Property Management
When discussing investment properties, one of the most common comments that comes up is “I’d like to buy an income property, but I’m not handy.” Many people seem to have a phobia about jumping into real estate investment because of their inability to take care of maintenance needs, but you shouldn’t let that hold you back.
When you partner with Legacy Properties-PM in the Denver, Aurora, Centennial, or Parker areas, you don’t have to break out into a sweat whenever you get a call that something needs to be fixed. First, you won’t even get the call. Tenants will call us directly and we will evaluate the situation. Second, we’ll take care of getting it fixed. Whether we use someone on our staff to take care of the repair, or we need to call in one of our trusted contractors, you don’t need to worry about it.
Does the thought of paying for maintenance leave you concerned about finances? We understand. After all, you are in it for the investment. When things break, it does cost money to fix them, but we make every effort to keep costs down. Our experience gives us the advantage of being able to fix common issues quickly, and for larger jobs, we have relationships with local contractors who will do the job right at a fair price. Many people make a great profit on their rental properties without ever lifting a hammer, so don’t let it stop you.
What else is holding you back when it comes to jumping into real estate investment? The idea of finding responsible tenants for your property? Collecting rent? Dealing with needy tenants? Or possibly having to go through an eviction process? We can take care of all of these issues, so don’t let small issues get in your way. Whether you’re a current property owner who is struggling, or someone who is just starting out, please call 720.989.1996 or contact us. We would love to be part of your team.
Property Management, Real Estate Investing
For many retirees, rental properties in Denver provide much-needed income to supplement withdrawals from a retirement account and Social Security. Real estate investing can help you now as well as help your descendents through an inheritance. You can educate your children and grandchildren about the Denver rental market so they can have financial security even after you have passed away. If your children aren’t handy, they can rely on the expertise of professional landlords or property managers. When your children inherit your Denver rental properties, they will have something more tangible and meaningful than money.
- Understanding tax ramifications
According to an article by The Nest, your benefactors will be eligible for depreciation of the property to offset the rental income and decrease taxes owed on the rental income. A tax advisor will help your beneficiary figure out all the tax ramifications as well as the cost basis. The value of the rental home is the fair market value when you died minus the land value.
- Lining up a property manager
Even if you prefer being a DIY landlord, you can help your beneficiary by having a reputable Denver property manager take over your responsibilities. Once you are free of having to chase down the rent payment every month, you will have more time to enjoy retirement. Your children won’t have to worry about how to market the property, get market rent, screen prospective tenants or respond to maintenance requests. Also, if a bad apple ever gets in the mix, they won’t have to worry about the legal hassles of evicting a tenant.
Your financial planner can help you figure out the best way to go about buying more rental properties in Denver if you want to expand your real estate portfolio. Some people like to use a self-directed IRA to buy real estate, while others buy with cash with the future generations in mind. With rent costs escalating, it’s a good time to own rental properties. Your children can use the rental income to pay their own mortgages or help them run a business. At Legacy Properties-PM, we believe in treating our clients like family. We are proud members of the NARPM, the National Association of Residential Property Managers. For more information on leaving an estate with savvy real estate investing in Aurora, Denver, Highlands Ranch and more, please call 720 989 1996 or contact us.
Property Management
Any Denver-area property owner who has had a perfect tenant knows it’s an enviable situation. Although some quality tenants leave because of job transfers or to buy a home, there are ways to motivate conscientious tenants so they renew their leases. With quality property management to look after your tenants’ maintenance needs and solve other problems, you can greatly reduce the amount of time your home sits vacant. Also, having a property manager screen potential tenants improves your chances of finding that stellar tenants. Some novice property owners wonder how far they should go to keep a good tenant. According to an article by About Money, there are a few simple tips to follow when you want a tenant to review a lease.
Be prompt about home rental tenant requests
DIY landlords who aren’t handy may have the best of intentions, but it’s not always easy to line up a plumber or electrician on the weekend or holidays. A good property management company immediately responds to requests for repairs. According to About Money, the goal is for a tenant to feel as though they are a top priority. By hiring a property manager, you are showing your tenants that you think they are worth it. For property owners who live out-of-state, the need for property management is even greater.
