state's website and pointed me in a lot of great directions. He'll be able to help out with reviewing forms, as well as with my long-term rentals, if I ever need it. Lawyers aren't cheap, but I think it was 100% worth it. 

 Thank you @Bill S.! I appreciate the insight. I found a great lender for my VA loan and will ask about the refi option. I need to study all the options. One cool thing that I recently discovered is the VA will allow you to use any remaining entitlement on the loan for a second purchase.

 Yes, this is very helpful! Thank you for leaving a post @Koren Lavi I appreciate the comment on not buying a house that works as a STR but not as a LTR.

 Thank you @Samuel Diouf! I am originally from Ohio and have considered moving back to invest in some areas that I know would appreciate and cash-flow. I have also considered the long-distance option, but my first goal is to utilize my VA loan, which means I have to live within the multifamily property until I have met certain criteria to move on. I really appreciate the article as long-term investing will be something that I plan for in the future.

This made me giggle. Thanks for looking out for new investors @James Carlson 

I appreciate the real insight on STRs in Colorado. You're totally correct regarding the more realistic goals for first-time investors. I've actually considered moving to other markets in order to open more possibilities. The VA loan is an amazing option and is opening a door for me to invest in a multifamily. I want to be thoughtful and strategic about this. Like I mentioned in my last comment to Erik, after re-reading my post, I think I need to focus on finding the right deal, instead of forcing a deal to appear. I'm no longer considering STRs at the moment. Thanks again for your input!

 This is AMAZING feedback and insight @Erik Browning I don't love the idea of STRs. I also work full-time and need to make sure I am finding a good balance with my strategies, especially in the beginning. I was aware of zoning regulations but had no idea the taxes associated with STRs! As I am re-reading this post from yesterday, I think I need to focus on being ready for when the good deal arises, versus trying to make something a good deal. 

Hey BP Community!

I'm currently on the hunt for my first investment property in Colorado, and I wanted to share my experience and hear from anyone who's been navigating the same market. Initially, my goal was to secure a multifamily property using my VA loan for leverage, focusing on long-term rentals. The idea was to find a property, 4-plex, that would allow me to break even, cover the mortgage, and hold onto it as a long-term investment.

However, analyzing the data and really coming to terms with Colorado's market, I’m rethinking my approach. While long-term rentals are still an option, I’m noticing that many investors are shifting towards STRs to boost their net profit.

Here’s where I stand:

• VA Loan for leverage: I've found some great properties that could allow me to house-hack or set up a traditional rental. The loan has been a game-changer, minimizing the upfront costs. The $0 down payment, while convenient, also does not set up a great profit margin in the beginning. I am also considering the "assumable" VA loan option to lock in a lower interest rate.
• Initial Plan: Use the property as a long-term rental, aiming for cash flow neutrality or slight positive cash flow. The idea was to lower my monthly mortgage payment to reinvest the difference into future projects. But with the rising costs, breaking even seems less ideal, and I’m questioning if it's the best strategy in this market.
• Current Consideration: After digging into the numbers, I'm seriously considering going the STR route instead. In certain Colorado markets, especially near popular tourist spots or cities like Colorado Springs & Old Colorado City, STRs have the potential to bring in higher monthly revenue, even if they require more management. Another idea is to use a STR/LT hybrid setup within the 4-plex.

Question for the community:

• For anyone who has made the switch from long-term rentals to short-term in Colorado, what has your experience been?
• Is the higher cash flow from short-term rentals worth the additional effort, or does it come with too much hassle in terms of turnover and regulations?
• Any tips for finding that sweet spot between profitability and sustainability?
• Should I consider moving out of Colorado (LOL)?

Looking forward to hearing your thoughts! I'm excited about making this investment work but want to explore all options to make the best decision. Thanks in advance!

@Masyn Grant Barney Would you say this is the case for all markets today? I have been thinking about my multifamily strategy using the VA loan in Colorado Springs, and the numbers just aren't working. We have been considering looking into other markets, possibly moving out of state. Thanks for sharing this info! I found it really helpful.