May brings warmer weather, mountain biking and more inventory! Up ever so slightly from last month, the spring housing market continues to keep us on our toes. Mortgage rates have climbed 1.5% since the beginning of the year, which is the highest quarterly jump in 28 years. I truly believe Colorado will remain a desirable place to live, so homebuyers should still pursue buying here – it’s a playground year round! And with more and more people being location agnostic, working remotely from a destination that you choose for your lifestyle, instead of just your work, well this couldn’t be a better choice in my opinion. Mike and I have followed this advice this month and headed down to Canon City to work where we love. Mike is helping our friends renovate a cabin on their beautiful property near Royal Gorge Colorado. When complete, they’ll Airbnb the space to get closer to their financial goals. Have questions about setting up a similar situation? Don’t hesitate to reach out!
With rates rising and inventory still low, the market continues to be a bit nutty. Here’s a snapshot of the single family houses in neighborhoods I’m keeping my eyes on for myself, as an investor, and clients.
Median Closing Price over List – 102.9% (sold price divided by the list price)
On average, houses sold in 4 days for $682,776
City Park & Park Hill
Median Closing Price over List – 107.6%
On Average, houses sold in 7 days for $1,546,308
Preparing our Airbnb so we can Travel for a Month
I’ve been using Airbnb to travel and host since 2009! Last summer Mike and I purchased a truck camper and ever since have taken road trips where we rent out our primary via Airbnb – which makes us money while we travel. While gone in Canon City – a total of 27 days – we’ve rented the house out for a total of 22 days. Here’s how I prepared:
Coordinated with the cleaner – I self Manage our Airbnb and use a local cleaner that speaks limited english. I created a cleaning checklist, in Spanish, along with the turnover dates in between guests that I print out and give to her. She doesn’t use Venmo, so I pre-wrote checks with the dates of cleaning, so she wouldn’t have to wait for payment.
Trash, Recycling, Plants & Hot Tub Maintenance – To ensure trash & recycling gets put out, I printed out the schedule to include in the house manual. We also pay a neighbor to come water the plants and maintain the hot tub maintenance while away.
Stock Paper Supplies & Amenities – Before we left, I bought extra toilet paper, paper towels, bars of soap, conditioner & shampoo so guests would be well-stocked since there are 3 different groups staying while gone!
Tips & Teachings
Small consistent improvements have been on my mind lately – and I’ve been thinking about the massive change that can come from continuously implementing them. Here are some tips and resources I’ve been utilizing lately! Have questions or want help or guidance moving forward with some of these concepts? Don’t hesitate to email me!
- Compound Effect (Book by Darren Hardy) – I listened to this via Audible – Amazon Prime members have 2 free credits!
- Udemy Online Learning – Did you know that a Denver Library card gives you free access to this online learning portal!?
- The 2X Rule – Afford Anything Podcast with Nick Maggiuli – great discussion on wealth creation & investment strategies
Questions about real estate investing?
Don’t hesitate to reach out!