All Forum Posts by: Vince Arena

@Lauren Sherer the MIL does have access to the rest of the house, but it also has a separate entrance. I keep the door between the MIL and the house locked when there's an Airbnb guest there and the guests only use the separate entrance. However, if I'm having friends or family stay at my house I have the option of opening it up so my house then becomes a 3bed 3.5ba - it's a pretty versatile setup. 

Fortunately the house came set up like this, all I had to do was add the appliances and furnish it. 

@Account Closed to echo what Ben said, the thing I would do differently (and will be doing on my next deal) is to shop locally. Everything that I ordered online took much longer to arrive than expected, presumably due to COVID delays. Everything I went into a store to see in person I walked out with that day. If I had to go shop online for specific pieces again I would be much quicker to cancel an order that was significantly delayed and find something else. Hope this helps, and I'm happy to answer any other questions you have.

@Hossam Elaskalani I was in the same boat as you a few years ago (except I was moving to Denver). I was looking at all of the same options as you, as well as a few other options. Ultimately I decided to house hack so I could focus on my new job, growing my social circle, and exploring all of the awesome things Colorado has to offer. Personally I thought trying a BRRRR with all of those other factors would be too much all at once.

I agree with all of the posts above that cashflow is hard to get in an appreciation market like Colorado Springs, but one way around that is to look into STRs as a possibility. I ended up buying a property with a mother-in-law suite that I have been renting on Airbnb. It almost covers my entire mortgage so I'm saving up much quicker for my next deal and it's not that much work to manage. Admittedly I'm not very familiar with the STR market in the Springs, but their STR laws seem very similar to those in Denver so it's something that should be doable for you.