All Forum Posts by: Robin Searle

@Taz McDole keep an eye on the property tax bill under consideration at the state level in Colorado. If passed it will drastically affect your numbers!  https://leg.colorado.gov/sites/default/files/images/committe...

I think Colorado is in for some big changes. This bill that would hugely increase property taxes for STRs (after they just took a massive jump for all residential properties) just passed committee and is headed for the legislature. 
Here is the link:

https://leg.colorado.gov/sites/default/files/images/committe...

I installed two areas of artificial turf at my STR triplex in Old Colorado City in Colorado Springs four years ago and it's been great! I do still have to do a fall and spring clean up due to leaves and vines around the property but the day to day upkeep is so much less than grass especially with the amount we have to water here!

@Randy Dubiskas currently in Colorado there is a bill in committee to make a new category of “lodging” for any home rented out more than 90 days per year short term (under 30 days). This would really increase the property tax on STRs. I spoke with our assessor in Colorado Springs a couple of years ago and this is exactly what he told me he was recommending to politicians at the state level.

https://leg.colorado.gov/sites/default/files/images/committees/bill_6_24-0388.pdf?fbclid=IwAR3_82R2GbrrTQ0diMMKj9pyy3fOplEJTO6ny4dKRKYf89nFVbV0dYtnVNg_aem_AfhYQ4ypdCSKYTIC8FQXm2QLf-N_7ErU7jiArZZpfOk5qnUp981jEGtYZk1tNl7h454

@Travis Troop I have a home in Venice and I’d urge you to look at insurance rates! My insurance costs are skyrocketing and I’m not even in a flood zone. A lot of companies are pulling out of the state. Also be aware Sarasota County, which includes Venice, has a 30 day minimum for rentals so you are limited to medium and long term rentals. I absolutely love the area but I think buying at todays prices would make it difficult to be profitable.

@Margo Sultenfuss we have a executive level medium term 2/2. Furnished Finders has provided quite a few leads (Colorado Springs) but the majority are unmatched as they are looking in a lower price range - mostly students or traveling nurses. Zillow has given us quite a few good matches as well as VRBO. Just starting out but solidly booked for the next several months!

@Lavon Stoltzfus I did this with my STR triplex in Colorado Springs. I had a long term tenant in the front cottage and was short terming the back two units. Worked okay for a time but my long term tenant was a single lady and after about 6 months decided she just wasn't comfortable with different people coming and going (I totally get it). Fortunately I had a long term single family that had just come available so moved her there. I furnished the front unit and now do short term with all three and it's working wonderfully. Just my experience!

@James Carlson we actually have a Realtor here in town (Colorado Springs) who just does medium term. I can pass his name on to you if you or your clients ever need it. Also the management company I use for my STRs has a division which manages medium term.

@Chelsea Price I do think the area and the reason people come to that area is key. My three smaller units all do really well. I have a studio, 1 bedroom cottage and a 2/2 each with an enclosed garage in the Old Colorado City area of Colorado Springs. They are close to hiking and fantastic sightseeing areas like Garden of the Gods, Cheyenne Canyon, Pikes Peak and downtown OCC. They work great for singles and couples who want to explore Colorado. They do tend to book up last minute but for the past four years they’ve been pretty consistent - even through the winter.

@Stacy Raskin I’m curious if you mean MTR (30 plus day minimum)? I own in Venice and I know the whole of Sarasota county prohibits any rentals under 30 days.