Keep up with the curb appeal of your Colorado Home Rental
Some real estate investors neglect curb appeal when they aren’t trying to sell a property or flip it for a profit. Landlords may not care as much about the aesthetic appeal of a rental when it’s already leased out. If you want to keep a good tenant happy, rely on your property management company to maintain the yard and entryway. Cleaning or painting the mailbox, filling in mulch, planting native Colorado trees or plants can work wonders on the curb appeal so your tenant feels proud when pulling into the driveway.
Update the interior of your Colorado Home for Rent
If you have owned your rental property for many years or bought an investment property that hasn’t been updated since 1970, invest some money in improvements. The top priorities for your Colorado rental property include safety and energy-efficiency. Next on your list is to make the space more contemporary. You don’t need to completely gut the kitchen to keep a good tenant. However, small efforts such as replacing kitchen or bathroom flooring, adding a new kitchen backsplash or replacing worn carpet can mean a lot to a tenant who was contemplating moving out when the lease expires.
At Legacy Properties-PM, we can help you with all your property management needs in neighborhoods such as Parker, Highlands Ranch, Lakewood, Cherry Creek, Aurora, Littleton and Centennial. We are proud members of the NARPM, the National Association of Residential Property Managers. For more information on real estate investing in Denver, please call 720 989 1996 or contact us.
Property Management, Real Estate Investing
When setting financial goals for the New Year, it pays to consider your real estate net worth. For most people, the wealth they have in real estate is due to their primary residence. For people who got into real estate investing in the Denver area, the net worth statement looks positive because vacancy rates are low and market rent is high. When you hire a property management company to take care of your Denver rental properties, you will find your net worth increases without very much effort on your part. According to an article by Financial Samurai, real estate is an important part of your net worth mix that also includes stocks, bonds and risk-free CDs or money market accounts. Whether you have more of your portfolio tied up in real estate or in other investments depends on your risk tolerance and age. Some of the best communities to own rental properties include Parker, Littleton, Highlands Ranch, Cherry Creek, Aurora, Lakewood and Centennial.
Owning real estate by age 30
By the time you are 30 or older, you have enough work experience to qualify for a mortgage on your primary residence. If you purchased a home earlier in life, you are ready for real estate investing in a hot rental market such as Denver. According to Financial Samurai, a person with a medium risk level strives for 40 percent of their net worth in real estate by age 30.
Enjoying passive income in retirement
If you are a pre-retiree, you are looking for ways to boost your net worth before you claim Social Security. Owning professionally managed rental properties in Denver provide passive income when you need it most. Whether you live in another state or in the Denver metro area, you can retire in style instead of living like a pauper. According to experts, the median 401(k) balance is just $100,000, even though most retirees need significantly more to pay their bills.
Being bullish on real estate
According to another piece by Financial Samurai, the only way to take advantage of the current housing recovery is to buy more than one real estate property. Owning your own home has distinct advantages over renting. Mainly, you have a paid-off place to live when you retire. By owning rental properties, you build wealth over time. Experts point out rental yields are higher than interest rates, which are still at historically low levels. In the Denver area, property owners not only make income off their rentals, but enjoy the appreciation as the value of homes rise.
If you want to get into real estate investing in Denver, don’t go it alone. At Legacy Properties-PM, handle your property management needs. We are members of the NARPM, the National Association of Residential Property Managers. For more information on building your net worth through real estate investing, please call 720 989 1996 or contact us.
