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Old 08-22-2011, 04:41 PM
 
Location: DFW, TX
2,935 posts, read 6,018,480 times
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I live in the Dallas area and have made a habit of escaping to the Rockies every summer for a few weeks since I've moved here and would love to spend more time in the mountains. Luckily I work from home full-time, so I can spend 3-4 months in a vacation home and actually get some use out of it.

I am not a winter sports fan, so I would only really expect to be in the home anytime between May and September. Rather than have the home sit idle, I was thinking it might work to rent it out as a vacation rental for those brave souls who do like winter sports and cold weather. I'll be paying cash for the place, so I don't need rental income to make it work, but a little extra income to cover the utilities and taxes could be nice.

Ideally I would like to be close to hiking and ATV trails. We love small towns with pretty downtown areas with nice shops and restaurants... I remember Glenwood Springs being really pretty... something similar.

The big gotcha is, I don't want to take out a loan... so I want to stick to 100-170k at most. I'm happy with either a home or a condo/townhouse... doesn't need to be big. I know this eliminates most ski areas... that doesn't even buy 1/4 shares

Are there any areas that would be decent for vacation rentals in the late fall/winter/early spring that aren't terribly expensive? Near a nice small town and some good trails?
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Old 08-22-2011, 04:56 PM
 
Location: Wherabouts Unknown!
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Finding a vacation home in a typical vacation home area of Colorado for 100 to 170 might be a significant challange for you. Good luck with your search.
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Old 08-22-2011, 05:13 PM
 
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$170k might get you something rentable with some serious shopping and hard bargaining. A condo would be more likely in that price range. Try Zillow.com for an indication of what is available at what prices.

If you have the time there is nothing like being on location in person to get a feel for both the market and the rental market. And then there are banks with files full of foreclosures.
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Old 08-22-2011, 07:52 PM
 
Location: DFW, TX
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Quote:
Originally Posted by CosmicWizard View Post
Finding a vacation home in a typical vacation home area of Colorado for 100 to 170 might be a significant challange for you. Good luck with your search.
Luckily the foreclosure market is pretty decent and cash means the world in that market. Actually found a few nice buys in Glenwood Springs, Crested Butte, and Fairplay. Found a few that weren't foreclosures as well... I'm not looking for a luxury home, I've flipped a few homes in the past and don't mind putting in some work.

So far I've visited Silverton/Ouray, Gunnison, Montrose, Glenwood Springs, Alamosa, Lake City, Salida, Buena Vista, Durango, Aspen. Not sure what other towns I should check into that I haven't visited yet (planning a visit in 3-4 weeks).
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Old 08-22-2011, 07:54 PM
 
Location: DFW, TX
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Quote:
Originally Posted by Arrby View Post
$170k might get you something rentable with some serious shopping and hard bargaining. A condo would be more likely in that price range. Try Zillow.com for an indication of what is available at what prices.

If you have the time there is nothing like being on location in person to get a feel for both the market and the rental market. And then there are banks with files full of foreclosures.
Yup. I was just out in July and plan on bringing the Mrs in a few weeks. We'll only have 4 days, so I want to narrow the search.

Any comments on how viable Glenwood Springs is for some rental opportunities? It's not close to any of the major resorts, but it seems to be in the middle of a few. Do skiers tend to stick to one place, or is there some value in being 45-60 minutes from a number of places?
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Old 08-22-2011, 11:12 PM
 
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Do you think there is a market for non-summer rentals when there is no skiing nearby?
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Old 08-22-2011, 11:51 PM
 
Location: DFW, TX
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Originally Posted by brightdoglover View Post
Do you think there is a market for non-summer rentals when there is no skiing nearby?
Hence the question. I don't ski. Do people stay in Carbondale, or must it be Aspen? Frisco or only Breckenridge?
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Old 08-23-2011, 12:31 AM
 
Location: Houston area, for now
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Try Mountian managers in Frisco
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Old 08-23-2011, 08:53 AM
 
Location: On the sunny side of a mountain
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Glenwood is a great town to spend your summers, but I wouldn't count on much rental income from ski traffic in the winter, it really is too far from Aspen for most people and Sunlight is more of a local's mountain. People that ski Aspen tend to stay in Aspen, it's not meant for the budget traveler. Some people that ski Breck, stay in Frisco, there is a great free bus system in the area and it's well utilized.

The costs associated with short term rentals, management fees, cleaning service, plow service, damages and the general annoyances may end up costing you time and money. If you are looking at condos/townhomes check the HOA guidlines, many in this area will not allow rentals that are less than 3 months. You might have luck renting it out for the full season, November-April to a seasonal person, but getting one who is responsible can be hard.
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Old 08-24-2011, 02:18 PM
 
Location: Sunnyvale, CA
4,888 posts, read 8,913,675 times
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Quote:
Originally Posted by KantLockeMeIn View Post
The big gotcha is, I don't want to take out a loan... so I want to stick to 100-170k at most.
Impossible to find a mountain vacation home/condo in Colorado with that budget, at least something that won't require a lot more cash to fix up and make presentable and livable.
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