All Forum Posts by: Robin Searle

My STRs in Colorado Springs have had a very profitable summer. We have a long term rental on the west side and just rented it within two weeks. I would say we actually priced that one on the high side. All of the units are smaller - one to two bedrooms. Our medium term rental on the west side we have just lucked out with and have a tenant paying top dollar and he keeps extending. 

Another framer came highly recommended from a great builder - Israel (719) 505-4756

Try Michael Morris at 719-422-9702 for framing. 

I’m a Colorado agent and have short term rentals in Colorado Springs and a vacation home in Venice that I medium term rent - love this area. Be aware Sarasota county has a 30 day minimum on rentals except some specific areas like Siesta Key. My brother and sister in law are Venice Realtors with over 30 years of experience if you want a good contact. 

HVAC - Mark Ternes of Springs heating and cooling (719) 235-3779 or Joel Thayer (719) 494-7572

Electric - Apache electric +1 (719) 208-4161

Plumber Brian Baxter (719) 722-1121

@Christopher Sparacino I bought a home in Venice in 2021 after my husband passed away from Covid. Prices skyrocketed right after I bought but the market is slowing there just like here in Colorado. DM me if you want Eric and Sally’s info - they are still busy selling real estate in Venice!

I have my rentals (3 STRs and one LTR) in separate LLCs held by my trust. I’ve heard all kinds of set ups recommended but this was what my attorney said to do. 

@Braeden Cobb I did try combining short and long term in a multi-unit property. I have what started as a single family with large detached garage. We converted the upper story of the 3 car garage to a 2/2 and a part of the lower level to a studio. Originally we did long term out of the front single family and short term out of the garage units. Even though I told our long term tenant about what we were doing and she thought she'd be okay with it, ultimately she didn't like all the different people coming and going. I get it - for a long term tenant that's their home. I was able to move her to another single family rental I have and started doing short term out of all three units. That's worked much better. Maybe she just wasn't the right fit but it makes sense to me why a lot of long term tenants might not like the arrangement. As far as house hacking, I think that would work fine. I did live in the single family while remodeling my primary and that worked great for the few months I was there. I use a management company so didn't advertise to any of my STR guests that I was the owner.

I have a similar set up in Colorado Springs - it depends on your insurance company. The first one I went with did one policy. I’m now with Travellers with a short term rental rider and they do two separate policies. 

I want to say you are doing an amazing job at your age! My best advice is be careful not to overextend yourself. I’m sure other investors will say I’m wrong but I’ve been through several real estate downturns in my life and I’m a strong believer in being at least a bit conservative. If you can’t qualify at this point for this particular property, there may be a good reason. Keep going at the rate you are and you’ll be very successful!