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Old 10-08-2013, 12:33 PM
 
Location: Colorado
2,483 posts, read 3,377,324 times
Reputation: 2668

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Quote:
Originally Posted by Galaxie Girl View Post
I'm trying to get locals' feedback on various neighborhoods, so we can get good product to offer - don't want to buy in any neighborhoods with a bad reputation, since all the "good" tenants won't want to live there.
None of the neighborhoods on your list have especially bad reputations. I think that's already been covered pretty well. Beyond that, the area closest to Powers is relatively high density, low cost, and may attract more middle-income families, compared to the area on the Northwest side near Flying W. Note that that area is very near the Waldo Canyon burn area. It's not like the whole area is some post-apocalyptic scene at this point, in fact I'm certain most spots look quite nice up there by now, but it will carry some negative connotations, so just be aware of that.
Quote:
Originally Posted by Galaxie Girl View Post
Most of the multifamily properties I've seen have 2 bedroom units, some have 3 bedroom units. Most of the units we currently own are 2 bedrooms, and we've had a large variety of applicant types - singles, couples, young families, etc.
I don't know where your other units are, but middle class families of 4 or more in suburban CO are a lot less willing to cram into a 2-BR apt. than they are in SoCal. (speaking from experience there)
Quote:
Originally Posted by Galaxie Girl View Post
I've never had to deal with military families with our rentals, and my husband and I are not from military families, so that is something I will definitely have to learn more about before we invest in CS. I know there is some law about military being allowed to break a lease early if being transferred, for example.
Yes, you'll want to know all you can about how military deployment works if you're planning to become a landlord in COS. I'm not sure about any laws, but ethically you need to be reasonably flexible when it comes to renting to military families. Also, you need to learn about the different bases, where they are and what they do there. (e.g. an E3 stationed at Ft. Carson is usually a lot more transitory then an O6 at the Air Force Academy)
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Old 10-08-2013, 03:01 PM
 
Location: SoCal
542 posts, read 1,207,542 times
Reputation: 749
Quote:
Originally Posted by otterprods View Post
None of the neighborhoods on your list have especially bad reputations. I think that's already been covered pretty well. Beyond that, the area closest to Powers is relatively high density, low cost, and may attract more middle-income families, compared to the area on the Northwest side near Flying W. Note that that area is very near the Waldo Canyon burn area. It's not like the whole area is some post-apocalyptic scene at this point, in fact I'm certain most spots look quite nice up there by now, but it will carry some negative connotations, so just be aware of that.
Good to know. I had actually looked up the boundary of the Waldo Canyon fire and noticed it got pretty close to that one area! Wow.

Quote:
Originally Posted by otterprods View Post
I don't know where your other units are, but middle class families of 4 or more in suburban CO are a lot less willing to cram into a 2-BR apt. than they are in SoCal. (speaking from experience there)
We don't get too many large families trying to rent our 2 bedroom units, but we've had a couple, in both areas - CA (Orange County) and AZ (Scottsdale).

Quote:
Originally Posted by otterprods View Post
Yes, you'll want to know all you can about how military deployment works if you're planning to become a landlord in COS. I'm not sure about any laws, but ethically you need to be reasonably flexible when it comes to renting to military families. Also, you need to learn about the different bases, where they are and what they do there. (e.g. an E3 stationed at Ft. Carson is usually a lot more transitory then an O6 at the Air Force Academy)
We normally rent month to month, so as long as we get 30 days notice, that's fine with us. And you're right, I have no idea what the different bases are there, or what E3 or O6 means.
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Old 10-08-2013, 03:19 PM
 
Location: Colorado
2,483 posts, read 3,377,324 times
Reputation: 2668
Quote:
Originally Posted by Galaxie Girl View Post
I have no idea what the different bases are there, or what E3 or O6 means.
E3 = Enlisted rank level 3
O6 = Officer rank level 6

It's a generic way of saying what someone's rank is without having to be branch-specific. I know that in the Navy, an E3 would usually be a Seaman (pretty low rank/pay) and an O6 is a Captain (high rank/pay). Ranks vary from branch to branch, and titles can vary per job, but they all have equivalents of E&O 1-10+ rankings. The higher the rank, the higher the pay and (usually) the age. Also, O's generally have an appropriate undergrad degree or higher (or equivalent training) and enlisted folks usually do not.

I know that's not directly related to the topic at hand, but I'm just trying to help you know a little more about your potential tenants.
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Old 10-08-2013, 05:21 PM
 
15 posts, read 16,752 times
Reputation: 16
I live within walking distance from area 1. This area is very nice. Most homes in the area go for $250,000 to $600,000. The apartments you mentioned are 4 plexes. I have never been inside any of these apartments but I have passed by several times while on a walk. The buildings are in various need of repair. Some look nice and well maintained while others seem to be in disrepair. They are located directly across form a park with a pool. I have always thought that these properties donít seem to belong with the rest of the neighborhood.
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Old 10-08-2013, 06:38 PM
 
313 posts, read 363,711 times
Reputation: 563
Military permanent change of station orders usually come out about 6 months (for a within the U.S. reassignment) to 9 months (if you are going overseas) before the report date. You can occasionally get short notice orders, though. (Everything in your life depends on the needs of the mission when you are in the military and you go where they need you when they need you.) Military members will therefore request a standard military clause in their lease before signing so you should familiarize yourself with it if you are renting in a heavily military area. It allows a tenant to vacate with 30 days notice if they receive reassignment orders, deployment/TDY orders over a certain length, if they are offered base housing, etc.
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Old 10-09-2013, 02:39 PM
 
Location: SoCal
542 posts, read 1,207,542 times
Reputation: 749
Thanks for all the info everyone.
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