Property Management
If you worry that your home is not rent worthy or “rent ready” you may need property management in Denver to tap into the booming rental market in Denver. Whether you have a single-family home, a condo or townhome, your property manger will go over the details of what you can do. Much of the work that needs to be done may depend on the phase you are in. If you are in the middle of a rehab or complete renovation, you may have questions about whether Denver-area tenants prefer a certain number of bedrooms or a certain floor plan. If you just need to make a few cosmetic repairs or clean, you may be wondering about deep cleaning versus replacement carpet or have patching and painting questions. The bottom line is your tenants want a home that is clean, safe and secure. According to an article by Military.com, there are things you can do to make improvements before you even meet with Legacy Properties-PM, your new residential property management company that will market and show your property as well as screen tenants and enforce an agreed-upon lease.
Making your Colorado rental property safe
The first step to getting your Denver home rental property to be worthy of being on the rental market is to make it safe. Install lights at the entry way and inside the home in darkly-lit hallways. Replace electrical circuits that are a hazard. Have the home inspected for mold or mildew if that’s suspected. To go the extra mile, have a security system installed or at least, good locks on the doors.
Sprucing up your rental home interior
According to a piece by Zillow.com, it’s extremely important to have the carpets professionally cleaned. If you know the carpet is 5 years old, simply rip it up and put down new carpet for your new tenants. Painting a home is also a fairly inexpensive job. More important, make sure there’s no lead paint if your home is an older home.
Checking your budget
Before spending money on any remodeling projects within your Colorado rental home property, check with Legacy Properties-PM, your property manager about how much money you will get in terms of rent income. If you will be able to rent your home out for an extra $100 a month by putting in stainless steel appliances, it may be worth it to buy an appliance package. On the other hand, if a total kitchen renovation costs $50,000, but only increases your rent by $50, it may not be worth the investment.
Whether you own a rental home in Aurora, Lakewood, Parker, Littleton, Highlands Ranch, Centennial, Cherry Creek or Denver, it pays to have a property manger. Your property manger will walk through your home with you to point out any defects or problems that need to be addressed to make it rent ready.
At Legacy Properties-PM, we take pride in being a member of NARPM, the National Association of Residential Property Managers. For more information on property management in Denver and throughout Colorado, pick up the phone and call 720 989 1996 please contact us.
Property Management
Whe
ther you inherited a rental property in an area that has a reputation for being a “bad neighborhood” in Denver or Aurora or bought into a “transitional” neighborhood with high hopes, you may face special challenges. By relying on an experienced company that offers property management in Denver, many of the concerns you have had can be resolved. A good property manager who understands neighborhoods in transition can figure out the correct rental value of your property, how to market it, show it and screen potential tenants. Whether your rental property is in an area where property values are rising or slipping, it’s important to make improvements that ensure the safety of your tenants as well as protect you. According to an article in the Denver Post, some of the Denver neighborhoods that went through changes as more affluent people moved into the area in the past decade include Skyland, Five Points, Montbello and Whittier. No matter where your rental property is located, you can benefit from property management in Denver that carries burdens for you.
Buying a smart investment
If you are currently looking to buy an investment property in the Denver area, you may be wondering what kind of property and neighborhood can command the highest rent. People who are looking for rentals in the Denver area often search for units available in Washington Park, Highlands Ranch and Aurora. You can improve the likelihood that person will want to rent your property by choosing a good location that’s close to restaurants, work, shopping and other amenities.
Securing the premises
A property manager can make sure your locks are changed for every new tenant. You can also make smart improvements to your rental property such as installing proper lighting, replacing outdated windows and doors with new ones that have multi-locking features. Adding a home security is an added expense, but one that might be worth it for attracting tenants in some areas.
Prohibiting or permitting smoking
Owning a rental property in Colorado can be a little more complicated with laws regarding the use of marijuana smoking. You can use a property management company that gives you the option to add a drug free addendum to the lease or to approve the use of smoking marijuana in the home. You can also decide whether you want no smoking of cigarettes inside the home or keeping various kinds of pets.
At Legacy Properties-PM, we take pride in being a member of NARPM, the National Association of Residential Property Managers. For more information on property management in Denver or areas such as Lakewood, Parker, Aurora, Littleton, Centennial, Highlands Ranch, or Cherry Creek, please call 720 989 1996 or contact us.
