All Forum Posts by: Ryan Riches

Curious on how you came to that calculation. STRs generally fetch much better returns than a long term tenant would. Definitely check into your local regulations. Another thing to look into is renting to travel nurses, I have one of my units rented to travel nurses and it has been a great experience - higher than market value for rent, and not as much turnover and guest management as Airbnb.

Hey @Aaron Holderman welcome to BP! I definitely agree with @James Carlson about making your first investment your primary residence through house hacking. That's how my wife and I got started, we bought a house in COS where we were living and rented out the basement on Airbnb. That provided enough revenue to cover our mortgage and all expenses. Now that we no longer live there we are still able to rent it out with decent cashflow. There is a lot of potential for this in Denver as well, you just need to get a little creative and be willing to put in the work for it. 

My wife and I house-hacked our 3br house in Downtown Colorado Springs a couple of years ago through Airbnb. It was great to only have people there for a couple of days at a time, and we were able to clean after work. Just renting our 1br nearly paid for our mortgage, and our house honestly stayed much cleaner than if we had a roommate living there. Could be worth looking into for your situation if you are up for it! STRs are having a bit of a boom in the WFH economy we are in, and Denver is certainly a strategic place to be. 

Welcome to BP! I would definitely recommend starting out with a House Hack, that is how I got started a couple years ago and there's nothing quite like the feeling of your house paying you to live there! There are a lot of ways you can get creative with it as well - let me know if you want to connect more!

Hey Andrew, looks like you don't have a ton of traction on here. Are you looking for someone who can just handle cleanings and repairs or wanting guest interaction managed as well?

I know plenty of people who have had their STR properties performing better than ever this year. I transitioned my STR over to targeting Travel Nurses and have been super happy with it. Still better return than a regular rental but you don't have to deal with the constant guest interaction.

Hopping on this thread, Just set up my 2 properties on Zillow Rental Manager, I was trying to have the rents deposit into different checking accounts, but it seems that Zillow will only let me have one checking account linked to my profile. Can anyone confirm this?

Very Nice! This is very similar to the property my wife and I purchased in early 2019. We are near the School for the Deaf and Blind, close to downtown, memorial park, the hospital, and plenty of coffee :)

Ours is a 3bd 2ba with a loft that could be turned into a 4th bedroom. Zoned R4 we want to turn the walkout basement into it's own apartment. How have you dealt with noise? It is pretty easy to hear everything happening in the other unit - walking, talking, watching tv. Not a big deal for us now since we primarily to Airbnb, but would be a turn off for future renters.

Hey Christopher! I second what has been said by @Colin Smith. It is a great place to invest as the city is growing quickly. It is consistently listed as a top place to live, and we have a large influx of people moving here from Denver and other parts of the country because in terms of the Colorado Front Range (Colo Spgs - Denver - Fort Collins) it is the most affordable. Cashflow is hard to come by if you are looking the single family market and like Colin said, multi-family is pretty competitive but not impossible to find. While the Springs did recently pass stricter laws on STRs like @Corrin Godar mentioned, they are not oppressive like Denver's STR regulations. You can see much better cashflow especially in peak season with STRs, but location is very important if you want year round traffic, as our tourism market is pretty seasonal. My wife and I own and manage several Airbnb properties around the city, so I would be happy to talk with you more about this if you are thinking to go that route.

In my opinion, on a house hack the primary goal is to decrease your housing expenses. So when you look at what you are contributing each month to pay for the property, it's only costing you $70 to live in a house you own. Not bad. What @Ken Swearengen is spot on, make sure your numbers work for when you move out of the property. Sounds like a good deal to me!