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smslavin 01-27-2014 02:13 PM

becoming a landlord?
 
Anyone ever rent their own properties? We're kicking around the idea of renting our place in Broomfield when we move downtown. We may already have a family interested but I wanted to get some input from the collective. What's the good, bad and ugly on handling this yourself versus hiring a property manager?

Ray 2014 01-27-2014 02:53 PM

You can do this your self.
1. Do a back ground check
2. Take pictures of the house inside and out
3. Return two weeks later to do pictures again, with there " stuff ' in the house.
4. Have a rock solid contract, if you do not have one, you will need to get one, I do not recommended writing your own
5. Know all the in and outs of how to evict your tenant if needed

I personally believe hiring a property management firm is well worth it, let them handle all the headaches.

I DO NOT have rentals, I've been a professional handyman for 15 years, I see and heard it all...

CardinalFJ60 01-27-2014 03:09 PM

we're renting our L'ville house
 
We're doing that. I completely agree with everything stated. Especially the fact that it's worth the cost for a PM company at least at first. Being new to the "landlord" thing and having small kids, the last thing we wanted was to be a victim of our own naivety or to get the 2am calls about a furnace issue. we're happy with our PM company - pretty transparent. we just get a check in the mail every month. :thumb:

and...absolutely learn all the ins and outs of evictions. If it does come to that, some advice I was given was to make the move out as easy as possible for them. like...pay for the packing of the house or 50% or moving costs or something like that. if written properly into the contract and delivered the right way, you may avoid the risk of a pissed off tenant wrecking your place. the cost of the move is waaay less than repairing your house.

smslavin 01-27-2014 03:11 PM

thanks for the feedback.

Quote:

Originally Posted by CardinalFJ60 (Post 245424)
we're happy with our PM company - pretty transparent. we just get a check in the mail every month. :thumb:

would you mind sharing some contact info?

baja1d 01-27-2014 04:00 PM

After a tenant leaves, & you hold some (or all) of their security deposit, you have to provide/state "in writing" the reasons why within 30 days of them vacating. A good way to prove that you attempted to do this is to mail two certified letters that require a signature upon delivery. One gets sent to your vacant house & one gets sent to the tenants forwarding address. If the post office is unable to deliver it they will return it to you. DO NOT OPEN THE ONE THAT COMES BACK TO YOU. Instead, file it away & have the judge open it/break the letter's seal. It proves a few things... You made an attempt, it has the post offices date of mailing, and it has the "stated" reasons inside. Failure to do so could result in the former tenant suing you for 3x's the security deposit. Most tenants know this & they WILL win every time!

calphi27 01-27-2014 04:01 PM

Solid contract is a MUST. Take pictures & document everything. I have been a landlord, & actually sold my rental last year. I have several clients that self manage & hire PMs. It just depends on whether you want to drive to Broomfield to address any issues.

I keep a below market rent, but ask for first, last & security deposit at move in. The deposit can be spread over the 1st three months, but I like tenants who have that kind of cash & not the ones living paycheck to paycheck. The lower rent brings in a larger pool of potential tenants.

Do a background & credit report check too. I have another PM guy if you want his number.

calphi27 01-27-2014 04:02 PM

Quote:

Originally Posted by baja1d (Post 245429)
After a tenant leaves, & you hold some (or all) of their security deposit, you have to provide/state "in writing" the reasons why within 30 days of them vacating.

30 days unless the contract says more (max is 60 days)

CardinalFJ60 01-27-2014 05:23 PM

You have PM..
 
I'll PM you the info...definitely do your due diligence. I'm happy with what ours offered, but please be sure to check out a few.

FJCDan 01-27-2014 05:59 PM

This is all very good info, since I am a carpet cleaner I deal with PM's all the time I have seen and heard it all. Background checks are good to do but don't allways tell the truth. I have heard good things about a tenant when they move in and 8 months later they are being evicted for growing pot or they have 12 people living in the house. I have some PM's if you would like to talk to them. Maybe Carlton [CBone] will chime in.

Inukshuk 01-27-2014 06:18 PM

Quote:

Originally Posted by calphi27 (Post 245431)
30 days unless the contract says more (max is 60 days)

Correct. As is the 3x damages comment (plus atty fees). That is the most critical legal issue for a landlord. The other 90% are the great practical comments others have provided.

Best to take first month rent, last months rent and security deposit equal to another months rent. There are great tenants who can't pay that, but few bad tenants who can. Just first and security is ok, but not the gold standard.

The Bradford Publishing (Google it) form lease is decent. Boulder County has local leasing laws that others do not. They offer a form lease online. It is "tenant friendly". You are the Landlord so you want "Landlord friendly."

1) Pick a great tenant
2) Pick a great tenant
3) Pick a great tenant
4) Do everything everyone else said, except that property management companies are a personal preference. They vary greatly so do your research and is you use one, still be sure to see your property inside and out on a regular basis.


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